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Notes<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1. Basis of preparation of the Consolidated Financial Statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsca ws110"> ......</span> 102<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">1</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> B</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> p</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ep</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">at</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">h</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e C</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">at</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">F</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">c</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> S</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">em</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">en</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _0"/><span class="ls55 ws42"><span class="fc8 sc0">....................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbc ws13"><span class="fc8 sc0">103</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>2. Net Operating Profit After Tax (NOPAT)<span xmlns="http://www.w3.org/1999/xhtml" class="lsca ws111"> ..........................</span> 1052.1. Segment information<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ........................................<span class="_"> </span></span>106<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> N</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t O</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">p</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">tin</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">g</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> P</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">it A</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">te</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> T</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">x</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> (</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">N</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">O</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">P</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">A</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">T</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">)</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1"/><span class="ls55 ws42"><span class="fc8 sc0">................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbc ws13"><span class="fc8 sc0">105</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>2.2. Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws112"> ....................................................<span class="_ _194"> </span></span>108<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">S</span><span class="fc8 sc0">e</span><span class="fc8 sc0">g</span><span class="fc8 sc0">m</span><span class="fc8 sc0">e</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> in</span><span class="fc8 sc0">f</span><span class="fc8 sc0">or</span><span class="fc8 sc0">m</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">i</span><span class="fc8 sc0">on</span></span><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbd ws100"><span class="fc8 sc0">..................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">10</span><span class="fc8 sc0">6</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>2.3. Costs<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws113"> .......................................................<span class="_ _194"> </span></span>109<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.2</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls57 ws1b"><span class="fc8 sc0">R</span><span class="fc8 sc0">e</span><span class="fc8 sc0">ve</span><span class="fc8 sc0">nu</span><span class="fc8 sc0">e</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">............................................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">10</span><span class="fc8 sc0">8</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>2.4. Employee cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ..............................................<span class="_ _194"> </span></span>109<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.3</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws78"><span class="fc8 sc0">Cos</span><span class="fc8 sc0">t</span><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">...................................................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">10</span><span class="fc8 sc0">9</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>2.5. Amortisation, depreciation and impairment losses for the year<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws114"> ..<span class="_ _194"> </span></span>1102.6. Special Items, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...........................................<span class="_ _1cb"> </span></span>110<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.4</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">E</span><span class="fc8 sc0">m</span><span class="fc8 sc0">p</span><span class="fc8 sc0">l</span><span class="fc8 sc0">oy</span><span class="fc8 sc0">e</span><span class="fc8 sc0">e</span><span class="fc8 sc0"> c</span><span class="fc8 sc0">os</span><span class="fc8 sc0">t</span><span class="lsb6 wsf9"><span class="fc8 sc0">s </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">.............................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">10</span><span class="fc8 sc0">9</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span></span></span>2.7. Tax<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws115"> .........................................................<span class="_ _1cb"> </span></span>111<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.5</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">A</span><span class="fc8 sc0">m</span><span class="fc8 sc0">o</span><span class="fc8 sc0">r</span><span class="fc8 sc0">t</span><span class="fc8 sc0">i</span><span class="fc8 sc0">s</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">ion</span><span class="fc8 sc0">, d</span><span class="fc8 sc0">e</span><span class="fc8 sc0">p</span><span class="fc8 sc0">r</span><span class="fc8 sc0">e</span><span class="fc8 sc0">c</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">t</span><span class="fc8 sc0">ion</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> im</span><span class="fc8 sc0">p</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">ir</span><span class="fc8 sc0">m</span><span class="fc8 sc0">e</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> l</span><span class="fc8 sc0">os</span><span class="fc8 sc0">s</span><span class="fc8 sc0">e</span><span class="fc8 sc0">s</span><span class="fc8 sc0"> f</span><span class="fc8 sc0">or</span><span class="fc8 sc0"> t</span><span class="fc8 sc0">h</span><span class="fc8 sc0">e</span><span class="fc8 sc0"> y</span><span class="fc8 sc0">e</span><span class="fc8 sc0">a</span><span class="fc8 sc0">r</span><span class="_ _3b"/></span><span class="fc8 sc0"> </span><span class="_ _88"/><span class="lsbd ws100"><span class="fc8 sc0">............</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">110</span><span class="_ _3b"/><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.6</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">S</span><span class="fc8 sc0">p</span><span class="fc8 sc0">e</span><span class="fc8 sc0">c</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> It</span><span class="fc8 sc0">e</span><span class="fc8 sc0">m</span><span class="fc8 sc0">s</span><span class="fc8 sc0">, n</span><span class="fc8 sc0">e</span><span class="fc8 sc0">t</span></span><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbd ws100"><span class="fc8 sc0">.........................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">110</span><span class="_ _3b"/><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3. Invested Capital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsca ws110"> ..............................................</span> 113<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.7</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls51 wsfc"><span class="fc8 sc0">T</span><span class="fc8 sc0">ax</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">.......................................................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">111</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.1. Invested Capital excluding Net Working Capital<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws116"> ................<span class="_"> </span></span>1143.1.1. Non-current intangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws117"> ..........................<span class="_ _1cb"> </span></span>114<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> I</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">v</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">es</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> C</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ap</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">al</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _0"/><span class="ls55 ws42"><span class="fc8 sc0">..............................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbc ws13"><span class="fc8 sc0">113</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.1.2. Non-current tangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...........................<span class="_ _1cb"> </span></span>116<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">In</span><span class="fc8 sc0">v</span><span class="fc8 sc0">e</span><span class="fc8 sc0">s</span><span class="fc8 sc0">t</span><span class="fc8 sc0">e</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> C</span><span class="fc8 sc0">a</span><span class="fc8 sc0">p</span><span class="fc8 sc0">it</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> e</span><span class="fc8 sc0">x</span><span class="fc8 sc0">c</span><span class="fc8 sc0">l</span><span class="fc8 sc0">u</span><span class="fc8 sc0">d</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> N</span><span class="fc8 sc0">e</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> W</span><span class="fc8 sc0">or</span><span class="fc8 sc0">k</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> </span><span class="_ _3b"/><span class="fc8 sc0">Ca</span><span class="fc8 sc0">p</span><span class="fc8 sc0">it</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span></span><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbd ws100"><span class="fc8 sc0">...........................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">114</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.1.3. Right of use assets and lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> .................<span class="_ _194"> </span></span>118<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> No</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0">-</span><span class="ls50 ws78"><span class="fc8 sc0">c</span><span class="fc8 sc0">u</span><span class="fc8 sc0">r</span><span class="_ _3b"/><span class="fc8 sc0">r</span><span class="fc8 sc0">e</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t i</span><span class="_ _3b"/><span class="fc8 sc0">n</span><span class="fc8 sc0">ta</span><span class="fc8 sc0">n</span><span class="_ _3b"/><span class="fc8 sc0">g</span><span class="fc8 sc0">i</span><span class="fc8 sc0">b</span><span class="fc8 sc0">l</span><span class="_ _3b"/><span class="fc8 sc0">e</span><span class="fc8 sc0"> </span><span class="fc8 sc0">a</span><span class="fc8 sc0">s</span><span class="_ _3b"/><span class="fc8 sc0">s</span><span class="fc8 sc0">e</span><span class="fc8 sc0">ts</span><span class="_ _3b"/></span><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbd ws100"><span class="fc8 sc0">...................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">114</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.1.4. Impairment testing<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws118"> ....................................<span class="_ _1cb"> </span></span>121<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> No</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0">-</span><span class="ls54 ws101"><span class="fc8 sc0">c</span><span class="fc8 sc0">u</span><span class="fc8 sc0">r</span><span class="fc8 sc0">r</span><span class="fc8 sc0">en</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> t</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">g</span><span class="fc8 sc0">i</span><span class="fc8 sc0">b</span><span class="fc8 sc0">l</span><span class="fc8 sc0">e a</span><span class="fc8 sc0">s</span><span class="fc8 sc0">s</span><span class="_ _3b"/><span class="fc8 sc0">et</span><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbd ws100"><span class="fc8 sc0">.......................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">116</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.1.5. Assets classified as held for sale<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws119"> .......................<span class="_"> </span></span>123<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">1.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3 R</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">g</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">h</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> u</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">et</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ea</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e l</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">b</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">118</span><span class="_ _3b"/><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.2. Net Working Capital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> .........................................<span class="_"> </span></span>123<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">1.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4 I</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">m</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">p</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">m</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">en</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">es</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">g</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">..........................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">121</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">1.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5 A</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">et</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> c</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ed</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> h</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">el</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> s</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbd ws100"><span class="fc8 sc0">.............................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">123</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.2.1. Receivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ..........................................<span class="_"> </span></span>1233.2.2. Inventories<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...........................................<span class="_"> </span></span>124<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.2</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">N</span><span class="fc8 sc0">e</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> W</span><span class="fc8 sc0">or</span><span class="fc8 sc0">k</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> C</span><span class="fc8 sc0">a</span><span class="fc8 sc0">p</span><span class="fc8 sc0">it</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span></span><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbd ws100"><span class="fc8 sc0">....................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">123</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.2.3. Other payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> .......................................<span class="_"> </span></span>124<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">1 R</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">c</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ei</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">v</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">b</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">.........................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">123</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>3.2.4. Pension and jubilee liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ..........................<span class="_ _1cb"> </span></span>125<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2 I</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">v</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">en</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">es</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100"><span class="fc8 sc0">...........................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">124</span><span class="_ _3b"/><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span>3.2.5. Other provisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ......................................<span class="_ _1cb"> </span></span>127<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3 O</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">h</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> p</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">y</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">b</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">es</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">..................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">124</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4 </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">P</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">en</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> j</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">u</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">b</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">b</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">l</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">es</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbd ws100"><span class="fc8 sc0">....................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">125</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">3</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">2</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> O</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">h</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> p</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ov</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">is</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">ion</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbd ws100"><span class="fc8 sc0">...............................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">127</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4. Capital structure and finances<span xmlns="http://www.w3.org/1999/xhtml" class="lsca ws110"> ..................................<span class="_ _3b"/></span> 128<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> C</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">p</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">al</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> s</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">u</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">c</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">t</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">u</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e an</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">d</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> f</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">i</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">a</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">c</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="ls55 ws42"><span class="fc8 sc0">...................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbc ws13"><span class="fc8 sc0">128</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4.1. Financial and operational risks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...............................<span class="_"> </span></span>129<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">F</span><span class="fc8 sc0">in</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">c</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> op</span><span class="fc8 sc0">e</span><span class="fc8 sc0">r</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">ion</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> r</span><span class="fc8 sc0">i</span><span class="fc8 sc0">s</span><span class="fc8 sc0">k</span><span class="fc8 sc0">s</span><span class="_ _3b"/></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">..............................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">129</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4.2. Information on financial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws11a"> ..........................<span class="_ _1cb"> </span></span>133<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.2</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">In</span><span class="fc8 sc0">f</span><span class="fc8 sc0">or</span><span class="fc8 sc0">m</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">ion</span><span class="fc8 sc0"> on</span><span class="fc8 sc0"> f</span><span class="fc8 sc0">in</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">c</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> in</span><span class="fc8 sc0">s</span><span class="fc8 sc0">t</span><span class="fc8 sc0">r</span><span class="fc8 sc0">u</span><span class="_ _3b"/><span class="fc8 sc0">m</span><span class="fc8 sc0">e</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t</span><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbd ws100"><span class="fc8 sc0">................................................................</span><span class="lsbe ws102"><span class="fc8 sc0">. </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">133</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4.3. Changes in liabilities arising from financing activities<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws11b"> ...........<span class="_ _1cb"> </span></span>1344.4. Financial income and costs<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws11c"> ...................................<span class="_ _1cb"> </span></span>135<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.3</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">Ch</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">g</span><span class="fc8 sc0">e</span><span class="fc8 sc0">s</span><span class="fc8 sc0"> in</span><span class="fc8 sc0"> l</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">b</span><span class="fc8 sc0">il</span><span class="fc8 sc0">it</span><span class="fc8 sc0">ie</span><span class="fc8 sc0">s</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">r</span><span class="fc8 sc0">i</span><span class="fc8 sc0">s</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> f</span><span class="fc8 sc0">r</span><span class="fc8 sc0">o</span><span class="fc8 sc0">m</span><span class="fc8 sc0"> f</span><span class="fc8 sc0">in</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">c</span><span class="fc8 sc0">i</span><span class="_ _3b"/><span class="fc8 sc0">n</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">c</span><span class="fc8 sc0">t</span><span class="fc8 sc0">iv</span><span class="fc8 sc0">it</span><span class="fc8 sc0">ie</span><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">134</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4.5. Interest-bearing liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws11d"> ....................................<span class="_ _1cb"> </span></span>136<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.4</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">F</span><span class="fc8 sc0">in</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">c</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> in</span><span class="fc8 sc0">c</span><span class="fc8 sc0">om</span><span class="fc8 sc0">e</span><span class="fc8 sc0"> </span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> c</span><span class="fc8 sc0">os</span><span class="fc8 sc0">t</span><span class="fc8 sc0">s</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">......................................................................................</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">135</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span>4.6. Equity<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws11e"> ......................................................<span class="_ _1cb"> </span></span>137<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.5</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls54 wsfd"><span class="fc8 sc0">I</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t</span><span class="fc8 sc0">er</span><span class="fc8 sc0">es</span><span class="fc8 sc0">t</span></span><span class="fc8 sc0">-</span><span class="ls26 ws14"><span class="fc8 sc0">b</span><span class="fc8 sc0">e</span><span class="fc8 sc0">a</span><span class="fc8 sc0">r</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> l</span><span class="fc8 sc0">ia</span><span class="fc8 sc0">b</span><span class="fc8 sc0">il</span><span class="fc8 sc0">it</span><span class="fc8 sc0">ie</span><span class="_ _3b"/><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">........................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">136</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4.7. Treasury shares<span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> .............................................<span class="_ _1cb"> </span></span>137<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.6</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls55 ws42"><span class="fc8 sc0">Eq</span><span class="fc8 sc0">u</span><span class="fc8 sc0">i</span><span class="fc8 sc0">t</span><span class="_ _3b"/><span class="fc8 sc0">y</span></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">................................................................................................................................</span><span class="lsbf ws103"><span class="fc8 sc0">. </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">137</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>4.8. Earnings per share<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws11f"> ...........................................<span class="_ _1cb"> </span></span>138<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.7</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls58 ws19"><span class="fc8 sc0">T</span><span class="fc8 sc0">re</span><span class="fc8 sc0">a</span><span class="fc8 sc0">s</span><span class="fc8 sc0">u</span><span class="_ _3b"/><span class="fc8 sc0">ry</span><span class="fc8 sc0"> s</span><span class="fc8 sc0">h</span><span class="fc8 sc0">a</span><span class="fc8 sc0">re</span><span class="_ _3b"/><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">.............................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="ls54 wsfd"><span class="fc8 sc0">137</span><span class="_ _3b"/><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5. Other notes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsca ws110"> ..................................................</span> 139<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">4</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.8</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls57 wsf"><span class="fc8 sc0">E</span><span class="fc8 sc0">a</span><span class="fc8 sc0">r</span><span class="fc8 sc0">ni</span><span class="fc8 sc0">ng</span><span class="_ _0"/><span class="fc8 sc0">s</span><span class="fc8 sc0"> p</span><span class="fc8 sc0">e</span><span class="fc8 sc0">r</span><span class="fc8 sc0"> s</span><span class="fc8 sc0">ha</span><span class="fc8 sc0">r</span><span class="fc8 sc0">e</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _88"/><span class="lsbd ws100"><span class="fc8 sc0">........................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">137</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span></span></span>5.1. Remuneration to the Executive Board and Board of Directors<span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...<span class="_"> </span></span>139<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> O</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">th</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">e</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> n</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">o</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">te</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">s</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="ls55 ws42"><span class="fc8 sc0">.......................................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbc ws13"><span class="fc8 sc0">138</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.2. Fee to Auditors appointed at the annual General Meeting<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws120"> .......<span class="_ _1cb"> </span></span>140<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.1</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">R</span><span class="fc8 sc0">e</span><span class="fc8 sc0">m</span><span class="fc8 sc0">u</span><span class="fc8 sc0">n</span><span class="fc8 sc0">e</span><span class="fc8 sc0">r</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">ion</span><span class="fc8 sc0"> t</span><span class="fc8 sc0">o t</span><span class="fc8 sc0">h</span><span class="fc8 sc0">e</span><span class="fc8 sc0"> E</span><span class="fc8 sc0">x</span><span class="fc8 sc0">e</span><span class="fc8 sc0">c</span><span class="fc8 sc0">u</span><span class="fc8 sc0">t</span><span class="fc8 sc0">iv</span><span class="fc8 sc0">e</span><span class="fc8 sc0"> B</span><span class="fc8 sc0">o</span><span class="fc8 sc0">a</span><span class="fc8 sc0">r</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> a</span><span class="_ _3b"/><span class="fc8 sc0">n</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> B</span><span class="fc8 sc0">oa</span><span class="fc8 sc0">r</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> of</span><span class="fc8 sc0"> D</span><span class="fc8 sc0">ir</span><span class="fc8 sc0">e</span><span class="fc8 sc0">c</span><span class="fc8 sc0">t</span><span class="fc8 sc0">or</span><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _0"/><span class="lsbd ws100"><span class="fc8 sc0">..............</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">139</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.3. Share based payments<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws121"> .......................................<span class="_ _1cb"> </span></span>141<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.2</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls54 ws12"><span class="fc8 sc0">F</span><span class="fc8 sc0">ee </span><span class="fc8 sc0">t</span><span class="fc8 sc0">o</span><span class="fc8 sc0"> A</span><span class="fc8 sc0">u</span><span class="fc8 sc0">d</span><span class="fc8 sc0">i</span><span class="fc8 sc0">t</span><span class="fc8 sc0">o</span><span class="fc8 sc0">r</span><span class="fc8 sc0">s</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">p</span><span class="fc8 sc0">p</span><span class="fc8 sc0">o</span><span class="fc8 sc0">i</span><span class="fc8 sc0">n</span><span class="_ _3b"/><span class="fc8 sc0">t</span><span class="fc8 sc0">ed</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> t</span><span class="fc8 sc0">h</span><span class="fc8 sc0">e A</span><span class="fc8 sc0">n</span><span class="_ _3b"/><span class="fc8 sc0">n</span><span class="fc8 sc0">u</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> G</span><span class="fc8 sc0">en</span><span class="fc8 sc0">er</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> M</span><span class="fc8 sc0">ee</span><span class="_ _3b"/><span class="fc8 sc0">t</span><span class="fc8 sc0">i</span><span class="fc8 sc0">n</span><span class="fc8 sc0">g</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">......................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">140</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.4. Cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws122"> ...................................................<span class="_ _1cb"> </span></span>1435.5. Acquisitions and non-controlling interests<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws123"> .....................<span class="_ _1cb"> </span></span>144<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.3</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls51 ws74"><span class="fc8 sc0">S</span><span class="fc8 sc0">h</span><span class="fc8 sc0">a</span><span class="fc8 sc0">r</span><span class="fc8 sc0">e</span><span class="fc8 sc0"> b</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">s</span><span class="fc8 sc0">e</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> p</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">y</span><span class="fc8 sc0">me</span><span class="fc8 sc0">n</span><span class="_ _3b"/><span class="fc8 sc0">t</span></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">................................................................................................</span><span class="lsc0 ws104"><span class="fc8 sc0">. </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">140</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.6. Guarantees, collateral and contingent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...............<span class="_"> </span></span>146<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.4</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls51 ws74"><span class="fc8 sc0">C</span><span class="fc8 sc0">as</span><span class="fc8 sc0">h</span><span class="fc8 sc0"> f</span><span class="fc8 sc0">l</span><span class="fc8 sc0">o</span><span class="_ _3b"/><span class="fc8 sc0">w</span></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">..........................................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">143</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.7. Contractual commitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ...................................<span class="_"> </span></span>146<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.5</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">A</span><span class="fc8 sc0">c</span><span class="fc8 sc0">q</span><span class="fc8 sc0">u</span><span class="fc8 sc0">is</span><span class="fc8 sc0">i</span><span class="fc8 sc0">t</span><span class="fc8 sc0">ion</span><span class="fc8 sc0">s</span><span class="fc8 sc0"> </span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> n</span><span class="fc8 sc0">on</span></span><span class="fc8 sc0">-</span><span class="ls26 ws14"><span class="fc8 sc0">c</span><span class="fc8 sc0">on</span><span class="fc8 sc0">t</span><span class="fc8 sc0">r</span><span class="fc8 sc0">ol</span><span class="fc8 sc0">l</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="fc8 sc0"> in</span><span class="fc8 sc0">t</span><span class="fc8 sc0">e</span><span class="fc8 sc0">r</span><span class="fc8 sc0">e</span><span class="fc8 sc0">s</span><span class="_ _3b"/><span class="fc8 sc0">t</span><span class="fc8 sc0">s</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">......................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">144</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.8. Related party transactions<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws124"> ...................................<span class="_ _1cb"> </span></span>146<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.6</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">G</span><span class="fc8 sc0">u</span><span class="fc8 sc0">a</span><span class="fc8 sc0">r</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t</span><span class="fc8 sc0">e</span><span class="fc8 sc0">e</span><span class="fc8 sc0">s</span><span class="fc8 sc0">, c</span><span class="fc8 sc0">ol</span><span class="fc8 sc0">l</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">e</span><span class="fc8 sc0">r</span><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> </span><span class="fc8 sc0">c</span><span class="fc8 sc0">on</span><span class="fc8 sc0">t</span><span class="fc8 sc0">in</span><span class="fc8 sc0">g</span><span class="_ _3b"/><span class="fc8 sc0">e</span><span class="fc8 sc0">n</span><span class="fc8 sc0">t</span><span class="fc8 sc0"> l</span><span class="fc8 sc0">i</span><span class="fc8 sc0">a</span><span class="fc8 sc0">b</span><span class="fc8 sc0">il</span><span class="fc8 sc0">it</span><span class="fc8 sc0">ie</span><span class="fc8 sc0">s</span><span class="_ _3b"/></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">..........................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">146</span><span class="_ _3b"/><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.9. Events after the balance sheet date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lscb wsf6"> ..........................<span class="_ _1cb"> </span></span>146<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.7</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls50 ws78"><span class="fc8 sc0">C</span><span class="fc8 sc0">o</span><span class="fc8 sc0">n</span><span class="fc8 sc0">tr</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">c</span><span class="fc8 sc0">tu</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0"> c</span><span class="fc8 sc0">o</span><span class="_ _3b"/><span class="fc8 sc0">m</span><span class="fc8 sc0">m</span><span class="fc8 sc0">i</span><span class="_ _3b"/><span class="fc8 sc0">tm</span><span class="fc8 sc0">e</span><span class="fc8 sc0">n</span><span class="_ _3b"/><span class="fc8 sc0">ts</span><span class="_ _3b"/></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">.......................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">146</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>5.10. Company overview<span xmlns="http://www.w3.org/1999/xhtml" class="lscb ws125"> .........................................<span class="_ _1cb"> </span></span>147<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.8</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls50 ws78"><span class="fc8 sc0">R</span><span class="fc8 sc0">e</span><span class="fc8 sc0">l</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="_ _3b"/><span class="fc8 sc0">e</span><span class="fc8 sc0">d</span><span class="fc8 sc0"> p</span><span class="fc8 sc0">a</span><span class="_ _3b"/><span class="fc8 sc0">r</span><span class="fc8 sc0">ty</span><span class="fc8 sc0"> </span><span class="_ _3b"/><span class="fc8 sc0">tr</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">s</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">c</span><span class="_ _3b"/><span class="fc8 sc0">ti</span><span class="fc8 sc0">o</span><span class="fc8 sc0">n</span><span class="fc8 sc0">s</span><span class="_ _3b"/></span><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="lsbd ws100"><span class="fc8 sc0">......................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">147</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">.9</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls54 ws12"><span class="fc8 sc0">E</span><span class="fc8 sc0">v</span><span class="fc8 sc0">en</span><span class="fc8 sc0">t</span><span class="fc8 sc0">s</span><span class="fc8 sc0"> a</span><span class="fc8 sc0">f</span><span class="fc8 sc0">t</span><span class="fc8 sc0">er</span><span class="fc8 sc0"> </span><span class="fc8 sc0">t</span><span class="fc8 sc0">h</span><span class="fc8 sc0">e b</span><span class="_ _3b"/><span class="fc8 sc0">a</span><span class="fc8 sc0">l</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">c</span><span class="fc8 sc0">e s</span><span class="fc8 sc0">h</span><span class="fc8 sc0">ee</span><span class="_ _3b"/><span class="fc8 sc0">t</span><span class="fc8 sc0"> d</span><span class="fc8 sc0">a</span><span class="fc8 sc0">t</span><span class="fc8 sc0">e</span></span><span class="fc8 sc0"> </span><span class="_ _1c9"/><span class="lsbd ws100"><span class="fc8 sc0">...................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">147</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">5.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0">10</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span><span class="ls26 ws14"><span class="fc8 sc0">Com</span><span class="fc8 sc0">p</span><span class="fc8 sc0">a</span><span class="fc8 sc0">n</span><span class="fc8 sc0">y</span><span class="fc8 sc0"> ov</span><span class="fc8 sc0">e</span><span class="fc8 sc0">r</span><span class="fc8 sc0">v</span><span class="fc8 sc0">ie</span><span class="fc8 sc0">w</span></span><span class="fc8 sc0"> </span><span class="_ _1"/><span class="lsbd ws100"><span class="fc8 sc0">...................................................................................................</span><span class="ls0 ws0"><span class="fc8 sc0"> </span><span class="_ _10e"/><span class="ls54 wsfd"><span class="fc8 sc0">148</span><span class="ff155 fs2b fc6 ls0 ws0"><span class="fc8 sc0"> </span></span></span></span></span></span>In <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">prepa<span class="_ _0"/>ring the Annual Re<span class="_ _0"/>port, DFDS<span class="_ _0"/> focuses on ensuri<span class="_ _0"/>ng that the<span class="_ _0"/> <span class="_ _3b"/>conte<span class="_ _0"/>nt is </span>releva<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt to the read<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er and that the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> presentatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n is clear.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The purpose is to provide an overview of wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at drives performance. The structu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> note<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s refle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts DFD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>S’ fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al perfo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">rman<span class="_ _3b"/>ce go<span class="_ _3b"/>al, RO<span class="_ _3b"/>IC, an<span class="_ _3b"/>d the </span>struct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure aims at pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oviding an enha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nced understand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing of each acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unting area by descr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ibing relevant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> accounting p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olicies and any si<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gnificant acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting estimates and ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>essments rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated thereto <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at the end of each n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ote.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oun<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ting policies have been mad<span class="_ _3b"/>e within the framework of the prevailing </span>Inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>national Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial Reporting Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ndards (IFRS)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as adopted by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the EU. The actual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> stan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ot rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> notes.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> The d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>esc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ripti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing policies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the notes f<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">orms part of the overall description of DFDS’ </span>accounting policies.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Basi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13">or prep<span class="_ _3b"/>arat<span class="_ _3b"/>ion<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>solid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial Stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts are pres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ented in Danish K<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>roner (DKK) w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hich is the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent Compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y’s funct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ional curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency. The Consol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>idated Financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l Statements and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Parent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ompan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">Sta<span class="_ _3b"/>tem<span class="_ _3b"/>ent<span class="_ _3b"/>s are p<span class="_ _3b"/>repa<span class="_ _3b"/>red a<span class="_ _3b"/>ccor<span class="_ _3b"/>ding<span class="_ _3b"/> to th<span class="_ _3b"/>e his<span class="_ _3b"/>tori<span class="_ _3b"/>cal </span>cost convention except that derivative<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and financial instruments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>classified as “Fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> value through pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit loss” (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>FVTPL) are measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Assets cl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>assifie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d as held f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or sale a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">lower of the carrying </span>amount before the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>changed presen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the fair value less <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>costs to sell. The acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting polici<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, set out belo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w and in the not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, have bee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n used consistently in respect of the financial year and to compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rative figures.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Rounding<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>I<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">n gene<span class="_ _0"/>ral, roundi<span class="_ _0"/>ng may cause va<span class="_ _0"/>riances in sums<span class="_ _0"/> and percentage<span class="_ _0"/>s in the Annual<span class="_ _0"/> </span>R<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">eport.<span class="_ _3b"/></span> Altern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ative pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>meas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ures<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In the Annu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al Report DFDS presen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts certain fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial perfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mance measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res such as sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>totals<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">and key figures<span class="_ _0"/> which are not req<span class="_ _0"/>uired or def<span class="_ _0"/>ined under IFRS.<span class="_ _0"/> </span></span>It is considered th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at these altern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ative meas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ures provide relev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant supplementary information for the sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>keholders of DFDS.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Signifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cant in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> expense<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s which D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>esses n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ot to be di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rectly attributable to the operating activities or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>which are considered non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws7a">recu<span class="_ _3b"/>rring<span class="_ _3b"/> </span></span>are presented in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Income statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t in a separa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te line item labell<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed ‘Special items’ in order to distinguish these items from other in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come statement items. Reference is made t<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">o n<span class="_ _3b"/>ote<span class="_ _3b"/> <span class="lsbd ws100">2.6<span class="ls0 ws0"> <span class="ls26 ws14">for more details on Special items. The Income </span></span></span></span>state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ude<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s the su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s ‘Op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> profi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t befo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>epre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>EBI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>TDA)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and spe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tems’ an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d ‘Op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">ra<span class="_ _3b"/>ting profi<span class="_ _3b"/>t (EBI<span class="_ _3b"/>T) befo<span class="_ _3b"/>re speci<span class="_ _3b"/>al ite<span class="_ _3b"/>ms’ as the<span class="_ _3b"/>se are </span>assessed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rovid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e a more <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>spare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e view o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f DFD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>S’ recu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rrin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g operating profit. In note 2.6 it is disclosed how the line ite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ms in the Income statement woul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d have been affe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted if ‘Spe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial items’ had no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t been presented in a separate lin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e item.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>For definitions of key figures please refer to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the section ‘Definitions’.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Significant accounting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> policies<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Accounting policies for Basis of consolid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation are described below, while account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing policies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> for the remaining<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> areas are inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luded in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> notes to which they relate.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Management considers the accounting poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cies for the following areas <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as the most important for the Group: Consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted Financial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts; Revenue (note 2.2); Sp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecial i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tems (no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te 2.6); Non<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">current intangibl<span class="_ _3b"/>e assets (note 3.1.<span class="_ _3b"/>1); </span></span>Ferries and other shi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ps (note 3.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.2); <span xmlns="http://www.w3.org/1999/xhtml" class="ls52 ws79">Right<span class="_ _3b"/><span class="ls0 ws0">-<span class="lsf ws1c">of<span class="_ _0"/><span class="ls0 ws0">-<span class="ls54 ws12">use assets/<span class="_ _3b"/>Leases (note 3.<span class="_ _3b"/>1.3); </span></span></span></span></span>Pension and jubile<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e liabilities (n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ote 3.2.4)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>;<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">Financial and operational risks (note </span></span>4.1); Busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s combination<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">s (note 5.5); a<span class="_ _0"/>nd Contractual c<span class="_ _0"/>ommitments (note<span class="_ _0"/> </span>5.7). Accounting policies for Basis of consoli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dation, Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>controlling interests and Translation of foreign currencies are de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scribed below, while accounting policies for the remaining areas are include<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d in the<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">notes to w<span class="_ _3b"/>hi<span class="_ _3b"/>ch the<span class="_ _3b"/>y rel<span class="_ _3b"/>ate. <span class="_ _3b"/></span> </span>New International Financial R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eporting Standards and Interpret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022, the Group h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as adopted all <span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">rel<span class="_ _3b"/>evant <span class="ls51 wsfc">amend<span class="_ _3b"/>ed<span class="ls0 ws0"> <span class="ls57 wsf">accounting<span class="_ _0"/> standards. </span></span></span></span>The cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nges are insig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nificant to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>New st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anda<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rds a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nd int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t yet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> adop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The IAS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>B has issued a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> number of ame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nded standards<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and interpretat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ions with effective date pos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 31 December 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2, some of which h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ave not yet<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">been </span>endors<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the EU.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The new and amende<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d Standards a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd Interpretati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons are not mandatory for the financial reportin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g for 2022. The Group expects to adopt the Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ndards and Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erpretations w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hen they become ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ndatory. None o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the stand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ards an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ations are expected to have a signifi<span class="_ _3b"/>cant impact on </span>recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Application of materiality and relevanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Annual <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">R<span class="ls54 ws12">eport is based on the con<span class="_ _3b"/>cept of mater<span class="_ _3b"/>iality and relev<span class="_ _3b"/>ance to </span></span>ensure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> that the cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent is materia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l and relevant to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the us<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">er. This ob<span class="_ _3b"/>jective<span class="_ _3b"/> is </span>pursued b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y providing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> relevant rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her than generic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> descriptions a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd information.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> When ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essing materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ality and releva<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nce, due conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ration is give<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n to ensure comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>liance with app<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>licable accounting l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egislation e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tc. and to ens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure that t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">he </span>Consol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>temen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Pare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt Comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>any Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts give a tru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> fair vi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ew of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p’s an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>any’s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al posit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion at the ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sheet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> date and the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ations and ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sh flows for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Consol<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ida<span class="_ _3b"/>ted Finan<span class="_ _3b"/>ci<span class="_ _3b"/>al State<span class="_ _3b"/>men<span class="_ _3b"/>ts and<span class="_ _3b"/> the Pa<span class="_ _3b"/>rent Co<span class="_ _3b"/>mpan<span class="_ _3b"/>y Finan<span class="_ _3b"/>cial<span class="_ _3b"/> </span>State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sist o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ansa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> aggre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ga<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted into classes according to their nature or fun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ction and presented in classes of similar items in the Financial Statements<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls56 ws1a">and in the notes as require<span class="_ _0"/>d by IFRS. If </span></span>items are individually immaterial, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y are aggregated with other items of similar nature in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts or in the notes. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e disclosure requi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rements throug<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hout IFRS are s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ubstantial and D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>FDS provides t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hese speci<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">fic disclo<span class="_ _3b"/>sure<span class="_ _3b"/>s </span>required by IFRS unless the information is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onsidered immaterial to the economic decision<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>making of the users of these Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial Statements or not releva<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt for the Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Basi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s of rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>orti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Consol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>id<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ompan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al Stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts of DFDS A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> have been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epared on a going c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncern basis a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> with th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e IFRS<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">as adop<span class="_ _3b"/>ted by the EU, and additional Danish </span></span>disclosure requirements for listed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>companies. The <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">C</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">onsolidated <span class="ls0 ws0">F<span class="ls51 wsfc">inanci<span class="_ _3b"/>al </span></span></span>S<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">tatemen<span class="_ _3b"/>ts ar<span class="_ _3b"/>e als<span class="_ _3b"/>o in a<span class="_ _3b"/>cco<span class="_ _3b"/>rdan<span class="_ _3b"/>ce wi<span class="_ _3b"/>th IFR<span class="_ _3b"/>S as i<span class="_ _3b"/>ssu<span class="_ _3b"/>ed by th<span class="_ _3b"/>e In<span class="_ _3b"/>tern<span class="_ _3b"/>atio<span class="_ _3b"/>nal </span>Account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing Standards<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Board (IASB).<span xmlns="http://www.w3.org/1999/xhtml" class="fc6 ls0 ws0"> </span>On 24 February 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>3, the Boa<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">rd of<span class="_ _3b"/> Dire<span class="_ _3b"/>ctor<span class="_ _3b"/>s and th<span class="_ _3b"/>e Execu<span class="_ _3b"/>tive <span class="_ _3b"/>Manag<span class="_ _3b"/>emen<span class="_ _3b"/>t </span>Board conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red and approved<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the 2022 Ann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ual Report of DFDS A/S. The Annual Repo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt will be presented t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o the shareh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>olders of DFDS A/S fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r approval at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he ordinary Annual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> General Meeting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on 22 Marc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h 2023.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Significant estimates<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws74">an<span class="_ _3b"/>d judge<span class="_ _3b"/>ment<span class="_ _3b"/>s<span class="_ _3b"/></span> </span>In the preparation of the Consolidated Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial Statements, Management undertak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es several acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and judgeme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts and makes assumptions which provide the basis for rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ognition<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">and me<span class="_ _3b"/>asure<span class="_ _3b"/>ment o<span class="_ _3b"/>f the </span></span>assets, liabilities, revenues and expenses of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the Group and the Parent Company. These assu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mption<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed on h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>istoric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al experie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nce and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r factors su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch as the war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in Ukraine a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the current w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orld economy by t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>heir nature<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">rtai<span class="_ _3b"/>n </span>and unpredictable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Restate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ail t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranspo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt reven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Rail activities in Türkiye have hi<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">storically been a<span class="_ _0"/>ccounted on a<span class="_ _0"/> net basis in t<span class="_ _0"/>he </span>Income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. <span class="ls53 wsa4">This</span> <span class="ls54 ws12">has been changed<span class="_ _3b"/> for 2022 as DFD<span class="_ _3b"/>S <span class="lscc ws127">act<span class="_ _3b"/></span></span>s <span class="ls26 ws14">as pr<span class="_ _0"/>in<span class="_ _3b"/>cipal in </span></span>these a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>vitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">. <span class="ls54 ws12">Compar<span class="_ _3b"/>ative figure<span class="_ _3b"/>s have been resta<span class="_ _3b"/>ted. <span class="ls58 ws19">For fu<span class="_ _3b"/>ll<span class="ls0 ws0">-</span></span>year 2021 the </span></span>impa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ct fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>resta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>moun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 410m.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">The resta<span class="_ _3b"/>tement increa<span class="_ _3b"/>ses </span>the revenue as well as operational cost but has no impact on EBITDA<span xmlns="http://www.w3.org/1999/xhtml" class="ws78">, <span class="ls55 ws42">EBI<span class="_ _3b"/>T,<span class="ls0 ws0"> </span></span></span>Profit fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">E<span class="ls50 ws77">qui<span class="_ _3b"/>ty.<span class="_ _3b"/></span> </span>1.<span xmlns="http://www.w3.org/1999/xhtml" class="ff15b ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws81">B<span class="_ _0"/>asis of<span class="_ _0"/> prepar<span class="_ _0"/>ation<span class="_ _0"/> of t<span class="_ _0"/>he Cons<span class="_ _0"/>olida<span class="_ _0"/>ted Fi<span class="_ _0"/>nanci<span class="_ _0"/>al Sta<span class="_ _0"/>tements<span class="_ _0"/><span class="ls0 ws0"> </span></span>Descriptio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n of accounting p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>olicies<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lidate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d Fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>udes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>any DF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>DS A/S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ubsidia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>in w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hich t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ny co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntrols<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and operatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nal policies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Contro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l is obtai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ned whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> directly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> or ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>irectly holds mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e than <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>50% of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he voting r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ights i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prise (i.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. subsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>diary) or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>if it, in so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>me ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y, co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntrols<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rol a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lso <span xmlns="http://www.w3.org/1999/xhtml" class="lsd0 ws12a">impl<span class="_ _3b"/>ie<span class="_ _3b"/>s<span class="_ _3b"/> tha<span class="_ _3b"/>t th<span class="_ _3b"/>e </span>Group is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exposed,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> or has r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ights, to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> variab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>le returns<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from its<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> involveme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the investe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and has the ability to affect those returns through its power over the investee. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Parent Compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ny and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ese subsidiaries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are referr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to as t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he G<span xmlns="http://www.w3.org/1999/xhtml" class="lsd2 ws91">roup.</span> Enterprises,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> which are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>not subsidiari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es, over which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exercises sig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nificant influence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, but wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ich it do<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es not c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol, are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> consi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dered assoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>iates. Sig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nificant influence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is <span xmlns="http://www.w3.org/1999/xhtml" class="lsd1 ws12a">obtai<span class="_ _3b"/>ned<span class="ls0 ws0"> </span></span>by direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> or indir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect owners<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hip or co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntrol of m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ore tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n 20% of <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">t<span class="_ _0"/>he vot<span class="_ _0"/>ing r<span class="_ _0"/>ights<span class="_ _0"/> but<span class="_ _0"/> less t<span class="_ _0"/>han 5<span class="_ _0"/>0%.<span class="ls0 ws0"> </span></span>Enterpris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es which a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ccording t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o agreeme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt are co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntrolled tog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ether wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h one or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> more ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nies are c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsidered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> joint cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rolled ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ities. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Consolidated Financial Statements are based on the Parent Company and the <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">subsidiaries and are prepared by combining items of<span class="_ _0"/> a uniform nature and </span>elimi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rcom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pany t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hareho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d intercompa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ny gains<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Statements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are prepare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d by a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pplying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’s a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ccount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>in<span xmlns="http://www.w3.org/1999/xhtml" class="lsbe ws91">g pol<span class="_ _3b"/>i<span class="_ _3b"/>cies<span class="_ _3b"/>.<span class="ls0 ws0"> </span></span>Investments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bsidiaries a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>re elimi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nated a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gainst the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> proportio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nate share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the subsidiaries’ net asset value at the acquisition date. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>roup’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s inve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> assoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>iates<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> joint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> vent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ures a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>re re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed Financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ements at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’s proportio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nate shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he asso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ciate’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s / j<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> vent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure’s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>net ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>value.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Unrea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rcom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pany g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ains a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd losses fro<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">m transactions with associates and joint v<span class="_ _0"/>entures are eliminated by the </span>Group’s i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nterest i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pective as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sociate/j<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ointly co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntrolled ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erprise.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Translation of transaction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and balances<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>On initia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ition, for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eign curre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncy trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e translate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d into t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he func<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tional<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> curre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncy <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>using t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evaili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ans<span xmlns="http://www.w3.org/1999/xhtml" class="lsbe ws102">actio<span class="_ _3b"/>n<span class="_ _3b"/>. </span>Curre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncy ga<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ins<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> resu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lting <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>from t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>settle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>se tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as well as from the translation at yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">end e<span class="_ _0"/>xchan<span class="_ _3b"/>ge rates of monetary assets a<span class="_ _0"/>nd </span></span>liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies denomi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> foreign c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urrencies <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>are recognise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Income statement as <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Financial <span class="_ _0"/>income or<span class="_ _0"/> cost exce<span class="_ _0"/>pt whe<span class="_ _0"/>n deferred<span class="_ _0"/> in equity<span class="_ _0"/> as </span>qualifyi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng for cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h flow <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hedges.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> gains an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d losses <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">m<span class="_ _0"/>one<span class="_ _3b"/>tary items recognised at fair<span class="_ _0"/> value, such </span></span>as securities measured at Fair Value Through Profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and Loss (FVTPL), are recognised <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">in the same line item as t<span class="_ _0"/>he fair value gain or loss.<span class="ls0 ws0"> </span></span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">curr<span class="_ _0"/>ent<span class="_ _0"/> asset<span class="_ _0"/>s ac<span class="_ _0"/>quired<span class="_ _0"/> in fo<span class="_ _0"/>reign<span class="_ _0"/> curr<span class="_ _0"/>ency<span class="_ _0"/> are t<span class="_ _0"/>rans<span class="_ _0"/>lated<span class="_ _0"/> at t<span class="_ _0"/>he excha<span class="_ _0"/>nge<span class="_ _0"/> </span></span>rate prevailing at the date of acquisition. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Gains and losses on hedges relating to the acquis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">c<span class="_ _0"/>ur<span class="_ _3b"/>rent assets ar<span class="ls26 ws14">e rec<span class="_ _0"/>ognised as <span class="_ _0"/>part of<span class="_ _0"/> the value<span class="_ _0"/> of the </span></span></span>non<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">curre<span class="_ _0"/>nt asset a<span class="_ _0"/>t its <span class="_ _0"/>initial rec<span class="_ _0"/>ognition.<span class="_ _0"/><span class="ls0 ws0"> </span></span></span>Translati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>subsidiaries<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In the Consolidate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Financial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts, the Income statement items of subsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>diari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>funct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ional<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ency d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>iffer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>K are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> tra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsl<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">ated at the </span>average exchange rate, while the balance sheet items are translated at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he end<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> reporting <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>period.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>differences<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> arising<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>slation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> such sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sidiaries’ e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quity at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>begin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ning o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> per<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">iod to the <span class="_ _0"/>exchan<span class="_ _3b"/>ge rates at the end of the </span>reporting period and on translation of the I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> statements from average exchange rates<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es at the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> reporting peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>od are reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gnised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Compre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncome a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> a s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">eparate </span>transla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion reserve under equity. The exchange<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rate adjustment is allocated between the Parent Company’s and the non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls50 ws78">contr<span class="_ _3b"/>olling interests<span class="_ _3b"/>’ share of equity.<span class="ls0 ws0"> </span></span></span>When<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> losi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rol <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>of a c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lidate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ity,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> excha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nge d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>iffere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nces w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hich<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> have<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> accumulated i<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">n Equity <span class="_ _0"/>via Other<span class="_ _0"/> Comprehe<span class="_ _0"/>nsive Incom<span class="_ _0"/>e, and w<span class="_ _0"/>hich are </span>attributable to the enterprise, are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> transferred from Other Comprehensive In<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/> </span>come to the Income statement together with any gains <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or losses associated with the disposal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Significan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t estimate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws74">and judgements</span> <span class="ff15d ls57 ws1b">(cont<span class="_ _0"/>inue<span class="_ _0"/>d)<span class="ff15c ls0 ws0"> </span></span></span>The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts may deviate from the applied estimates,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> assessments, and assumptions. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the opinion of Management, the following accou<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">nting<span class="_ _0"/> esti<span class="_ _0"/>mate<span class="_ _0"/>s and j<span class="_ _0"/>udgeme<span class="_ _0"/>nts<span class="_ _0"/> are s<span class="_ _0"/>ignific<span class="_ _0"/>ant </span>in the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reparati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on of the Annual <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">R<span class="lsd0 ws129">ep<span class="_ _3b"/>o<span class="_ _3b"/>rt:</span> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Impairment te<span class="_ _0"/>sting of<span class="_ _0"/> goodwil<span class="_ _0"/>l, <span class="lsd1 ws11">def<span class="_ _3b"/>ini<span class="_ _3b"/>tion <span class="_ _3b"/>of C<span class="_ _3b"/>GU<span class="_ _3b"/>’s, <span class="_ _3b"/>othe<span class="_ _3b"/>r n<span class="_ _3b"/>on<span class="ls0 ws0">-<span class="ls58 ws7a">current </span></span></span></span>intangib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>le assets,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ferries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ships, ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">c<span class="_ _0"/>urre<span class="_ _0"/>nt ta<span class="_ _0"/>ngible<span class="_ _0"/> </span></span>assets, and Right<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsd1 ws12a">of</span>-<span class="_ _0"/><span class="lsd2 ws79">use<span class="_ _3b"/> a<span class="ls54 ws12">ssets. <span class="_ _0"/>Reference is m<span class="_ _0"/>ade to note 3<span class="_ _0"/>.1.4.<span class="ls0 ws0"> </span></span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws16">Assessmen<span class="_ _3b"/>t of useful life and scrap values. Reference is </span> made <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to note <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">3.1.<span class="ls0 ws0">2.<span class="_ _0"/> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Purchase P<span class="_ _0"/>rice Alloca<span class="_ _0"/>tion in c<span class="_ _0"/>onnection<span class="_ _0"/> with ac<span class="_ _0"/>quisitions.<span class="_ _0"/> Reference<span class="_ _0"/> is </span>made to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>note 5.5.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">Special ite<span class="_ _3b"/>ms<span class="lsd3 ws101">. Ref<span class="_ _3b"/>eren<span class="_ _3b"/>ce i<span class="_ _3b"/>s mad<span class="_ _3b"/>e to</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12b">note 2.6</span>. •<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb9 wse1">De<span class="ls54 ws12">ferred tax ass<span class="_ _0"/>ets. Refere<span class="_ _0"/>nce is made<span class="_ _0"/> to note 2.7.<span class="_ _0"/><span class="ls0 ws0"> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">Leasing arrangem<span class="_ _0"/>ents. Reference<span class="_ _0"/> is made t<span class="_ _0"/>o note 3.1.<span class="_ _0"/>3.<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">Derivatives</span>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>R<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">eference<span class="_ _0"/> <span class="ls51 ws74">is made </span><span class="ws12b">to<span class="_ _0"/> <span class="_ _3b"/>note 4.2.<span class="ls0 ws0"> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff15e"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">Provisi<span class="_ _0"/>ons a<span class="_ _0"/>nd c<span class="_ _0"/>ontinge<span class="_ _0"/>ncies<span class="_ _0"/>. Ref<span class="_ _0"/>e<span class="lsd4 ws12c">re<span class="ls50 ws78">n<span class="_ _3b"/>ce is made to note 5.6<span class="ls0 ws0">.<span class="_ _0"/> </span></span></span></span>Descriptio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he signif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>icant acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">imates and judgements are included </span>in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h they<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws74">controlling interest<span class="_ _3b"/>s</span> </span>In the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsolidate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d Financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">Sta<span class="_ _0"/>tement<span class="_ _0"/>s, t<span class="_ _0"/>he ind<span class="_ _0"/>ivid<span class="_ _0"/>ual fi<span class="_ _0"/>nanci<span class="_ _0"/>al li<span class="_ _0"/>ne it<span class="_ _0"/>ems o<span class="_ _0"/>f </span>subsidiaries are recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ised in full. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">contr<span class="_ _0"/>olling<span class="_ _0"/> int<span class="_ _0"/>erests<span class="_ _0"/>’ sha<span class="_ _0"/>re of<span class="_ _0"/> the </span></span>result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> subs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>idiari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hich ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t who<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lly ow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ned are i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nclude<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’s re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sults a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>q<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">uity, respecti<span class="_ _3b"/>vely, but are presented </span>separa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tely i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oposed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>priati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nge i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. <span class="lsd1 ws11">If a non<span class="_ _3b"/></span>-<span class="ls57 wsf">cont<span class="_ _0"/>rolli<span class="_ _0"/>ng int<span class="_ _0"/>eres<span class="_ _0"/>t has<span class="_ _0"/> a put<span class="_ _0"/> opt<span class="_ _0"/>ion to<span class="_ _0"/> sell<span class="_ _0"/> its<span class="_ _0"/> owners<span class="_ _0"/>hip <span class="_ _0"/>intere<span class="_ _0"/>st </span></span>to DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the put<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> option <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognis<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ed as a<span class="_ _0"/>n interest<span class="ls0 ws0">-<span class="_ _0"/><span class="lsbe ws102">be<span class="_ _3b"/>ar<span class="_ _3b"/>ing </span></span></span>liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ity which means that the results for the year and equity attributabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e to non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>controll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing interests are not presented sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arately in the proposed profit appro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>priat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hange<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in eq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uity.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> unde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>SEF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> regu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">n </span>The Commiss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion Delegated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Regulation (EU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>) 2019/815 o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Europea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n Single Elec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tronic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Forma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t (E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>SEF R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> has i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntrod<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uced a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>le ele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ctro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nic r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing format f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nnual financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orts of is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>suers wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h securit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies listed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> EU regulated market<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">s. The<span class="_ _0"/> Group’s<span class="_ _0"/> iXBRL<span class="_ _0"/> tags h<span class="_ _0"/>ave bee<span class="_ _0"/>n prepa<span class="_ _0"/>red i<span class="_ _0"/>n accor<span class="_ _0"/>dance </span>with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>SEF ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xonom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hich is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he ES<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>EF Reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ulati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he IFR<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> pub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lished<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> by t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he IF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>RS Fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>undati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">A<span class="_ _0"/><span class="ls57 ws1b">nnual<span class="_ _0"/> </span></span>R<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">eport<span class="_ _0"/> submitte<span class="_ _0"/>d to the <span class="_ _0"/>Danish Fi<span class="_ _0"/>nancial Su<span class="_ _0"/>per<span class="ws12d">visory Aut<span class="_ _0"/>hority (the Of<span class="_ _0"/>ficially </span></span>Appoi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Mecha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nism)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> consi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sts o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> XHTM<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>L doc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ument t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oget<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he technica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l files, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ll of wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ich are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> included <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>in the ZIP<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> file DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 wsfd">2022</span>-<span class="_ _0"/><span class="lsd3 ws12e">12<span class="ls0 ws0">-<span class="ls54 wsfd">31</span>-</span>en.z<span class="_ _3b"/>ip.<span class="ls0 ws0"> </span></span></span>Translation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>of fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rei<span xmlns="http://www.w3.org/1999/xhtml" class="ls9c ws80">gn c<span class="_ _3b"/>ur<span class="_ _3b"/>ren<span class="_ _3b"/>ci<span class="_ _3b"/>es<span class="ls0 ws0"> </span></span>Functio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nal and presentation currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Item<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> each <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up’s e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nterpr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ises<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are meas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ured <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>using t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unctio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nal c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urrenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> primar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onomic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> which th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e enterpris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Consolidat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ed Financial Statemen<span class="_ _3b"/>ts are </span>prese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nted in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Danish<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Kroner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> (DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Key figures<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Key figures are calculated in accordance with the latest <span xmlns="http://www.w3.org/1999/xhtml" class="lscf ws100">version of the Dani<span class="_ _3b"/>sh </span>Finance Soc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>iety’s g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uidelines,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ‘Recommen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dations a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial Ratios<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>’. The k<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ey figures st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h consolid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial hig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hlights are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> defined on the ‘<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Definition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s and G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lossary’ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>page.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2.<span xmlns="http://www.w3.org/1999/xhtml" class="ff162 ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsd5 wsfa">Net<span class="ls0 ws0"> <span class="lsb7 wsbc">Operating Profit<span class="_ _3b"/> After Tax (NOPAT)</span> </span></span>Return on invested capital (ROIC) is a strategic key ratio to DF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DS when measuring the financial pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rformance <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>of our business. DFDS’ minimum return targ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et goal is a ROIC of at least 8.0%. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>This section provides the notes of the main components th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at forms the basis of Net operating profi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t after tax (NOPAT) <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>which i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s a measure o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f profit that e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcludes the cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts and tax bene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fit of debt fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancing by m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easuring the ear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nings <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>before interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and ta<span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">xes<span class="ls0 ws0"> <span class="ls58 ws19">(EBI<span class="_ _3b"/>T) adju<span class="_ _3b"/>sted fo<span class="_ _3b"/>r corpo<span class="_ _3b"/>rate</span> <span class="ls26 ws14">inco<span class="_ _3b"/>me tax on EBIT.</span> </span></span>Together with invested capital, NOPA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>T forms the basis of the ROIC calculation. Referenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e is made to section 3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">Corporate income tax is<span class="_ _0"/> </span>calculate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d for e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach enti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty within<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Group following<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the tax legisl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rrent tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate in each tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> jurisd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ictio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n adju<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> by the tax effec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t from financial items. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts per e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntity are then consolidated.DKK millionNote2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Revenue 2.1, 2.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">26,873 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18,279</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Costs:Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her ship ope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ration a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd mai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntenance2.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6,426 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">3,880 </span>Frei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ght handling <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">3,090 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,598 </span>Transport solutio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6,657 </span>-4,<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">303<span class="ls0 ws0"> </span></span>Employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs 2.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,730 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,444 </span>Cost of sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> admini<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stration-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,015 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">643 </span>Operating profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e depreciation (EBITDA) and s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pecial items4,955 3,411 Share of profit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from associat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">14 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>Profit on disposal of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsb6 ws13">current assets, net</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">21 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Amortisation, depreciation,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls7 ws74">and imp<span class="_ _3b"/>airment l<span class="_ _3b"/>osses on<span class="_ _3b"/> intangib<span class="_ _3b"/>le assets an<span class="_ _3b"/>d</span> </span>tangibl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e assets and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Righ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets </span> 2.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,505 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,087 </span>Operating profit (EBIT) be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fore special items2,457 1,313 Specia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l items, net<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2.6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">25 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">34 </span>Operating profit (EBIT)2,482 1,348 )Corporate incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tax on EBIT¹ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">162 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">107 </span>Net Operating Profit Af<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter Tax (NOPAT)2,319 1,240 Net Operating Profit Af<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter Tax (NOPAT) before s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pecial items2,294 1,206 Return on i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nvested<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> capital (RO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>IC)8.7%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _94"> </span></span>5.3%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Return on invested<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> capital (ROIC) before spe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cial items8.6%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _94"> </span></span>5.2%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff165 ls0 ws0"> <span class="_ _0"/><span class="ff163 ls12 ws71">Seg<span class="_ _3b"/>ment in<span class="_ _3b"/>formation<span class="_ _3b"/><span class="ls0 ws0"> </span></span></span>The segments together with allocation of o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>perating profit, assets and liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties etc. are identical with the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ternal report<span xmlns="http://www.w3.org/1999/xhtml" class="ls52 ws79">ing </span>structure of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent has defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed the Groups’ busin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s based on the repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ting regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arly presented to the Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>up Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tive M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> which <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>also f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>orms th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e basi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons. Seg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erfo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is evalu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eme<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">n<span class="_ _3b"/>t based on EBITD<span class="_ _3b"/>A before special it<span class="_ _3b"/>ems and EBIT b<span class="_ _3b"/>efore special ite<span class="_ _3b"/>ms.<span class="ls0 ws0"> </span></span>The costs of the segments are the directly recorded cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts including some systemati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cally allocated indirect costs, pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>marily concer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ning Group functi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">allo<span class="_ _3b"/>cated<span class="_ _3b"/> cost<span class="_ _3b"/>s ref<span class="_ _3b"/>lect <span class="_ _3b"/>the <span class="ls57 wsf">general functi<span class="_ _0"/>ons which cannot<span class="_ _0"/> reasonably be all<span class="_ _0"/>ocated to the<span class="_ _0"/> segments. T<span class="_ _0"/>he costs consist </span></span></span>primar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ily of costs co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncerning the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup Executive Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nagement and Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of Directors b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut also Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup functions s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uch as Treasury, Investor Relations, Legal, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Procurement,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Communication, and Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce etc. In addition, the elimination of transaction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s between segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s is included. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ransaction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s between s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egments are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>concluded at arm’s l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ength term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Segment assets inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>de assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>which are directl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y related to the se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gment such as n<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws78">on<span class="_ _3b"/><span class="ls0 ws0">-</span><span class="ws14">current intangible, non<span class="ls0 ws0">-<span class="ls57 wsf">current<span class="_ _0"/> tangible, </span></span></span></span>other non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">curr<span class="_ _0"/>ent and Right<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="_ _0"/><span class="ls54 ws12">use asset<span class="_ _3b"/>s, inv<span class="_ _3b"/>entories, receiv<span class="_ _3b"/>ables, prepa<span class="_ _3b"/>yments, and c<span class="_ _3b"/>ash. Segmen<span class="_ _3b"/>t liabilities includ<span class="_ _3b"/>e </span></span></span></span>current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">current liabilities.</span> </span>The Ferry Division’s activities are divided in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to five <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls57 wsf">usine<span class="_ _0"/>ss units: Nort<span class="_ _0"/>h Sea, Mediterrane<span class="_ _0"/>an, Channel, B<span class="_ _0"/>altic Sea a<span class="_ _0"/>nd </span></span>Passeng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry Division operates ferry routes in and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>round Europe transporting freigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t units, mainly trailers, and passenger<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The routes deploy a mix of freight ferries, fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eight and pass<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">enger ferries <span class="_ _3b"/>as well as passe<span class="_ _3b"/>nger cruise fer<span class="_ _3b"/>ries. In addition,<span class="_ _3b"/> port </span>terminals are o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wned and/or opera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted at strate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gic hubs of the rou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te network. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reight custom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ers are mainly fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rwarders and hauli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers as well a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s manufacturers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of heavy ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ustrial goo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds. Th<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">e main passen<span class="_ _3b"/>ger custom<span class="_ _3b"/>er groups are pas<span class="_ _3b"/>sengers </span>travelling with own cars, mini cruise passengers, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tour operators, and business conferen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Logistics Division’s activitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are divided into two <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B</span>usiness units: Dry Goods and Cold Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ain.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Logistics Division provides transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt solutions for full<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">- </span>and part loads as well as contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ct logistics solutions, including warehousing and transport of frozen mea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and fish (Cold Chain). In addition, containe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r ships, including vessel sharing agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws19">th oth<span class="_ _3b"/>er con<span class="_ _3b"/>taine<span class="_ _3b"/>r oper<span class="_ _3b"/>ators, <span class="_ _3b"/>are ope<span class="_ _3b"/>rated<span class="_ _3b"/>. The <span class="_ _3b"/>custome<span class="_ _3b"/>rs are p<span class="_ _3b"/>rima<span class="_ _3b"/>rily man<span class="_ _3b"/>ufa<span class="_ _3b"/>cturer<span class="_ _3b"/>s of in<span class="_ _3b"/>dustri<span class="_ _3b"/>al goods<span class="_ _3b"/> and </span>consumab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les as wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l as re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tailers.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry Logistics Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>DKK millionDivision<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Division<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>allocated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>External revenue <span xmlns="http://www.w3.org/1999/xhtml" class="_ _68"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,503 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11,352 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>26,873 Intragroup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _68"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,329 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">606 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,006 </span>Revenue <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16,831 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11,423 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">624 </span>28,879 Operati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng costs,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> extern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c8"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12,371 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8,887 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">660 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">21,919 </span>Intragroup operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">494 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,471 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,005 </span>Operating profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e depreciation (EBITDA) and special items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,966 </span>1,066 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">76 </span>4,955 Share of profit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of associates a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span>0 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14 </span>Profit on disposal of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets, net</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">19 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">21 </span>Depreciation, amorti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>satio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls7 ws74">an<span class="_ _3b"/>d impai<span class="_ _3b"/>rment lo<span class="_ _3b"/>sses on<span class="_ _3b"/> </span></span>other non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current as<span class="_ _3b"/>sets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,816 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">603 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">86 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,505 </span>Operating profit (EBIT) be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fore special items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,138 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">480 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">162 </span></span>2,457 Special items, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">18 </span></span>7 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25 </span>Operating profit (EBIT) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,156 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">487 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">162 </span></span>2,482 Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al items, n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff163 ws10"> -<span class="ls9 ws16">343 </span></span>Profit before tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,139 </span>Tax on profit <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff163 ws10"> -<span class="ls9 ws16">120 </span></span>Profit for the year2,019 Capital expenditures of the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,064 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">966 </span>131 3,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">1</span>62<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Investments in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> associates and joint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ventures<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> <span class="_ _53"> </span><span class="lsa ws18">8 </span></span>3 0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">11 </span>Total assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _14b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25,116 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7,265 </span>1,703 34,084 Liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12,234 </span>3,127 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,588 </span>20,949 Geograp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hical b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>down<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Group does not have a natural geograph<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ic split on countries since the Group, mainly Ferry Division, is bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed on a connect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed route netwo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rk in primarily N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orthern Europe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and Mediterrane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>an. The routes suppor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t each ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her with sales<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and custome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces loc<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ated in one countr<span class="_ _0"/>y whereas the ac<span class="_ _0"/>tual revenue is<span class="_ _0"/> created in ot<span class="_ _0"/>her countries<span class="_ _0"/>. Consequently, i<span class="_ _0"/>t is not </span>possible to present a meaningful split of rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enues and non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">curren<span class="_ _3b"/>t ass<span class="_ _3b"/>ets b<span class="_ _3b"/>y cou<span class="_ _3b"/>ntr<span class="_ _3b"/>y. </span> </span>The split is therefo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re presented b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the sea and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> geographical are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">in whic<span class="_ _0"/>h DFDS operates. T<span class="_ _0"/>he geographical s<span class="_ _0"/>plit of re<span class="_ _0"/>venue </span>is shown in the revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e note. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">2.2<span class="ls5e ws93">. </span></span>The applied split r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>esults in seven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> geographi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">cal area<span class="_ _3b"/>s: No<span class="_ _3b"/>rth Sea,<span class="_ _3b"/><span class="ls0 ws0"> </span><span class="wsfc">Medi<span class="_ _3b"/>terran<span class="_ _3b"/>ean<span class="_ _3b"/>, <span class="ls26 ws14">Baltic Sea, English Channel, Con<span class="_ _3b"/>tinent, Nordic<span class="ls0 ws0"> </span></span></span></span>and UK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">. <span class="ls57 wsf">As a conseque<span class="_ _0"/>nce of the Group’s<span class="_ _0"/> business m<span class="_ _0"/>odel, the routes<span class="_ _0"/> do not direc<span class="_ _0"/>tly own the fer<span class="_ _0"/>ries, but char<span class="_ _0"/>ter the </span></span>ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s from a G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>roup in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ternal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> vessel p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ool. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ferries a<span class="_ _0"/>re frequent<span class="_ _0"/>ly moved within t<span class="_ _0"/>he Group’s routes<span class="_ _0"/>. Furthermore,<span class="_ _0"/> certain non<span class="ls0 ws0">-<span class="_ _0"/><span class="ls53 ws75">cu<span class="_ _3b"/>rrent ass<span class="_ _3b"/>ets such<span class="_ _3b"/> as IT<span class="ls0 ws0">-<span class="ls51 ws74">soft<span class="_ _3b"/>ware an<span class="_ _3b"/>d </span></span></span></span></span>headquarter o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wned corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e assets are for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the benefit for the en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tire Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. It is therefore no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t possible to meani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ngfully esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mate th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e e<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">xact value of t<span class="_ _0"/>he non<span class="ls0 ws0">-<span class="ls54 ws12">current assets per g<span class="_ _3b"/>eographi<span class="_ _3b"/>cal area. <span class="ls50 ws77">In<span class="_ _3b"/>stead<span class="_ _3b"/>,</span></span> </span>an adjusted a<span class="_ _0"/>llocation has<span class="_ _0"/> been used<span class="ff167 ls0 ws0">.<span class="fc6"> </span></span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">Add<span class="_ _3b"/>ition of capit<span class="_ _0"/>al </span>expenditures of the year primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e acquisition of HSF Logist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ics Group. Reference is made to note 5.5 2021Ferry Logistics Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>DKK millionDivision<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Division<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>allocated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>TotalExternal revenue <span xmlns="http://www.w3.org/1999/xhtml" class="_ _131"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">11,180 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7,081 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>18,279 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Intragroup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,036 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">74 </span>508 1,618 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Revenue <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">12,216 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7,155 </span>526 19,897 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Operati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng costs,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> extern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c1"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,821 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,516 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">531 </span> -14,868 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Intragroup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> operati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c0"> </span><span class="ws12"> -<span class="ls8 ws15">542 </span></span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,047 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30 </span>-1,618 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Operating profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e depreciation (EBITDA) and special items2,852 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">593 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">34 </span>3,411 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share of profit/loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of associates a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ab"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">13 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -13 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Profit on disposal of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsb6 ws13">current assets, net</span> <span class="_ _1d3"> </span><span class="ws12"> <span class="ls8 ws15">4 </span></span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on, amor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses on other non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current as<span class="_ _3b"/>sets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,684 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">322 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">81 </span>-2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Operating profit (EBIT) be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fore special items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,160 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">269 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">116 </span>1,313 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Special items, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">12 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>34 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Operating profit (EBIT) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,172 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">271 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">96 </span>1,348 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al items, n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et -278 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Profit before tax1,069 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tax on profit -94 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Profit for the year976 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Capital expenditures of the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,644 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,400</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc2">¹<span class="ff16a">⁾</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>4,115 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments in a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssoci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd joint vent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">23 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>26 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _114"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">23,556 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">5,899 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,266 </span>30,721 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">11,897 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,519 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,751 </span>19,167 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>North<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Medi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Baltic English UK/ DKK millionSea<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>terrane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sea<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Channel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _148"> </span><span class="ls9 ws16">Continent</span> <span class="_ _47"> </span><span class="lsc ws11">Nordic</span> </span>Irela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _161"> </span><span class="ls7 ws17">Total</span> </span>2022Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">current assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">8,872 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,924 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,604 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,473 </span>2,563 1,612 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,094 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">28,141 </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">current assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">8,330 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">9,042 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,780 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,390 </span>2,324 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,465 </span>477 25,807 <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The segment information has been compile<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d in conformity with the Group’s accounting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> policies <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>and is in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>with th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ternal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mana<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t repo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rts<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="ff16d ls0 ws0"> <span class="_ _0"/><span class="ff16b ls12 ws7d">Reven<span class="_ _3b"/>ue<span class="ls0 ws0"> </span></span></span>2022Logistics Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>DKK millionFerry D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ivisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Division<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>allocated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span></span>Geograph<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ical market<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>North Se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">5,630 </span></span> - <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>5,630 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Mediterranean <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">4,<span class="_ _3b"/>471 </span></span> - <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>4,471 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Baltic Sea <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,496 </span></span> - <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1,496 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Englis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h Channel <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,906 </span></span> - <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>3,906 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Contine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> - </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,416 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>4,416 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Nordic <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> - </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,418 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>4,418 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>UK/Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> - </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,518 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>2,518 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _113"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>18 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,503 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">11,352 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">18 </span>26,873 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Produc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>icesSeafreight <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">and shipping logistics solutions</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _132"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">10,425 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>10,452 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transport solutio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">595 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">10,820 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>11,415 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Passenger se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>afare an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>board sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,982 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,98</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">2</span>Terminal services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">953 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>959 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Charters inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lated incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _d1"> </span><span class="ls8 ws15">331 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>331 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Agenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r revenue <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">216 </span>498 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>733 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,503 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">11,352 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">18 </span>26,873 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Revenue inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ludes reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nue recognised fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om contracts w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ith customers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in accordance w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ith IFRS 15 and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther revenue <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(leasing activit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies). Reven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue from leasing a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctivities a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mounts to DKK 374m (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2021: DKK 311). O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nboard sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s amounts to <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK 1,327m (2021: DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 449m)<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">. </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Logistics Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>DKK millionFerry D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ivisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Division<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>allocated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>Geographi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cal marketsNorth Se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,849 </span></span> - 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,849 </span>Mediterranean <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,<span class="_ _3b"/>378 </span></span> - 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,378 </span>Baltic Sea <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,<span class="_ _3b"/>350 </span> - 0 1,350 Englis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h Chan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nel<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1d6"> </span><span class="ws12"> <span class="ls8 ws15">2,603 </span></span></span> - 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,603 </span>Contine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> - </span>3,156 0 3,156 Nordic <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> - </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,327 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,327 </span>UK/Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> - </span>1,598 0 1,598 Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1da"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">18 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">11,1<span class="_ _0"/>80 </span></span>7,081 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">18,279 </span>Produc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>icesSeafreight <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">and shipping logistics solutions</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1db"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">8,432 </span></span> 98 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">8,530 </span>Transport solutio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _68"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">434 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6,778 </span>0 7,212 Passenger se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>afare an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>board sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">976 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">976 </span>Terminal services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ca"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">851 </span>6 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">856 </span>Chart<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luding rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">311 </span>0 0 311 Agenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r revenue <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">176 </span>199 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">393 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">11,1<span class="_ _0"/>80 </span></span>7,081 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">18,279 </span>2.4<span xmlns="http://www.w3.org/1999/xhtml" class="ff171 ls0 ws0"> <span class="_ _0"/><span class="ff16f ls13 wsbc">Emp<span class="_ _3b"/>loyee cost<span class="_ _3b"/><span class="lsb3 ws6f">s </span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Wages, sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aries an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eration <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,848 </span>2,839 Hereof capitalised employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="_ _0"/><span class="ls8 ws15">47 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">33 </span>Defined<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ution pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">185 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">139 </span>Defined benefit pensio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> <span class="_ _1dd"> </span> <span class="ls8 ws15">14 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span>Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r social<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> secu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rity cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1de"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">372 </span>284 Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1df"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30 </span>37 Other employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">333 </span>226 Governm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent gra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts (Covi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d-19) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> -<span class="ls8 ws15">5 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">55 </span>Total employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">4,730 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,444 </span>Full ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ivalents (F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>TE), average <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16"><span style="letter-spacing: 0.182px;">11,510</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16"><span style="letter-spacing: 0.181px;">8,874</span> </span>Reference is made to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te 3.2.4 for det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ailed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>formation on pen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion plans,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">note 5.1 for detailed info<span class="_ _3b"/>rmation on remuneration </span></span>of Management and note 5.3 for detailed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>formation on the Group’s share option sche<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mes<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">. </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om transport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of passengers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, freight and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om rendering<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> terminal and wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rehouse service<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s etc, is recognised in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment at the time of d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>elivery of the se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rvice to the cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stomer, which is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the time where the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontrol is trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ferred and when e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ach separate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> performance oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation in the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ustomer contrac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t is fulfille<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d following the “over<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">time principl<span class="_ _3b"/>e”. Some of<span class="_ _3b"/> the</span> <span class="ls51 ws74">ferry and<span class="_ _3b"/> frei<span class="_ _3b"/>ght t<span class="_ _3b"/>ranspo<span class="_ _3b"/>rts h<span class="_ _3b"/>ave a se<span class="_ _3b"/>rie<span class="_ _3b"/>s of perf<span class="_ _3b"/>orman<span class="_ _3b"/>ce </span></span>obli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns, b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ut a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s the d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ura<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m the im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ct fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m spl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ting th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to “distinct services” will not have materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al impact.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">Most <span class="_ _3b"/>tran<span class="_ _3b"/>spor<span class="_ _3b"/>ts car<span class="_ _3b"/>ried<span class="_ _3b"/> out b<span class="_ _3b"/>y </span></span>the Ferry Division <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are characterisedby short delivery time (Most sailings are less than 30 hours while s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ailings to/from Türkiye are up to 72 hours). Transports carried out by the Logistics Divis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion can take delivery over a longer period<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">. </span>Revenue from ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>artering out ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es is recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised straigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t line over the dura<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion of the agree<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment. Onbo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard sales is recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed at a “poi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt in time”. Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue is measure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d at fair value e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcluding va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue added tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and after deducti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on oftrade d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iscou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nts. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eceiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ot adjuste<span class="_ _0"/>d for any fina<span class="_ _0"/>ncing component<span class="_ _0"/> when recognise<span class="_ _0"/>d. The genera<span class="_ _0"/>l </span>credit te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rms<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erall sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> foll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>owin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ket ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ms.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Accounting es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>timates and jud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gements are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>made in order to de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>termine time of deli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>very and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> accrue for relevant income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>along<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> wit<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">h evaluation of pr<span class="_ _0"/>icing. These ac<span class="_ _0"/>counting esti<span class="_ _0"/>mates and judgeme<span class="_ _0"/>nts are based<span class="_ _0"/> on experience and<span class="_ _0"/> </span>historical sales figures along with a continu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ous follow<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">up on service delivered<span class="_ _3b"/>.</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/> for <span class="ls1a ws32">employee c<span class="ls15 ws22">os<span class="_ _3b"/>ts<span class="ls0 ws0"> </span></span></span></span>Ferry and <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">o<span class="_ _3b"/>ther ship cost comprise costs of <span class="_ _3b"/>sales related to catering as well as mainten<span class="_ _3b"/>ance and daily running </span>costs of ferries and other ships. Bunker consu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mption includes hedging. Impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and realised losses on trade receivables are inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ded in fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry and other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">sh<span class="_ _3b"/>ip oper<span class="_ _3b"/>ation<span class="_ _3b"/> and main<span class="_ _3b"/>ten<span class="_ _3b"/>ance. F<span class="_ _3b"/>reigh<span class="_ _3b"/>t han<span class="_ _3b"/>dl<span class="_ _3b"/>ing an<span class="_ _3b"/>d Transp<span class="_ _3b"/>ort </span></span>solu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted to l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bas<span class="_ _3b"/>ed activities such as stevedoring, te<span class="_ _3b"/>rminal, and haulage costs. Cos<span class="_ _3b"/>ts of sales </span></span>and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">administration co<span class="_ _3b"/>mprise costs of sales, marketing, and adminis<span class="_ _3b"/>tration.</span> </span>2.3<span xmlns="http://www.w3.org/1999/xhtml" class="ff171 ls0 ws0"> <span class="_ _0"/><span class="ff16f fc6 ls13 ws20">Cost<span class="_ _3b"/>s<span class="fc1 ls0 ws0"> </span></span></span>Wages, salaries, social security cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ributions, pension contribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, paid annual leave and sick leave, bonuses, and non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls54 ws12">monetar<span class="_ _3b"/>y benefits are a<span class="_ _3b"/>ccrued in th<span class="_ _3b"/>e year in which the asso<span class="_ _3b"/>ciated servi<span class="_ _3b"/>ces are ren<span class="_ _3b"/>dered by employ<span class="_ _3b"/>ees of </span></span>the Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up. Where the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group provides l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term employe<span class="_ _3b"/>e benefits, the c<span class="_ _3b"/>osts are accru<span class="_ _3b"/>ed to match th<span class="_ _3b"/>e rendering </span></span>of the services b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the employees.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and other s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hip operation a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd maint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enance:Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her ship co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rter rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,329 </span>-1,583 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bunker <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,097 </span>-2,297 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rry and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r ship oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>maintenance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _14a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> -<span class="ls9 ws16">6,426 </span></span> -3,880 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/> for Costs<span class="_ _0"/><span class="ls0 ws0"> </span></span>2.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff175 ls0 ws0"> <span class="_ _0"/><span class="ff173 ls13 wsbc">Amortis<span class="_ _3b"/>ation<span class="_ _3b"/>, de<span class="_ _3b"/>preciat<span class="_ _3b"/>ion<span class="_ _3b"/><span class="ls11 ws1e">, <span class="ls4d ws6f">and im<span class="_ _0"/>pairment loss<span class="_ _0"/>es for the year<span class="_ _0"/><span class="ls0 ws0"> </span></span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisation and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epreciation for the year:Software <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">48 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>Port con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> righ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35 </span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current i<span class="_ _3b"/>ntang<span class="_ _3b"/>ible assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">52 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>Land & Bui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">15 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Terminal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>59 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">49 </span>Ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">927 </span>850 Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">328 </span>206 Right-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,042 </span></span>874 Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">depr<span class="_ _3b"/>eciatio<span class="_ _3b"/>n for the year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,505 </span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ear:Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses for the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ea"> </span><span class="ls9 ws16">2,505 </span></span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="ff175 ls0 ws0"> <span class="_ _0"/><span class="ff173 lsa7 wsfa">Special Items, net<span class="ls0 ws0"> </span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gration<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ating <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to HSF Log<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-29 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>Adjustm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arn-out regarding an acquisit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1d"> </span><span class="ls8 ws15">4 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Accounti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng gain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of Gothia Seaway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>20 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Accounting gain on sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of Calais Seaways<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19f"> </span><span class="lsa ws18">0 </span></span>26 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting ga<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>in on sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of offi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ce and wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rehousing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> buildi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng in Bel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gium <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ec"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>31 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Accounti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng gain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> related<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to dispo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sal of an associa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>any <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>16 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Reversal of accrued cost relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to Jub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ilee shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _116"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Reversal of restructu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ring co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> restr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ucturi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng costs e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tc.)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c2"> </span><span class="ws12"> </span>19 </span>-63 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>ICT Logistics valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e adju<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stment,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> etc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ee"> </span><span class="ls8 ws15">2 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Reversal of impairm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent of a freight ferry <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>made in connection wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h reclassification to assets <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">held for sale<span class="ls0 ws0"> </span></span>0 29 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>Special items,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25 </span>34 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>If special items had been included in the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>perating profit before special items, they would have been recognised and have effect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as follows:Operati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>19 -89 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>Operating profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e depreciation (EBITDA) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _130"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="lsbc ws13">19 </span></span>-89 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>Profit on disposal of non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsb6 ws13">current assets and associates, net</span> <span class="_ _2c"> </span><span class="lsa ws18">0 </span></span>94 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>Amortisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> depreci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> intangibl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and tangi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ble asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span>29 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">13 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="fc6 ls0 ws0"><span class="fc8 sc0"> </span></span>Profit before tax<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1f1"> </span> <span class="ls9 ws16">25 </span></span>34 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Amortisation and depreciation for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>year are recognised based on the amortisation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d depreciation profiles of the underlying asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> note 3.1.1, 3.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and 3.1.3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing policies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Special items include significant in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come and expenses not directly at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tributable to the Group’s recurring operating activiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch as materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tructurin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rocesse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and sign<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ifican<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">organisati<span class="_ _0"/>onal restructur<span class="_ _0"/>ings/ changes whi<span class="_ _0"/>ch </span>are of significance over time. In addition, ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>her non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">recur<span class="_ _0"/>ring amounts a<span class="_ _0"/>re classified a<span class="_ _0"/>s special items<span class="_ _0"/> including </span></span>impairment of goodwill; signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant impairments and revers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al of impairments of non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">current<span class="_ _0"/> tangib<span class="ls53 ws75">le asse<span class="_ _3b"/>ts; </span></span></span>significant acquisition cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and integration costs in connection with large bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>siness combinations; chang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to estimates of contingent considerat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ions related to business combina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions; gains and los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses on the disposal of activities; and significa<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">nt gain<span class="_ _3b"/>s and<span class="_ _3b"/> losses o<span class="_ _3b"/>n the disp<span class="_ _3b"/>osal of n<span class="_ _3b"/>on<span class="ls0 ws0">-<span class="ls54 ws12">current asset<span class="_ _3b"/>s. These items ar<span class="_ _3b"/>e classified </span></span></span>separa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tely in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> orde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r to p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rovid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e a more<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> transp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w of inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t are consi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dered not to ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve recurring nat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2.7<span xmlns="http://www.w3.org/1999/xhtml" class="ff178 ls0 ws0"> <span class="_ _0"/><span class="ff176 ls12 ws7d">Tax<span class="ls0 ws0"> </span></span></span>The maj<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ority of the fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rry activit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies performed in the Da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nish, Turk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ish, French and L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ithuanian enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises in the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup are included<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in local t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onnage tax schem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es where <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">the taxab<span class="_ _3b"/>le in<span class="_ _3b"/>come r<span class="_ _3b"/>elat<span class="_ _3b"/>ed to t<span class="_ _3b"/>ranspo<span class="_ _3b"/>rta<span class="_ _3b"/>tio<span class="_ _3b"/>n of pas<span class="_ _3b"/>senge<span class="_ _3b"/>rs and f<span class="_ _3b"/>reigh<span class="_ _3b"/>t is </span>calculated based on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the tonnage depl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyed d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uring the year and not <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the actual profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s genera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted. Taxable in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come related to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> other activities is taxed according to the no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmal corporate i<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">nco<span class="_ _3b"/>me tax ru<span class="_ _3b"/>le<span class="_ _3b"/>s and at <span class="_ _3b"/>the stand<span class="_ _3b"/>ard <span class="_ _3b"/>corpo<span class="_ _3b"/>rate t<span class="_ _3b"/>ax rate<span class="_ _3b"/>s.<span class="ls0 ws0"> </span></span>In 2022, the Group re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alised a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">tot<span class="_ _3b"/>al</span> </span>effective<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tax rate adjusted for p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rior years’ t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ax of 7.1% (2021: 10.0%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) and 33.6% (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2021: 24.1%) on income subject to normal corpor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate income tax. Addition on acquisition of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> enterprises primarily relates to the acquisition of the ICT group and Lucey Transport Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stics Ltd. in 2022. The movement in deferred tax recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in other comprehensive income primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y relates to value adjustments of finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial instruments in <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">D<span class="_ _3b"/>enmark.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>DFDS A/S and its Danish subsidiaries are su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bject to compulsory joint taxation wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Fonden Holdin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g ApS is the administration company in the joint taxa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion and settles all<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">payments of corporation t<span class="_ _3b"/>ax due by the joint taxed enterprises. In accordan<span class="_ _3b"/>ce with the Danish rules on joint taxation, </span></span>DFDS A/S and its Danish subsidiaries are lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ble for their own corporate tax due and are only subsidiary and p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ro rata liable f<span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">or </span>the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rp<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ora<span class="_ _3b"/>tion tax liabilities toward<span class="_ _3b"/>s the Danish tax authorities for all other ente<span class="_ _3b"/>rprises that are part of the Danish joint </span>taxati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tax in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _dd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">188 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">104 </span></span>Movement in deferred tax for the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">28 </span>Adjustment t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o corporation tax in respect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of prior years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>Adjustment to deferred tax in respect of p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rior years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">17 </span></span>0 Effect of c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hange in corporate in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10"> </span><span class="ws12"> </span>-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">down of deferred tax assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span>Revers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al of write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">down of deferred tax asset<span class="_ _0"/>s<span class="ls0 ws0"> <span class="_ _1f5"> </span><span class="ws12"> </span></span><span class="ws15">10 </span></span>1 Tax for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">152<span class="_ _0"/> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>120 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tax fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ear is reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised as f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ollo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ws:Tax i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1f6"> </span><span class="ws12"> </span>-<span class="ls8 ws15">120 </span></span> -94 Tax i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n Other co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mprehensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">32 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span>Tax for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">152<span class="_ _0"/> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>120 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tax in the i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome statement c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an be spec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ified as follows: P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rofit bef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ore tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,139 </span>1,069 Income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ubject to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tonnag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,696 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">640 </span></span>Profit before tax su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bject to corporate income ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">443 </span>430 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>22% tax of profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> -97 </span> -95 Adjustmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of calcu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lated tax i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n fore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ign subsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>diaries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> compared to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 22% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>3 Tax e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ffect of:Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">taxable/n<span class="_ _3b"/>on</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">dedu<span class="_ _3b"/>ctible items</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fa"> </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">41 </span>Tax asset for the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, not recognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19b"> </span><span class="ws12"> -</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">10 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Utilisation of non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">capitalised<span class="_ _3b"/> tax asse<span class="_ _3b"/>ts</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">39 </span>Adjustments of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ax in respect of prior y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ears <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">32 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>Corporate income tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">117 </span> -91 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tonnag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tax <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span>Total tax in the income<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _17e"> </span><span class="ws10"> </span>-<span class="ls9 ws16">120<span class="_ _0"/> </span></span> -94 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Effectiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tax ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te (%) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5.6 </span>8.7<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Effective ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x rate before adjustment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of prior years’ ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x (%) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7.1 </span>10.0<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tax in Ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>her comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me can be specified as fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>llows:Corporate incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">31 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25 </span>Movement deferred tax<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _89"> </span><span class="ws12"> </span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span>Total tax in Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> comprehensive income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ba"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> -<span class="ls9 ws16">32 </span></span> -26 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Land and Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s buildin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gs, and terminals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Tax loss <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>other and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er carried Deferred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>axships<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_"> </span><span class="lsf ws1c">Provisions</span> </span>forwa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rd<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _135"> </span><span class="ls5e ws93">Other</span> <span class="_ _4f"> </span><span class="ls7 ws17">To<span class="_ _3b"/>tal</span> </span>Deferred tax at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">154 </span>180 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">19 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">334 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">12 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">13 </span>Impact from ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> corporate i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ax rate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10c"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">5 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3 </span>Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _127"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">19 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">19 </span>Recognised in the Income statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">5 </span></span>Recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nised in ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prehensive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>11 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">3 </span></span>Adjustment regard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing prio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r years recognised in the Income statement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">33 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">21 </span>Adjustment regard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing prio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r years recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> compre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome <span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4 </span>Utilisation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tax losses between<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsc ws72">jointl<span class="_ _3b"/>y taxed </span></span>companie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2 </span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">down of deferred tax assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _12c"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Revers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al of write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">down of deferred tax asset<span class="_ _0"/>s<span class="ls0 ws0"> <span class="_ _109"> </span> <span class="lsa ws18">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10 </span>Deferred tax at 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">134 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">223 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">9 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">31 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">310 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting est<span class="_ _0"/>imates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>Deferred tax<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">assets, including the <span class="_ _3b"/>tax value of tax losses carried forward, a<span class="_ _3b"/>re recognised to the extent that </span></span>Manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment assesses that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the tax ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>et can be utilised t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hrough posit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive taxable i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he forese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eable future which us<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ually is withi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls53 ws75">5 years. Ass<span class="_ _3b"/>essme<span class="_ _3b"/>nt</span> <span class="ls26 ws14">is performed annuall<span class="_ _3b"/>y based on forecasts, business initi<span class="_ _3b"/>atives and </span></span>likel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y stru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ral ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ges fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> comin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ars.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2021Land and buildin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gs, Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s terminals<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tax loss and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er carried Deferred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>axships<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>equipmentProvisionsforwa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rd<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _135"> </span><span class="ls5e ws93">Other</span> <span class="_ _42"> </span><span class="ls7 ws17">Total</span></span>Deferred tax at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">174 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">28 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">28 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span>160 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>5 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impact from ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> corporate i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ax rate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10c"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _127"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">151 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span>150 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nised in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1a5"> </span><span class="ws12"> </span>-<span class="lsa ws18">8 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">4 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>3 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nised in ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prehensive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>25 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Adjustment regard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing prio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r years recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Income statement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsb6 wsf9">-9 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span> 9 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">down of deferred tax assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _12c"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Revers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al of write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">down of deferred tax asset<span class="_ _0"/>s<span class="ls0 ws0"> <span class="_ _109"> </span> <span class="lsa ws18">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deferred tax at 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">154 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">180 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">19 </span>334 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deferred tax is reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e sheet as follows:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deferred tax assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fe"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">-49 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">31 </span>Deferred tax liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">359 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">366 </span>Deferred tax at 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> December, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="lsbc ws13">3<span class="_ _3b"/>10</span></span> 334 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Tax for the year comprises income tax, tonn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age tax, and joint taxation contribution for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e year of Danish subsidiaries as well<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as changes in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> deferred tax for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>year. Additi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onally, the ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>x for the year compri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> prio<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">r <span class="_ _3b"/>years taxes and chang<span class="_ _3b"/>es in the assessment of provisions for uncer<span class="_ _3b"/>tain tax positions. The tax </span>for the year is recognised in the Income statement or in the equity in corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>elation to the underlying transaction.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent payable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Danish corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion tax is <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">alloc<span class="_ _3b"/>ated b<span class="_ _3b"/>y the s<span class="_ _3b"/>ettl<span class="_ _3b"/>emen<span class="_ _3b"/>t of<span class="_ _3b"/> a join<span class="_ _3b"/>t t<span class="_ _3b"/>axatio<span class="_ _3b"/>n c<span class="_ _3b"/>ontrib<span class="_ _3b"/>u<span class="_ _3b"/>tion b<span class="_ _3b"/>etw<span class="ls54 wsfd">een<span class="_ _3b"/> </span></span>the jointly taxed companies in proportion to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> their taxable income. Companies with tax losses receive join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t taxation contributions from companies that have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en able to utilise the tax losses to reduce their own taxable profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Tax computed on the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>axable income an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d tonnage tax fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the year is recognis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed in the bala<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nce sheet as pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able or receivable corporate tax considering on<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">-<span class="_ _3b"/>ac<span class="ls57 wsf">count/advance<span class="_ _0"/> payments.<span class="ls0 ws0"> </span></span></span>Deferre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d tax is provi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ded using the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> liability metho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d on temporary di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fferences betwe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en the carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> amount and the tax base of the assets and liabilities at the reporting d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate. However, deferred tax is not recognised on tempor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary differences rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ating to non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 wsfc">tax</span>-<span class="ls26 ws14">dedu<span class="_ _3b"/>ctible goodwill that arose on a<span class="_ _3b"/>cquisition date without impacting the result or </span></span>taxabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me. <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Deferr<span class="_ _3b"/>ed tax relating to assets and liabilities subje<span class="_ _3b"/>ct to tonnage taxation is recognised to the </span>extent that defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red tax is expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed to crystallise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Def<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">erred tax assets are recog<span class="_ _0"/>ni<span class="_ _3b"/>sed for all deductible t<span class="_ _0"/>emporary </span>differences and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>carry for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ward of any unused tax los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses. Deferred t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ax assets are re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the extent that it is probab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> profi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t will<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> be avail<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ble again<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ich th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e dedu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>temp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>orar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y dif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ference<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>carry forwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d of unused tax lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sses, can be ut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ilised in the fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>reseeable f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uture. The car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviewed at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> each repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deferred tax is me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asured <span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">based on<span class="ls0 ws0"> <span class="ls57 wsf">the e<span class="_ _0"/>xpected use and se<span class="_ _0"/>ttlement of t<span class="_ _0"/>he individual ass<span class="_ _0"/>e<span class="ls51 ws74">ts and<span class="_ _3b"/> liabi<span class="_ _3b"/>liti<span class="_ _3b"/>es and </span></span></span></span>accordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tax ru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the kno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wn tax r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s appli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> at the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce she<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ferre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d tax i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s expected to crys<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tallise as curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t tax. The c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hange in deferred <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tax as a result of ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anges in tax rates is rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ognised <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws78">in </span>the Income statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t. Uncertain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tax positio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns are measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red, depending on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the type, eit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>her as a probabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>weighted average of possible outco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mes or as the most likely outcome. Uncertain t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ax positions are recognised either <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/ receiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tax and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">or a<span class="_ _3b"/>s deferre<span class="_ _3b"/>d tax ass<span class="_ _3b"/>ets/liab<span class="_ _3b"/>ilitie<span class="_ _3b"/>s.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The Group has unrecognised tax losses carri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed forward of DKK 803m with a tax value of DKK 185m (2021: tax losses of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK 591m, tax value of DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 144m). Of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>unrecogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed tax losses c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arried forward of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK 803m (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 591m) an amount of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 75<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>9m exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ires<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">within the ne<span class="_ _3b"/>xt five years (2021: DK<span class="_ _3b"/>K 489m) an<span class="_ _3b"/>d DKK 44m expires af<span class="_ _3b"/>ter more than fiv<span class="_ _3b"/>e years </span></span>(2021: DKK 102m). The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tax losses of DKK 8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>03m (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 591m) have not been<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed as it has been asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssed that the losses canno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t be utilised in the for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eseeab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 ws1b">future<span class="_ _0"/>.<span class="ls0 ws12"> </span></span></span>The<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">Group is liable to a contingent tax that may ari<span class="ls57 wsf">se at the withd<span class="_ _0"/>rawal from tonna<span class="_ _0"/>ge taxation schem<span class="_ _0"/>es. The Gro<span class="_ _0"/>up controls </span></span></span>the wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>thdrawal and has no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> plans to w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ithdraw from<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the schemes and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsequently no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> deferred tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> has been recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.<span xmlns="http://www.w3.org/1999/xhtml" class="ff17f ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws81">I<span class="_ _0"/>nvested<span class="_ _0"/> Capi<span class="_ _0"/>tal<span class="ls0 ws0"> </span></span>Invested capital is a key component when calculating ROIC. Refe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rence is made to sectio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n 2 for more details about ROIC. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The following section provides the no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes of the main components that forms basis of the Inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ested capital being Net working capital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 wsfd">in<span class="_ _3b"/>terest</span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfc">beari<span class="_ _3b"/>ng<span class="ls0 ws0"> <span class="ls57 wsf">current asse<span class="_ _0"/>ts minus non<span class="ls0 ws0">-<span class="ls26 ws14">interest bearing current liabilities plus non</span>-<span class="ls58 ws19">curren<span class="_ _3b"/>t prep<span class="_ _3b"/>aid cos<span class="_ _3b"/>ts </span></span></span></span></span>minus pension and jubilee liabilities and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er provisions) plus non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">current inta<span class="_ _0"/>ngible and ta<span class="_ _0"/>ngible assets.<span class="_ _0"/> Furthermore, <span class="ls0 ws0"> </span></span></span>notes th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re clo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Non<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12a">curren<span class="_ _3b"/>t intan<span class="_ _3b"/>gibl<span class="_ _3b"/>e, tan<span class="_ _3b"/>gibl<span class="_ _3b"/>e asse<span class="_ _3b"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26">, <span class="ls56 ws1a">and Right<span class="ls0 ws0">-<span class="ls53 ws75">of use assets su<span class="_ _3b"/>ch as I<span class="_ _3b"/>mpairmen<span class="_ _3b"/>t </span></span></span></span>testi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws78">is<span class="ls0 ws0"> </span><span class="ws14">also included<span class="ls0 ws0"> </span>in this section.<span class="ls0 ws0"> </span></span></span>DKK millionNote2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Invested c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>apital exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>luding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsf ws17">Net Working C<span class="_ _0"/>apital:<span class="ls0 ws0"> </span></span></span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current i<span class="_ _3b"/>ntang<span class="_ _3b"/>ible a<span class="_ _3b"/>ssets</span> 3.1.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">6,444 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6,252 </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current tan<span class="_ _3b"/>gibl<span class="_ _3b"/>e assets<span class="_ _3b"/></span> 3.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">16,549 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,263 </span>Right-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets </span> 3.1.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">4,648 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,926 </span>Invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments in a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssoci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd joint vent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span>Invested capital exclud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing Net Working Ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pital <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">27,651 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25,467 </span>Net Working Capital:Receivables (excluding interest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">bear<span class="_ _0"/>ing re<span class="_ _3b"/>ceivables)<span class="ls0 ws0"> </span></span>3.2.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">4,031 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,43</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">7 </span>Inventor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies 3.2.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">324 </span>269 Prepai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">492 </span>521 Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated to o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>perating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at fair value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 4.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">102 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span>Derivatives, related to oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating activities, financial liabilities m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easured at fair value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 4.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _201"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">40 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Pension assets 3.2.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _143"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25 </span>Pension and jubilee liabilities3.2.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="lsa ws18">88 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">76 </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 3.2.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> -96<span class="_ _3b"/> </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _201"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,661 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,119 </span>Corporation ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x <span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">170 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">113 </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables3.2.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _202"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">768 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">730 </span>Prepaymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts from cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stomers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">223 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">171 </span>Net Working Capital<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">98 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">98 </span>Invested capital <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">27,554 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25,369 </span>Average invested<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> capital <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">26,523 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">23,324 </span>3.1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff182 ls0 ws0"> <span class="ff180 ls13 ws20">Non</span><span class="ff180">-<span class="ls12 ws71">current<span class="_ _3b"/> inta<span class="_ _3b"/>ngible ass<span class="_ _3b"/>ets</span> </span></span>DKK millionOther non<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>Port current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Develop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>menconcession intangible t projects in Goodwi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ll<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>rights etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3a"> </span><span class="lsf ws1c">Sof<span class="_ _3b"/>tware</span> </span>prog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ress<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _137"> </span><span class="ls7 ws17">Total</span></span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">4,400 </span></span>1,213 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">656 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">663 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>6,947 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">22 </span>0 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>25 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1)2)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _60"> </span><span class="ws12"> <span class="ls8 ws15">144</span></span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">130</span>0 0 274 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Additions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70</span>70 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 -9 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>25 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c8"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">73 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">72 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c8"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,522 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,213 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">773 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">721 </span>12 7,241 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses at 1 Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">120 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">152 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">365 </span>0 694 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _203"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">5 </span></span>0 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 -7 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">52 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">48 </span>0 135 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 -9 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>25 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisation and im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pairment losses at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _204"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">115 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">187 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">98 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">397 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>797 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Carr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ying amount at 31 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,407 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,026 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">676 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">324 </span>12 6,444 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The carrying amount of completed softw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are and development projects in progress pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>marily relates to a Passenger booking syste<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m, a Tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>spo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt Mana<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent Sys<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tem, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nboard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> sales s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yste<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m, an ER<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>P syst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>em, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and vari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ous di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> produ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>For information regarding <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">the imp<span class="_ _3b"/>airment t<span class="_ _3b"/>ests reference i<span class="_ _3b"/>s made to note 3.1.4<span class="_ _3b"/>.<span class="ls0 ws0"> </span></span>DKK millionOther non<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>Port current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Develop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment concession intangible projec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts in Goodwi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ll<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>rights etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3a"> </span><span class="lsf ws1c">Software</span> </span>prog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ress<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls7 ws17">Tot<span class="_ _3b"/>al</span> </span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _205"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,552 </span>1,214 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">113 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">562 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">55 </span>5,496 Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span>0 2 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10 </span>4)5)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _206"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">840</span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">540</span>0 0 1,381 6)Additions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">62</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">62 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">2 </span></span>Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">102 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">102 </span></span>0 Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,400 </span>1,213 656 663 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">14 </span>6,947 Amortisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses at 1 Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">119 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">117 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">323 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">595 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>0 1 0 0 2 Amortisa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">99 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">2 </span></span>Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 0 0 0 Amortisation and im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pairment losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber 2021120 152 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">57 </span>365 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>694 Carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount at 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,280 </span>1,061 599 298 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">14 </span>6,252 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">Referen<span class="_ _3b"/>ce made to note 5.5</span>. 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">Relates to addition of Lucey </span>Transport (DKK 111m) and ICT Logistic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>9m). 3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Pri<span class="_ _3b"/>maril<span class="_ _3b"/>y relates to<span class="_ _3b"/> the </span>impleme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of an ER<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>P system.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">Addition of goodwill relates<span class="_ _0"/> </span>to the acquisit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gistics Group DKK 81<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>m and GA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Åkerierna DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 3m.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">R<span class="_ _3b"/>elates to<span class="_ _3b"/> the acqu<span class="_ _3b"/>isitio<span class="_ _3b"/>n of<span class="_ _3b"/> </span>HSF Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gistics Group DKK 53<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>8m and GA Åkerierna AB DKK 2m.6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Pri<span class="_ _3b"/>maril<span class="_ _3b"/>y relates to<span class="_ _3b"/> the </span>impleme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of an ER<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>P system.Recognised goodwill is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> attributable to the followi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng cash generating units:DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry:North Sea, Baltic Sea an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Medite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rrane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,023 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">2,990 </span>Logistics:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Dry Goods427 346 Cold Chain <span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">957 </span>944 Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,407 </span>4,280 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing polici<span xmlns="http://www.w3.org/1999/xhtml" class="ls1a ws2a">es<span class="ls0 ws0"> </span></span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws13">current i<span class="_ _3b"/>ntan<span class="_ _3b"/>gible a<span class="_ _3b"/>sset<span class="_ _3b"/>s <span class="ls50 ws77">- <span class="ls26 ws17">Other than g<span class="_ _3b"/>oodwill </span></span></span> </span>Generally, the fol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lowing appl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies unless othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rwise stated:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls51 ws74">Asse<span class="_ _3b"/>ts are<span class="_ _3b"/> measu<span class="_ _3b"/>red at <span class="_ _3b"/>cost l<span class="_ _3b"/>ess ac<span class="_ _3b"/>cumul<span class="_ _3b"/>ate<span class="_ _3b"/>d amorti<span class="_ _3b"/>sa<span class="_ _3b"/>tion an<span class="_ _3b"/>d impa<span class="_ _3b"/>irmen<span class="_ _3b"/>t los<span class="_ _3b"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls26 ws14">The cost includes costs to external sup<span class="_ _3b"/>pliers, materials and componen<span class="_ _3b"/>ts, direct wages, salaries<span class="ws78">, <span class="ls53 ws75">and in<span class="_ _3b"/>terest<span class="_ _3b"/>s </span></span></span>paid as fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> time of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>til the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> date <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set is av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ail<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r use.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls51 ws74">The as<span class="_ _3b"/>set<span class="_ _3b"/>s are amo<span class="_ _3b"/>rti<span class="_ _3b"/>sed on<span class="_ _3b"/> a strai<span class="_ _3b"/>ght</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16">-<span class="ls54 ws12">line basis ove<span class="_ _3b"/>r the estimat<span class="_ _3b"/>ed useful li<span class="_ _3b"/>fe.</span> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls26 ws14">The effect from changes in a<span class="_ _3b"/>mortisation period or the residual value is recognised prosp<span class="_ _3b"/>ectively as a change in </span>the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting estimate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Goodwill<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At initial recognition goodwill is recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in the <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls54 ws12">alance sheet at cos<span class="_ _3b"/>t, as described in<span class="_ _3b"/> note 5.5 ‘Busines<span class="_ _3b"/>s</span>-</span>combinations’. Subsequen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tly, goodwill is <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">measur<span class="_ _3b"/>ed at <span class="_ _3b"/>cost l<span class="_ _3b"/>ess ac<span class="_ _3b"/>cumul<span class="_ _3b"/>ated i<span class="_ _3b"/>mpai<span class="_ _3b"/>rmen<span class="_ _3b"/>t losses<span class="_ _3b"/>. Goo<span class="_ _3b"/>dwill<span class="_ _3b"/> is not </span>amorti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. An i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>irme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st is p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erfo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> at le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce a ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>toge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ith o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r non<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Group. The book value of goodwill is allocated to the Group’s cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 ws1b">generating</span> <span class="_ _0"/><span class="ls26 ws14">units <span class="_ _3b"/>at the time of acquisition.<span class="ls0 ws0"> </span></span></span>Develo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rojec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Development projects in progress, prim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arily development of IT soft<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ware, are recognised as non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">curre<span class="_ _3b"/>nt i<span class="_ _3b"/>ntangi<span class="_ _3b"/>ble<span class="_ _3b"/> </span></span>assets if the following <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">crit<span class="_ _3b"/>eria ar<span class="_ _3b"/>e me<span class="_ _3b"/>t:<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">he projects are c<span class="_ _0"/>learly defined and identifiable<span class="lsb wsf">. </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">he Group intends to use <span class="_ _3b"/>the projec<span class="_ _3b"/>ts once comple<span class="_ _3b"/>ted<span class="lsb wsf">. </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">he future earnin<span class="_ _3b"/>gs from the proje<span class="_ _3b"/>cts are exp<span class="_ _3b"/>ected to cover the devel<span class="_ _3b"/>opment <span class="_ _3b"/>and administrative <span class="_ _3b"/>costs<span class="lsbd ws100">. <span class="ls51 wsfc">and<span class="_ _3b"/></span></span></span> •<span xmlns="http://www.w3.org/1999/xhtml" class="ff187"> <span class="_ _158"> </span></span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">he cost can be <span class="ls51 ws74">rel<span class="_ _3b"/>iabl<span class="_ _3b"/>y measu<span class="_ _3b"/>red<span class="_ _3b"/><span class="lsb wsf">. </span></span></span>The amortisation of capitalised develop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment projects starts after the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>completion of the development proje<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ct and is recognised on a straight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">line basis over th<span class="_ _3b"/>e expected usefu<span class="_ _3b"/>l life, whi<span class="_ _3b"/>ch normally is 3</span>-<span class="ls53 ws75">5 years, b<span class="_ _3b"/>ut in ce<span class="_ _3b"/>rtain c<span class="_ _3b"/>ases </span></span>up to<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">10 years (l<span class="_ _3b"/>atter <span class="ls56 ws1a">applies to</span></span> <span class="ls51 ws74">signifi<span class="_ _3b"/>cant i<span class="_ _3b"/>ntern<span class="_ _3b"/>all<span class="_ _3b"/>y devel<span class="_ _3b"/>oped<span class="_ _3b"/> comm<span class="_ _3b"/>ercial<span class="_ _3b"/> and op<span class="_ _3b"/>era<span class="_ _3b"/>tion<span class="_ _3b"/>al syste<span class="_ _3b"/>ms)<span class="_ _3b"/>.</span> </span>Other non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls58 ws13">cur<span class="_ _3b"/>rent int<span class="_ _3b"/>ang<span class="_ _3b"/>ible as<span class="_ _3b"/>sets<span class="_ _3b"/><span class="ls0 ws0"> </span></span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">current intangible asset<span class="_ _3b"/>s comprise the value of customer relations or simil<span class="_ _3b"/>ar, identified as part of </span></span>business c<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">o<span class="_ _3b"/>mbinations<span class="_ _0"/>, and which ha<span class="_ _0"/>s definite use<span class="_ _0"/>ful life. Othe<span class="_ _0"/>r non<span class="ls0 ws0">-<span class="ls53 ws75">current in<span class="_ _3b"/>tangib<span class="_ _3b"/>le asse<span class="_ _3b"/>ts are <span class="_ _3b"/>measured<span class="_ _3b"/> at cost </span></span></span>less accumulated amortisation and i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairment losses. Amortisation is recognised on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">straig<span class="_ _3b"/>ht<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">line<span class="ls0 ws0"> <span class="ls53 ws75">basis ov<span class="_ _3b"/>er the </span></span></span>expected useful l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ife, which n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ormally<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls53 ws75">is 3</span>-</span>5 years, excep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t from customer po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rtfolio whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch is up to 15 years.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Port c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cessio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n rig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ht<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Port concession rights comprise the value o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f access to strategically placed ports which <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">is<span class="ls0 ws0"> <span class="ls58 ws19">recognise<span class="_ _3b"/>d at the<span class="_ _3b"/>ir fai<span class="_ _3b"/>r </span></span></span>value at the acquisition date. Acquired port <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">oncession righ<span class="_ _3b"/>ts are amorti<span class="_ _3b"/>sed over the co<span class="_ _3b"/>ncession period.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>3.1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff18a ls0 ws0"> <span class="ff188 ls13 ws20">Non</span><span class="ff188">-<span class="ls13 wsbc">curren<span class="_ _3b"/>t ta<span class="_ _3b"/>ngib<span class="_ _3b"/>le assets</span> </span></span>DKK millionAsse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">u<span class="lsd0 ws129">nder </span></span>Ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s construction<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Land a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nd and other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="lsdb ws135">- </span>buildings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Termi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ship<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Tot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">482 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,230 </span>20,218 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,486 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,368 </span>25,785 Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8f"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">147 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">33 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">211 </span></span>Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _200"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">28 </span>Additions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span> 49 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">313 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">340 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,017 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,790 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">453 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">160 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">625 </span>1)Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c1"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">85 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">132 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,440</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">363 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,014 </span>5 Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">616 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,395 </span>22,372 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,020 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">369 </span>27,771 Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s at 1 January 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">55 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">512 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,760 </span>1,197 0 10,52<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">2 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">2 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">87 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">117 </span></span>Depreciation charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _211"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> 59 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">927 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">328 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,328 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">413 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-90 </span>0 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">514 </span>Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 1 0 1 Depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses at 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 202257 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">559 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">9,186 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,420 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">11,222 </span>7) Carr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ying amount at 31 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _140"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">559 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">836 </span>13,186 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">1,600 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">369 </span>16,549 DKK millionAsse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r Ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s construction Land a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nd and other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="lsdb ws135">- </span>buildings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6f"> </span><span class="lsd9 ws132">Te<span class="_ _3b"/>rmi<span class="_ _3b"/>nal<span class="_ _3b"/>s</span> </span>ship<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span></span>Tota<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">230 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,174 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">19,368 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,787 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">887 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">23,446 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-19 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">22 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">34 </span>2)2)2)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">240</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">549</span> 9 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">798 </span>3)Additions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span> 399 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">143 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,306 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,874 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">344 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">101 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">475 </span>4)Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20e"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">710</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">86 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">831 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">3 </span></span>Transferred<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsb6 ws13">to/from a<span class="_ _3b"/>ssets classified<span class="_ _3b"/> </span></span>5)as held<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> for sale <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">104</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">111 </span>Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">482 </span>1,230 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20,218 </span>2,486 1,368 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25,785 </span>Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s at 1 Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary 2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _182"> </span> <span class="ls8 ws15">46 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">454 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,149 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,064 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">9,713 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">4 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">22 </span>Depreciation charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> 9 </span> 49 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">850 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">206 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,114 </span>6)Revers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al of imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">29</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">29 </span></span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _210"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">326 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-89 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">426 </span>Transfers <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">8 </span>Transferred to/from a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssets classified<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 5)as held<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> for sale <span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">118</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">118 </span>Depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="lsbc ws13">55 </span></span>512 8,760 1,197 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,522 </span>Carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount at 7)31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _125"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">427 </span>718 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">11</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">460</span>1,289 1,368 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,263 </span>For information reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arding the imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tests referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to note 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.1.<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">4. </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">Prima<span class="_ _3b"/>rily relates to d<span class="_ _3b"/>elivery </span>of two new vessels.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">R<span class="_ _3b"/>elates to<span class="_ _3b"/> the acqu<span class="_ _3b"/>isitio<span class="_ _3b"/>n of<span class="_ _3b"/> </span>HSF Logistics Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and GA Åkerierna AB.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">Primarily relates to vessel </span>swap. DFDS Group b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uys a vessel DKK 332m.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">Prima<span class="_ _3b"/>rily re<span class="_ _3b"/>lates to a n<span class="_ _3b"/>ew</span>-buil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding DKK 38<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>8m, which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> was deployed in February 2021.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">A<span class="_ _3b"/>rk Futura h<span class="_ _3b"/>as c<span class="ls8 ws10">eased to be </span></span>classified as asset held<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> for sale during 2021 and consequently reclassified to ferries and other ships. Furthermore,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3b"/><span class="ls7 ws17">Calais </span></span>Seaways has been cl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>assified to asset held for sale during 2021 and subseq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uently sold. Reference is made to note 2.6.6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">R<span class="_ _3b"/>elates to a re<span class="_ _3b"/>versal o<span class="_ _3b"/>f an </span>impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 29m that was made in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 2020 on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ark Futura. The rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ersal was made<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in connec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h class<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ifying t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he ferry back from Assets classifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as held<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> for sale.7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">A<span class="_ _3b"/>t year</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">end 2022 and 2021</span> Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies and ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her ships<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> do not include temporarily idle assets. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws13">current t<span class="_ _3b"/>ang<span class="_ _3b"/>ible as<span class="_ _3b"/>sets<span class="_ _3b"/></span> </span>The<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">following applies unl<span class="_ _3b"/>ess otherwise stated:</span> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls53 ws75">Asse<span class="_ _3b"/>ts are me<span class="_ _3b"/>asured at <span class="_ _3b"/>cost less <span class="_ _3b"/>accumu<span class="_ _3b"/>lat<span class="_ _3b"/>ed depreci<span class="_ _3b"/>ation<span class="_ _3b"/> and impa<span class="_ _3b"/>irmen<span class="_ _3b"/>t losses.<span class="_ _3b"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls26 ws14">The cost includes costs to external sup<span class="_ _3b"/>pliers, materials and componen<span class="_ _3b"/>ts, direct wages, salaries and interest<span class="_ _3b"/>s </span>paid as fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> time of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>til the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> date <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set is av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ail<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r use. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e also comprise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s gain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s on tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>saction<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s design<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s hedges<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls53 wsa4">The</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> <span class="ls54 ws12">basis fo<span class="_ _3b"/>r depreciation is d<span class="_ _3b"/>etermined a<span class="_ _3b"/>s the cost less esti<span class="_ _3b"/>mated residual v<span class="_ _3b"/>alue.</span> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">The asset<span class="_ _3b"/>s are deprecia<span class="_ _3b"/>ted on a straight</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16">-<span class="ls54 ws12">line b<span class="_ _3b"/>asis over the estim<span class="_ _3b"/>ated useful l<span class="_ _3b"/>ife to the estima<span class="_ _3b"/>ted residual </span></span>value.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">Estimated us<span class="_ _3b"/>eful lif<span class="_ _3b"/>e and estimated re<span class="_ _3b"/>sidual v<span class="_ _3b"/>alues are rea<span class="ls50 ws78">sses<span class="_ _3b"/>sed<span class="_ _3b"/> at le<span class="_ _3b"/>ast on<span class="_ _3b"/>ce a ye<span class="_ _3b"/>ar.<span class="_ _3b"/> In e<span class="_ _3b"/>stima<span class="_ _3b"/>ting <span class="_ _3b"/>the </span></span>estimated useful life for ferries and other ship<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s it is taken into consideration that DFDS continuously i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s spending<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> substantial fund<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s on ongoing m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aintenance.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">The effec<span class="_ _3b"/>t from changes in dep<span class="_ _3b"/>reciation peri<span class="_ _3b"/>od or the residu<span class="_ _3b"/>al value is recognis<span class="_ _3b"/>ed prosp<span class="_ _3b"/>ectively as a chan<span class="_ _3b"/>ge in </span>the acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ounting estimate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er shi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The rebuilding/upgra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>de of ferries and other ships is ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pitalised if the rebuilding/upgrade ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n be attributed to:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls53 ws134">Safe<span class="_ _3b"/>ty measure<span class="_ _3b"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">Measures <span class="_ _3b"/>to ex<span class="ls57 wsf">tend the us<span class="_ _0"/>eful life of t<span class="_ _0"/>he ferries a<span class="_ _0"/>nd other ships.<span class="ls0 ws0"> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">Measures <span class="_ _3b"/>to reduce clima<span class="_ _3b"/>te impact.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">Measures <span class="_ _3b"/>to improve ea<span class="_ _3b"/>rnings.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls26 ws78">Docking.</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> </span>Maintena<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nce and daily r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unning costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> for the ferries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and other shi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ps are expensed i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Income stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement as incurred<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Docking cos<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ts are <span class="_ _3b"/>capi<span class="_ _3b"/>talise<span class="_ _3b"/>d and d<span class="_ _3b"/>epre<span class="_ _3b"/>ciat<span class="_ _3b"/>ed on a s<span class="_ _3b"/>traigh<span class="_ _3b"/>t<span class="ls0 ws0">-<span class="ls57 wsf">line bas<span class="_ _0"/>is until the <span class="ls54 wsfd">ferries<span class="ls0 ws0"> <span class="ls26 ws14">or ship’s next docking. </span> </span></span></span></span></span>In most cases, the do<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cking interv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al is 2 years for passen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ger cruise fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ries and 2½ yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs for freigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and passenge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s as well<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as freig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ht fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rries.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Gains or losses on the d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isposal of ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies and other ship<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated as the differen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce between<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">the<span class="_ _3b"/></span> <span class="ls53 ws75">sales pri<span class="_ _3b"/>ce </span></span>less sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s costs an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the boo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k value <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at dispo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sal date. G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ains o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r losses o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the disp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>osal o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r ships ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed when contro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>have trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ferred to the buy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er and are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> presented in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Income Statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as ‘Profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on disposal of non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">curren<span class="_ _3b"/>t as<span class="_ _3b"/>sets<span class="_ _3b"/>, net’<span class="_ _3b"/> <span class="ls54 ws12">unless <span class="_ _3b"/>they qualify <span class="_ _3b"/>to be a special item, <span class="_ _3b"/>reference is made to </span></span> </span>note 2.6<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>Passen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r crui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d fre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ight<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>pax) f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Due to differen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces in the wear of cert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ain componen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts of passenger <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cruise ferries and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">pax ferries, the cost of </span></span>these<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ferries is divid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed into compo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nents with low wea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r, such as hul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l and engine, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd component<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s with high wear<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, such a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s parts of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> hotel, cat<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ering/r<span class="_ _3b"/>estau<span class="_ _3b"/>ra<span class="_ _3b"/>nts, and<span class="_ _3b"/> shop ar<span class="_ _3b"/>eas<span class="_ _3b"/>.<span class="ls0 ws0"> </span></span>Freig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ht fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (ro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws77">ro)<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The cost of freight fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ries is not div<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ided into compon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents as there i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s no material dif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ference in the we<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar of the various components of freight ferries.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws13">expected us<span class="_ _3b"/>eful lif<span class="_ _3b"/>e and r<span class="_ _3b"/>esidua<span class="_ _3b"/>l valu<span class="_ _3b"/>e <span class="ls0 ws0"> </span></span>The depreciation period for components <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>with low wear is 35 years for both ro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">pax and r<span class="_ _3b"/>o</span>-<span class="ls58 ws19">ro ferries<span class="_ _3b"/> from <span class="_ _3b"/>the ye<span class="_ _3b"/>ar in </span></span>which the ferry was built. The depreciation period for pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssenger cruise ferries is 4<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">5 years.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The residual v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alue of vessels is esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mated as the expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted fair value a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t the end of thei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r useful lifetime<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>Other non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls58 ws13">cur<span class="_ _3b"/>rent t<span class="_ _3b"/>angib<span class="_ _3b"/>le asset<span class="_ _3b"/>s<span class="ls0 ws0"> </span></span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">current tangible assets co<span class="_ _3b"/>mprise buildings, terminals and machiner<span class="_ _3b"/>y, tools and equipment, and </span></span>l<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">easehold improvem<span class="_ _3b"/>ents.</span> The e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sefu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l lif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mes a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s foll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls26 ws78">Buildings </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> <span class="_ _148"> </span> <span class="_ _212"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span> <span class="_ _212"> </span><span class="ls54 wsfd">25</span>-<span class="ls54 ws101">50 years</span> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls51 ws74">Ter<span class="_ _3b"/>minals e<span class="_ _3b"/>tc.<span class="_ _3b"/> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> <span class="_ _a"> </span> <span class="_ _213"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span><span class="ls54 wsfd">10</span>-<span class="ls54 ws101">40 years</span> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls54 ws12">Equipmen<span class="_ _3b"/>t etc</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16">. <span class="_ _84"> </span> <span class="_ _213"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span>4-<span class="_ _0"/><span class="ls54 ws12">10 years<span class="_ _3b"/><span class="ls0 ws0"> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff18f"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls51 ws74">Lea<span class="_ _3b"/>sehol<span class="_ _3b"/>d improv<span class="_ _3b"/>emen<span class="_ _3b"/>ts <span class="_ _3b"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc16"> <span class="_ _214"> </span> <span class="_ _212"> </span> <span class="_ _213"> </span><span class="ls54 ws12">Max. deprecia<span class="_ _3b"/>ted over the term of the l<span class="_ _3b"/>ease </span> </span>Gains or lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses ari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>si<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ng from the disposal of <span class="_ _3b"/>other non<span class="ls0 ws0">-<span class="ls54 ws12">current tangible as<span class="_ _3b"/>sets are calcul<span class="_ _3b"/>ated as the diffe<span class="_ _3b"/>rence </span></span></span>between <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">the<span class="ls0 ws0"> <span class="ls53 wsa4">sal<span class="_ _3b"/>es <span class="ws75">price l<span class="_ _3b"/>ess <span class="ls51 wsfc">sale<span class="_ _3b"/>s</span></span></span> <span class="ls57 wsf">costs a<span class="_ _0"/>nd the book value<span class="_ _0"/> at <span class="ls56 ws19">disposal <span class="ls53 ws75">date. Gains o<span class="_ _3b"/>r losses o<span class="_ _3b"/>n the disp<span class="_ _3b"/>osal o<span class="_ _3b"/>f </span></span></span></span></span>these non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">curren<span class="_ _3b"/>t asse<span class="_ _3b"/>ts are re<span class="_ _3b"/>cogni<span class="_ _3b"/>sed i<span class="_ _3b"/>n th<span class="_ _3b"/>e <span class="ls26 ws14">Income statement as ‘Profit on disposal <span class="_ _3b"/>of non</span></span>-<span class="ls50 ws78">curren<span class="_ _3b"/>t ass<span class="_ _3b"/>ets, n<span class="_ _3b"/>et’ </span></span>unless they qualif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y to be a special ite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m, reference is mad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e to note 2.6.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.1.3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff192 ls0 ws0"> <span class="ff190 ls12 ws71">Right<span class="_ _3b"/> of use as<span class="_ _3b"/>sets an<span class="_ _3b"/>d lease liab<span class="_ _3b"/>ilities</span><span class="ff190"> </span></span>The Group has lease contracts for various it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ems of <span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">Land & buildings,<span class="ls0 ws76"> T<span class="_ _0"/><span class="ls51 wsfc">er<span class="_ _3b"/>minals,<span class="_ _3b"/> <span class="ls0 ws0">F<span class="ls54 wsfd">erries, </span>E<span class="ls54 ws12">quipment etc.</span> <span class="ls26 ws14">in its operations. </span> </span></span></span></span>The Group’s obliga<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the leases are secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed by the lessor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s title to the leased <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>assets. Sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al lease con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>include extension and termination option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws137">. A<span class="ls50 ws77">t <span class="ls54 ws12">31 December <span class="ls57 wsf">the Group has<span class="ls0 ws0"> <span class="_ _0"/><span class="ls26 ws14">no significan<span class="_ _3b"/>t purchase options nor extension </span></span></span></span></span></span>options which are not already incorporated.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Some lease contracts include<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">variab<span class="_ _3b"/>le<span class="_ _3b"/> leas<span class="_ _3b"/>e paymen<span class="_ _3b"/>ts, wh<span class="_ _3b"/>ich a<span class="_ _3b"/>re fur<span class="_ _3b"/>ther </span></span>described below.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Set out b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>elo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arryi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ght<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26">of<span class="ls0 ws0">-<span class="ls53 ws75">use asse<span class="_ _3b"/>ts reco<span class="_ _3b"/>gnised an<span class="_ _3b"/>d the <span class="_ _3b"/>mov<span class="ls54 ws12">emen<span class="_ _3b"/>ts during the per<span class="_ _3b"/>iod.</span></span> </span></span>Land and Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and Equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionbuildings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10b"> </span><span class="ls7 ws17">Termina<span class="_ _3b"/>ls</span> </span>other ships<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls7 ws17">To<span class="_ _3b"/>tal</span></span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">556 </span>2,812 1,486 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">713 </span>5,567 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1)1)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _215"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">203</span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">37</span>240 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)Additions/Remeasurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">321 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">181 </span>1,024 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">183 </span>1,710 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">106 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-609 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">160 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>878 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _216"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">6 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">-6</span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">70 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">10 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>114 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d5"> </span>9<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">51</span> 2,9<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">21<span class="ls0 ws0"> </span></span>1,891 757 6,5<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20</span>Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losses at 1 January 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">222 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">566 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">235 </span>1,642 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciation charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _217"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">127 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">222 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">520 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>1,042 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">87 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-599 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-79 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>768 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _216"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">-1</span>Foreign exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e adjustmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _17"> </span><span class="ws12"> </span>-<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">20 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">5 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">7 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>42 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19e"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">52</span> 765 534 320 1,8<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">72</span>Carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount at 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022699<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2,155 1,356 437 4,648 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Land and Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and Equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionbuildings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Termina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ls<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>other ships<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">424 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,632 </span>735 345 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,136 </span>3)3)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">353</span>373 4)Additions/Remeasurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">166 </span>107 1,<span xmlns="http://www.w3.org/1999/xhtml" class="ws15">022</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">73 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,369 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _218"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">52 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">277 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">410 </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">84 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">96 </span>Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _117"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">556 </span></span>2,812 1,486 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">713 </span>5,567 Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losses at 1 January 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">150 </span>358 326 170 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,003 </span>Depreciation charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>91 196 472 116 874 Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _218"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">18 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">181 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">259 </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">23 </span>Depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">222 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">566 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">235 </span>1,642 Carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount at 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">334 </span></span>2,246 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">867 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">479 </span>3,926 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">Add<span class="_ _3b"/>ition on acquisition of<span class="_ _0"/> </span>enterprises relates to Lucey Transport L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogistics Ltd., ICT Logist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ics Group, primeRa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il GmbH.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">Add<span class="_ _3b"/>ition/remeasurement </span>primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to two charte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts with a pu<span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">rchase<span class="_ _3b"/><span class="ls0 ws0"> </span></span>option, as well as o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w charter contracts for fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rries.3 Addition on acquisition of enterprises relates to HSF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Logistics Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p.4 Addition/remeasurement primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to a 10-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">year </span>charter contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ct for a freigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and passenger ferry as well as ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her new charter contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts for ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es.Set o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut in the followi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng are the ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rrying amounts o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f lease liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lities (inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luded under inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bearing liabilities) </span> </span>and the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> movements during<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>As at 1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Janu<span class="_ _3b"/>ary</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,839 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,926 </span>Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">240 </span>340 Additions/Remeasurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,731 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,432 </span>Instal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">963 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">834 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> -109 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">153 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">34 </span></span>127 Total leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e liabilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _174"> </span><span class="ls9 ws16">4,705 </span></span>3,839 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">discounted lease liabilities expiring within the following<span class="_ _0"/> periods from the balance sheet date:<span class="ls0 ws0"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Within 1 year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">951 </span>816 1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,293 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,115 </span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,407 </span></span>737 After 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _a9"> </span><span class="ws12"> <span class="ls8 ws15">1,789 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,757 </span>Total Leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e liability, non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">discoun<span class="_ _3b"/>ted</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">5,441 </span>4,425 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lease liabilities are recognised in the Bala<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nce sheet as follows:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff194 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff194"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">current liabilities</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,916 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,118 </span>Current liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ef"> </span></span>788 721 Total Leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,705 </span>3,839 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The following amounts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are recognis<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">ed in the Income statem<span class="_ _0"/>ent:<span class="_ _3b"/><span class="ls0 ws0"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expenses relatin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to short-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">term leases (incl<span class="_ _3b"/>uded in costs)</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 <span class="_ _f0"> </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>Expenses relating to low<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsb6 ws13">value assets (inclu<span class="_ _3b"/>ded in costs)</span> <span class="_ _d7"> </span>-<span class="ls8 ws15">28</span> <span class="_ _221"> </span>-<span class="ls8 ws15">26</span> </span>Variable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> lease payme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nts (in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>clude<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d in costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ac"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>86<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _221"> </span>-<span class="ls8 ws15">72</span> </span>Interest expenses on lease liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">130</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span>-95 Depreciation, ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">520</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">472</span> Depreciation, other non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current as<span class="_ _3b"/>sets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">522</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>3 Total<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> amount re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cognis<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">ed <span class="ls9 wsf">in the Inc<span class="_ _0"/>ome sta<span class="_ _0"/>tement<span class="ls0 ws0"> <span class="_ _111"> </span>-</span><span class="ws16">1,288<span class="ls0 ws0"> </span></span></span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,069</span> The following amounts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from leases are rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognis<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">ed in the sta<span class="_ _0"/>tement of Cash flows:<span class="ls0 ws0"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash flows from opera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting activities, gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">116</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10</span>0 Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st etc. paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">130</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span>-95 Cash flows from operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing activities, net<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _b5"> </span>-<span class="ls8 ws15">246</span> <span class="_ _15d"> </span>-195 </span>Cash flows from financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing activities, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ba"> </span>-963 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-8<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">34</span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,209</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _135"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="_ _0"/> <span class="ws0">-<span class="ls9 ws16">1,029</span> </span></span>Total c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ash out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ws from l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eases<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022 the Group has paid DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 1,093m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: DKK 929m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) regardin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g lease agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts where of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest expenses rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated to lease liabilities amount to DKK 130m (2021: DKK 95m), and in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stalment of lease liability amounts to DKK 963m <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 834m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At 31 De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mitted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to sho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ases f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f DKK 76<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 68m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws13">(lease i<span class="_ _3b"/>n)<span class="_ _3b"/></span> </span>The Right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use asset an<span class="_ _3b"/>d corre<span class="_ _3b"/>spond<span class="_ _3b"/>ing lease l<span class="_ _3b"/>iabil<span class="_ _3b"/>ity is re<span class="_ _3b"/>cognise<span class="_ _3b"/>d at the <span class="ls54 ws12">co<span class="_ _3b"/>mmencement d<span class="_ _3b"/>ate, i.e. the date <span class="_ _3b"/>the underlying a<span class="_ _3b"/>sset is ready fo<span class="_ _3b"/>r use. Right</span></span>-<span class="ls26 ws78">of</span>-<span class="ls53 wsa4">use </span></span>assets are measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at cost correspon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding to the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty recognised, ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>justed fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r any lease prep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayments includi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">mantling and restor<span class="_ _3b"/>ation costs. The </span>lease li<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ab<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ili<span class="_ _3b"/>ties are measured a<span class="_ _3b"/>t the presen<span class="_ _3b"/>t value of<span class="_ _3b"/> lease payments to be <span class="_ _3b"/>made over th<span class="_ _3b"/>e lease term. The leas<span class="_ _3b"/>e payments are di<span class="_ _3b"/>scoun<span class="_ _3b"/>ted<span class="ls0 ws0"> <span class="ls26 ws14">using DFDS’ incremental </span></span></span>borro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wing rate.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciation follows the straight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">line meth<span class="_ _3b"/>od over the leas<span class="_ _3b"/>e term or the usefu<span class="_ _3b"/>l life of <span class="ls57 wsf">the Right</span></span>-<span class="_ _0"/><span class="ls26 ws78">of<span class="ls0 ws0">-<span class="ls54 ws12">use assets, whi<span class="_ _3b"/>chever is sho<span class="_ _3b"/>rtest. However, f<span class="_ _3b"/>or one termin<span class="_ _3b"/>al the </span></span></span></span>depreciat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion is based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n volumes handle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d in the te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rminal.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The lease payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s include fixed p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayments l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess any lease incentiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es receivabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and variable l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts that depend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">on an index or a rate. If the contract </span>holds an option to purchase, extend or term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inate a lease and it is reasonably certain to be exercised b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the Group, the lease<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">payment w<span class="_ _0"/>ill include t<span class="_ _0"/>hose. The </span></span>variable lease payments that do not depen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d on an index or a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">rat<span class="_ _0"/>e are recognise<span class="_ _0"/>d as expenses in t<span class="_ _0"/>he period o<span class="_ _0"/>n which the event<span class="_ _0"/> or condition t<span class="_ _0"/>hat triggers t<span class="_ _0"/>he </span></span>paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t occu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Group applies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the short<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term lease recogn<span class="_ _3b"/>ition exemption f<span class="_ _3b"/>or lease cont<span class="_ _3b"/>racts that, <span class="_ _3b"/>at the commen<span class="_ _3b"/>cement date, have a le<span class="_ _3b"/>ase term of 12 <span class="ls26 ws14">mon<span class="_ _3b"/>ths or less for all </span></span></span>classes of underl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ying assets ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cept for term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inals and ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the exempti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on for lease cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>racts for whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">h the underl<span class="_ _0"/>ying asset is<span class="_ _0"/> of low value<span class="_ _0"/>. </span>Lease pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yments on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> short<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m leases an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eases of l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws126">value ass<span class="_ _3b"/>ets a<span class="ls54 ws12">re reco<span class="_ _3b"/>gnised as<span class="_ _3b"/> expenses on a straigh<span class="_ _3b"/>t</span></span>-</span>line basi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s over the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>term. Fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r all cla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses of assets, except for terminals, non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>lease componen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts, i.e<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">.,<span class="ls0 ws0"> <span class="ls54 ws12">the service element, i<span class="_ _3b"/>s not separated fro<span class="_ _3b"/>m the lease <span class="_ _3b"/>components and the<span class="_ _3b"/>reby for<span class="_ _3b"/>m part of the Right</span>-</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of<span class="ls0 ws0">-</span></span>use a<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">sset and lea<span class="_ _3b"/>se liability <span class="_ _3b"/>recognised in t<span class="_ _3b"/>he Balance sheet<span class="_ _3b"/>.<span class="ls0 ws0"> </span></span>For contracts with a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>olling term (eve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rgreen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> leases), the M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anagement exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cises judgem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent in determinin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g useful lifeti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me of th<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">e underlying<span class="_ _0"/> right<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls54 ws12">use asset.</span> </span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws13">(lease ou<span class="_ _3b"/>t)</span> </span>For accou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ting purposes, a<span class="_ _3b"/>ssets leased out are divided into finance and ope<span class="_ _3b"/>rating leases. In respect of assets le<span class="_ _3b"/>ased out on a finance <span class="ls51 ws74">lease<span class="_ _3b"/>, an a<span class="_ _3b"/>mount eq<span class="_ _3b"/>ual<span class="_ _3b"/> to </span></span>the net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> present value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">the fu<span class="_ _3b"/>tu<span class="_ _3b"/>re<span class="ls0 ws0"> <span class="ls54 ws12">lease pa<span class="_ _3b"/>yments is recogn<span class="_ _3b"/>ised in the Balanc<span class="_ _3b"/>e sheet as a lease <span class="_ _3b"/>receivable fro<span class="_ _3b"/>m lessee. </span> </span></span>The asset leased out is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reclassified<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> from non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">current as<span class="_ _0"/>set to leases<span class="_ _0"/> receivables and any<span class="_ _0"/> gain or los<span class="_ _0"/>s arising from t<span class="_ _0"/>his is rec<span class="_ _0"/>ognised in the Inco<span class="_ _0"/>me statement<span class="_ _0"/>. Lease </span></span>income from assets leased out on an operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing lease is recognised in the <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">Inco<span class="_ _3b"/>me s<span class="_ _3b"/>tate<span class="_ _3b"/>me<span class="_ _3b"/>nt on<span class="_ _3b"/> a <span class="ls52 ws79">straigh<span class="_ _3b"/>t<span class="ls0 ws0">-</span></span><span class="ls26">line<span class="ls0 ws0"> <span class="ls54 ws12">basis over the lease te<span class="_ _3b"/>rm.</span> </span></span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has two term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inal lease contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts that conta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ins variable pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the number o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>transferred<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> units. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rms align the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase expense wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th the units t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransferred a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd revenue earne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d. The following<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> provides inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group’s variable lease payments in relation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to fixed payments<span xmlns="http://www.w3.org/1999/xhtml" class="ls4f ws84">: </span>Fixed Variable Fixed Variable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionpayment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Lease pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">125 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>169 123 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">37 </span>160 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Variable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rent on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly <span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls53 wsa4">- <span class="_ _144"> </span></span> <span class="ls8 ws15">42 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">42 </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span>35 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total 31 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecember <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">125 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">86 </span>211 123 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">72 </span>195 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>A 10% inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rease in unit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">transfer<span class="_ _3b"/>red would i<span class="_ _3b"/>ncrease tot<span class="_ _3b"/>al lease payment<span class="_ _3b"/>s by 7%. The Group<span class="_ _3b"/> has lease contra<span class="_ _3b"/>cts for ferries </span>and terminals that include extension and te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmination options. These options provid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e flexibility in managing the leased<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws77">ass<span class="_ _3b"/>et </span></span>portfolio and align with the Group<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">’s bu<span class="_ _3b"/>sines<span class="_ _3b"/>s needs.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Group as a les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Future minimum receivable under non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">cancellable operating leases a<span class="_ _0"/>s at 31 December are as follows:<span class="ls0 ws0"> </span></span>Operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (lesso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Minimum le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments (i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sWithin 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>312 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">386 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">577 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">625 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">177 </span>442 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>After 5 years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,066</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,453</span>The specified mini<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mum paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts are not discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed. Operating l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease and ren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tal income reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement amount t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">o DKK<span class="_ _3b"/> 374m in 2022 (202<span class="_ _3b"/>1: DKK 311m). The con<span class="_ _3b"/>tracts <span class="_ _3b"/>are entered into on<span class="_ _3b"/> normal condition<span class="_ _3b"/>s.<span class="ls0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting est<span class="_ _0"/>imates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>Lease<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> opti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fs2f ls0 ws0"> </span>The Group has ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red into lease/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>charter ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reements fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r ferries with ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ension options<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Management exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcises significant judgement in determin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing whether these extension options<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">are reason<span class="_ _3b"/>ably c<span class="_ _3b"/>ertain to be exerci<span class="_ _3b"/>sed and, </span></span>in that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> connection, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiders all re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>levant factors<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> that create an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>conomic and str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategic incent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive for it to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exercise the extension option.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lesso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r (le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ut)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has entered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> into operating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> lease/charter a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>greements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or ferries under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> usual terms and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> such a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>greements. At i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nception of eac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h individual agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eement, Manageme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt assesses and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>determ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ines whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an ope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> leasi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.1.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff19b ls0 ws0"> <span class="ff199 ls63 ws1e">Impa<span class="_ _3b"/>irmen<span class="_ _3b"/>t te<span class="_ _3b"/>sting</span><span class="ff199"> </span></span>Introduction<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l non<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">curren<span class="_ _3b"/>t asse<span class="_ _3b"/>ts a<span class="_ _3b"/>t leas<span class="_ _3b"/>t <span class="ls57 wsf">once every<span class="_ _0"/> <span class="_ _3b"/>year a<span class="_ _0"/>nd in </span></span></span>case of indication of impairment. Due to the war in Ukraine and gene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ral uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inty in the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orld economy,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impairment asses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sments have bee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n made in 2022.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Definition of cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsba wsf">generating uni<span class="_ _0"/>ts (CGU)<span class="ls0 ws0"> </span></span></span>The breakdown into cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generati<span class="_ _0"/>ng uni<span class="ls26 ws14">ts takes its starting point in the inte<span class="_ _3b"/>rnal </span></span></span>stru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cture<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> two s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Log<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ir <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls53 wsa4">usin<span class="_ _3b"/>ess <span class="ls57 ws1b">units</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26">, </span>including the strategic, operational<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls51 ws74">and <span class="_ _3b"/>comme<span class="_ _3b"/>rcial<span class="_ _3b"/> manag<span class="_ _3b"/>emen<span class="_ _3b"/>t and co<span class="_ _3b"/>ntro<span class="_ _3b"/>l of </span></span>these,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ara<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tely <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ross <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls53 wsa4">u<span class="_ _3b"/>siness <span class="ls57 ws1b">units<span class="ls51 ws74">, and t</span><span class="wsf">he nature of the<span class="_ _0"/> </span></span></span></span>custome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rovide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Based on this<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls26 ws14">the following six cash</span>-<span class="ls57 wsf">generating uni<span class="_ _0"/>ts have bee<span class="_ _0"/>n identified: <span class="ls0 ws0"> </span></span></span>Ferry CGU:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">The </span>B<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">usin<span class="_ _3b"/>ess uni<span class="_ _3b"/>ts Nor<span class="_ _3b"/>th Sea<span class="_ _3b"/>, Balti<span class="_ _3b"/>c Se<span class="_ _3b"/>a and<span class="_ _3b"/> Medite<span class="_ _3b"/>rrane<span class="_ _3b"/>an</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="lsd7 ws101">incl<span class="_ _3b"/>ud<span class="ls54 wsfd">es</span></span> goodwill of DKK <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">3,023m)<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">The </span>B<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">usiness<span class="_ _0"/> unit English Cha<span class="_ _0"/><span class="ws1b">nnel<span class="ls0 ws0"> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">The O<span class="_ _3b"/>slo </span>– <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">Frederiksh<span class="_ _3b"/>avn<span class="_ _3b"/> </span>- <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Copenhagen (OFC) route which is part of the </span>Passeng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B</span>usiness <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">The A<span class="_ _3b"/>msterd<span class="_ _3b"/>am </span>– <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">Newc<span class="_ _3b"/>astle r<span class="_ _3b"/>oute<span class="_ _3b"/> whi<span class="_ _3b"/>ch is part of<span class="_ _3b"/> the P<span class="_ _3b"/>asse<span class="_ _3b"/>nger </span>B<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">usiness <span class="ls57 ws1b">unit</span></span> Logis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tics<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> CGU:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Dry Goods</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">includ<span class="ls54 wsfd">es<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws14">goodwill of DKK <span class="ls54 wsfd">427<span class="_ _3b"/><span class="ls51 wsfc">m)</span></span></span> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Cold Chain</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">includ<span class="ls54 wsfd">es</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">good<span class="_ _3b"/>will of DKK 957m)<span class="fc6 ls0 ws0"> </span></span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">curren<span class="_ _3b"/>t intan<span class="_ _3b"/>gible<span class="_ _3b"/> and<span class="_ _3b"/> tangibl<span class="_ _3b"/>e ass<span class="_ _3b"/>ets as<span class="_ _3b"/> well a<span class="_ _3b"/>s Righ<span class="_ _3b"/>t</span>-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use asset<span class="_ _3b"/>s are </span></span>assigne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d to the above<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls54 ws101">mentioned cash<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls57 wsf">generat<span class="_ _0"/>ing units unle<span class="_ _0"/>ss this cannot<span class="_ _0"/> be </span></span></span></span>done wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th a reas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gree o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f cert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y. Sof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tware<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sets wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ich<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> can<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">not be <span class="_ _3b"/>assigned wi<span class="_ _3b"/>th reasonable <span class="_ _3b"/>certainty to on<span class="_ _3b"/>e or more of the above <span class="_ _3b"/>cash<span class="ls0 ws0">-</span></span>gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ating u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nits<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted for i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t as a n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">allocated Group asse<span class="_ _3b"/>t, i.e<span class="lsbd ws100">.,</span></span> </span>based<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">on the Group e<span class="_ _0"/>arnings.<span class="ls0 ws0"> </span></span></span>The v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>jori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">fer<span class="_ _3b"/>ries<span class="ls0 ws0"> <span class="ls57 wsf">used in t<span class="_ _0"/>he <span class="ls0 ws0">B<span class="ls53 wsa4">usiness </span></span><span class="ws1b">unit<span class="ls0 ws0"> <span class="ls26 ws14">‘North Sea’,</span> <span class="ls51 ws74">‘Balti<span class="_ _3b"/>c Se<span class="_ _3b"/>a’ </span></span></span></span></span></span>and ‘Med<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iterr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an’ are i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>geabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d it is cen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y deci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and how the ferries are depl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyed on the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arious routes. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>evenue gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation is impa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> by the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y dep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>loyed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ffere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oute<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>men<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t therefore conclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>des that in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terdependen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy between the <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">th<span class="_ _3b"/>ree<span class="ls0 ws0"> B<span class="ls57 ws1b">usiness</span> <span class="ls57 ws1b">unit<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws78">in </span></span></span></span></span>respect of taking decision on capacity is of su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch extent that cash inflows are not largely indepen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dent from each othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r and con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sequently, these th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls53 wsa4">usiness </span></span>units are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated as o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ne cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws13">gene<span class="_ _3b"/>rating u<span class="ls50 ws77">n<span class="_ _3b"/>it.<span class="_ _3b"/></span></span> </span>Basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> testin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g and ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> recov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erable amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>unt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generati<span class="_ _0"/>ng units, the r<span class="_ _0"/>ecoverable amount<span class="_ _0"/> of the </span></span>unit is compared with <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">it<span class="ls0 ws0">s<span class="_ _0"/> <span class="ls57 wsf">carrying a<span class="_ _0"/>mount. The rec<span class="_ _0"/>overable amount<span class="_ _0"/> is the higher </span></span></span>value of i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-u<span class="ls53 ws75">se and it<span class="_ _3b"/>s fair valu<span class="_ _3b"/>e less co<span class="_ _3b"/>sts of d<span class="_ _3b"/>ispos<span class="_ _3b"/>al. If the </span></span></span></span>recove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rable <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arryin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the lat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ter is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> writ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ten down<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> lower value.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">in</span>-<span class="ls54 ws12">use is calculated a<span class="_ _3b"/>s the discou<span class="_ _3b"/>nted value of the es<span class="_ _3b"/>timated fu<span class="_ _3b"/>ture </span></span>net cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ows pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating<span class="_ _0"/> unit. Impairment<span class="_ _0"/> testing (value<span class="_ _0"/><span class="ls0 ws0">-<span class="ls26 ws78">in</span>-<span class="ls53 ws75">use) is </span></span></span></span>performed based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t approved<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> forecasts for 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>23 and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s plans beyond 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>3. Key parame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ters for the forec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast periods are tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ends in revenue,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> EBIT, EBIT m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>argin, future inve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stments, and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowth<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws101">expectations. These </span></span>parame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ters ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e dete<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed sp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>call<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y for e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ividu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating uni<span class="_ _0"/>t. </span></span>Growth is incorporated in forecasts for perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ds beyond 2023 and in the terminal period with refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ence to the grow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th rate and cash flow s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ection below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">recov<span class="_ _3b"/>erabl<span class="_ _3b"/>e amoun<span class="_ _3b"/>t fo<span class="_ _3b"/>r cash<span class="ls0 ws0">-<span class="ls26 ws14">gener<span class="_ _3b"/>ating units containing goodwill is </span></span></span>determined ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed on value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">in</span>-<span class="ls26 ws14">use calculation<span class="_ _3b"/>s. For a breakdown of goodwill on </span></span>cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54">generating units, reference is made to note 3.1.1.<span class="ls0 ws0"> </span></span>The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group’s main a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssets, ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">other ships, is determined </span></span>on the basis of the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age of two to three i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ndepend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent broker valua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions per ship less e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed costs o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f dispo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sal. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>task of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> broker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s is to asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he individual s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hips in a ‘w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>illing buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– <span class="lsba ws93">willing s<span class="_ _0"/>eller’ si<span class="ls50 ws78">tuati<span class="_ _3b"/>on<span class="_ _3b"/>. The<span class="_ _3b"/> </span></span></span>valuations have been obtained from the sa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me recognised brokers as in previous years, and Managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s an avera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ge of these to be the bes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and most reasonable expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ession of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ips’ fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">righ<span class="_ _3b"/>t<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use (RoU<span class="_ _3b"/>) assets i<span class="_ _3b"/>s added <span class="_ _3b"/>to the ba<span class="_ _3b"/>se of non<span class="_ _3b"/></span>-</span></span>current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> tangible and i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntangible asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s being subject<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> to impairm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent testing. The RoU assets are regarded an integrated part of the operating a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctivities taking place in the Group’s CGU and accordingly, the carrying a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mount of a RoU asset is allocated to the CGU in which the asset in question is used. Thereb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y RoU assets are tested on CGU l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>evel.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>owt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The expected net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cash flows are asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssed at CGU lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>el on basi<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">s of approved </span>forecasts for 2023 and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent busine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss plans beyond<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 2023. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The projections include the estimated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpact of long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">term s<span class="_ _3b"/>trate<span class="_ _3b"/>gic de<span class="_ _3b"/>ci<span class="_ _3b"/>sion<span class="_ _3b"/>s </span></span>and as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sessment of opp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ortunities for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> future growth and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> required investm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents. For Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y and Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gistic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s d<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ivision CGUs whi<span class="_ _3b"/>ch include a terminal period, OECD’s </span>prediction for EU long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term consumer pri<span class="_ _3b"/>ce ind<span class="_ _3b"/>ex growth rate of 3.1% h<span class="_ _3b"/>as been </span></span>applied (2021: 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.8%). Furthe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r, the outbreak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of the Ukraine wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r as well as the uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inty in the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orld economy ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve been inco<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">rpor<span class="_ _3b"/>ated in<span class="_ _3b"/> the fo<span class="_ _3b"/>rec<span class="_ _3b"/>ast f<span class="_ _3b"/>or <span class="ls0 ws0"> </span></span>2023 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd onwards. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mptions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or growth ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tes have been applied to eac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h CGU.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry (CGUs):<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>North S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ea, B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>altic Se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Medi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terrane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws19">For 202<span class="_ _3b"/>4<span class="ls0 ws0">-<span class="ls54 wsfd">2027</span> <span class="ls57 wsf">a growt<span class="_ _0"/>h in EBIT in t<span class="_ _0"/>he </span></span></span>range of 4.5% <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">- </span>7.5% is expected and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rowth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in terminal period of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 3.1% (2021: 1.8%).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B</span>usiness <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> </span><span class="wsf">Englis<span class="_ _0"/>h Channel: The c<span class="_ _0"/>urrent overcapac<span class="_ _0"/>ity on the C<span class="_ _0"/>hannel </span></span>impacts the forec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast for 2023 n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egatively<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">bu<span class="_ _3b"/>t <span class="ls26 ws78">is</span></span> <span class="ls26 ws78">not</span> <span class="ls50 ws12a">expected<span class="_ _3b"/> to <span class="ls51 wsfc">impac<span class="_ _3b"/>t <span class="ls55 ws72">EBIT in<span class="_ _3b"/> </span></span></span></span>the longer term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>A growth in EBIT fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2024<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2027 of 19<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">.0</span>% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to 26.3% and gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wth in <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">the <span class="ls54 ws12">terminal period of 3.<span class="_ _3b"/>1% is expe<span class="_ _3b"/>cted (2021: 1.8%<span class="_ _3b"/>).<span class="ls0 ws0"> <span class="ls57 wsf">Due to t<span class="_ _0"/>he current </span></span></span></span>overc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>apa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>city <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">Mana<span class="_ _3b"/>gement has pr<span class="_ _3b"/>epared altern<span class="_ _3b"/>ative scenari<span class="_ _3b"/>os<span class="ls0 ws0"> <span class="ls56 ws1a">based on <span class="ls26 ws78">various</span></span> </span></span>assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">. <span class="ls54 ws12">None of these alt<span class="_ _3b"/>ernative s<span class="_ _3b"/>cen</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws74">arios g<span class="_ _3b"/>ave ri<span class="_ _3b"/>se to an<span class="_ _3b"/>y imp<span class="_ _3b"/>air<span class="_ _3b"/>ment.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The Oslo <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– <span class="ls58 ws7a">Frederi<span class="_ _3b"/>ksh<span class="_ _3b"/>avn </span>- <span class="ls54 ws12">Copenhagen route:<span class="_ _3b"/> During 2022, passen<span class="_ _3b"/>ger number<span class="_ _3b"/>s</span> </span>have <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">recovered<span class="ls26 ws14">, but Covid<span class="ls0 ws0">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">19 continues t<span class="_ _0"/>o impact the num<span class="_ _0"/>ber of <span class="ls54 wsfd">overseas<span class="ls0 ws0"> </span></span></span>passeng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ers<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. <span class="ls54 ws12">The expectation<span class="_ _3b"/> for 2023 is a nega<span class="_ _3b"/>tive EBIT. Var<span class="_ _3b"/>ying growth r<span class="ls51 wsfc">at<span class="_ _3b"/>es </span></span></span>depending on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> maintenance, improv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>emen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">have been i<span class="_ _0"/>ncorporated i<span class="_ _0"/>n the </span></span>forecast years beyon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d 2024 leadin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to an ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erall positive EBI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>T. From 2024, growth ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>resen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t a no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmalised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ave<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">1.<span class="ls54 ws12">7% (2021: 0.7%).</span> </span>The Ams<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>am <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– <span class="ls50 ws78">Newcas<span class="_ _3b"/>tle r<span class="_ _3b"/>ou<span class="_ _3b"/>te: Du<span class="_ _3b"/>r<span class="ls54 ws101">ing 2022, <span class="ls57 wsf">passenger num<span class="_ _0"/>bers<span class="ls0 ws0"> </span><span class="ws1b">have </span></span></span></span></span>recove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. <span class="ls54 ws12">The expectation f<span class="_ _3b"/>or 2023 is a positiv<span class="_ _3b"/>e EBIT. Varyin<span class="_ _3b"/>g growth rates </span></span>have been incorpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rated in the fore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cast year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s beyond 2023 and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> provide an overall positiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e EBIT. <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">Fro<span class="_ _3b"/>m 2024<span class="_ _3b"/></span>, growth ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes represent <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">a <span class="ls51 ws74">normal<span class="_ _3b"/>ised<span class="_ _3b"/> aver<span class="_ _3b"/><span class="wsfc">age </span></span></span>of 1.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">3</span>% (2021: 2.2%).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Logistics (CGUs):<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Busin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> <span class="ls26 ws14">Dry Goods: Growth in EBIT for 202</span>4-<span class="ls54 wsfd">202</span>7</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">of 5<span class="lsbd ws100">.0<span class="ls51 ws74">% and gro<span class="_ _3b"/>wth </span></span></span>in the terminal period of 3.1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">%. </span>The Busin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> <span class="ls26 ws14">Cold Chain: Growth in EBIT for 202</span>4-<span class="ls54 wsfd">202</span>7 <span class="ls26 ws14">of 5<span class="lsbd ws100">.0<span class="ls51 ws74">% and </span></span></span></span></span>growth in terminal period of <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">3.1%.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Deter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">end 2022 imp<span class="_ _3b"/>airment testin<span class="_ _3b"/>g purposes is bas<span class="_ _3b"/>ed on a </span></span>calculation of DFDS’ weighted average co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st of capital (WACC). The cost of equity is b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased on a ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sk<span xmlns="http://www.w3.org/1999/xhtml" class="wsa4">-f<span class="ls58 ws19">re<span class="_ _3b"/>e ra<span class="_ _3b"/>te plus a m<span class="_ _3b"/>arke<span class="_ _3b"/>t risk pre<span class="_ _3b"/>mium. T<span class="_ _3b"/>he ri<span class="_ _3b"/>sk<span class="ls0 ws0">-<span class="ls54 wsfd">free </span></span></span></span>interest rate is bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed on a 10<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year Dan<span class="_ _3b"/>ish ri<span class="_ _3b"/>sk</span>-</span>free rate which a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t the end of 2022 is 2.5% (2021: 1.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0%). The ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rket risk premium is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>calculated as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a general equity market ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k premium of 5.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (2021: 5.9%) mul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tiplied by the lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eraged beta value for DFDS of 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.71 (2021: 1.57<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>). The lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eraged beta value appli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">end 20<span class="_ _3b"/>22 is calculated b<span class="_ _3b"/>y obtaining th<span class="_ _3b"/>e unlev<span class="_ _3b"/>ered beta value of pee<span class="_ _3b"/>r </span></span>group co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia the Cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al IQ d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atabas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e. Thi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s bet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is then<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> re<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 wsfd">levered </span></span>in acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rdance with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group’s curre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt capital str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ucture. The cost o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f debt is based on the interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">bearin<span class="_ _3b"/>g borro<span class="_ _3b"/>wings fo<span class="_ _3b"/>r the G<span class="_ _3b"/>roup pl<span class="_ _3b"/>us the ri<span class="_ _3b"/>sk</span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">free </span>interest. Further, risk premium may be adde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d for the individual cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">genera<span class="_ _3b"/>ting </span></span>unit if special condi<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">tions and/<span class="_ _0"/>or uncertainties i<span class="_ _0"/>ndicate a ne<span class="_ _0"/>ed hereto. </span>Conversely, if the risk level for the individua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>generating unit is considered to be lower than the gene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ral risk level, then<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k premium is redu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ced if special conditions indicate a need here<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act of the war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in Ukraine a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inty in the g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lobal economy is b<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">uilt i<span class="_ _0"/>nto the for<span class="_ _0"/>ecasts where re<span class="_ _0"/>levant. <span class="ls0 ws0"> </span></span>For cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 wsfd">gener<span class="_ _3b"/>ating</span>-<span class="ls57 wsf">units where t<span class="_ _0"/>he recoverable<span class="_ _0"/> amount is base<span class="_ _0"/>d on value<span class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-</span></span></span></span></span>use, the pre<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls56 ws1a">tax discount rates applied<span class="_ _0"/> have been <span class="ls26 ws14">within the following range<span class="_ _3b"/>s in </span></span></span>the two segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry Division <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7.6%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">6.0% <span class="ls5e ws93">- </span>7<span class="_ _3b"/>.0%</span> Logistics Division <span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7.6%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">6.0<span class="_ _3b"/>%</span> The applied discount rates in cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating unit<span class="_ _0"/>s for which t<span class="_ _0"/>he carrying<span class="_ _0"/> </span></span>amount of goodwill forms a significant par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the Group’s total goodwill are 7.6% (2021: 6.0%) in ‘North Sea, Baltic Sea and Medit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erranean’ in ‘Dry Goods’ and ‘Cold Chain’.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sensitivity analysis<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>As part of the preparation of impairment te<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">sts,<span class="_ _3b"/> sensit<span class="_ _3b"/>ivit<span class="_ _3b"/>y analysis i<span class="_ _3b"/>s prep<span class="_ _3b"/>ared </span>based on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">relevant ri<span class="_ _3b"/>sk fa<span class="_ _3b"/>ctors an<span class="_ _3b"/>d scen<span class="_ _3b"/>ario<span class="_ _3b"/>s<span class="_ _3b"/> that Man<span class="_ _3b"/>agem<span class="_ _3b"/>ent c<span class="_ _3b"/>an dete<span class="_ _3b"/>rmine </span></span>with reasonable reliability. Sensitivi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">analy<span class="_ _3b"/>ses<span class="ls0 ws0"> <span class="ls58 ws19">are p<span class="_ _3b"/>repared<span class="_ _3b"/> by alte<span class="_ _3b"/>ring th<span class="_ _3b"/>e </span></span></span>estimates within the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange of prob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able outc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>omes. The sensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivities have been<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assessed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as follo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ws, all o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ings bein<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1a2"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">An increase<span class="_ _0"/> in the discount<span class="_ _0"/> <span class="ls54 ws12">rate of 0.<span class="_ _3b"/>5%<span class="ls0 ws0">-<span class="ls50 ws77">poin<span class="_ _3b"/>ts.</span> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1a2"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">A decrease in EB<span class="_ _3b"/>IT of 10%.</span> •<span xmlns="http://www.w3.org/1999/xhtml" class="ff1a2"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">A decrease in b<span class="_ _3b"/>roker valu<span class="_ _3b"/>ations of 10%.<span class="_ _3b"/></span> For E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nglish Channel <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">sensitiv<span class="_ _3b"/>it<span class="_ _3b"/>y testi<span class="_ _3b"/>ng sh<span class="_ _3b"/>ow<span class="_ _3b"/>s <span class="ls26 ws14">indication of imp<span class="_ _3b"/>airment if </span></span>reducing fore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>casted EBIT by 10%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws19">For Oslo<span class="_ _3b"/></span>-<span class="ls58 ws7a">Frederi<span class="_ _3b"/>kshav<span class="_ _3b"/>n</span>-</span>Copenhagen rou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="lsba ws75">all </span>sensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">calculations sho<span class="_ _3b"/>ws indication of impairmen<span class="_ _3b"/>t.<span class="ls0 ws0"> </span>None of </span>the<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 wsfc">abov<span class="_ _3b"/>e</span> </span>calcula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tions have gi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ven rise to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>djustments of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impairment tests <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">pre<span class="_ _3b"/>pared<span class="_ _3b"/><span class="lsbd ws100">. </span><span class="ws19">For al<span class="_ _3b"/>l other<span class="ls0 ws0"> <span class="ls26 ws14">CGU’s sen<span class="_ _3b"/>sitive testing shows</span> <span class="ls26 ws14">no indication of </span></span></span></span>impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Order o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>If a need for impairment is identified, goodw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ill is the first to be impaired, followed by the primary non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">current<span class="_ _0"/> <span class="_ _3b"/>tangi<span class="_ _0"/>ble and intangi<span class="_ _0"/>ble assets and Rig<span class="_ _0"/>ht<span class="ls0 ws0">-</span></span></span>of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">use<span class="_ _0"/> assets in the i<span class="_ _0"/>ndividual cas<span class="_ _0"/>h<span class="ls58 ws7a">-g<span class="_ _3b"/><span class="ls51 ws74">ener<span class="_ _3b"/>atin<span class="_ _3b"/>g uni<span class="_ _3b"/>ts. Imp<span class="_ _3b"/>airmen<span class="_ _3b"/>ts are <span class="_ _3b"/>alloc<span class="_ _3b"/>ated </span></span></span></span>to the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>spe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>din<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rryi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>less<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> this r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults in an im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pairment to a va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue below t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he fair value le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss costs of disposal of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>22<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Based on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">the <span class="ws78">im<span class="_ _3b"/>pai<span class="_ _3b"/>rmen<span class="_ _3b"/>t tests<span class="_ _3b"/> pre<span class="_ _3b"/>pare<span class="_ _3b"/>d at ye<span class="_ _3b"/>ar</span></span>-</span>end 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>22 no cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">genera<span class="_ _3b"/>ting </span></span>units are deemed i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpaired in 2022 and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment losses re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> prior years have been reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rsed. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Based on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">the i<span class="_ _3b"/>mpai<span class="_ _3b"/>rmen<span class="_ _3b"/>t te<span class="_ _3b"/>sts p<span class="_ _3b"/>repa<span class="_ _3b"/>red a<span class="_ _3b"/>t year</span>-</span>end 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21 no cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">ge<span class="ls57 ws1b">nerating </span></span></span>units are deemed i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpaired in 2021 and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment losses re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> prior years have been reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rsed. For one F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reight ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y a reversal of i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairment m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ade in connection with reclassification <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to asset held for sale amounting to DKK 29m has been recognis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed in Special Ite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ms referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to note 2.6<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">. </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting estim<span class="_ _0"/>ates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>The war in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ukrai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ne an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the glo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bal ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment has taken t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he risk and unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainty relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing to the cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent war in Ukra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ine and the u<span xmlns="http://www.w3.org/1999/xhtml" class="ws1b">nce<span class="_ _0"/>rtainty </span>in the world economy into consideration when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> preparing the forecasts and cash flows.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oodwill and other non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>current intangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of goodwill and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">cur<span class="_ _0"/>rent intangible<span class="_ _0"/> assets, which p<span class="_ _0"/>rimarily <span class="ls26 ws14">relates to IT, </span></span></span>acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red port conces<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sion rights and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quired cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer portfolios, i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s undertaken onc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e every year a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd in case of indication of i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment tests are bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed on the expected fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ture cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w for the cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generat<span class="_ _0"/>ing unit in que<span class="_ _0"/>stion. The k<span class="_ _0"/>ey parameters ar<span class="_ _0"/>e trends in re<span class="_ _0"/>venue, EBIT, E<span class="_ _0"/>BIT margin, futur<span class="_ _0"/>e </span></span>investments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and growth expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctations. Thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e parameters ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e based on estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es of the future whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch are inherent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ly uncertain.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ludi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>he a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13">ssess<span class="_ _3b"/>ment of<span class="_ _3b"/> useful<span class="_ _3b"/> life <span class="_ _3b"/>and scrap<span class="_ _3b"/> value<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Signif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>icant account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing estimates and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssessments r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egarding ferries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and other shi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ps include the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>llocation of the ferry’s cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t price on compon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the expected usefu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l life of the identifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed componen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts; the f<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">err<span class="_ _3b"/>y’s expected m<span class="_ _3b"/>aximum useful l<span class="_ _3b"/>ife; the ferry’s s<span class="_ _3b"/>crap value; and i<span class="_ _3b"/>mpairment te<span class="_ _3b"/>sting. The expe<span class="_ _3b"/>cted </span>useful life of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erries and other ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and their sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rap values are rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iewed and esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mated at least on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce a year. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>irme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st is p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erfo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t once a y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r, typ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ical<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly at ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">end. Add<span class="_ _3b"/>itio<span class="_ _3b"/>nal imp<span class="_ _3b"/>airmen<span class="_ _3b"/>t </span></span>tests are perform<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed if indication<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s of impairment o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ccur in the period b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>etween the an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nual impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t tests.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsbc ws13">of</span>-<span class="ls50 ws133">use assets </span> </span>For information on Significant account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing <span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">esti<span class="_ _3b"/>mates and a<span class="_ _3b"/>ssess<span class="_ _3b"/>ments re<span class="_ _3b"/>gardin<span class="_ _3b"/>g Righ<span class="_ _3b"/>t<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of<span class="ls0 ws0">-<span class="ls53 ws75">use assets fro<span class="_ _3b"/>m </span></span></span>leases reference i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s made to note 3.1.3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of Right<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of<span class="ls0 ws0">-<span class="ls53 ws75">use asse<span class="_ _3b"/>ts, whi<span class="_ _3b"/>ch prima<span class="_ _3b"/>rily rel<span class="_ _3b"/>ates to le<span class="_ _3b"/>ases o<span class="_ _3b"/>f termin<span class="_ _3b"/>als, fe<span class="_ _3b"/>rries, l<span class="_ _3b"/>and and </span></span></span>buildings and cargo carrying equipmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t, is pe<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">rform<span class="_ _3b"/>ed a<span class="_ _3b"/>t leas<span class="_ _3b"/>t onc<span class="_ _3b"/>e a ye<span class="_ _3b"/>ar, typ<span class="_ _3b"/>ical<span class="_ _3b"/>ly a<span class="_ _3b"/>t ye<span class="_ _3b"/>ar<span class="ls0 ws0">-<span class="lsbd ws100">end. </span></span></span>Additional impairment tests are perfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med if indications of imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment occur in the period between the annual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls54 ws12">use assets are rega<span class="_ _3b"/>rded an integra<span class="_ _3b"/>ted part of the op<span class="_ _3b"/>erating a<span class="ls57 wsf">ctivities tak<span class="_ _0"/>ing place in t<span class="_ _0"/>he </span></span></span>Group’s c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating<span class="_ _0"/> units and acc<span class="_ _0"/>ordingly, the ca<span class="_ _0"/>rrying amount of a<span class="_ _0"/> Right<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="_ _0"/><span class="ls53 ws75">us<span class="_ _3b"/>e asset i<span class="_ _3b"/>s alloc<span class="_ _3b"/>ated to </span></span></span></span>the ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sh<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating<span class="_ _0"/> unit in which the<span class="_ _0"/> asset in quest<span class="_ _0"/>ion is used.<span class="_ _0"/> Thereby Rig<span class="_ _0"/>h<span class="_ _3b"/>t<span class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">of<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls54 ws12">use assets are tes<span class="_ _3b"/>ted at </span></span></span></span></span></span>cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws7a">genera<span class="_ _3b"/>t<span class="ls57 wsf">ing unit l<span class="_ _0"/>evel. <span class="ls0 ws0"> </span></span></span></span>The impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e based on f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue less co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts of di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sposal fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sets in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">generatin<span class="_ _3b"/>g </span></span>unit or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-<span class="ls54 ws12">use wher<span class="_ _3b"/>e the expected<span class="_ _3b"/> future cash fl<span class="_ _3b"/>ow for the cash</span>-</span><span class="ws14">generating un<span class="_ _3b"/>it is a main </span></span></span>eleme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt in the calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion. The <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">key parameters in assess<span class="_ _3b"/>ing expected fu<span class="_ _3b"/>ture cash flow<span class="_ _3b"/>s are trends in </span>revenue,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> EBIT, EBIT m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>argin, future inve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stments and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowth expectati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons, which are i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nherently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> uncertain. The fair value less cost of disposal for the Group’s main assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, ferries and other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls53 ws75">ships, a<span class="_ _3b"/>re based on </span></span>broker valuations. For further informa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion on broker valuations reference is made <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the paragraph ‘Basis for im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pairment testing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and calculati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on of recoverab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>le amount’ whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h can be found a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bove in this not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The carrying amount of Goodwill, non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 ws100">current int<span class="_ _0"/>angible, t<span class="_ _0"/>angible and<span class="_ _0"/> </span></span>Right<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use asse<span class="_ _3b"/>ts are con<span class="_ _3b"/>tinuou<span class="_ _3b"/>sly ass<span class="_ _3b"/>essed<span class="_ _3b"/>, at least on<span class="_ _3b"/>ce a <span class="ls58 ws7a">yea<span class="_ _3b"/>r, </span></span></span>to det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermine whether t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>here is an indi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cation of impa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>irment. When suc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h indication exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts the recover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the asset is assess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed. The reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amount is t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he higher of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the fair value les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s costs of dispos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al and the value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-<span class="ls57 wsf">use. The<span class="_ _0"/> value<span class="ls0 ws0">-<span class="ls26 ws78">in<span class="ls5e ws93">-u<span class="ls53 ws75">se is calculated a<span class="_ _3b"/>s the </span></span></span></span></span></span></span></span>present value of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the future net cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> flow, which the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set is expected to generate eithe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r by itself or from the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>owest cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating unit t<span class="_ _0"/>o </span></span>which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sset i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s allo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.1.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1a5 ls0 ws0"> <span class="ff1a3 fc1 ls6d wsfb">Assets classified as held fo<span class="_ _0"/>r sale<span class="fc6 ls0 ws0"> </span></span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="fc6 ls0 ws0"> </span>There are no asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s classified as hel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d for sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e as of 31 December 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>During 2021 the Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p has sold the fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eight ferry (ro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">ro) Goth<span class="_ _3b"/>ia Se<span class="_ _3b"/>awa<span class="_ _3b"/>ys. <span class="_ _3b"/></span> </span>ARK Futu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ra has ce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased to be cl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>assifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts held<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> for sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. As part of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> this an i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>of DKK 29m made in 2020 h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as been revers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as Spe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial items. Refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ence is made to not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">2.6<span class="ws137">. </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Trade rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eivab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are past<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> due:Days past du<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e:Up to 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0 days <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">487 </span>386 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>31-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">60 days<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>91 53 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>61-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">90 days<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">25 </span></span>13 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>91-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">120 days</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">21 </span></span>10 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>More than 120 days <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">71 </span></span>54 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Past due at 31 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecember <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">696 </span></span>517 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Movements in write-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">downs, wh<span class="_ _3b"/>ich<span class="_ _3b"/> are include<span class="_ _3b"/>d in t<span class="_ _3b"/>he trade rec<span class="_ _3b"/>eiv<span class="_ _3b"/>ables:<span class="_ _3b"/></span> Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">downs at 1 J<span class="_ _3b"/>anuary</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _11e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">60</span></span> 63 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Foreign exchange adjustment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span>3 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">downs<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">33 </span></span>18 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Realised l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>osses <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>-1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Reversed write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">downs<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">22 </span></span> -23 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">downs at 31 D<span class="_ _3b"/>ecember</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">70 </span>60 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.2.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1a5 ls0 ws0"> <span class="ff1a3 ls12 ws7d">Receivab<span class="_ _3b"/>les</span><span class="ff1a3"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">current receivables</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _227"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">16 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">current receiv<span class="_ _3b"/>ables</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">16 </span>16 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade receivables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">3,080 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,650 </span>Work in p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rogress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">263 </span>122 Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">23 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span>Corporation ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x and joint taxation contribution, receivable, reference is made to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>note 2.7<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19"> </span><span class="ws12"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">51 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">53 </span>Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">597 </span>571 Total current rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eivables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,015 </span>3,423 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>urrent an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">current receiv<span class="_ _3b"/>ables</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,031 </span>3,439 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The carrying amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt of receiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables is in all material<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> respects equal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the fair value. <span xmlns="http://www.w3.org/1999/xhtml" class="lsba ws93">Co<span class="_ _3b"/>llateral is<span class="_ _0"/> pledged as security for </span>certain receiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables. The colla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>teral consis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts of bank guar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>antees with a fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 61m (2021: DKK 26m)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1a9 ls0 ws0"> <span class="ff1a7 ls5d ws71">Invento<span class="_ _0"/>ries<span class="ls0 ws0"> </span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Age distribution of wr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ite-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">downs:<span class="_ _3b"/></span> Days past du<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e:Up to 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0 days <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>31-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">60 days<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>61-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">90 days<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _122"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>91-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">120 days</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>More than 120 days <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">63 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57 </span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">downs at 31 D<span class="_ _3b"/>ecember</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">70 </span>60 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The last five years D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ realised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> credit losses on tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ade receivabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es have been insign<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ificant and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the loss rate is below 0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: 0.1%) of the reven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue in any of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the respective ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ars. The change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s in payment <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">pattern continue t<span class="_ _0"/>o be insigni<span class="_ _0"/>ficant and </span>at the same level as previo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>us years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> at ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">end 2022 the expe<span class="_ _3b"/>cted credi<span class="_ _3b"/>t losses on trade re<span class="_ _3b"/>ceivable<span class="_ _3b"/>s calculated<span class="_ _3b"/> under the simplified exp<span class="_ _3b"/>ected </span></span>credit loss model is based on the average historic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al loss r<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ate on revenue for <span class="_ _3b"/>the last five years of 0.0% (<span class="_ _3b"/>2021: 0.0%<span class="_ _3b"/>) plus </span>adjustm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r forw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">looking fa<span class="_ _3b"/>ctors w</span>h<span class="ls54 ws12">ere considered relev<span class="_ _3b"/>ant.</span> </span>Write-<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">down of inventories expen<span class="_ _3b"/>sed durin<span class="_ _3b"/>g the year amount<span class="_ _3b"/>s to DKK 6m (2021: DKK 8<span class="_ _3b"/>m).</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Receiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> recognis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amortise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st less exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>credit l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>osses. DF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DS’ ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sks re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>garding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">rade receiv<span class="_ _3b"/>ables </span>are not considered unusual and no material risk is attribu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>table to a single customer or group of customers. According to the Group’s policy of underta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>king credit risks, assessment of signific<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant customers are performed. Write<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">downs on<span class="_ _3b"/> trad<span class="ls26 ws14">e r<span class="_ _3b"/>eceivables are based on<span class="_ _3b"/> the simplified expected credit loss model. Credit los<span class="_ _3b"/>s allowances </span></span></span>on individual receivables are provided for w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hen objective indications of credit los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses occur such as customer bankr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uptcy and uncertai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nty about the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ustomers’ abi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>li<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ty and/or willingne<span class="_ _3b"/>ss to pay, etc. In addition to this, </span>allowances for expected credit losses are m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ade on the remaining trade receivables bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed on a simplified approach. Work in progress serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ices is measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on the value of the of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the work performed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">as of the<span class="_ _3b"/> balan<span class="_ _3b"/>ce shee<span class="_ _3b"/>t </span>date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Write<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">downs and reali<span class="_ _3b"/>sed losses on tr<span class="_ _3b"/>ade receivable<span class="_ _3b"/>s and work in prog<span class="_ _3b"/>ress servi<span class="_ _3b"/>ces are recognised in<span class="_ _3b"/> ferry </span></span>and other ship oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation and main<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tenance costs in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment. Other rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eivabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es comprise other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trade receivab<span xmlns="http://www.w3.org/1999/xhtml" class="ws12">les; in<span class="_ _3b"/>surance rec<span class="_ _3b"/>eivables on loss o<span class="_ _3b"/>r damage of ferrie<span class="_ _3b"/>s and other ship<span class="_ _3b"/>s; financi<span class="_ _3b"/>al lease receivabl<span class="_ _3b"/>es; </span>outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces for ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>artere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rries; i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st receiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>abl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e, etc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bunker <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">228 </span>173 Goods for sale <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">118 </span>113 Write-down of inventories end<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _22f"> </span><span class="ws12"> -<span class="ls8 ws15">22 </span></span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>Total inventories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">32<span class="_ _0"/>4 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">269 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies</span>Bunker is measured a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t cost based on th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e FIFO method o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the net realisabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e value where this is l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ower. Cate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ring supplies and other inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>entorie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are measure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at cost based on the wei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ghted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">cos<span class="_ _3b"/>t meth<span class="_ _3b"/>od or th<span class="_ _3b"/>e ne<span class="_ _3b"/>t </span>realis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alue wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ere th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>is is lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.2.3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1a9 ls0 ws0"> <span class="ff1a7 lsa7 wsfa">Other payables</span><span class="ff1a7"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Holiday pay obliga<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tions, etc, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _230"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">483 </span>438 Publi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c autho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rities (V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>AT, du<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty, etc.) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _231"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">61 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">55 </span>Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">12 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">51 </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _232"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">188 </span>173 Accrued interests <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">24 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>Total ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>her payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">76<span class="_ _0"/>8 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">730 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies</span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nts o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wed to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>staff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> wages <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, ho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>liday <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pay, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alary<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">w<span class="ls54 ws12">ages related </span></span>items, etc<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">. <span class="ls26 ws14">amounts owed to the public au<span class="_ _3b"/>thorities, VAT, excise duties, real proper<span class="_ _3b"/>ty taxes etc.; amounts owed in </span></span>connect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion with the pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>chase/disposa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l of ferries and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther ships, bui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erminals; accr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ued interest expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>; payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssocia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes and joi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt ve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ntures; amounts owed in relation to defin<span class="_ _3b"/>ed contribution pension </span>plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.2.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1ac ls0 ws0"> <span class="ff1aa ls12 ws71">Pen<span class="_ _3b"/>sion and j<span class="_ _3b"/>ubilee liab<span class="_ _3b"/>ilities</span><span class="ff1aa"> </span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up contributes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ribution plans a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s well as d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efined benefit p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lans. The majorit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y of the pensio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n plans are funded thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough payment<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">s t<span class="_ _0"/>o independent i<span class="_ _3b"/>nsurance companies respon<span class="_ _3b"/>sible for the pension obligation toward<span class="_ _3b"/>s the </span>employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s (defined co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntribution pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns). In these plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Group ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s no legal or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstructive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> obligation to pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> further contributions irrespective of the finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial situ<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ation of t<span class="_ _0"/>hese insurance<span class="_ _0"/> companies or<span class="_ _0"/> the return of<span class="_ _0"/> the underlying i<span class="_ _0"/>nvestments. </span>Pensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on costs from suc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h plans are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpensed in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>me statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> when incurred.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Group has defined benefit plans, primar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ily in the United Kingdom. In addition, there are minor defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit plans in Norway, Belgium, Italy, Türkiye, Lithu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ania, France, Germany, Denmark, and Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The United Kingdom account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s for 12.4% (2021: minus 90.3%) of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the total net liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lity and 91.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (2021: 94<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.8%) of the funded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>funded obl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>igati<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">on. The majority </span>of the defined ben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efit plans are pension<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plans that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yearly pay out a cert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ain percent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age of the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee’s final sala<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry upon retirement. The pens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ions are paid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> out as from retire<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uring the remaining l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ife of the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee. The perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="ls52 ws13">age of </span>the salary is depend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent of the seniori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e employee excep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for certain closed p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e United Kingdom and so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me of the ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her minor plans.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The defined be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nefit plans t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ypically incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ude a spouse pens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion and disabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ity insurance.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Some of the pens<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ion plans in Sw<span class="_ _0"/>eden are multi<span class="ls0 ws0">-<span class="_ _0"/><span class="ls54 ws12">employe<span class="_ _3b"/>r plans, which cover <span class="_ _3b"/>a large number of en<span class="_ _3b"/>terprises<span class="_ _3b"/>. The plans a<span class="_ _3b"/>re </span></span></span>collective and are covered through con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tributions paid to the pension compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Alecta. The Swedish Financial Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>counting Standards Council’s interpret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">commi<span class="_ _3b"/>ttee (R<span class="_ _3b"/>edovi<span class="_ _3b"/>sn<span class="_ _3b"/>ingsr<span class="_ _3b"/>ådet)<span class="_ _3b"/> has defi<span class="_ _3b"/>ned <span class="_ _3b"/>this p<span class="_ _3b"/>lan as a mu<span class="_ _3b"/>lti</span>-<span class="ls54 ws12">employ<span class="_ _3b"/>er defined ben<span class="_ _3b"/>efit </span></span>plan. Presently, it is not possible to obtain sufficient info<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmation from Alecta to apportion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate assets and liabilities of th<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">e </span>plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Co<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">nse<span class="_ _3b"/>quently, the pen<span class="_ _3b"/>sion plans <span class="_ _3b"/>are similarly <span class="_ _3b"/>to prior years treated a<span class="_ _3b"/>s defined </span>contribution plans. The contribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are DKK 4m in 2022 (2021: DKK 4m). The collective fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nding ratio at Alecta amounts to 189% as per Septembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022 (Sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tember 2021: 169%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>). For 2023, the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>contribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted to be DKK 4m. D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ share of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> multi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">employer plan is around 0.0052% and the liabilit<span class="_ _3b"/>y follows the share of the total plan.</span> </span>Based on actuar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial calculations the define<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d benefit plans show the followi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng liabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Present value of funded defined benefit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bligations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">629 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,031 </span>Fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,054 </span></span>Funded defined ben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bligati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="lsbc ws13">10 </span></span>-23 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Present value of unfunded defined benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> obligations<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _131"> </span><span class="ls8 ws15">54 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">51 </span>Recognised liabilities for d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efined benefit obligations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">64 </span>28 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Provision for jubilee liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>23 Total actuaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l liabilities, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">88 </span>51 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total actuaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l liabilities, net are clas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sified as follows<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Pension assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>25 Pension and jubilee liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _234"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">88 </span>76 Total actuaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l liabilities, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">88 </span>51 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Movements i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> present value of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>unded and unfunded def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ined benef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it obligationsFunde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d and unfu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nded obl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>igation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b4"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,082 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,055 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">56 </span></span>76 Current serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ice costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _235"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span>Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _236"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>Actuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gain(-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">)/loss(<span class="_ _3b"/>+) arisin<span class="_ _3b"/>g from ch<span class="_ _3b"/>anges in<span class="_ _3b"/> demogr<span class="_ _3b"/>aphic assu<span class="_ _3b"/>mption<span class="_ _3b"/>s</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Actuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gain(-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">)/loss(<span class="_ _3b"/>+) arisin<span class="_ _3b"/>g from ch<span class="_ _3b"/>anges in<span class="_ _3b"/> financi<span class="_ _3b"/>al assump<span class="_ _3b"/>tions</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">343 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">42 </span>Past se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rvice<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Benefits paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">33 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span>Settlemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> curtai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _237"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Funded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and unfund<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> at 31 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecember <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">683 </span></span>1,082 Movements i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value of the defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lan assetsPlan assets at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,054 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-879 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">66 </span>Calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come <span xmlns="http://www.w3.org/1999/xhtml" class="_ _238"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsb6 wsf9">-19 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span>Return<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an assets excl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>udin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>est inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">385 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">111 </span></span>Costs of man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aging th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _239"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>Employer c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">21 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>Benefits paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23a"> </span>29 32 Plan assets at 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,054 </span></span>Plan asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sist of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>llowi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng:Cash a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd cash e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quivalent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">53 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30 </span>Blended inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unds<span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> <span class="_ _237"> </span><span class="ws12"> </span>-<span class="ls8 ws15">564 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,020 </span></span>Other assets (primari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly insured p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">2 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>Total plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,054 </span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">A<span class="_ _3b"/>ll factors<span class="_ _3b"/> are weigh<span class="_ _3b"/>ted at </span>the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rata share o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f the individual actuarial obligation.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e wse1">Sch<span class="_ _3b"/>emes<span class="_ _3b"/> clo<span class="ls8 ws10">sed for new </span></span>members wil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e a social security r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uture sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary increase of 0%.Assumpti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons:Unite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Weighted <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Kingdom<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19"> </span><span class="lsc ws11">Others</span> </span>average<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls0 ws0">¹<span class="ff1b0">⁾</span></span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">4.9%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.4%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.7%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4.7%</span>2)Social<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ity ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.5%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>2)Future salary in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>crease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">3.8%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.2%</span>Future pension increase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.2%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2.3%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2.9%</span>Inflation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2.5%<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"> </span>0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>0%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls8 ws15">23.9%</span> <span class="_ _150"> </span><span class="lsb wsf">3.0%</span></span>Unite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Weighted <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Kingdom<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19"> </span><span class="lsc ws11">Others</span> </span>average<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls0 ws0">¹<span class="ff1b0">⁾</span></span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">1.8%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.3%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">3.9%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">1.8%</span>2)Social<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ity ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">1.8%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>2)Future salary in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>crease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">3.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.1%</span>Future pension increase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.6%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.4%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.5%</span>Inflation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2<span class="_ _3b"/>.9%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">9.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2.9%</span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Expen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ee co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Current serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ice costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>7 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Past se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rvice<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">1 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>luded in employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ee costs regardin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14 </span>7 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expenses re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial costs in the Income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement:Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>13 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> -19 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>11 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total included<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in financial costs regarding de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fined benefit plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total expen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses for defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14 </span>8 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expenses reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther compreh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ome, gain(<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls9 ws16">)/los<span class="_ _0"/>s(+):<span class="ls0 ws0"> </span></span></span>Remeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">342 </span></span>-34 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Remeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">388 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>106 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>luded in Oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er comprehensive i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arding defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">46 </span>-140 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Significant actuarial assumptions fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the determination of the retiremen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t benefit obligation are the dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>count rate, expected future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> remuneration i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncreases, and ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pected mortali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty. The sensiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vity analysi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s below has been det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermined base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d on reasonably li<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>kely changes i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the assumpti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons occurring at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the end of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he period.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Actuari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s or ro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ll for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ward c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r all de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d ben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efit pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ans. As<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s regardi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ture mo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ality ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> advi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce in <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">a<span class="_ _3b"/>ccordance wi<span class="_ _3b"/>th published<span class="_ _3b"/> statistics and expe<span class="_ _3b"/>rience in ea<span class="_ _3b"/>ch </span>country<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The following<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> significant as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en used for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he actuarial ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lculations:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sensitivity analysisReported obligation 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">683 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,082 </span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">0.5% po<span class="_ _3b"/>int compare<span class="_ _3b"/>d to as<span class="_ _3b"/>sumptio<span class="_ _3b"/>ns</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _68"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">728 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,176 </span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate +0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5% po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>int comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ared to as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _131"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">641 </span>999 Salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">0.5% po<span class="_ _3b"/>int compare<span class="_ _3b"/>d to assu<span class="_ _3b"/>mptions<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">682 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,080 </span>Salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase +0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5% poi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt compared<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">685 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,084 </span>Mortali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">1 year comp<span class="_ _3b"/>ared with<span class="_ _3b"/> used mo<span class="_ _3b"/>rtality tab<span class="_ _3b"/>les</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">661 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,045 </span>Mortalit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y +1 year co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpared with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> used<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortality t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5a"> </span>709 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,124 </span>The mort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ality table<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> used for the two<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> defined benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> schemes in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> United Kingdo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>m is the public<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> S3PxA table w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ith annual improvement of 1.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>25% (2021: S3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>PxA table with 1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5% annual impr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ovement). Aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age remainin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g life expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancy for a 65<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">old is 23<span class="_ _3b"/>.5 year (2021: 23<span class="_ _3b"/>.4 year). Wei<span class="_ _3b"/>ghted averag<span class="_ _3b"/>e duration on th<span class="_ _3b"/>e liabilities en<span class="_ _3b"/>d of 2022 is 13.3 <span class="_ _3b"/>years (2021: 17.0 </span></span>years). The Group exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ects to make a con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of DKK 31m to the defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed benefit pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns in 2023. The expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted contribution for 2022 was DKK 26m, which turned ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to be DKK 25m.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Maturity analys<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>is of the obligations0-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">1 year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">38 </span>36 1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _242"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">126 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">167 </span>After 5 years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _243"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">518 </span>879 Total obligations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">683 </span></span>1,082 3.2.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1b3 ls0 ws0"> <span class="ff1b1 ls13 wsbc">Oth<span class="_ _3b"/>er provisi<span class="_ _3b"/>ons<span class="_ _3b"/></span><span class="ff1b1"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rovisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> at 1 Ja<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nuary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _244"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>124 Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>Addition from acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">7 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>Provi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sions ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>de during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _245"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">21 </span></span>112 Used during the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _246"> </span><span class="ws12"> -</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">70 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">55 </span>Reversal of unused <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>provisions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _247"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">33 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r provi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s at 31 Decemb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er <span xmlns="http://www.w3.org/1999/xhtml" class="_ _248"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">96 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">173 </span>Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r provi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> be payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e in:0-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">1 year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">52 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">56 </span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _124"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35 </span></span>107 After 5 years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _121"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>9 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r provisions at 31 De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cember<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _248"> </span> <span class="ls9 ws16">96 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">173 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Contributions to defined contribution pen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion plans are recognised in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement in the period in <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">which </span>they relate, and any p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayable con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tributions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are accrued in the B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alance sheet <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as other pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables. As regards defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> pension plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, an actuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> valuation of the va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue in use of fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s payable under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the plan is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> made once a year. The val<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ue in use is calc<span class="_ _0"/>ulated based o<span class="_ _0"/>n assumptions of<span class="_ _0"/> future deve<span class="_ _0"/>lopment in wage/salar<span class="_ _0"/>y levels, </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rates, inflat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion, mortality<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, etc. The value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in use is only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mployees have become entitled d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uring their empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyment w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ith t<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">he Group.<span class="_ _0"/> The actuarial<span class="_ _0"/> calculation of<span class="_ _0"/> the value in use le<span class="_ _0"/>ss the fa<span class="_ _0"/>ir </span>value of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ny assets unde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r the plan i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s recognised i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Balance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sheet under pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. If a define<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> pension plan c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstitutes a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t asset, the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sset is recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed only if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> it offsets future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> refunds from t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he plan or will lead to reduced fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ture paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts to the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lan. Pension costs of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the year are reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The diffe<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">rence between the <span class="_ _3b"/>calculated d<span class="_ _3b"/>evelop<span class="_ _3b"/>ment in pension as<span class="_ _3b"/>sets and liabili<span class="_ _3b"/>ties and the realis<span class="_ _3b"/>ed values are </span>recognised in Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e income as a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctuarial gains <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and losses.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Changes in the benefi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts payable fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ees’ past service <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the enterprise re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">sult in a<span class="_ _0"/>n adjustment o<span class="_ _0"/>f the </span>actuarial calculation of the value in use, which is classifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as past service costs. Past service <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>costs are recognised in the Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment immedia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tely if the employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ees have alread<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y earned the ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ght to the adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted benefi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Otherwise, the benefi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts will b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e recognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment over the peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>od in which the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yees earn the rig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ht to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>jus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>its.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">current emplo<span class="_ _3b"/>yee oblig<span class="_ _3b"/>ations incl<span class="_ _3b"/>ude jubilee ben<span class="_ _3b"/>efits, etc.</span> </span>Of the Group’s prov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ision of DKK 96<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m (2021: DKK 173m), DKK 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 28m) is estimated n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et presen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t value of earn<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>out agreements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>regarding acquisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions; DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 20m (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 24m) is redeliver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y provisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on on l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eases; DKK 12m (2021: DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 86m) is restru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cturing provision<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>; and DKK 33<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m (2021: DKK 35m) is o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther pro<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">vi<span class="_ _3b"/>sions.<span class="_ _3b"/><span class="ls0 ws0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Provisions are recognised when, due to an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>vent occurring on or before the reporting da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te, the Group has a legal or constructive obligation, and it is probabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e that the Group will <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">have to give<span class="_ _0"/> up future eco<span class="_ _0"/>nomic bene<span class="_ _0"/>fits to meet the<span class="_ _0"/> </span>obligation and that the obligation can be rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iably estimated. Provisions are re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised based on Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t’s best estimate of the an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ticipa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted expenditur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e for settling the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>elevant oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e discounted if d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eemed materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">He<span class="ls8 ws10">reof DKK<span class="_ _3b"/> 4</span></span>,<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70</span>5m <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">(2021: </span>DKK 3,839m) relating to lease liabilities that have differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent characte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>risti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs than o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther liabilities included in interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t- bearing liabilities.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">Th<span class="_ _3b"/>e ratio in<span class="_ _3b"/>clud<span class="_ _3b"/>es pro forma </span>EBITDA for the last twelve months f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies.4.<span xmlns="http://www.w3.org/1999/xhtml" class="ff1b7 ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb7 wsbc">Capital structure an<span class="_ _3b"/>d finances<span class="ls0 ws0"> </span></span>This section sho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ws how the activi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties of DFDS are fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anced. DFDS targe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts a financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al leverage ratio bet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ween 2.0 and 3.0, where the ratio is measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red as Net Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Bearin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g Debt to Operating p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rofit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e depreciat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion (EBITDA) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and special ite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ms. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The follo<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">wing section provides the notes of the main components that form basis of the<span class="_ _3b"/> Net Interest<span class="ls0 ws0">-<span class="ls54 ws12">Bearing Debt. </span></span></span>Furt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hermore, the sect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion includes i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nformation on Fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>perational risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, Financial inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ruments, Treas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ury shares, and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Earning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s per sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionNote2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Interest-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">bearin<span class="_ _3b"/>g <span class="lsa ws18">liabilities</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="fc2">¹<span class="ff1b8">⁾</span></span> 4.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,535 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14,337 </span>Derivative financial instruments, related tointerest-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">bearing activities, net</span> 4.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">236 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">58 </span>Receivables, interest-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">bearing<span class="_ _3b"/></span> 3.2.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _143"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2 </span></span>Securities4.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ce"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,189 </span> -902 Net Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsa5 ws93">Bearing Debt (NIBD)<span class="_ _0"/><span class="ls0 ws0"> </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14,109 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">13.481 </span>Operating profit befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e depreciation (EBITDA) and s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pecial items4,955 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,411 </span>)Financial leverage r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>atio (NIBD/EBITDA, times<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>)² <span xmlns="http://www.w3.org/1999/xhtml" class="_ _215"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2.8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.7 </span>4.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1bb ls0 ws0"> <span class="_ _0"/><span class="ff1b9 ls4d ws6f">Financial and <span class="ls13 wsbc">operational ris<span class="_ _3b"/>ks<span class="ls0 ws0"> </span></span></span></span>DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>’ risk man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>emen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ risk management policy is governed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by the DFDS Financial Policy, which is approved by the Board of Directors on an annu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al basis. The Financial Policy sets out policies, targets<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls54 ws12">and strategies for <span class="_ _3b"/>the fi<span class="ls51 ws74">nan<span class="_ _3b"/>cial ri<span class="_ _3b"/>sk man<span class="_ _3b"/>ageme<span class="_ _3b"/>nt o<span class="_ _3b"/>f </span></span></span>DFDS. DFDS does not enter into speculation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The most important financial risk factors are 1) bun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ker price risk, 2) in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isk, 3) currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y exchange ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k, 4) liquidity risks and 5) credit exposure.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">he</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls59 ws72">fl<span class="ls57 wsf">uc<span class="_ _0"/>tuations i<span class="_ _0"/>n the bunker pric<span class="_ _0"/>e which is deno<span class="_ _0"/>minated in US<span class="_ _0"/>D constitute<span class="_ _0"/> a </span></span>significant risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws19">for DFD<span class="_ _3b"/>S</span>. </span>In the fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight indust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ry it is cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omary to pass t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hrough the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>isk of fluctuati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons in the bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er price a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the correspo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nding currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exchange rate r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>isk to fre<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">ight </span>custom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers via a bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er adjustment fact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or (BAF). In t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he passenger ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ustry, fluctu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nker a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ticke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> exte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt possible.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>To reduce exposure to bunker and currency risk, approxi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mately 93% (94% in 2021) of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ consump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion was cove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red by BAF agre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ements. For fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ries where a scrubber ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s been installed, the Group is subject t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o risk related to the spread between hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gh sulphur and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w sulphur fuel <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he fact that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> such ferries wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h scr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ubbers consume hig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h sulphur, but B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>AF is based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n low sulphur.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rdance with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he DFDS Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial Policy, the ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t bunker expos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure may be financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ially hedged up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o six quarter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s ahead. The ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sk in relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion to the spr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ead between hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gh sulphur and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w sulphur fuel i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s partly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> hedged <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws77">using commodity </span>swaps.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rest r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS is primarily exposed to interest rate risk through<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> funding. According to DFDS’ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l Poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate on 4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">70% of the loan portfolio </span></span>including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">term char<span class="_ _3b"/>ter ag<span class="_ _3b"/>ree<span class="_ _3b"/>ment<span class="_ _3b"/>s must b<span class="_ _3b"/>e fixed<span class="_ _3b"/> with<span class="_ _3b"/> a weigh<span class="_ _3b"/>ted <span class="_ _3b"/>averag<span class="_ _3b"/>e </span></span>duration of 9<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">36 months. DFD<span class="ls53 ws75">S ent<span class="_ _3b"/>ers in<span class="_ _3b"/>to in<span class="_ _3b"/>terest r<span class="_ _3b"/>ate swaps an<span class="_ _3b"/>d caps <span class="_ _3b"/>to </span></span></span>compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th thi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s pol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>icy. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The tot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">bearing debt<span class="_ _0"/> (including c<span class="_ _0"/>urrency swaps o<span class="_ _0"/>n bonds and </span></span>lease liabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s) amounts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to DKK 14,109m <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at year end 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: DKK 13,481m). The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oup’s total inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls4f ws84">be<span class="ls26 ws14">a<span class="_ _0"/>ring debt primaril<span class="_ _3b"/>y consists of partly </span></span></span>secured credit facilities, unsecured co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rporate bonds and floating rate mortg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ages with security in ferries and other ships. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>debt portfolio had an average time to matu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of 4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.7 ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ars (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>: 3.8 ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ordan<span class="_ _3b"/>ce wi<span class="_ _3b"/>th the Fin<span class="_ _3b"/>an<span class="_ _3b"/>cial Pol<span class="_ _3b"/>ic<span class="_ _3b"/>y, inte<span class="_ _3b"/>res<span class="_ _3b"/>t rate s<span class="_ _3b"/>waps an<span class="_ _3b"/>d cap<span class="_ _3b"/>s with<span class="_ _3b"/> a </span>principal amount of DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 3,790m (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: DKK 3,364m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) have been est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ablished to reduce interest r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate risk. The sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are of fixed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>rate debt in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cluding int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest rate derivatives was 41% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">en</span>d 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 40%). Includi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng long term charter agree<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments, the share of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> fixed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>rate debt is 45% (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: 44%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The duration of the Group’s debt portfolio (inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding charter liabilities) was 1.4 years (2021: 1.0 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>years).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>An increase in the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate of 1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">poin<span class="_ _3b"/>t <span class="_ _3b"/>comp<span class="_ _3b"/>ared <span class="_ _3b"/>to the<span class="_ _3b"/> ac<span class="_ _3b"/>tual i<span class="_ _3b"/>nte<span class="_ _3b"/>rest </span></span>rates in 2022 woul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d have increased ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t payments incl. hedgin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g by DKK 54m for the Group all<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> else equal (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 36m). A de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>crease in the int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest rates of 1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>point would h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ave reduced the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>net interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t payment b<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">y DKK 19m in </span>2022 (2021: DKK 4m)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>An increase in the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate of 1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">poin<span class="_ _3b"/>t <span class="_ _3b"/>comp<span class="_ _3b"/>ared <span class="_ _3b"/>to the<span class="_ _3b"/> ac<span class="_ _3b"/>tual in<span class="_ _3b"/>te<span class="_ _3b"/>rest ra<span class="_ _3b"/>te </span></span>at ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lance sheet dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e would have had a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> positive e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ffect on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’s equity reserve for hedging of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 93m all else eq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ual (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 44m). <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws12b">A dec<span class="_ _0"/>reas<span class="_ _0"/>e </span>would have had a nega<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tive effect of DKK 9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>4m (2021: DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 32m).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exchange risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is monitore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d continuously and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> actively hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> with D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al Poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e aim i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctivel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y redu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy exposure us<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ing forward exc<span class="_ _0"/>hange contracts<span class="_ _0"/> and currency swa<span class="_ _0"/>ps. Approximately<span class="_ _0"/> </span>91% of DFDS’ revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es in 2022 were inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oiced in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> foreign currenci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es (2021: 94%) with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he most substant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial revenue g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enerated in EUR whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h accounted fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 68% of total revenue (202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1: 67%). Apa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt fr<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">om DKK and EU<span class="_ _0"/>R, the most r<span class="_ _0"/>evenue is </span>generated in SEK, GB<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>P and NOK. However, SEK, GBP a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd NOK risks are to a large exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. US<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>D ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sk pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>imari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mes f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>utur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> consumption and charter agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Particularly, EUR is considered a mino<span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">r </span>risk due to Denmark’s fixed exchange rate p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>olicy towards EUR. USD risk is reduced by the B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>AF mechanism as described above.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The operational currency cash flow is defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as the Group’s consolidated net currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> cash flows<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from revenues and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> operational c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>os<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ts. The t<span class="_ _3b"/>able on the </span>following page shows the impact on the Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>up’s Operating profit before depreciation (EBITDA) and Special Items f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom changes in the foreign exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange rate.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Operatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nal currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">Change in fair value of FX </span>forwards re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lated to co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mmit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd future b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unker consumption only affect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s equity.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Liquidity risks<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Financial Policy is to secure adequate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> liquidity to meet financial and operation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al payment obligations by maintaining a minim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>um of 1.2x cash S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ources over ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sh Uses for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he next 12 months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls57 wsf">end sum of tota<span class="_ _0"/>l cash and undraw<span class="_ _0"/>n </span></span>committed facili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties was DKK 2,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>911m (202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1: DKK 2,135<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">m<span class="ls26 ws14">), of which</span> <span class="ls51 ws74">undr<span class="_ _3b"/>awn co<span class="_ _3b"/>mmitt<span class="_ _3b"/>ed faci<span class="_ _3b"/>liti<span class="_ _3b"/>es amou<span class="_ _3b"/>nts<span class="_ _3b"/> to DKK 1,<span class="_ _3b"/>722m </span></span>(2021: DKK 1,400<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ contractual maturities of fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial instruments, including es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>timated interest payments and excluding the i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpact of netting agreem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents, are stated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the table <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>below:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>SEK, Income statement effect, 10% str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">61 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">34 </span>NOK, Income statement effect, 10% st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">42 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>GBP, Income statement effect, 10% str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">45 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>TRY, Income statement effect, 10% strengt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>heni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _166"> </span><span class="ws12"> -</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">35 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>USD, Income statement effect, 10% strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">27 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>DKK million<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>0-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _13d"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 years<span class="ls0 ws0"> <span class="_ _13d"> </span></span></span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">5 years<span class="ls0 ws0"> <span class="_ _a"> </span></span>After 5<span class="_ _3b"/> years<span class="ls0 ws0"> </span></span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial a<span class="_ _0"/>ssets<span class="ls0 ws0"> </span></span>Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,189 </span>0 0 0 Trade receivables including work in progress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,343 </span>0 0 0 Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>0 0 0 Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _126"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">649 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span>0 0 Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial lia<span class="_ _0"/>bilities<span class="ls0 ws0"> </span></span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d other sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ips <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,667 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2,644 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">4,827 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,785 </span></span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14</span> -290 0 0 Lease liabilities (undiscounted)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1eb"> </span><span class="ws12"> -<span class="ls8 ws15">951 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,293 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,407 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,789 </span></span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,661 </span>0 0 0 Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12 </span>0 0 0 Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="lsa ws18">188 </span></span>0 0 0 Derivative financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssetsCommodi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>0 0 0 Interest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>117<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">46</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>64<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>Derivative financial lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilitiesCommodi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>0 0 0 Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">8 </span></span>0 0 Forward exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> currency <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swaps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _18f"> </span><span class="ls5e ws93">-39 </span></span>0 0 0 Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">2,2<span class="ls9 ws16">82</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">4,102</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls7 ws17">6,1<span class="ls9 ws16">88</span></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">3,439</span> </span>The Group’s most significant currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y balance positions are in EUR, SEK, GBP, NOK, TRY,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and USD relating to cash, committed investments and trade<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> payable and receivables. All else equal a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> strengthening of SEK, GBP, N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>OK, TRY, and USD against DKK at balance sheet da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te would hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e increased/dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reased bal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance sheet items b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the amounts presen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce riskDKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>SEK, Equity and Income statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent effect, 10% strengthenin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>GBP, Equity and Income statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent effect, 10% strengthenin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>NOK, Equity and Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment effect, 10% strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>TRY, Equity and Income statement effec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t, 10% strengthenin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c0"> </span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">7 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>USD, Equity and Income statement effec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t, 10%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>1)USD, Equity effect, 10% strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50 </span>Assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws17">r the maturity table:<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urity analysis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is based on undis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counted cash f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lows including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> estimated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nterest payments.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Interest payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s are estimated based on existing market conditi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The undiscounted cash flows related to deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ative financial liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">ies <span class="_ _3b"/>are presen<span class="_ _3b"/>ted a<span class="_ _3b"/>t gross a<span class="_ _3b"/>mount<span class="_ _3b"/>s unless th<span class="_ _3b"/>e parti<span class="_ _3b"/>es </span>according to the contract have a right or obligation to settle at net amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>DKK million20210-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _3e"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 years<span class="ls0 ws0"> <span class="_ _3e"> </span></span></span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">5 ye<span class="_ _3b"/>ars<span class="ls0 ws0"> </span></span>After 5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">derivative <span class="lsd ws75">financial asset<span class="_ _3b"/>s</span></span> Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24d"> </span>902 0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade receivables including work in progress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,772 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">624 </span>16 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial lia<span class="_ _0"/>bilities<span class="ls0 ws0"> </span></span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">965 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,850 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,228 </span> -1,615 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">954 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">308 </span></span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lease liabilities (undiscounted) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">816 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,115 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">737 </span></span> -1,757 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">3,119 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _211"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">51 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivative financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssetsInterest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>5 3 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>6 6 14 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivative financial lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilitiesInterest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">4 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">71 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">2 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,808 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">7,252 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,956 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>3,358 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Credit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> expo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ cred<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>osu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re is pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>marily <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>attrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ble to tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ade<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">- <span class="ls57 wsf">and other r<span class="_ _0"/>eceivables and ca<span class="_ _0"/>sh. The rec<span class="_ _0"/>eivables includ<span class="_ _0"/>ing work in </span></span>progress servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es are stated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Balance sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eet net of write<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>downs. Refe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rence is mad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e to note 3.2.1 for a fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther information on w<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">rite<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls58 ws19">downs on<span class="_ _3b"/> trade <span class="_ _3b"/>receiv<span class="_ _3b"/>abl<span class="_ _3b"/>es and wo<span class="_ _3b"/>rk in pro<span class="_ _3b"/>gres<span class="_ _3b"/>s servi<span class="_ _3b"/>ces. </span> </span></span>According to the Group’s policy of underta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>king credit risks, assessments of all cus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tomers and other partners are perform<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed. Prepay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>men<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t guaran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>KK 0m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">(2021: DKK 325<span class="_ _3b"/>m<span class="ls0 ws0"> <span class="ls58 ws19">regarding D<span class="_ _3b"/>FD<span class="ls26 ws14">S’ ne<span class="_ _3b"/>wbuilding</span></span> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfc">progr<span class="_ _3b"/>am).<span class="_ _3b"/><span class="ls0 ws0"> </span></span>DFDS’ credit risk towards financial counte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rparties primarily rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes to cash on bank accounts and positive market values of derivatives. Credit limits on financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>counterparties are calculated in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance with DFDS’ Financial Po<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">li<span class="_ _3b"/>cy ba<span class="_ _3b"/>sed on<span class="_ _3b"/> cred<span class="_ _3b"/>it </span>ratings from international credi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rating agencies. Credit ratings and resultin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g credit limits are monitored con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tinuously.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ruct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The starting point for determining the level <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>of capital<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>distribution to shareholders is the cur<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ren<span class="_ _3b"/>t and expected<span class="ls0 ws0"> <span class="ls50 ws77">futu<span class="_ _3b"/>re<span class="_ _3b"/> </span></span></span>financial lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erage measured<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as the ratio between<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>NIBD and EBITDA. Ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rget leverage is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a ratio betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een 2.0 and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsbd ws100">3.0. </span></span>NIBD/EBITDA wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s 2.8 at year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>end 2022. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> shorter<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>periods, leve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rage can move o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>utside the rang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e due to special<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">event<span class="_ _3b"/>s,<span class="ls0 ws0"> <span class="lsbd ws100">e.g.,</span> </span></span>larger acquisitions. <span xmlns="http://www.w3.org/1999/xhtml" class="ff1c1 ls0 ws0"> <span class="_ _1b5"> </span><span class="ff1c0"> </span></span>4.1 Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sks <span xmlns="http://www.w3.org/1999/xhtml" class="ff1c3 lsb7 ws6e">(continued)<span class="ls0 ws0"> </span></span>DKK million Expected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> timing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets of gain<span class="_ _3b"/>s/losses recognised<span class="_ _3b"/> in the <span class="lsc ws11">equ<span class="_ _3b"/>ity</span></span> Fair value recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Notional Fair Fair on Hedging<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Time to principal value value After reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expected future tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsHedge in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>strume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntmaturity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>amount<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>0-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _44"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 y<span class="_ _3b"/>ears<span class="ls0 ws0"> <span class="_ _44"> </span><span class="ls9 ws16">3-<span class="_ _0"/><span class="lsc ws74">5 y<span class="_ _3b"/>ears<span class="ls0 ws0"> </span></span></span></span></span>5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>in equityInterestIntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">11 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,317 </span>227 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">39 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">78 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">46 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">64 </span>227 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>InterestCaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">4 yea<span class="_ _0"/>rs </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,190 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>15 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>CommoditiesCommodity hedges <span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">1 y<span class="_ _0"/>ears </span></span>464 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>26 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">5 years </span></span>283 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>15 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry charterForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls5f ws78">9 years </span></span>704 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sales and good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s purchasedForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">1 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,376 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">38 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">345 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">79 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">94 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">66 </span>286 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionExpected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> timing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets of gain<span class="_ _3b"/>s/losses recognised<span class="_ _3b"/> in the <span class="lsc ws11">equ<span class="_ _3b"/>ity</span></span> Fair value recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Notional Fair Fair Hedgi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng Time to principal value value After reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in Expected future tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsHedge in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>strume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntmaturity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>amount<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0-<span class="lsd ws75">1 year</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>3 y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ears<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _44"> </span><span class="ls9 ws16">3-<span class="_ _0"/><span class="lsc ws74">5 y<span class="_ _3b"/>ears<span class="ls0 ws0"> </span></span></span></span>5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>equityInterestIntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">11 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.876 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>InterestCaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">4 yea<span class="_ _0"/>rs </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.190 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loansCurren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">3 years </span></span>932 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loansCross currency interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rate swaps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _cb"> </span><span class="lsa ws14"> 0-<span class="ls8 ws10">5 years </span></span></span>298 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry investments & ferry c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>harter¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c5">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls5f ws78">9 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.229 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">29 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sales and good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s purchasedForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _251"> </span><span class="lsa ws14"> 0-<span class="ls8 ws10">1 years </span></span></span>944 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">58 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">83 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">9 </span></span>3 1 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>5 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022 no financial h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>edges were dee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med inefficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t hence no gain or lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss were recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in the I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome statement fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r hedges qualifying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>for hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e accounting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">The fa<span class="_ _0"/>ir value of the<span class="_ _0"/> interest swaps ha<span class="_ _0"/>s been calc<span class="_ _0"/>ulated by discounting<span class="_ _0"/> the expect<span class="_ _0"/>ed future inte<span class="ls50 ws78">rest pa<span class="_ _3b"/>ymen<span class="_ _3b"/>ts.<span class="ls0 ws12"> </span></span></span>The di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> each<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st paym<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. The fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alue o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ward e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ge co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> bun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ker con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on actual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> forw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rves.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Fo<span class="_ _3b"/>r instru<span class="_ _3b"/>ments</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">used<span class="_ _3b"/> to </span>hedge ferry investments the recycling from equity will be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised under non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">current </span>tangible assets.4.2<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c8 ls0 ws0"> <span class="_ _0"/><span class="ff1c6 ls13 wsbc">In<span class="_ _3b"/>formation<span class="_ _3b"/> on fin<span class="_ _3b"/>ancia<span class="_ _3b"/>l <span class="ls12 ws7d">in<span class="_ _3b"/>strumen<span class="_ _3b"/>ts<span class="ls0 ws0"> </span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Carrying amount per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> category of financial instru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mentsFinancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue:Derivatives, related to operating act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ivities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">102 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span>Derivatives, related to interest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsa ws14">bearing activities</span> <span class="_ _b9"> </span></span>244 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ost:Trade receivables, receivables from assoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates and joint ventures, other receivables a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _252"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>4,989 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,183 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue throu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gh prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it or loss:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c0"> </span><span class="ff1c7"> </span></span>Securities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ities m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>easure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue:Derivatives, related to operating act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ivities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">40 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Derivatives, related to interest-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">bearing activities</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">81 </span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties measure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ff1c7"> </span></span>Interest-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">beari<span class="_ _3b"/>ng liab<span class="_ _3b"/>iliti<span class="_ _3b"/>es, trade p<span class="_ _3b"/>ayables,<span class="_ _3b"/> payables<span class="_ _3b"/> to associa<span class="_ _3b"/>tes and jo<span class="_ _3b"/>int ve<span class="_ _3b"/>ntures, </span>and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">19,451 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17,707 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _229"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14,<span class="_ _0"/>162 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>13,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Hierarch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ble below ranks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments carri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> by valuation m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ethod. The differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent levels<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> have been defi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>as foll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ows:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 1<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Quoted prices in an active marke<span class="_ _3b"/>t for identical type of instrument, i.e. withou<span class="_ _3b"/>t change in form or content </span>(modification or repackaging).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 2<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Quoted prices in an active marke<span class="_ _3b"/>t for similar assets or liabilities or other valua<span class="_ _3b"/>tion methods where all </span>material input is based on obser<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">vabl<span class="_ _3b"/>e ma<span class="_ _3b"/>rket da<span class="_ _3b"/>ta.<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 3<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Valuation methods whe<span class="_ _3b"/>re possible material input is not based on observabl<span class="_ _3b"/>e market data.</span> DKK million2022Level 1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span></span>Level 2<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _65"> </span></span>Level 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>346 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Securities, finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Derivatives, financial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _254"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">48 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">298 </span>2 2021Level 1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span></span>Level 2<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _65"> </span></span>Level 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">58 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Securities, finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Derivatives, financial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _254"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">83 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10 </span>Derivative finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are all measured a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t level 2. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to note 4.1 fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r descrip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>of the va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luation met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hod.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Securit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies, financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l assets meas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prise other shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and equi<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">ty </span>investments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as well as other inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tments of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 2m (2021: DKK 10m). The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se consis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of minor unlisted sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares and invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">At year<span class="_ _3b"/></span>-<span class="ls54 ws12">end 2021 secu<span class="_ _3b"/>rities included</span> <span class="lsb9 ws10">DKK 8m</span> <span class="ls50 ws12a">rel<span class="_ _3b"/>ated<span class="_ _3b"/> to</span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">an investm<span class="_ _0"/>ent of<span class="ls0 ws0"> <span class="lsbd ws100">19.9%</span> <span class="ls26 ws78">of</span> <span class="ls53 ws75">the shares i<span class="_ _3b"/>n ICT Logi<span class="_ _3b"/>stics </span></span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">,<span class="_ _3b"/> but af<span class="_ _3b"/>ter a<span class="_ _3b"/>cq<span class="ls26">uiring<span class="ls0 ws0"> <span class="ls57 ws1b">further</span> <span class="lsb9 wse1">80.<span class="ls54 wsfd">1% <span class="ws12">of the shares</span></span></span> <span class="lsb9 wse1">DFDS</span> <span class="ls51 wsfc">has</span> <span class="ls57 wsf">during 2022<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws77">obtained control</span> <span class="ls57 wsf">and conse<span class="_ _0"/>quently, <span class="ls26 ws78">ICT<span class="ls0 ws0"> </span></span></span></span></span></span></span></span>Logistics Group has become a fully consolid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated subsidiary.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">Referen<span class="_ _3b"/>ce is made to note <span class="_ _3b"/>5.5 for further inf<span class="_ _3b"/>ormation on<span class="_ _3b"/> the </span></span>acquisition.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfers betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een levels of the fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value hiera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchy are conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red to have oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>curred at the date of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the event or change in circumstance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s that caused the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>transfer. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re were no transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s between the lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>els in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e fair value hierar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>chy in 2022 (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>No transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls14 ws24">Sig<span class="ls15 ws2d">ni<span class="_ _3b"/>fi<span class="_ _3b"/>cant ac<span class="_ _3b"/>cou<span class="_ _3b"/>ntin<span class="_ _3b"/>g es<span class="_ _3b"/>timate<span class="_ _3b"/>s and as<span class="_ _3b"/>ses<span class="_ _3b"/>smen<span class="_ _3b"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Derivativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>When ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ring into agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements involving<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ives, Management a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssesses whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the derivative<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in question meets t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he criteria fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r hedge account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, including whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing relates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o recognis<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ed assets and liabilities, </span>projected future cash flows, or financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al investments. Effectivenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s tests are carried out, and any inefficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy is recognised in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>4.3<span xmlns="http://www.w3.org/1999/xhtml" class="ff1cd ls0 ws0"> <span class="_ _0"/><span class="ff1cb ls12 ws71">Cha<span class="_ _3b"/>nges in l<span class="_ _3b"/>iabilit<span class="_ _3b"/>ies arisin<span class="_ _3b"/>g from fina<span class="_ _3b"/>ncing a<span class="_ _3b"/>ctivitie<span class="_ _3b"/>s<span class="ls0 ws0"> </span></span></span>The table be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>low di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scloses <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as well<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">cash chang<span class="_ _0"/>es in interest<span class="_ _0"/><span class="ls0 ws0">-<span class="ls26 ws14">bearing liab<span class="_ _3b"/>ilities and derivative financia<span class="lsba ws75">l </span></span></span></span></span>instru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated to i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssued co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e bond<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The changes arising from cash flows form part of the cash flows f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom financing activities in the Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of cash flows.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Derivative financial instrum<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> instruments are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> measured in the <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="_ _0"/><span class="ls51 ws74">alan<span class="_ _3b"/>ce she<span class="_ _3b"/>et at f<span class="_ _3b"/>air valu<span class="_ _3b"/>e as f<span class="_ _3b"/>rom th<span class="_ _3b"/>e date<span class="_ _3b"/> where<span class="_ _3b"/> the </span></span>derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive financial i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nstrument is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncluded. The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r values of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> derivatives fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are presented<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as derivative financial instrumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts under assets if positive or under liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties if negative. Netting of positive and negative derivative financial ins<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>truments is only performed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">if the<span class="_ _3b"/> Grou<span class="_ _3b"/>p is en<span class="_ _3b"/>titl<span class="_ _3b"/>ed <span class="_ _3b"/>to an<span class="_ _3b"/>d h<span class="_ _3b"/>as the in<span class="_ _3b"/>tenti<span class="_ _3b"/>on<span class="_ _3b"/> to </span></span>settle <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">the <span class="ls51 ws74">deriv<span class="_ _3b"/>ativ<span class="_ _3b"/>e fin<span class="_ _3b"/>anci<span class="_ _3b"/>al in<span class="_ _3b"/>strume<span class="_ _3b"/>nts a<span class="_ _3b"/>s a net. F<span class="_ _3b"/>air val<span class="_ _3b"/>ue<span class="_ _3b"/>s of deri<span class="_ _3b"/>vativ<span class="_ _3b"/>e fin<span class="_ _3b"/>anci<span class="_ _3b"/>al in<span class="_ _3b"/>stru<span class="_ _3b"/>ments<span class="_ _3b"/> are co<span class="_ _3b"/>mputed<span class="_ _3b"/> </span></span>on the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asis of cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ta and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erally <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>accep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thod<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws74">e he<span class="_ _3b"/>dge<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Changes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue of financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial instrument<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s designated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> qualifying for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognition a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s a fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue hedge of rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and liabiliti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es are recognised i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement toget<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her with chang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in the value o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the hedged <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">asset or liabili<span class="_ _3b"/>ty based on the hedged proportion. Hedging of future cash f<span class="_ _3b"/>lows according to </span>agreements (fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm commitmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts), except for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>foreign curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy hedges, is tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated as a fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>value hedge of a recognise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Changes in<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">the fa<span class="_ _0"/>ir value of fina<span class="_ _0"/>ncial instrum<span class="_ _0"/>ents designat<span class="_ _0"/>ed as and quali<span class="_ _0"/>fying for cash flow<span class="_ _0"/> hedging a<span class="_ _0"/>nd which </span></span>effect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ively hedge cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nges in future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> cash flows, are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised in Ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her comprehens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive income. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> change in fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ffe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e porti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">on o<span class="_ _3b"/>f the cash flow hedge is re<span class="_ _3b"/>cognised a<span class="_ _3b"/>s a separate equi<span class="_ _3b"/>ty reserve un<span class="_ _3b"/>til </span>the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impacts the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement. At<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> this point in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ime the relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed gains or los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ses previously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised in Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e income are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ransferred to the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ement int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o the same line item as the hedged i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tem is recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nised. However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, when the forecast<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> transaction t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hat is hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d results in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">financ<span class="_ _0"/>ial asset, the<span class="_ _0"/> gains or loss<span class="_ _0"/>es previously r<span class="_ _0"/>ecognised in Othe<span class="_ _0"/>r comprehensive<span class="_ _0"/> income ar<span class="_ _0"/>e tra<span class="ls58 ws19">nsfer<span class="_ _3b"/>red fro<span class="_ _3b"/>m </span></span></span>equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and included in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he initial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> measurement of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he cost of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">financial asset. For derivative finan<span class="_ _3b"/>cial </span></span>instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments that no long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er qualify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> for hedge account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, the hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is dissolved pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ospectively.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The accumulate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue in equit<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">y is immed<span class="_ _3b"/>iate<span class="_ _3b"/>ly tr<span class="_ _3b"/>ansf<span class="_ _3b"/>err<span class="_ _3b"/>ed to<span class="_ _3b"/> the In<span class="_ _3b"/>come<span class="_ _3b"/> sta<span class="_ _3b"/>teme<span class="_ _3b"/>nt in<span class="_ _3b"/>to th<span class="_ _3b"/>e same<span class="_ _3b"/> li<span class="_ _3b"/>ne ite<span class="_ _3b"/>m as th<span class="_ _3b"/>e hed<span class="_ _3b"/>ged i<span class="_ _3b"/>tem </span>is recognised.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other financial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>For fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancial instrume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts that do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t fulfil the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f being treated a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s hedge instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hanges in f<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">air<span class="_ _0"/> value are rec<span class="_ _0"/>ognised in the I<span class="_ _0"/>ncome statement<span class="_ _0"/> as financial i<span class="_ _0"/>ncome and cost.<span class="ls0 ws0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _256"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="_ _14f"> </span> <span class="_ _10c"> </span> <span class="_ _48"> </span><span class="ff1cb lsb6 wsf9">No<span class="_ _3b"/>n</span></span>-cash changes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1cc ws12"> <span class="_ _14f"> </span> <span class="_ _10c"> </span> </span>New/ Additions Foreig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n disposed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>from exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Remea<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Fair 1 Jan.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>acqui<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>move<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>sured value Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 31 Dec. DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>flows<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>sitions<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ments<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Leases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>changes<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>changes<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Changes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in 2022Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">bearing liabilities:</span> Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and mortgag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e on ferries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">9,267 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,272 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 9 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,548 </span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,230 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">898 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-49 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">283 </span>Lease liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,839 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">963 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">240 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">34 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,622 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>4,705 Other liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _34"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _257"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1cb ws10"> <span class="ls9 ws16">14,337 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">590 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">240 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">83 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,622 </span>0 9 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,535 </span>Derivatives financial instrumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts:Derivatives related to issued corporate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _205"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">77 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">101 </span>0 0 0 32 0 8 Total liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from financing activities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _258"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14,414 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">691 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">240 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">83 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,622 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">32 </span>9 15,543 4.4<span xmlns="http://www.w3.org/1999/xhtml" class="ff1d1 ls0 ws0"> <span class="_ _0"/><span class="ff1cf ls13 wsbc">Fin<span class="_ _3b"/>ancia<span class="_ _3b"/>l income a<span class="_ _3b"/>nd cos<span class="_ _3b"/>ts<span class="ls0 ws0"> </span></span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">Prima<span class="_ _3b"/>rily re<span class="_ _3b"/>lates to fi<span class="_ _3b"/>nancial<span class="_ _3b"/> </span>assets/l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ities measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Income (net) from interest swaps is DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">1m </span>(2021: DKK 4m) and is included under Interest expense to banks, credit in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stituti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> corpora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te bonds, etc. 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">Foreign exchange gains in</span> 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">amoun<span class="_ _3b"/>ts to DKK<span class="_ _3b"/> 638m </span>(2021: DKK 219m) and foreign exchange losses amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al income1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1cf">)</span>Interest incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e from banks, etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span>9 1 2<span xmlns="http://www.w3.org/1999/xhtml" class="ff1cf">)</span>Fore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ign excha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nge gain, ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1de"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>27 Other f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inancia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">38 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nanci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al income66<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>29 Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1cf">)</span>Interest expense to banks, credit institutions, cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>porate bonds, etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">234 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">202 </span></span>Interest expense on lease liabilities, reference is made to note 3.1.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">130 </span></span> -95 Defined benefit pension plans, reference is m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade to note 3.2.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Other f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inancia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">17 </span></span>Transfer to assets un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>der construction <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span>Total financial costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> -<span class="ls9 ws16">409 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">307 </span>Financial income and costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> -<span class="ls9 ws16">343</span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">278 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _256"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="_ _14f"> </span> <span class="_ _10c"> </span> <span class="_ _28"> </span><span class="ff1cf lsb6 wsf9">Non</span></span>-cash chan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ges <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1d0 ws12"> <span class="_ _10c"> </span> <span class="_ _14f"> </span> </span>New/ Additions Foreig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n disposed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>from exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Remea<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Fair 1 Jan.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>acqui<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>move<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">- </span>sured value Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 31 Dec. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million 2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>flows<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>sitions<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ments<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Leases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>changes<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>changes<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Changes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in 2021Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">bearing liabilities:</span> Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries8,557 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">414 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">292 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>0 0 7 9,267 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _259"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,162 </span></span>0 0 67 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>1,230 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lease liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,926 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">834 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">340 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">127 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,279 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>3,839 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span>9 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 0 -<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _257"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1cf ws10"> <span class="ls9 ws16">12,654 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">421 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">633 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">192 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,279 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>14,337 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivatives financial instrumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts:Derivatives related to issued corporate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">140 </span></span>0 0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">63 </span></span>0 77 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from financing activities12,794 -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">421 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">633 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">192 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,279 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">63 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>14,414 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rest i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts; re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">unrealised<span class="_ _0"/> gains and lo<span class="_ _0"/>sses on </span>receivables, payables and transa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctions denominated in foreign curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cies; realised gains and losses on securities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>; amorti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>satio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inanci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sets an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d liab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties; i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> lea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sing a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>greeme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nts; b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ank ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ees et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c. <span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">Also </span>included<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are realised a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd unrealised g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ains and losses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on derivative<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial ins<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>truments that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not designat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed as hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>4.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff1d5 ls0 ws0"> <span class="_ _0"/><span class="ff1d3 lsa7 wse7">Interest<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls12 ws71">bearing liab<span class="_ _3b"/>ilities<span class="_ _3b"/></span> </span></span></span>DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25b"> </span>8,199 8,409 )Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds¹ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">283 </span>298 Lease liab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ility <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,916 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,118 </span>Total interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">bearing non</span>-cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _24a"> </span><span class="ws10"> <span class="ls9 ws16">12,397 </span></span></span>11,825 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,349 </span>858 )Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds¹ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>932 Lease liab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ility <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1fe"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">788 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">721 </span>Other current liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 Total interest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsf ws17">bearing current liabilities</span> <span class="_ _c4"> </span> <span class="ls9 ws16">3,13<span class="lsbc ws13">7 </span></span></span>2,511 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">bearing liabilities</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,535 </span>14,337 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In connec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he delivery of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> a new freight a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd passenger fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rry in 2022 DFD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S’ obtained a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _0"/><span class="ls51 ws74">new mo<span class="_ _3b"/>rtg<span class="_ _3b"/>age lo<span class="_ _3b"/>ans of<span class="_ _3b"/> DKK </span></span>744m (EUR 100m), wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th a maturit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of 12 years based on EURIBO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>R 3M interest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. In addition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to the new vessel mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tgage loan, DFDS refinan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ced a large part of exi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sting debt in 2022. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acility th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at was established i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Ju<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ne 2018 in conn<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">ecti<span class="_ _3b"/>on wi<span class="_ _3b"/>th th<span class="_ _3b"/>e </span>acquisition of U. N. Ro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">Ro of DKK 4,522m (E<span class="_ _3b"/>UR 607m) was refin<span class="_ _3b"/>anced partly un<span class="_ _3b"/>til 2024 an<span class="_ _3b"/>d partly until 2026. The <span class="_ _3b"/>refinan<span class="_ _3b"/>ced </span></span>faci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lity contains a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> loan covenant equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>valent to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> covenant in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he original fac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ility. During 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>022 the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup repaid c<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">orporat<span class="_ _3b"/>e </span>bonds with a nominal amount of NOK 1,250m<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls56 ws19">(DKK <span class="lsbd ws100">898<span class="ls51 wsfc">m <span class="lscc wse1">excl<span class="_ _3b"/>udi<span class="_ _3b"/>ng <span class="_ _3b"/>cross<span class="_ _3b"/> cur<span class="_ _3b"/>ren<span class="_ _3b"/>cy swa<span class="_ _3b"/>p<span class="ls54 ws12">, referen<span class="_ _3b"/>ce is made to no<span class="_ _3b"/>te 4.3<span class="ls52 ws91">). </span></span></span></span></span></span></span>In 2021 DFDS obtained two new mortgage loans; one loan of DKK 744<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m (EUR 100m), with a maturit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of 12 years based on EURIBOR 3M <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">int<span class="_ _3b"/>ere<span class="_ _3b"/>st rate<span class="_ _3b"/> and on<span class="_ _3b"/>e loan<span class="_ _3b"/> of DKK<span class="_ _3b"/> 364m, wi<span class="_ _3b"/>th a m<span class="_ _3b"/>aturit<span class="_ _3b"/>y of 5 ye<span class="_ _3b"/>ars an<span class="_ _3b"/>d ba<span class="_ _3b"/>sed on<span class="_ _3b"/> CIBOR<span class="_ _3b"/>. The two <span class="_ _3b"/>mor<span class="_ _3b"/>tgage </span>loans w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ere establis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hed in connection w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ith the delivery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of one new f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>reight and pass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enger ferry and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ne new freight<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> ferry.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he interest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">bearing liabilit<span class="_ _3b"/>ies amounts to DKK<span class="_ _3b"/> 15,534m (2021:<span class="_ _3b"/> DKK 14,337m). The fa<span class="_ _3b"/>ir value measur<span class="_ _3b"/>ement </span></span>is cat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egorised within le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vel 3 in the fa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ir value hier<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>archy.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The fair value of the finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lities is d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>etermined as the pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sent value of expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted future rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aymen<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">ts<span class="_ _3b"/> and in<span class="_ _3b"/>ter<span class="_ _3b"/>est ra<span class="_ _3b"/>te<span class="_ _3b"/>s. </span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up’s actual bor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowing rate f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or equivalent t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erms is used as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> rate. The fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue of the iss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ued corporate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> bonds nominal <span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of <span class="ls54 ws12">NOK 400m has been<span class="_ _3b"/> calculated ba<span class="_ _3b"/>sed on the quoted bo<span class="_ _3b"/>nd price in J<span class="_ _3b"/>une 2019 which is <span class="_ _3b"/>the latest<span class="ls0 ws0"> <span class="ls56 ws19">quoted </span></span></span></span>price (2021: quoted bon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price in J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>une 2019). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK 3,165m of the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bearing liabiliti<span class="_ _3b"/>es fall due after five years (2021: DKK 3,109m). No unusual condition<span class="_ _3b"/>s in </span></span>connec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>owing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> made.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> The l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oan agree<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>men<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts can<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> be set<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tled a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">value plus<span class="_ _0"/> a small sur<span class="_ _0"/>charge, wher<span class="_ _0"/>eas </span></span>premature se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ttlement of the corpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rate bon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ds requires a repur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>chase of the bon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ds. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Reference is made to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te 4.1 for fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial risks, e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Allocation of currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y, principal nominal am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount:DKK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,419 </span>2,664 EUR <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25d"> </span>9,197 8,226 NOK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">324 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,271 </span>GBP <span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,075 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,144 </span>USD <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">342 </span>809 SEK <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ab"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">140 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">193 </span>Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _260"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">31 </span>Total interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">bearin<span class="_ _3b"/>g <span class="lsf ws1c">liabilities</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,535 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14,337 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">In<span class="_ _3b"/> 2019 DFDS issued a five</span>-year cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>porate bond of NOK 400m, which runs for the period<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 7 June 2019 until 7 June 2024. The bond is listed on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Oslo Stoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>k Exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. The five-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">year </span>bond ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s been i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssued wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h a floati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng rate b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> three-month NI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>BOR + 1.50<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>% margin i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n NOK, but s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ubsequently sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>apped to a fixed interest rate in DKK. <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws21">Acco<span class="ws41">unt<span class="_ _0"/>ing polici<span class="ls1a ws2a">es<span class="_ _0"/><span class="ls0 ws0"> </span></span></span></span>Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bearing liabilities comprise amounts owed to mor<span class="_ _3b"/>tgage/credit institutions and b<span class="_ _3b"/>anks as well as amounts </span></span>owed to owners of issued corporate bonds includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing liabilities arising from deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atives relating to issued corporate bonds. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he amounts are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> initially r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised at fa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ir value net of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>penses. Subsequent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ly, the fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial liability is measured at amortised cost, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>esponding to the capitalised value u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sing the effective interest method, so that the differen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce between the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>roceeds and the<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">nominal value i<span class="_ _0"/>s recognised i<span class="_ _0"/>n the Income st<span class="_ _0"/>atement under </span></span>‘financial costs’ over the term of the loan. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bearing liabilities also include capit<span class="_ _3b"/>alised residual lease obligations on fin<span class="_ _3b"/>ance leases. Other li<span class="_ _3b"/>abilities are </span></span>recognised at amortised cost<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">, which correspo<span class="_ _0"/>nds to the ne<span class="_ _0"/>t realisable<span class="_ _0"/> value in all mat<span class="_ _0"/>erial res<span class="_ _0"/>pects.<span class="ls0 ws0"> </span></span>In accordance with th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Annual Gen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eral Meet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing in March 2022 the Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard of Directo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs is <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">authorised <span class="_ _0"/><span class="lsbc ws13">– <span class="ls54 ws12">until 23 March 202<span class="_ _3b"/>6 <span class="lsba ws93">– </span></span></span></span>to acquire treasury shares up to 5,860,000 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>shares corresponding to a nominal share va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lue of DKK 117,200,000. However, DFDS’ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>total n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>umber o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f trea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es cann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ot at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>any ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me excee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d 10<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>% of DFD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>S A/S’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> pr<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ice cann<span class="_ _3b"/>ot deviate </span>by more than 10% from the listed acquisition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> price on NASDAQ Copenhagen at the time of acquisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS A/S has during 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>22 acquired <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>treasury shares for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a total paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of DKK 32m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: DKK 75m). Fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thermore, durin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g 2022 DFDS A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/S has d<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ispos<span class="_ _3b"/>ed treasury shares for a total conside<span class="_ _3b"/>ration of DKK 0m (2021: DKK<span class="_ _3b"/> 48m) in connection with </span>employees’ ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ercise of share opt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws78">ions/<span class="ls50">res<span class="_ _3b"/>tri<span class="_ _3b"/>cted s<span class="_ _3b"/>toc<span class="_ _3b"/>k uni<span class="_ _3b"/>ts<span class="lsbd ws137">. </span></span></span>The Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y’s holding of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>easury shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at 31 December 2022 is 1,3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>81,528<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> shares of DKK 20 each (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2021: 1,272,318 shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es), correspondi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng to 2.36% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>(2021: 2.17%) of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Parent Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y’s share capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al. Treasury sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares are held <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>to cover the share option<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">sche<span class="_ _3b"/>me and<span class="_ _3b"/> res<span class="_ _3b"/>tri<span class="_ _3b"/>cted <span class="_ _3b"/>stock u<span class="_ _3b"/>nit p<span class="_ _3b"/>lan f<span class="_ _3b"/>or<span class="_ _3b"/> emplo<span class="_ _3b"/>yees<span class="_ _3b"/>.<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Dividends<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Propose<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d dividend is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> liabilities at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the date on w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hich they are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> adopted at the annual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> general mee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting (time of <span xmlns="http://www.w3.org/1999/xhtml" class="ws78">declaration).<span class="ls0 ws0"> </span></span>Reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r trea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The reserve compri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses the nomin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al value of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> treasury shares. The di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fferen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce between the mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ket price paid and the nomin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e as wel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l as di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>viden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d on tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">gnised direc<span class="_ _3b"/>tly in equity un<span class="_ _3b"/>der retained earni<span class="_ _3b"/>ngs. The </span>reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e is a dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tribu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>table re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>serve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="fc16 ls0 ws76"> </span>4.8<span xmlns="http://www.w3.org/1999/xhtml" class="ff1d9 ls0 ws0"> <span class="_ _0"/><span class="ff1d7 ls5d ws1d">Earning<span class="_ _0"/>s per shar<span class="_ _0"/>e<span class="ls0 ws0"> </span></span></span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>slatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erve<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>serve comprises<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> DFDS A/S shareho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lders’ share of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> currency tra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nslation adjustme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts arising on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he translati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on of net i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nvestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in enterprises<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>with a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> functional curre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncy other tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n DKK. The reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is dissolve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d upon disposa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> entit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dgin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing reserve co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mprises the fa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ir value of hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing transacti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons that quali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fy for r<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ecogni<span class="_ _3b"/>tion as <span class="_ _3b"/>cash fl<span class="_ _3b"/>ow </span>hedges<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and where the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> hedged transacti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons have not been r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ealised. H<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edge accounting ce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ases when t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he hedging instrument ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures or if a hedge is no l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onger effective.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Profit for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he year (DKK million) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,019 </span></span>976 Attribu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>table<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to non-contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>olling inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rests (D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>KK million)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _146"> </span><span class="ws12"> -<span class="ls8 ws15">10 </span></span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>Attributable to DFDS Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup <span xmlns="http://www.w3.org/1999/xhtml" class="_ _264"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,010 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">958 </span>Weighted average number of issued ordinar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _64"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">58,631,578 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">58,631,578 </span>Weighted average number of treasury shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f0"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,363,552 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,21</span>5<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">,616</span> Weigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age numb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er of circul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ating ord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inary sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _49"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">57,268,026 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57,41</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">5<span class="ls8 ws15">,962 </span></span>Effects of dilution from<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> issued share optio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns and restricte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d stock unit plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">79,636 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">84,363 </span>Weig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hted av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erage nu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mber of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> circ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ulating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ordinary sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dilute<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">57,347,<span class="_ _0"/>662 </span>57,500,32<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>5 Basic earni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ngs per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> share (EPS) of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 20 in DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _12d"> </span><span class="ws12"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">35.09 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16.69 </span>Diluted earnings per share (EPS-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">D) of DKK 20 in DKK</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35.04 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16.67 </span>When calculating d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iluted earnin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gs per share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> for 2022, 1,155,397 sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (2021: 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>39,833 share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions) have <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>been omitted as the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y are out<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls50 ws77">the</span>-<span class="ls57 wsf">money. The sha<span class="_ _0"/>re options m<span class="_ _0"/>ight dilute ear<span class="_ _0"/>nings per share<span class="_ _0"/> in the future.<span class="ls0 ws0"> </span></span></span>4.7<span xmlns="http://www.w3.org/1999/xhtml" class="ff1d9 ls0 ws0"> <span class="_ _0"/><span class="ff1d7 ls12 ws71">Treasury s<span class="_ _3b"/>hares<span class="_ _3b"/><span class="ls0 ws0"> </span></span></span>Number o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f shares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _261"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1d7 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1d7"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Treasury sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares at 1 J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anuar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y <span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,272,318 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,255,892 </span>Acquisitio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n of treasury sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1da"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">110,000 </span>200,000 Disposal of treasury shares due to exerc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ise of share options and re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stricted<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> s</span>to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ck<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws78">u<span class="_ _3b"/>nit<span class="_ _3b"/>s</span> <span class="_ _262"> </span><span class="ls5e ws75"> -790 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">183,574 </span>Treasury<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> shares at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 31 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _263"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">1,381,<span class="_ _0"/>528 </span></span>1,272,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>318 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Market v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alue of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> treasury<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> shares b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n quo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted share p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice at 31 Dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ember, DKK mill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion <span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">354 </span>444 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.<span xmlns="http://www.w3.org/1999/xhtml" class="ff1dd ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lse0 ws80">Other notes<span class="ls0 ws0"> </span></span>5.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e2 ls0 ws0"> <span class="_ _0"/><span class="ff1e0 ls12 ws71">Remunera<span class="_ _3b"/>tion t<span class="_ _3b"/>o the<span class="_ _3b"/> Executive Board<span class="_ _3b"/> and<span class="_ _3b"/> Board of Direct<span class="_ _3b"/>ors<span class="ls0 ws0"> </span></span></span>Remuneration to the Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve BoardTorben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span><span class="ws10"> <span class="_ _57"> </span><span class="lsd ws75">Karina Deacon</span></span> <span class="_ _140"> </span><span class="ws10"> <span class="_ _44"> </span><span class="lsf ws17">Executive Board, total</span></span> </span>DKK ‘000 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Wages and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> salarie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">9,000 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">7,900 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,410 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,200 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">13,410 </span>12,100 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bonus <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">7,200 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">5,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,440 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,500 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,640 </span>7,500 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Defined<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ution pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">900 </span>790 441 420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,341 </span>1,210 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,875</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,381 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">599 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,005 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,<span class="lsbc ws13">474</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>3,386 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">265 </span>250 190 175 455 425 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to Executive Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _270"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20,240</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">16,321 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,080</span> 8,300 30,<span xmlns="http://www.w3.org/1999/xhtml" class="ws16">320<span class="ls0 ws0"> </span></span>24,621 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rmination peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>od for the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>utive Board is 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2 months. Furt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her, the CEO has<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> additional 12 m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onths redundancy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> payment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> In connectio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n with a change o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f control of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he members of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d can <span xmlns="http://www.w3.org/1999/xhtml" class="ls59 ws72">– <span class="ls50 ws78">withi<span class="_ _3b"/>n the<span class="_ _3b"/> firs<span class="_ _3b"/>t 3 </span></span>months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the event <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">- <span class="ls50 ws78">terminate<span class="_ _3b"/> the<span class="_ _3b"/>ir e<span class="_ _3b"/>mplo<span class="_ _3b"/>ymen<span class="_ _3b"/>t with<span class="_ _3b"/> the sa<span class="_ _3b"/>me eff<span class="_ _3b"/>ec<span class="_ _3b"/>t as if th<span class="_ _3b"/>e Co<span class="_ _3b"/>mp<span class="_ _3b"/>any h<span class="_ _3b"/>ad giv<span class="_ _3b"/>en n<span class="_ _3b"/>oti<span class="ls26 ws14">ce of termin<span class="_ _3b"/>ation of </span></span></span>employment to the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xecutive Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard. Key manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment personnel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is defined as CEO To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen and CFO Ka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rina Deacon.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en, Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air <span xmlns="http://www.w3.org/1999/xhtml" class="_ _265"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,125 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,125 </span>Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg, Deputy Chair<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _8c"> </span><span class="ls8 ws15">750 </span></span>750 Anders Götzsche <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _d9"> </span><span class="ws12"> </span>94 </span>375 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Dirk Reich <span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Minna Aila, (Joined in M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arch 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _266"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> <span class="ls8 ws15">281 </span></span>0 Jesper Hartvig Nielsen¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _267"> </span><span class="ws12"> </span>94 </span>375 Lars Skjol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Hansen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Jens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Otto Knu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="fca ls0 ws0">¹<span class="ff1e3">⁾</span><span class="fc1"> <span class="_ _268"> </span>94 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ianne Henri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ksen, (Jo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ined in Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rch 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Kristian Kristensen, (Joined in March 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board (continue to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ight) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,500 </span>4,500 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(Continued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>:Anders Götzsche<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, Chair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _11c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">250 </span>250 2Dirk Reich ⁾<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e1 fca"> <span class="_ _23a"> </span><span class="fc1 ls8 ws15">125 </span></span>500 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">125 </span>125 Minna Aila (Joined<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsa ws18">in </span>M</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">arch 2022)<span class="ls0 ws0"> <span class="_ _269"> </span><span class="ws12"> </span></span></span>75 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ws10"> <span class="ls9 ws16">575 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">875 </span>Remuneration & N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omination Committee:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">25 </span></span>100 Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Nomination Committee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">225 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">300 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board of Directo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _f"> </span><span class="ls9 ws16">5,300 </span></span>5,675 Total remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve Board an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>recto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf"> 35,<span class="ws16">62<span class="lsbc ws13">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">30,296 </span>Remuneration to the chair of the Audit Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mittee is DKK 250k <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13b">per year <span class="ls54 ws12">(2021: DKK<span class="_ _3b"/> 250k) and remun<span class="_ _3b"/>eration to other </span></span>members of the Audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Committee i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s DKK 125k per yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 125k) e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach. Remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eration to each of the th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs of the Remuneration and Nomination Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tee is DKK 100k <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws101">per year<span class="ls0 ws0"> </span><span class="ws12">(2021: DKK 10<span class="_ _3b"/>0k). <span class="ls0 ws0"> </span></span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsb5">Mari<span class="_ _0"/>anne Dahl, <span class="_ _0"/>Jesper H<span class="_ _0"/>artvig<span class="_ _0"/><span class="fc8 sc0"> </span></span>Nielse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n and Jens Otto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Knudsen left the Board of Directors in 2022. 2 D<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">irk Reich received an </span>extraordinary fee of DKK 375,000 in 2021 due to conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rable ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>visory wo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rk related to business development, acquisiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d organ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> design.5.2<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e6 ls0 ws0"> <span class="_ _0"/><span class="ff1e4 ls13 wsbc">Fee<span class="_ _3b"/> to Audi<span class="ls85 ws81">tors appoi<span class="_ _0"/>nted at the<span class="_ _0"/> <span class="ls0 ws0">A<span class="ls12 ws71">nnual Gene<span class="_ _3b"/>ral Meet<span class="_ _3b"/>ing</span> </span></span></span></span>Fees fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atuto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>udi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>emen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ro<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">vided b<span class="_ _3b"/>y Pricewaterhousecoope<span class="_ _3b"/>rs </span>Stats<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>auto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Revi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>spa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rtne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rsel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>skab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rk amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>unte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">1<span class="_ _3b"/>.1m <span class="ls54 ws12">(2021: DKK<span class="_ _3b"/> 0.4m) including o<span class="_ _3b"/>ther assur<span class="_ _3b"/>ance </span></span>opinions and agreed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">upon proce<span class="_ _0"/>dures, as well as<span class="_ _0"/> tax and acc<span class="_ _0"/>ounting advice.<span class="ls0 ws0"> </span></span></span>DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">Other assurance engagements </span>amount to DKK 0.4m (2021: DKK 0.0m) Includes review of regul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atory fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">Tax<span class="_ _3b"/> and VAT<span class="_ _3b"/> advice amo<span class="_ _3b"/>unt to </span>DKK 1.7m (2021: DKK 0.6m) and comprise o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f work relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d to Tax compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Non<span class="_ _3b"/></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">audit <span class="_ _3b"/><span class="lsb6 wsf9">services <span class="ls7 ws17">amou<span class="_ _3b"/>nt</span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">to </span>DKK 1.1m (2021: DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls7 ws74">0.3m) and<span class="_ _3b"/> </span></span>comprises of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dvice in relation to acquisition of enterprises. Audit fees <span xmlns="http://www.w3.org/1999/xhtml" class="_ _242"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Other assurance engagements¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e7">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fca"> <span class="_ _264"> </span><span class="fc1 ws12"> <span class="lsa ws18">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Tax and VA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>T advi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce²<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e7">⁾</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _261"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1 ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">audit services</span><span xmlns="http://www.w3.org/1999/xhtml" class="fca">³<span class="ff1e7">⁾</span> <span class="_ _21c"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total fees <span xmlns="http://www.w3.org/1999/xhtml" class="_ _229"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14 </span>11 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Average Board exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>option 2022Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375,305 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">626,362 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">155,426 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,157,<span class="_ _0"/>093 </span>336.36 Transferred between categories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">112,794 </span>112,794 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>337.78 Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _271"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">64,814 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">111,892 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">176,706 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">301.00 </span>Expired during the yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27,778 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">41,124 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">60,922 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">129,824 </span>390.00 Forfeited during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">28,746 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">19,832 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">48,578 </span></span>373.70 Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">412,341<span class="_ _0"/> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">555,590 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">187,466 </span>1,155,397<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">331.76 </span>Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _206"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">112,<span class="_ _3b"/>863 </span>159,125 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">136,689 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">408,677 </span>356.96 Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Average Board exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>option 2021Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">360,629 </span>604,141 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">225,794 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,190,<span class="_ _0"/>564 </span>338.55 Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">56,728 </span>97,898 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">154,626 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">301.00 </span>Exercised during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">42,052 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70,214 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">70,368 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">182,634 </span>262.00 Expired during the yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,463 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">5,463 </span>262.00 Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">375,305 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">626,362 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">155,426 </span>1,157,093<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 336.36 Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _272"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">76,991 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">146,230 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">116,612 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">339,833 </span>385.67 The share options g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted in 2022 h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ad a fair value of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 7.3m (2021: DKK 6.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m), equal to an aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age fair value p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er option of DKK 41.38 (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 42.66).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>No share options have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cised during 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 182,6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>34). The aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age weighted m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arket price per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e exercised in 2021 was DKK 289.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vesting of share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions is expensed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come statement fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022 with DKK 7m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: DKK 7m). <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>The calcula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted fair values are based on the Bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ack<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">Scholes f<span class="_ _0"/>ormula for meas<span class="_ _0"/>uring shar<span class="ls54 ws12">e options. The outs<span class="_ _3b"/>tanding op<span class="_ _3b"/>tions on 31 Decembe<span class="_ _3b"/>r 2022 </span></span></span>have an average weigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted remainin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctual time 2.1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (2021: 2.3 yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.3<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e6 ls0 ws0"> <span class="_ _0"/><span class="ff1e4 ls4d ws6f">Share based paym<span class="_ _0"/>ent<span class="ls0 ws0"> </span></span></span>Long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws17">term incentives</span> </span>The decision to grant long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term incentives i<span class="_ _3b"/>s made by the Bo<span class="_ _3b"/>ard of Director<span class="_ _3b"/>s. With effect from 202<span class="_ _3b"/>1 the long</span>-<span class="ls50 ws78">ter<span class="_ _3b"/>m ince<span class="_ _3b"/>nti<span class="_ _3b"/>ve<span class="ls53 wsa4">s </span></span></span>for the Executive Board and <span xmlns="http://www.w3.org/1999/xhtml" class="ls55 ws42">ke<span class="_ _3b"/>y<span class="ls0 ws0"> <span class="ls53 ws75">employee<span class="_ _3b"/>s consis<span class="_ _3b"/>t of two co<span class="_ _3b"/>mponen<span class="_ _3b"/>ts, Sha<span class="_ _3b"/>re option<span class="_ _3b"/>s an<span class="_ _3b"/>d Restri<span class="_ _3b"/>cted Shar<span class="_ _3b"/>e Uni<span class="_ _3b"/>ts (RSUs) </span></span></span>where the award is spli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 50/50 between<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> them based on valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e as per grant da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te. Both compon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents vest on a stra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">line </span>basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r three <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ars fro<span class="_ _3b"/>m the d<span class="_ _3b"/>ate of g<span class="_ _3b"/>rant. S<span class="_ _3b"/>pecial<span class="_ _3b"/> con<span class="_ _3b"/>dition<span class="_ _3b"/>s app<span class="_ _3b"/>ly re<span class="_ _3b"/>gardi<span class="_ _3b"/>ng ill<span class="_ _3b"/>ness <span class="_ _3b"/>and d<span class="_ _3b"/>eath and i<span class="_ _3b"/>f the <span class="_ _3b"/>capi<span class="_ _3b"/>tal stru<span class="_ _3b"/>ctur<span class="_ _3b"/>e </span>of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y is ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d. Sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d RSU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s gra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d can<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> onl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y be se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ttled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. A par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry shares i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed for s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ttling the o<span class="_ _0"/>utstanding share<span class="_ _0"/> options<span class="ls26 ws78">, <span class="ls53 wsa4">RSUs<span class="ls0 ws0"> <span class="ls51 wsfc">and <span class="ws74">ph<span class="_ _3b"/>antom sh<span class="_ _3b"/>ares<span class="_ _3b"/><span class="lsbd ws100">. </span></span></span></span></span></span></span>Share options<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> options have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en granted to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oard and <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">key<span class="ls0 ws0"> <span class="ls26 ws14">employees. Each share option gives the holder of the option </span></span></span>the right to acquire one existing share in the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">mpany of nomina<span class="_ _0"/>l DKK 20. The sha<span class="_ _0"/>re option sc<span class="_ _0"/>hemes equal a ri<span class="_ _0"/>ght to </span>acquire 2.0% of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are capital (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: 2.0%) if the rem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aining share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions are exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cised.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share options were g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted in 2016<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2020 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t an exercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e equal to the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age share p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">the Pa<span class="_ _3b"/>rent Co<span class="_ _3b"/>mp<span class="_ _3b"/>any’<span class="_ _3b"/>s </span></span>shares 20 days befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e the grant with an ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dition of 10%. Sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are granted in 2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2022 at an exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcise pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce equal to the average shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e price of the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s shares five da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ys after the releas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of the Q4 repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t with an <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">addition of </span>10%.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The share options <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>can be exercised wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en a minimum of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>three years and a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>maximum of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ive years have elap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed since the grant d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates..Assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cernin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g the calcu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue at time of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant:Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls5e ws93">free </span></span>dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per option <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se Market p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed interest share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of Year of grant<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>price<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>rate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">344</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30<span class="_ _3b"/>7.20 </span>34.60%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-<span class="lsb wsf">0.19%</span> <span class="_ _272"> </span></span>12.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _42"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>41.38 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">301</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">271.00 </span>34.81%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _150"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>42.66 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2020 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">314</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">262.40 </span>27.27%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.72%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _150"> </span><span class="lsb wsf">9.00</span> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>19.67 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2019, November <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>291 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">273.40 </span>26.86%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.72%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span></span>11.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> <span class="_ _3b"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">27 months </span>25.28 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2019, February <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">335</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">306.60 </span>27.99% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _133"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">0.51%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">9.00</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years </span>34.19 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2018 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">383</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">331.60 </span>27.87%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-<span class="lsa ws18">0.20%</span> <span class="_ _4d"> </span></span>11.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>30.48 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,844 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,260 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Transferred between categories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,289 </span>4,289 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _274"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,565 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14,785 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>23,350 Forfeited during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,130 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,365 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,495 </span>Outstanding at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _58"> </span> <span class="ls9 ws16">17,409 </span></span>24,626 1,924 43,959 Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _274"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,844 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,260 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">8,844 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,260 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per share Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se Market p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of Year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> grantprice<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>interest ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>307.20<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span></span>34.60%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4a"> </span>-<span class="lsb wsf">0.19%</span> <span class="_ _6b"> </span></span>12.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>313.15<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>271.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span></span>34.81%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4a"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>273.65<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The expected volatility for 2018 to 2022 is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>based on the historical volatility for the pas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t three years. The risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">free interest </span></span>rate is for 2018 to 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 based on <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">th<span class="_ _3b"/>ree<span class="ls0 ws0">-<span class="ls57 wsf">year Danish g<span class="_ _0"/>overnment bonds.<span class="ls0 ws0"> </span></span></span></span>Restricted Stock Units (RSUs)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>RSUs have been gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anted to the Execu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tive Board and <span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">k<span class="_ _3b"/>ey<span class="ls0 ws0"> <span class="ls26 ws14">employees. Each RSU gives the hol<span class="_ _3b"/>der a right to receive one existing </span></span></span>share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the Parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Company of nomina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l DKK 20 when the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> three<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year v<span class="ls53 ws75">esting p<span class="_ _3b"/>eriod<span class="_ _3b"/> has el<span class="_ _3b"/>apsed. <span class="_ _3b"/>The RSUs eq<span class="_ _3b"/>ual a rig<span class="_ _3b"/>ht to </span></span></span>receive 0.07% (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 0.04%) of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are capital if al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l remaining RSUs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red. Vestin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of RSUs is expensed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the Income statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for 2022 with DKK 4m (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 2m).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The numb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er of RSUs g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">in 2021 and 2022 is bas<span class="_ _3b"/>ed on the aver<span class="_ _3b"/>age share price of th<span class="_ _3b"/>e Parent Company’<span class="_ _3b"/>s shares five da<span class="_ _3b"/>ys </span></span>after the releas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of the Q4 report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Employee recognition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In recognition of the contribution made by D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ employees in a year with exceptional ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>allenges, the Board of Directors has 22 December 2020 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>warded up to 50 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res free of charge<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>to ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The shares will vest ove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r a three<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year p<span class="_ _3b"/>eriod </span></span>from January 2021 to De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cember 2023 o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n a straigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">line b<span class="_ _0"/>asis. Only emplo<span class="_ _0"/>yees working t<span class="_ _0"/>hrough the ful<span class="_ _0"/>l vesting pe<span class="_ _0"/>riod will </span></span>be entitled to the sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res. Employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s workin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g more than 24 hours per <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>week will ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 50 shares, if they w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ork more than 12 hours and up to 24 hou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs per week, they get<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 30 shares and if they <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>work up to 12 hou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs per week, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y get 10 shares. If an employee retires or leaves his job because of disabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y during the period until Dece<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">mber 2023 th<span class="_ _3b"/>e employee is ent<span class="_ _3b"/>itled to </span>the full num<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber of sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>res when the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mployee leaves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The shares are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in most countr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies awarded as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> a phantom shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e programme whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reby the entitled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s will receive a cash pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yment in Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2023 equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al to the value o<span xmlns="http://www.w3.org/1999/xhtml" class="lsb9 ws10">f 50 DFD<span class="_ _3b"/>S </span>shares.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> A part of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> treasury share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s is reserved fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r settling t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he outstanding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> shares in the em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ployee recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nition programm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In total<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 8,2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>89 emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>awa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rd da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntitle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> attr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> each<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">he </span>total expected numbe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r of shares to be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erred to the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yees is 282,723 of whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch 168,176 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re phantom sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res (cash) and 114,547 are sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1,790 shares have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red during <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2022 (2021: 150 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res). Vesting of sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares for 2022 is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an expense <span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">of DKK 19m </span>(2021: DKK 29m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Market share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se price at Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> grantprice<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>grant da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>interest ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tedate <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting2020 Special Reward <span xmlns="http://www.w3.org/1999/xhtml" class="_ _276"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>267.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3c"> </span></span>34.87%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _42"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3c"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>247.87<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has set up equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">settled share option plans and RSUs. Part of the Parent Company’s hol<span class="_ _3b"/>ding of <span class="ls50 ws77">treas<span class="_ _3b"/>ury </span></span></span>shares is u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the RSU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The value of servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es received in ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>change for gran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted share<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">base<span class="_ _3b"/>d payme<span class="_ _3b"/>nt is<span class="_ _3b"/> measu<span class="_ _3b"/>re<span class="_ _3b"/>d at the fai<span class="_ _3b"/>r val<span class="_ _3b"/>ue of th<span class="_ _3b"/>e </span></span>share<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls56 ws1a">based payment granted.</span> </span>The equity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">settled sha<span class="_ _0"/>re options and RS<span class="_ _0"/>Us are measur<span class="_ _0"/>ed at the fa<span class="_ _0"/>ir value at grant<span class="_ _0"/> date and rec<span class="_ _0"/>ognised in the<span class="_ _0"/> </span></span>Income statement under staff costs over th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e vesting period. The counter posting is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised directly in equity as a share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hold<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">initial recognition of the share options, an estimate is made over the numbe<span class="_ _3b"/>r of share</span> <span class="ls50 ws78">based pa<span class="_ _3b"/>yme<span class="_ _3b"/>nt th<span class="_ _3b"/>at the </span></span>employees will vest, cf. the service conditio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns described above in this note. Subsequen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to initial recognition, the estimate of share ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed paym<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">en<span class="_ _3b"/>ts to b<span class="_ _3b"/>e ve<span class="_ _3b"/>sted i<span class="_ _3b"/>s ad<span class="_ _3b"/>juste<span class="_ _3b"/>d whe<span class="_ _3b"/>reb<span class="_ _3b"/>y the<span class="_ _3b"/> total<span class="_ _3b"/> reco<span class="_ _3b"/>gni<span class="_ _3b"/>tio<span class="_ _3b"/>n is b<span class="_ _3b"/>ased on<span class="_ _3b"/> the a<span class="_ _3b"/>ctu<span class="_ _3b"/>al </span>number of vested<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> share based pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he granted share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> options is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated using<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Black<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws14">Schole<span class="_ _3b"/>s option<span class="ls0 ws0">-<span class="ls51 ws74">prici<span class="_ _3b"/>ng mode<span class="_ _3b"/>l. Te<span class="_ _3b"/>rms and<span class="_ _3b"/> </span></span></span></span>conditions for each<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">grant ar<span class="_ _0"/>e taken into acco<span class="_ _0"/>unt when ca<span class="_ _0"/>lculating the f<span class="_ _0"/>air value.<span class="ls0 ws0"> </span></span></span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">share b<span class="_ _3b"/>ased p<span class="_ _3b"/>ayme<span class="_ _3b"/>nt<span class="ls0 ws0"> </span><span class="wsfc">pro<span class="_ _3b"/>gram<span class="_ _3b"/>me</span></span>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">are recogni<span class="_ _3b"/>sed at fair value ove<span class="_ _3b"/>r the vesting peri<span class="_ _3b"/>od and expen<span class="_ _3b"/>sed as staff </span>cost. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he accrual i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s recorded under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Other payables or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> depending on whet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">er settle<span class="_ _3b"/>ment is done in<span class="_ _3b"/> cash </span>or shares,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> respec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.4<span xmlns="http://www.w3.org/1999/xhtml" class="ff1f0 ls0 ws0"> <span class="_ _0"/><span class="ff1ee">C<span class="ls13 wsbc">ash fl<span class="_ _3b"/>ow</span> </span></span>DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">cash operating items<span class="_ _0"/><span class="ls0 ws0"> </span></span>Change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in provis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _277"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span>7 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in write-down of inventories for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _278"> </span><span class="ls8 ws15">6 </span></span>8 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in provision for defi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ned benefit plans and jubi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lee obligations<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10f"> </span> <span class="ls8 ws15">16 </span></span>10 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vesting of share option plans and employee shares expensed in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Income statement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30 </span>37 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-cash operating items<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _220"> </span><span class="ws10"> <span class="lsbc ws13">64 </span></span></span>62 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Change in w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orking cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ital<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in invent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ories<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _235"> </span><span class="ws12"> </span>-<span class="ls8 ws15">61 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>91 Change in receivables, such as trade receivables, prepaid cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s, etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _279"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">463 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>359 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Change in current liabilities, such as trade <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>payables, deferred income, current account with joint v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>entu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res, etc. <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">530 </span>597 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Change in working capital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _86"> </span> <span class="ls9 ws16">6 </span></span>148 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The Cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h flow stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt has been pre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pared using the ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>irect metho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d, and shows t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he consolidated cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h flow from operating, investing, and finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cing activities for the year, and the <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">consolidat<span class="_ _0"/>ed cash and cas<span class="_ _0"/>h equivalents at<span class="_ _0"/> the </span>beginning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The cash flow effect of acquisition and disposal of ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rprises is shown separately in cash flows to/f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom investing activities. Cash flows from acquisitions of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nterprises are recognised in the Cash flow statement f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom the date of acquisition. Cash flows from divest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment of enterprises are recognised up un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>til the date of disposal.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash flow from operating activities is calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated on the basis of the profit/loss befo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re amortisation <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">and </span>depreciation (EBITDA) and special items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>adjusted for the cash flow effect of special items, non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>cash operating items, ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ges in wo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rking<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> capi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tal (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>such a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s trade p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es, d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come, cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>joint ventures, trad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e receivable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, pr<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">epaid costs, etc.), payments related to pensions <span class="_ _3b"/>and other provisions, pay<span class="_ _3b"/>ments </span>relating to financial items and corporation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tax paid.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w from investi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> includes payments i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n connection w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ith the acquis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ition and divest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment of enterp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rises an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">d activities and of non<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls51 ws74">current in<span class="_ _3b"/>tangib<span class="_ _3b"/>le ass<span class="_ _3b"/>et<span class="_ _3b"/>s, tan<span class="_ _3b"/>gible as<span class="_ _3b"/>set<span class="_ _3b"/>s and in<span class="_ _3b"/>vestm<span class="_ _3b"/>ents<span class="_ _3b"/>. Cash fl<span class="_ _3b"/>ow f<span class="_ _3b"/>rom </span></span></span>financing activities includes change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s in the size or composition of the Group’s share cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ital, payment of dividends to sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>reholders, purc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hase of treasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y sha<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">res, cash received from exercise of share optio<span class="_ _3b"/>ns and the obtaining and </span>repayment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of bank loans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and mortgag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e loans and other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">term and<span class="_ _3b"/> shor<span class="_ _3b"/>t</span>-<span class="ls54 ws12">term debt. Paymen<span class="_ _3b"/>t of lease </span></span>liabilities is included under finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cing activities and the related interest is in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cl<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">uded as a f<span class="_ _3b"/>inan<span class="_ _3b"/>cial i<span class="_ _3b"/>tem und<span class="_ _3b"/>er </span>operati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng activities.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Cash and cash e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quivalents compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ise cash at ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nks and on hand.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff1f4 ls0 ws0"> <span class="_ _0"/><span class="ff1f2 ls13 ws20">Acqu<span class="ls5d wscf">isitions and no<span class="_ _0"/>n<span class="ls0 ws0">-<span class="ls13 wsbc">controllin<span class="_ _3b"/>g in<span class="_ _3b"/>terest<span class="_ _3b"/>s</span> </span></span></span></span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>McBu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rney T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>up<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>On 29 December 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 DFDS entered in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to an agreement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to acquire 100%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of McBurney Transp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort Group h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eadquartered i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Northern Ireland. The company is focused on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> moving cold chain and dry goods in trailers by road and ferry between isl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and of Ireland and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he UK. <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Closing of the trans<span class="_ _3b"/>action is subject to regulatory approv<span class="_ _3b"/>al. <span class="ls0 ws0"> </span></span>Lucey Transport Logistics<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>On 30 September 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2, the acquisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion of Lucey Tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sport Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stics Ltd. based in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dublin, Irel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and was completed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and the DFDS Group obtained control as from this date. The a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cquired company is after the acqu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isition included in the Dry Goods Business Unit in the Logistics Division.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws7a">DFD<span class="_ _3b"/>S <span class="ls56 ws1a">Group acquired 100% of t<span class="_ _0"/>he share capital.<span class="ls0 ws0"> </span></span></span></span>Lucey Transport Logistics is an Irish provide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r of transport and logistics solution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, primarily to consumer goods companies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Door<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">door trans<span class="_ _3b"/>port<span class="_ _3b"/>s are p<span class="_ _3b"/>rovided<span class="_ _3b"/> for ful<span class="_ _3b"/>l<span class="ls53 wsa4">- <span class="ls51 ws74">and p<span class="_ _3b"/>art</span></span></span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws14">loads as well as distribution servi<span class="_ _3b"/>ces. The logistics solutions include </span>warehous<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, inventory<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> management, bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nded storage, and p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>roduct rework<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and labelling.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS paid DKK 300m<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">for the acq<span class="_ _0"/>uired company<span class="_ _0"/>. Cash in the a<span class="_ _0"/>cquired company<span class="_ _0"/> amounted to<span class="_ _0"/> DKK 76m. Accordi<span class="_ _0"/>ngly the </span></span>liquidity effect was DKK 224m. In addition, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an earn<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">out agreement was en<span class="_ _3b"/>tered into ac<span class="_ _3b"/>cording to whi<span class="_ _3b"/>ch seller is entitled t<span class="_ _3b"/>o </span></span>addition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d on fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial p<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">erf<span class="_ _3b"/>ormance for the following 12 months perio<span class="_ _3b"/>d after the acquisition. </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfc">Tr<span class="_ _3b"/>ade </span>receivables have been<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> recognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> at the acqu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isition date at a fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value of DKK 42m wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ich is the same as thei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r gross value.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lucey T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransport Logist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ics revenue inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luded in the 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2 re<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">porting is DKK 75m<span class="_ _0"/> and EBITDA of DKK 23m<span class="lsbd ws100">. <span class="ls57 wsf">If t<span class="_ _0"/>he transacti<span class="_ _0"/>on had </span></span></span>been completed <span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">a<span class="_ _3b"/>s of<span class="ls0 ws0"> <span class="ls51 ws74">1 Janu<span class="_ _3b"/>ary </span></span></span>2022 r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>even<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue from 1 January 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to 31 December 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>022 is estimated to h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ave been DKK 297<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">m and<span class="_ _3b"/> EBITD<span class="_ _3b"/>A of DK<span class="_ _3b"/>K 91m.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>In connec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he acquisitio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n DFDS has measu<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">red identifiable int<span class="_ _3b"/>angible asse<span class="_ _3b"/>ts i.e., custo<span class="_ _3b"/>mer relationsh<span class="_ _3b"/>ips etc. whi<span class="_ _3b"/>ch are </span>recognised in the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cquisition balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce sheet <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at their fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of DKK 111m at acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> date.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Following recognition of acquired iden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tifiable assets and liabilities at their fair value, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e goodwill related to the acquisition is DKK 97m. The goodwill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> represen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts primari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly the value of the s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>taff and know<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>how taken<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> over and expected s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ynergies fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m combining the acquired Group with the exist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing DFDS activities and network. The goodw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ill is not deductible for tax purposes.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other acquisitions 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Logistics<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>On 15 September 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1 DFDS Group en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tered in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to an agreement to acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e 80.1% of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e shares in ICT Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stics Group. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e transaction wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s completed on 19 Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary 2022. The pu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchase p<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">rice for the acquir<span class="_ _3b"/>ed shares amount to DKK 69m. Cash in the </span>acquired compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y amounted to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> DKK 33m. Consequently, the liquidity effect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> was DKK 35m.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The acquisition is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>made by DFDS A/S whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch alre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ady owned 19.9% of IC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>T Logistics Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oup. In Q1 2022 the G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>roup revalued the existing ownership share of 19.9% to DKK 17m which result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed in a gain of DKK 9m<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">rec<span class="_ _0"/>ognised under <span class="ls0 ws0">S<span class="_ _0"/><span class="lsd7 ws101">pe<span class="_ _3b"/>cial<span class="_ _3b"/><span class="ls0 ws0"> <span class="ls50 ws77">item<span class="_ _3b"/>s<span class="lsb wsf">. </span></span></span></span></span></span></span>p<span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">rimeRail<span class="_ _3b"/></span> On 10 May 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>22 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>up a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cquired<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 100<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>% of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>capital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of the G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an rail<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> forward<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>any p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rimeR<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ail Gmb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>H headquartered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in Troisdorf, Ger<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>many. The p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>urchase pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce for the acquired sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nted to DKK 37m. Ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sh in the acquir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>6m. Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws78">, <span class="ls56 ws1a">the liquidity effect<span class="_ _0"/> was DKK 21m.<span class="ls0 ws0"> </span></span></span>Lucey<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>acquisitions<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK m Logistics<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">acquisitions</span> 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">current</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">intangible</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">assets<span class="_ _3b"/></span> 111<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>130<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Land <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">buildings</span> 196 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _128"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 <span class="_ _73"> </span></span> 196<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment <span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">etc.<span class="_ _3b"/></span> 38<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span></span>33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>71<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">current</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">assets<span class="_ _3b"/></span> 345<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>52<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>397<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls8 ws15">receivables</span> <span class="lsa ws18">in<span class="_ _3b"/>cluding</span> </span>work<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsa ws18">in</span> <span class="ls5e ws93">p<span class="_ _3b"/>rogress</span> s<span class="ls8 ws15">ervices</span> </span>42<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span></span>73<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> <span class="_ _27a"> </span><span class="ff1f2 ls9 ws16">115<span class="_ _0"/><span class="ls0 ws0"> </span></span></span>Other <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">receivables</span> 5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _128"> </span>6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>11<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">at</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb5 ws76">hand</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">in</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">ban<span class="_ _3b"/>k</span> 76<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span></span>50<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>126<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Current as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1f2 ls9 ws16">123</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1f2 fs2a fc6"> <span class="_ _1af"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1f2 ls9 ws16">129</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1f2 fs2a fc6"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1f2"> <span class="_ _27b"> </span><span class="ls9 ws16">252</span><span class="fs2a fc6"> </span></span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">asset<span class="_ _3b"/>s</span> 469<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span></span>181<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> </span>650<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deferred <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">tax</span> 14<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _128"> </span></span>4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Interest <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">bearin<span class="_ _3b"/>g</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">debt</span> 196 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _27a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> 214<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">current</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">liabilities</span> 210<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>22<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>232<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">payabl<span class="_ _3b"/>es</span> 17<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span></span>66<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>83<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Interest <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">bearin<span class="_ _3b"/>g</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">debt</span> 16<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span></span>10<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>26<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">current</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">l<span class="_ _3b"/>iabilities</span> 13<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _128"> </span><span class="lsa ws18">8 <span class="_ _73"> </span></span> </span>21<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Current lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff1f3 ls0 ws0"> </span>47<span xmlns="http://www.w3.org/1999/xhtml" class="fs2a fc6 ls0 ws0"> </span>83<span xmlns="http://www.w3.org/1999/xhtml" class="fs2a fc6 ls0 ws0"> </span>130<span xmlns="http://www.w3.org/1999/xhtml" class="fs2a fc6 ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">liabilities</span> 257<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span></span>106<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> </span>363<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">value</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lse ws96">of</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">acqui<span class="_ _3b"/>red</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">net</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">asse<span class="_ _3b"/>ts</span> 212<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27b"> </span></span>76<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> </span>288<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">purch<span class="_ _3b"/>ase</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">pri<span class="_ _3b"/>ce</span> Cash <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">consideration</span> 300<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _29"> </span></span>106<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>406<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Conting<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">consideration</span> 7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _128"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 <span class="_ _73"> </span><span class="ls0 ws0"> </span></span>7 Fair <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">valu<span class="_ _3b"/>e</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">existing</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb5 ws76">owners<span class="_ _0"/>hip<span class="ls0 ws0"> <span class="ls7 ws17">share</span> </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _27a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17<span class="ls0 ws0"> <span class="_ _73"> </span> </span></span>17<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">value</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lse ws96">of</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">the</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">purchase</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">pric<span class="_ _3b"/>e</span> 308<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span></span>123<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> </span>431<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Goodwi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ll <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">at</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">acquisition</span> 97<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27b"> </span></span>47<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> </span>144<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">consideration</span> 300<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _29"> </span></span>106<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>406<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Acqu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ired <span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">cash</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">at</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb5 ws76">hand</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">in</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">bank</span> 76<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span></span>50<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _73"> </span> </span>126<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Net <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">out</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">f<span class="_ _3b"/>low</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lse ws96">of</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">cash</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">f<span class="_ _3b"/>rom</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">acquisition</span> 224<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>56<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>280<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The above purchase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>price allocations are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>preliminary. Accordingl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y, changes may occur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as the purchase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>price alloca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion is not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> consi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dered final unt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>il 12<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> after acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sitio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>HSF G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>roup<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The purchase pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce allocation fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r HSF Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (acquired 14 Sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tember 2021) is final<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised and un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>changed comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ared to 31 December 2021. F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or further detail<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s of the acqu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isition, refe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r to the annual repo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt for 2021.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Acquisition of non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>controlling interests<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Acqu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ion of shares b<span class="_ _3b"/>y DFDS A/S in AB DF<span class="_ _3b"/>DS Seaways du<span class="_ _3b"/>ring 2022 amount<span class="_ _3b"/>s to less th<span class="_ _3b"/>an DKK 1m (2021: less than D<span class="_ _3b"/>KK 1m), </span>equivalent to an o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wnership of 0.0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1% (2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>: 0.01%) after whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch the company is o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wned 97.1% (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 97.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">1<span class="lsba ws93">%). Badwill o<span class="_ _0"/>f less </span></span>than DKK 1m (2021: Bad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wil<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">l of less than DKK 1m) is recognised dire<span class="_ _3b"/>ctly in equity.<span class="ls0 ws0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting est<span class="_ _0"/>imates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>In applying the acquisition method of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ccounting, estimates are an integrated part of as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sessing fair values of several <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">identifiable assets a<span class="_ _3b"/>cquired and liabilities assumed, as observ<span class="_ _3b"/>able market prices are typically not </span>availab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Valuation techn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iques where es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>timates are a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pplied typi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cally relate to dete<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmining the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>resent value of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uture uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>in cash flows or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> assessing ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her events in whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ch the outcome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is uncertain at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the date of ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quisition.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Signi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cant e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are typ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>all<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y appli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ting f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty, p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>qui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tomer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> relationships. As a result of the uncertaintie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s in fair value estimation, mea<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">sur<span class="_ _3b"/>emen<span class="_ _3b"/>t pe<span class="_ _3b"/>ri<span class="_ _3b"/>od adju<span class="_ _3b"/>stme<span class="_ _3b"/>nts m<span class="_ _3b"/>ay b<span class="_ _3b"/>e </span>applied.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Enterprises acquired or formed during the year are recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in the Consolidated Fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncial Statements from the date of acquisition or formation. Enterpris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es disposed are recognised<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>in the Consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted Financial Statements until the date of disposal. The comparative figures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are not adjusted for acquisitions or disposals.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Business combinations where cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rol is obtained by the DFDS Group are recognised usi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng the acquisition method. The<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">identifiable assets, liabilit<span class="_ _3b"/>ies</span>, <span class="ls26 ws14">a<span class="_ _0"/>nd <span class="_ _3b"/>contingent liabilities of <span class="ls54 ws12">newl<span class="_ _3b"/>y acquired<span class="ls0 ws0"> </span>enterpri<span class="_ _3b"/>ses are assess<span class="_ _3b"/>ed at their fair </span></span></span>value on the acquisi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion date. Iden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tifiable in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tangible ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ets are recognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> if they are se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>parable or arise fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m a contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctual ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ght. D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ef<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">erred t<span class="_ _3b"/>ax related to th<span class="_ _3b"/>e revaluations is re<span class="_ _3b"/>cognised.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The acquisition date is the date on which the DFDS Group ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tains actual control over th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e acquired enterprise. Positive differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ences (good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>will) between, on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the one han<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d, the purchase pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce, the valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of mi<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">nority interests in the </span>acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red enterprise a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of any previo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>usly acquired s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hareholdings,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and, on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he other ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd, the fair value of the acquired identifiable asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts, liabilities and contingent liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties are recognised as goodwill under non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>current intangible assets. Good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>will is not amortised but is tested annually for impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment. The first impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t test is performed before the end of the acquisition year. Upon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> acquisition, goodwill is all<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ocated to the cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>generat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing units, whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ch subseque<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ntly form the basis for the impairment test. Allocation <span class="_ _3b"/>of goodwill to cash<span class="ls0 ws0">-</span></span>generating unit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s is described in se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctions 3.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.1 and 3.1.4.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Goodwill and fair value adjustments in con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nection with the acquisition of a foreign enterpris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e with a different functi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ona<span xmlns="http://www.w3.org/1999/xhtml" class="wsf">l currency t<span class="_ _0"/>han the DFDS G<span class="_ _0"/>roup’s presentat<span class="_ _0"/>ion currency ar<span class="_ _0"/>e treated as a<span class="_ _0"/>ssets and lia<span class="_ _0"/>bilities of t<span class="_ _0"/>he foreign </span>enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prise and are tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anslated and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onverted at fir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st recognition t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o the funct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ional currency of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the foreign ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rprise at the exchange rate on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the tr<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ansaction dat<span class="_ _3b"/>e.<span class="ls0 ws0"> </span></span>The purchase con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sideration<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of an enterprise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is the fair value of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>agreed paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t in the form of as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sets transferred, liabilities assumed, and equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ity instruments issued to sell<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er. If part of the consideration is contingen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t on future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> events<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">or fulfilment of agreed condition<span class="_ _3b"/>s, this part of the consideration is recognised at fair value at the </span></span>date of acquisition. Costs attributable to b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>usiness combinations are recognised dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ectly in the Income statement when incurred. If, at acquisition date, <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">uncertainty ex<span class="_ _0"/>ist regardi<span class="_ _0"/>ng the identificat<span class="_ _0"/>ion and measur<span class="_ _0"/>ement of acquired<span class="_ _0"/> </span>assets, liabilities or contingent liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies, or determination of the purchas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e price, initial recognition and measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement is done b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ased on prelimina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ry values. The p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>reliminary va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lues may be adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted until 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2 months from the acquisition date, provided the initial re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognition was prelimina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry or incorrect. Changes in estimates reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arding contingent considerations are re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised in the Income statement as Speci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al items. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Incremental acquisitions after <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>control have been obtained, i.e., purchase of minorit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y interests, are recognised directly in equity. Disposal of minority inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ests not resulting in loss of control is likewise re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised directly in equity. Gains or losses<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>on disposal of subsidiaries, associates and joint ventur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es are calculated as the differen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce between the disposal consideration and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the book value of net assets at the date of disp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>osal, including the book value of goodwill, accumulated exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange gains and losses previously recognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the equity as well as anticipated dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>posal costs. Exchange rate adjustments attri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>butable to the Group’s ownership int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>erest, and which previously were recognised directly in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y, are included in the calculation of the gain/<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls53 ws75">loss. An<span class="_ _3b"/>y retai<span class="_ _3b"/>ned </span></span>partic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ipating interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts are measured a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t their fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> value at the tim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e at which t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he controlling influe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nce was los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.6<span xmlns="http://www.w3.org/1999/xhtml" class="ff1fb ls0 ws0"> <span class="_ _0"/><span class="ff1f9 ls4d ws6f">Guarantees, c<span class="_ _0"/>ollateral and c<span class="_ _0"/>ontingent liabil<span class="_ _0"/>ities<span class="ls0 ws0"> </span></span></span>Guarantees issued by<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> banks on behalf of the Group am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ount to DKK <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">405<span class="ls50 ws77">m <span class="lsb wsf">(2<span class="ls26 ws14">021: DKK 619m). In addition, the Group has </span></span></span></span>issued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> two guarantees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in relation to d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efined benefit pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion schemes i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the UK of an a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mount up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o DKK 148m (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>21: DKK 255m). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Group is in 2022 as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>well as in 2021 par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t in various leg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al disputes. The ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tcome of <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">th<span class="_ _3b"/>ese disputes is not considered likely </span>to influence DFDS’ financial position signifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cantly, besides what is already recognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the balance sheet.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Certain ferries w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ith a total carr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ying amount <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>of DKK 8,596m (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 7,062m) have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een pled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ged as securit<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">y f<span class="_ _3b"/>or mort<span class="_ _3b"/>gage<span class="_ _3b"/> </span>on ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d bank l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>with a t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>otal ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rryi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt of D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>KK 5,35<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>3m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 5,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>024m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At year end 2022 DKK 17<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5m (2021: DKK 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>67m) of the cash wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s deposited on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> restricte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d bank accounts. DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 175m is not restri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m Janua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting est<span class="_ _0"/>imates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>Provisions and contingencies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Management assesses provisions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and contingencies on an ongoing basis, as well as the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> likely outcome of pending or potential legal proceedings, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c. Such outcome depends on fut<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ure events w<span class="_ _0"/>hich are inhere<span class="_ _0"/>ntly uncerta<span class="_ _0"/>in. In </span>assessing the likel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y outcome of si<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnificant l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egal proceeding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, tax issue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, etc., Managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent uses extern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al legal adviser<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>well as rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e law<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.7<span xmlns="http://www.w3.org/1999/xhtml" class="ff1fb ls0 ws0"> <span class="_ _0"/><span class="ff1f9 ls13 wsbc">Cont<span class="_ _3b"/>ract<span class="_ _3b"/>ual commit<span class="_ _3b"/>ment<span class="_ _3b"/>s<span class="ls0 ws0"> </span></span></span>The Group contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctual commitm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents in 2022 in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>clude a Vessel Sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re Agreement in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">the Net<span class="_ _0"/>herlands<span class="lsbd ws100">. <span class="ls50 ws77">Contr<span class="_ _3b"/>actual<span class="_ _3b"/> </span></span></span>commitments in 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mainly rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes to one<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> new buildin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g for a freight and passen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ger ferry (Ro<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>pax) deliv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ered in 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">and<span class="_ _3b"/> a </span></span>commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w head<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>quar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ter in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Denmar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">. </span>DKK million 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Contractual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, term 0-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">1 year<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> 59 </span>625 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Contractual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, term 1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws78">5 years<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _27c"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>86 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Contractual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, term af<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ter 5 years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>91 Contractual commitme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts (undiscounted) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _27d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="lsbc ws13">86 </span></span>802 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.8<span xmlns="http://www.w3.org/1999/xhtml" class="ff1fb ls0 ws0"> <span class="_ _0"/><span class="ff1f9 ls13 wsbc">Rela<span class="_ _3b"/>ted p<span class="_ _3b"/>arty<span class="_ _3b"/> transa<span class="_ _3b"/>ction<span class="_ _3b"/>s<span class="ls0 ws0"> </span></span></span>Laur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>itzen Fonden, Cope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nhagen with a no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>minal share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>holding of 42.3%,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> through Laur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>itzen Fonden Holding A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ps, exercis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es de facto control over DFDS A/S. Accordingly, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e members of the Board of Directors and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Exec<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">utive B<span class="_ _0"/>oard at Lauritz<span class="_ _0"/>en </span>Fonden as well as all co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpanies owned b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Lauritzen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Fonden are rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted parties. Fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thermore, rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated parti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es comprise D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ Executive Board and Board of Directors, lea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding employees, and close members of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amily of those, DFDS’ s<span xmlns="http://www.w3.org/1999/xhtml" class="ws78">ubsidiaries, </span>associates and join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t venture<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, reference is made <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to note 5.10.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In addition<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">to</span> <span class="ls58 ws7a">intra<span class="_ _3b"/></span>-</span>group balances and transactions (primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y charter hire, financing and commission<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s etc.), which are eliminated on consolidation, u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sual Executive Board and Board of Directors re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>muneration (reference is made to note 2.4 and 5.1), share option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and res<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">tr<span class="_ _3b"/>icted<span class="_ _3b"/> <span class="ls0 ws0">s<span class="ls58 ws7a">hare</span> </span></span>units to the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecutive Board an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d leading empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyees (refe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rence is made to n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ote 5.3) and the below transactions, <span xmlns="http://www.w3.org/1999/xhtml" class="ls55 ws42">a </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">distribution<span class="_ _3b"/><span class="ls0 ws0"> <span class="ls56 ws1a">of dividend DKK 8.0<span class="_ _0"/><span class="lsb9 wse1">0 <span class="ls58 ws19">per sh<span class="_ _3b"/>are<span class="ls0 ws76"> h<span class="ls7 ws17">as</span><span class="ws0"> <span class="ls54 ws12">been carried out during the year<span class="_ _3b"/>.</span></span> </span></span></span></span></span></span>Sale <span xmlns="http://www.w3.org/1999/xhtml" class="lse ws96">of </span>Purch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase of DKK millionServices<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Services<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _d6"> </span></span>Recei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>vables<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsf ws1c">Liabilities</span> </span>2022Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">current assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">167 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12 </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">current assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">189 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">51 </span>5.9<span xmlns="http://www.w3.org/1999/xhtml" class="ff1fb ls0 ws0"> <span class="_ _0"/><span class="ff1f9 lsa7 wsfa">Event<span class="_ _3b"/>s after the balance sheet date<span class="ls0 ws0"> </span></span></span>On 9 Febr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uary 2023,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> an auction share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> buyback of DKK 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>00m was announc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed and launched o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n 10 Februa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ry 2023. The buyback was comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted on 22 Febru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary 2023 with a tot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al of 1,071,428 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res purcha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed at a price of DKK 28<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0 per share which eq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed a tot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al pu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 300m<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">. </span>On 16 February 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>3, DFDS awarded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">26<span class="ls0 ws0">,<span class="lsbd ws100">984</span> <span class="ls58 ws7a">restricted<span class="_ _3b"/> </span>s<span class="ls51 wsfc">hare</span> <span class="ls57 wsf">units and </span></span>128<span class="ls0 ws0">,<span class="_ _0"/><span class="ls54 wsfd">838<span class="ls0 ws0"> <span class="ls26 ws14">sha<span class="_ _3b"/>re options to the Executive Board and a </span></span></span></span></span>number of key emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yees. The theo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>retical valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e is DKK <span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">22<span class="lscc ws127">m <span class="ls51 ws74">cal<span class="_ _3b"/>culat<span class="_ _3b"/>ed acco<span class="_ _3b"/>rdin<span class="_ _3b"/>g to th<span class="_ _3b"/>e Blac<span class="_ _3b"/>k<span class="ls0 ws0">-<span class="ls53 ws75">Scholes mo<span class="_ _3b"/>del<span class="lsb wsf">. </span></span></span></span></span></span>On 29 December 2022, DFDS announced it had entered i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nto an agreement to acquire 100% of McBurney Transport Group. Completion of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> acquisition was s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ubject to regulatory a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pproval. The required regulator<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y approvals have been received on 23 February 2023 and completion of the t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransaction will be announced separately<span xmlns="http://www.w3.org/1999/xhtml" class="lse4 ws13c">. </span>5.10<span xmlns="http://www.w3.org/1999/xhtml" class="ff1ff ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls12 ws71">Compa<span class="_ _3b"/>ny overvie<span class="_ _3b"/>w<span class="ls0 ws0"> </span></span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ws0">)</span>Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1c8"> </span><span class="lsf ws1c">City</span> <span class="_ _212"> </span></span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsd ws75">Share Capital</span></span>Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpanyDFDS A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>1,172,631,560 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Subsidiaries:2)Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13f"> </span></span>G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EU<span class="_ _3b"/>R</span> </span>DFDS Belgium N.V. 2,355,976 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>N&K Cold Chain Log<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>istics (Shanghai) Co., Ltd.China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span>Sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nghai<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span><span class="lsb wsf">C<span class="_ _3b"/>NY</span> </span>2,901,420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)DFDS Logistics s.r.o. Czech Republic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ba"> </span><span class="ls4e ws10">Pragu<span class="_ _3b"/>e</span> <span class="_ _57"> </span><span class="ls8 ws15">CZK</span> </span>1,100,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)DFDS Germany ApS Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lundvej 15 ApS Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>100,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Dronning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ens Kvar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter 1 Ap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>43,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>600,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Skand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inavi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>7,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Stevedoring A/S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>502,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Holding A/S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mark A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Solutions ApSDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>125,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Køletran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sport A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13c"> </span><span class="ls5e ws93">Ho<span class="_ _3b"/>bro</span> <span class="_ _4d"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>1,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics OÜ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Estonia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>Ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>llinn<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EU<span class="_ _3b"/>R</span> </span>3,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics OY Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span><span class="ls7 ws17">Tur<span class="_ _3b"/>ku</span> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>2,520 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics SARLFrance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _213"> </span></span>Boulogne su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r Mer<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EUR</span> </span>30,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaways S.A.S. France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1b4"> </span><span class="ls8 ws15">Dieppe</span> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>37,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Dunes Bail SNC France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _280"> </span></span>Paris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>1,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Flandre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s Bail SN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>C France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _280"> </span></span>Paris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>1,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2) 5)DFDS Germany ApS & Co. KG Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>Cuxhaven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>HSF Logistics Deutschl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>HSF Beteiligungs GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Eurofres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">Un<span class="_ _3b"/>less otherwise indicated, </span>the companies are 100% owned by DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">Th<span class="_ _3b"/>e <span class="ls5f ws78">Comp<span class="_ _3b"/>any is<span class="_ _3b"/> directl<span class="_ _3b"/>y </span></span>owned b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y DFDS A/S.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">Th<span class="_ _3b"/>e <span class="lsf ws11">Company is controlled <span class="_ _0"/>by </span></span>DFDS Group, but DFDS Group has no owner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ship in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pany.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Du<span class="_ _3b"/>e to min<span class="_ _3b"/>ority p<span class="_ _3b"/>rotection<span class="_ _3b"/> in </span>the shareholders’ agreements the<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>DFDS Group does not have a control<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e wse1">R<span class="_ _3b"/>elie<span class="_ _3b"/>f in acco<span class="_ _3b"/>rdance<span class="_ _3b"/> with<span class="_ _3b"/> Sec. </span>264b Ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rman Comme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcial Code (HGB).Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 1)Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="lsf ws1c">City</span> <span class="_ _141"> </span></span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _12f"> </span><span class="lsd ws75">Share Capital</span> </span>HSF Grundstücksv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erwaltungs Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>GmbH & Co <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>KG.Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">20,000 </span>ICT Logistics GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13d"> </span><span class="ls5e ws93">Nordersted<span class="_ _3b"/>t</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">25,000 </span>2)Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _5c"> </span><span class="ls5e ws93">Troi<span class="_ _3b"/>sdorf</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>primeRa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il GmbH <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">98,000 </span>Alph<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atrans-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">Szállítás Szolgál<span class="_ _3b"/>tató </span>Hungary<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _15e"> </span><span class="ls5f ws14">Gyul<span class="_ _3b"/>a</span> <span class="_ _276"> </span></span>HUF<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">3,000,000 </span>Kft.2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lucey Transp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Ltd.3,000 DFDS Logistics Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts (Ireland) 2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">200 </span>2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>Samer Seaports & Termin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>als SRL <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">60.00</span> Italy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="lsb6 wsf9">Trieste</span> <span class="_ _276"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">2,800,000 </span>DFDS SIALatvia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _94"> </span></span>Liepaja<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>113,886 ICT Logistics UAB<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _283"> </span> </span>Lithuan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls4f ws84">Klaipeda</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2,896 2)Lithuan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls4f ws84">Klaipeda</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>AB DFDS Seaways <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">97.10</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">96,438,756 </span>NorthSea Te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rminal A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>SNorway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _259"> </span><span class="ls8 ws15">Brevik</span> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,000,000 </span>2)Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _284"> </span></span>Lysaker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span>DFDS Logistics AS <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">20,538,000 </span>2)Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _144"> </span><span class="lsb6 wsf9">Osl<span class="_ _3b"/>o</span> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span>DFDS Seaways AS <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">12,000,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbb wsff">2)</span>Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _141"> </span></span>Pozn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _281"> </span></span>PL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>N<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Polska Sp. z o.o. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">10,005,000 </span>DFDS Logistics Sp. z o.o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5,000 DFDS Logistics Polska Sp. z o.o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">50,000 </span>DFDS Investmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts Sp. z o.o. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _286"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5,000 ICT Logistics Techn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ology SRLRomani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span><span class="ls8 ws15">Bucharest</span> <span class="_ _1b4"> </span><span class="ls4f ws84">RON</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">147,050 </span>Romania T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransport Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup SRLRomani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _bd"> </span><span class="lsb6 wsf9">Tibod</span> <span class="_ _1b4"> </span><span class="ls4f ws84">RON</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,000 </span>N&K Speditio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Spain S.L. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">00</span> Spanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span><span class="ls5e ws93">Tarragona<span class="_ _3b"/></span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">60</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Spanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6a"> </span><span class="ls4e ws10">Val<span class="_ _3b"/>encia<span class="_ _3b"/></span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Hispan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia S.L.3,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Seaways Holdin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g AB <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">100</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Logistics Services A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B1,100<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">500</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Partne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs AB <span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">85</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">00</span> Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,<span class="lsa ws18">000</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">)</span>Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _287"> </span><span class="lsf ws1c">City</span> <span class="_ _5c"> </span></span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsd ws75">Share Capit<span class="_ _3b"/>al</span> </span>2)Sweden <span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span>Gothenburg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Professionals A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B <span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">87</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Seaways ABSweden <span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span>Gothenburg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Helsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ngborg ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _180"> </span><span class="lsb wsf">Helsingborg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4f"> </span><span class="ls7 ws17">Karl<span class="_ _3b"/>shamn</span> <span class="_ _262"> </span><span class="ls7 ws17">S<span class="_ _3b"/>EK</span> </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Karl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>shamn A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">1,<span class="lsa ws18">800</span>,<span class="lsa ws18">000 </span></span>Alphat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rans Inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rnatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nal Truck<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">Brielle</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics Nijmegen B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Nijmegen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">840 </span>DFDS Transport B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Nijmegen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">22<span class="lsa ws18">,689 </span></span>DFDS Holding B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> DFDS NewCo B.V. <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>DFDS Logistics B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">455</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Seaways B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">400 </span></span>Maxibas B.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 DFDS Logistics Wijchen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> B.V.the Netherlands<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">882 </span></span>Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Wareho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>usin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Network Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s B.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _20f"> </span> </span>the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics Win<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terswijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> 18,150 DFDS Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ckag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing Po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ol B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">18,000 </span>DFDS Logistics Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt Winter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> 18,160 DFDS Property Nijmegen B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">18,000 </span>DFDS Property and Equipment Winter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">77,140 </span>DFDS Turkey Denizcilik ve Tasi Yati A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbul<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">342,000,000 </span>Associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates:4)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK</span> </span>Bohus <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">Termin<span class="_ _3b"/>al Hold<span class="_ _3b"/>ing AB</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">65.0<span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">50,000 </span>Gothenb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>urg RO/RO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Terminal AB <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">65.0<span class="lsa ws18">0 </span></span>Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">5,000,000 </span>2)Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span><span class="ls8 ws15">Hellerup</span> <span class="_ _13a"> </span><span class="ls8 ws15">DKK</span> </span>DeaL Energy A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/S <span xmlns="http://www.w3.org/1999/xhtml" class="_ _169"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">50.0<span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">500,000 </span>Euro Asi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a cold Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ain Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c <span xmlns="http://www.w3.org/1999/xhtml" class="_ _202"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">52.04 </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5c"> </span>Shangha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13a"> </span><span class="lsb wsf">C<span class="_ _3b"/>NY</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">22,100,000 </span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">)</span>Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _287"> </span><span class="lsf ws1c">City</span> <span class="_ _65"> </span></span>Currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _289"> </span><span class="lsd ws75">Share Capit<span class="_ _3b"/>al</span> </span>Trieste Newholdco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span>461,635,380 Trieste Holdco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">464,440,121 </span>Trieste Midco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">475,242,795 </span>DFDS Denizcilik ve Tasim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilik A.Ş.98.80 Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span>369,967,159 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (UK) Ltd.UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _15e"> </span><span class="lsf ws1c">Corby</span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Logistics Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">150,000 </span>DFDS Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stics C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ontrac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts Ltd.UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,571,495 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Logistics Services Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Prope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rty Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _35"> </span> </span>UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">250,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbb wsff">2)</span>UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Holdi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">250,000 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Seaways Plc. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">40,250,000 </span>LLC DFDSUkraine<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13a"> </span><span class="ls8 ws15">Kiev</span> <span class="_ _144"> </span><span class="ls60 ws83">UAH</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">357,644 </span>28 Dormant entities
In preparing the Annual Report, DFDS focuses on ensuring that the content is relevant to the reader and that the presentation is clear. The purpose is to provide an overview of what drives performance. The structure of the notes reflects DFDS’ financial performance goal, ROIC, and the structure aims at providing an enhanced understanding of each accounting area by describing relevant accounting policies and any significant accounting estimates and assessments related thereto at the end of each note. The accounting policies have been made within the framework of the prevailing International Financial Reporting Standards (IFRS) as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS’ accounting policies. Basis for preparation The Consolidated Financial Statements and the Parent Company Financial Statements are presented in Danish Kroner (DKK) which is the Parent Company’s functional currency. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as “Fair value through profit loss” (FVTPL) are measured at fair value. Assets classified as held for sale are measured at the lower of the carrying amount before the changed presentation and the fair value less costs to sell. The accounting policies, set out below and in the notes, have been used consistently in respect of the financial year and to comparative figures. Rounding In general, rounding may cause variances in sums and percentages in the Annual Report. Alternative performance measures In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS. Significant income and expenses which DFDS assesses not to be directly attributable to the operating activities or which are considered non-recurring are presented in the Income statement in a separate line item labelled ‘Special items’ in order to distinguish these items from other income statement items. Reference is made to note 2.6 for more details on Special items. The Income statement includes the subtotals ‘Operating profit before depreciation (EBITDA) and special items’ and ‘Operating profit (EBIT) before special items’ as these are assessed to provide a more transparent and comparable view of DFDS’ recurring operating profit. In note 2.6 it is disclosed how the line items in the Income statement would have been affected if ‘Special items’ had not been presented in a separate line item. For definitions of key figures please refer to the section ‘Definitions’. Significant accounting policies Accounting policies for Basis of consolidation are described below, while accounting policies for the remaining areas are included in the notes to which they relate. Management considers the accounting policies for the following areas as the most important for the Group: Consolidated Financial Statements; Revenue (note 2.2); Special items (note 2.6); Non-current intangible assets (note 3.1.1); Ferries and other ships (note 3.1.2); Right-of-use assets/Leases (note 3.1.3); Pension and jubilee liabilities (note 3.2.4); Financial and operational risks (note 4.1); Business combinations (note 5.5); and Contractual commitments (note 5.7). Accounting policies for Basis of consolidation, Non-controlling interests and Translation of foreign currencies are described below, while accounting policies for the remaining areas are included in the notes to which they relate. New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adopted The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2022, some of which have not yet been endorsed by the EU. The new and amended Standards and Interpretations are not mandatory for the financial reporting for 2022. The Group expects to adopt the Standards and Interpretations when they become mandatory. None of the standards and interpretations are expected to have a significant impact on recognition and measurement. Application of materiality and relevance DFDS’ Annual Report is based on the concept of materiality and relevance to ensure that the content is material and relevant to the user. This objective is pursued by providing relevant rather than generic descriptions and information. When assessing materiality and relevance, due consideration is given to ensure compliance with applicable accounting legislation etc. and to ensure that the Consolidated Financial Statements and Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at the balance sheet date and the operations and cash flows for the financial year. The Consolidated Financial Statements and the Parent Company Financial Statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the Financial Statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of similar nature in the statements or in the notes. The disclosure requirements throughout IFRS are substantial and DFDS provides these specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the users of these Financial Statements or not relevant for the Group. Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB). On 24 February 2023, the Board of Directors and the Executive Management Board considered and approved the 2022 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 22 March 2023. Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Restatement rail transport revenue Rail activities in Türkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. 1. Basis of preparation of the Consolidated Financial Statements Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group’s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries’ net asset value at the acquisition date. The Group’s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group’s proportionate share of the associate’s / joint venture’s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group’s interest in the respective associate/jointly controlled enterprise. Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries’ equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company’s and the non-controlling interests’ share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: • Impairment testing of goodwill, definition of CGU’s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. • Assessment of useful life and scrap values. Reference is made to note 3.1.2. • Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. • Special items. Reference is made to note 2.6. • Deferred tax assets. Reference is made to note 2.7. • Leasing arrangements. Reference is made to note 3.1.3. • Derivatives. Reference is made to note 4.2. • Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests’ share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group’s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity. Report under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group’s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2022-12-31-en.zip. Translation of foreign currencies Functional and presentation currency Items included in the Financial Statements of each of the Group’s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK). Key figures Key figures are calculated in accordance with the latest version of the Danish Finance Society’s guidelines, ‘Recommendations and Financial Ratios’. The key figures stated in the overview with consolidated financial highlights are defined on the ‘Definitions and Glossary’ page.
In preparing the Annual Report, DFDS focuses on ensuring that the content is relevant to the reader and that the presentation is clear. The purpose is to provide an overview of what drives performance. The structure of the notes reflects DFDS’ financial performance goal, ROIC, and the structure aims at providing an enhanced understanding of each accounting area by describing relevant accounting policies and any significant accounting estimates and assessments related thereto at the end of each note. The accounting policies have been made within the framework of the prevailing International Financial Reporting Standards (IFRS) as adopted by the EU. The actual text of the standard is not repeated in the notes. The description of accounting policies in the notes forms part of the overall description of DFDS’ accounting policies. Basis for preparation The Consolidated Financial Statements and the Parent Company Financial Statements are presented in Danish Kroner (DKK) which is the Parent Company’s functional currency. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared according to the historical cost convention except that derivatives and financial instruments classified as “Fair value through profit loss” (FVTPL) are measured at fair value. Assets classified as held for sale are measured at the lower of the carrying amount before the changed presentation and the fair value less costs to sell. The accounting policies, set out below and in the notes, have been used consistently in respect of the financial year and to comparative figures. Rounding In general, rounding may cause variances in sums and percentages in the Annual Report. Alternative performance measures In the Annual Report DFDS presents certain financial performance measures such as subtotals and key figures which are not required or defined under IFRS. It is considered that these alternative measures provide relevant supplementary information for the stakeholders of DFDS. Significant income and expenses which DFDS assesses not to be directly attributable to the operating activities or which are considered non-recurring are presented in the Income statement in a separate line item labelled ‘Special items’ in order to distinguish these items from other income statement items. Reference is made to note 2.6 for more details on Special items. The Income statement includes the subtotals ‘Operating profit before depreciation (EBITDA) and special items’ and ‘Operating profit (EBIT) before special items’ as these are assessed to provide a more transparent and comparable view of DFDS’ recurring operating profit. In note 2.6 it is disclosed how the line items in the Income statement would have been affected if ‘Special items’ had not been presented in a separate line item. For definitions of key figures please refer to the section ‘Definitions’. Significant accounting policies Accounting policies for Basis of consolidation are described below, while accounting policies for the remaining areas are included in the notes to which they relate. Management considers the accounting policies for the following areas as the most important for the Group: Consolidated Financial Statements; Revenue (note 2.2); Special items (note 2.6); Non-current intangible assets (note 3.1.1); Ferries and other ships (note 3.1.2); Right-of-use assets/Leases (note 3.1.3); Pension and jubilee liabilities (note 3.2.4); Financial and operational risks (note 4.1); Business combinations (note 5.5); and Contractual commitments (note 5.7). Accounting policies for Basis of consolidation, Non-controlling interests and Translation of foreign currencies are described below, while accounting policies for the remaining areas are included in the notes to which they relate. New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. New standards and interpretations not yet adopted The IASB has issued a number of amended standards and interpretations with effective date post 31 December 2022, some of which have not yet been endorsed by the EU. The new and amended Standards and Interpretations are not mandatory for the financial reporting for 2022. The Group expects to adopt the Standards and Interpretations when they become mandatory. None of the standards and interpretations are expected to have a significant impact on recognition and measurement. Application of materiality and relevance DFDS’ Annual Report is based on the concept of materiality and relevance to ensure that the content is material and relevant to the user. This objective is pursued by providing relevant rather than generic descriptions and information. When assessing materiality and relevance, due consideration is given to ensure compliance with applicable accounting legislation etc. and to ensure that the Consolidated Financial Statements and Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at the balance sheet date and the operations and cash flows for the financial year. The Consolidated Financial Statements and the Parent Company Financial Statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the Financial Statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of similar nature in the statements or in the notes. The disclosure requirements throughout IFRS are substantial and DFDS provides these specific disclosures required by IFRS unless the information is considered immaterial to the economic decision-making of the users of these Financial Statements or not relevant for the Group. Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB). Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Restatement rail transport revenue Rail activities in Türkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity. 1. Basis of preparation of the Consolidated Financial Statements Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group’s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries’ net asset value at the acquisition date. The Group’s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group’s proportionate share of the associate’s / joint venture’s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group’s interest in the respective associate/jointly controlled enterprise. Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries’ equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company’s and the non-controlling interests’ share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: • Impairment testing of goodwill, definition of CGU’s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. • Assessment of useful life and scrap values. Reference is made to note 3.1.2. • Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. • Special items. Reference is made to note 2.6. • Deferred tax assets. Reference is made to note 2.7. • Leasing arrangements. Reference is made to note 3.1.3. • Derivatives. Reference is made to note 4.2. • Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests’ share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group’s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity. Report under the ESEF regulation The Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) has introduced a single electronic reporting format for the annual financial reports of issuers with securities listed on the EU regulated markets. The Group’s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) consists of the XHTML document together with the technical files, all of which are included in the ZIP file DFDS-2022-12-31-en.zip. Translation of foreign currencies Functional and presentation currency Items included in the Financial Statements of each of the Group’s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK). Key figures Key figures are calculated in accordance with the latest version of the Danish Finance Society’s guidelines, ‘Recommendations and Financial Ratios’. The key figures stated in the overview with consolidated financial highlights are defined on the ‘Definitions and Glossary’ page. Accounting policies The segment information has been compiled in conformity with the Group’s accounting policies and is in accordance with the internal management reports. Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the “over-time principle”. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into “distinct services” will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a “point in time”. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered. Accounting policies for employee costs Ferry and other ship cost comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Impairments and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Freight handling and Transport solutions are cost related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration. Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Accounting policies for Costs Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. Accounting policies Special items include significant income and expenses not directly attributable to the Group’s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature. Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments. Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities. Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: • Assets are measured at cost less accumulated amortisation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. • The assets are amortised on a straight-line basis over the estimated useful life. • The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 ‘Business-combinations’. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group’s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: • The projects are clearly defined and identifiable. • The Group intends to use the projects once completed. • The future earnings from the projects are expected to cover the development and administrative costs. and • The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period. Accounting policies Non-current tangible assets The following applies unless otherwise stated: • Assets are measured at cost less accumulated depreciation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. • The basis for depreciation is determined as the cost less estimated residual value. • The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. • Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. • The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: • Safety measures. • Measures to extend the useful life of the ferries and other ships. • Measures to reduce climate impact. • Measures to improve earnings. • Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship’s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2½ years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as ‘Profit on disposal of non-current assets, net’ unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation – expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: • Buildings 25-50 years • Terminals etc. 10-40 years • Equipment etc. 4-10 years • Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as ‘Profit on disposal of non-current assets, net’ unless they qualify to be a special item, reference is made to note 2.6. Accounting policies Group as lessee (lease in) The Right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using DFDS’ incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the Right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease payment will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less for all classes of underlying assets except for terminals and ferries and other ships, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For all classes of assets, except for terminals, non-lease components, i.e., the service element, is not separated from the lease components and thereby form part of the Right-of-use asset and lease liability recognised in the Balance sheet. For contracts with a rolling term (evergreen leases), the Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the Balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the Income statement. Lease income from assets leased out on an operating lease is recognised in the Income statement on a straight-line basis over the lease term. Accounting policies The carrying amount of Goodwill, non-current intangible, tangible and Right-of-use assets are continuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated. Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS’ risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group’s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers’ ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower. Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc. Accounting policies Contributions to defined contribution pension plans are recognised in the Income statement in the period in which they relate, and any payable contributions are accrued in the Balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value in use of future benefits payable under the plan is made once a year. The value in use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value in use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value in use less the fair value of any assets under the plan is recognised in the Balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the Income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in Other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees’ past service to the enterprise result in an adjustment of the actuarial calculation of the value in use, which is classified as past service costs. Past service costs are recognised in the Income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the Income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc. Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management’s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost. Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges. Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under ‘financial costs’ over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects. Accounting policies Dividends Proposed dividend is recognised as liabilities at the date on which they are adopted at the annual general meeting (time of declaration). Reserve for treasury shares The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividend on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve. Currency translation reserve The reserve comprises DFDS A/S shareholders’ share of currency translation adjustments arising on the translation of net investments in enterprises with a functional currency other than DKK. The reserve is dissolved upon disposal of the entity. Reserve for hedging The hedging reserve comprises the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transactions have not been realised. Hedge accounting ceases when the hedging instrument matures or if a hedge is no longer effective. Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company’s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively. Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group’s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand. Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group’s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group’s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.
Basis of reporting The 2022 Consolidated Financial Statements and Parent Company Financial Statements of DFDS A/S have been prepared on a going concern basis and in accordance with the IFRS as adopted by the EU, and additional Danish disclosure requirements for listed companies. The Consolidated Financial Statements are also in accordance with IFRS as issued by the International Accounting Standards Board (IASB).
On 24 February 2023, the Board of Directors and the Executive Management Board considered and approved the 2022 Annual Report of DFDS A/S. The Annual Report will be presented to the shareholders of DFDS A/S for approval at the ordinary Annual General Meeting on 22 March 2023.
New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. Restatement rail transport revenue Rail activities in Türkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity.
New International Financial Reporting Standards and Interpretations In 2022, the Group has adopted all relevant amended accounting standards. The changes are insignificant to the Group. Restatement rail transport revenue Rail activities in Türkiye have historically been accounted on a net basis in the Income statement. This has been changed for 2022 as DFDS acts as principal in these activities. Comparative figures have been restated. For full-year 2021 the impact from the restatement amounts to DKK 410m. The restatement increases the revenue as well as operational cost but has no impact on EBITDA, EBIT, Profit for the year or Equity.
Significant estimates and judgements In the preparation of the Consolidated Financial Statements, Management undertakes several accounting estimates and judgements and makes assumptions which provide the basis for recognition and measurement of the assets, liabilities, revenues and expenses of the Group and the Parent Company. These assumptions are based on historical experience and other factors such as the war in Ukraine and the current world economy by their nature are uncertain and unpredictable. Significant estimates and judgements (continued) The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions. In the opinion of Management, the following accounting estimates and judgements are significant in the preparation of the Annual Report: • Impairment testing of goodwill, definition of CGU’s, other non-current intangible assets, ferries and other ships, other non-current tangible assets, and Right-of-use assets. Reference is made to note 3.1.4. • Assessment of useful life and scrap values. Reference is made to note 3.1.2. • Purchase Price Allocation in connection with acquisitions. Reference is made to note 5.5. • Special items. Reference is made to note 2.6. • Deferred tax assets. Reference is made to note 2.7. • Leasing arrangements. Reference is made to note 3.1.3. • Derivatives. Reference is made to note 4.2. • Provisions and contingencies. Reference is made to note 5.6. Descriptions of the significant accounting estimates and judgements are included in the notes to which they relate. Significant accounting estimates and assessments Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Assessment is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. Significant accounting estimates and assessments Leases (extension options) The Group has entered into lease/charter agreements for ferries with extension options. Management exercises significant judgement in determining whether these extension options are reasonably certain to be exercised and, in that connection, considers all relevant factors that create an economic and strategic incentive for it to exercise the extension option. Lessor (lease out) The Group has entered into operating lease/charter agreements for ferries under usual terms and conditions for such agreements. At inception of each individual agreement, Management assesses and determines whether the agreement is a finance or an operating leasing agreement. Significant accounting estimates and assessments The war in Ukraine and the global economy Management has taken the risk and uncertainty relating to the current war in Ukraine and the uncertainty in the world economy into consideration when preparing the forecasts and cash flows. Impairment testing of goodwill and other non-current intangible assets Impairment testing of goodwill and other non-current intangible assets, which primarily relates to IT, acquired port concession rights and acquired customer portfolios, is undertaken once every year and in case of indication of impairment. The impairment tests are based on the expected future cash flow for the cash-generating unit in question. The key parameters are trends in revenue, EBIT, EBIT margin, future investments and growth expectations. These parameters are based on estimates of the future which are inherently uncertain. Impairment testing of ferries and other ships, including the assessment of useful life and scrap value Significant accounting estimates and assessments regarding ferries and other ships include the allocation of the ferry’s cost price on components based on the expected useful life of the identified components; the ferry’s expected maximum useful life; the ferry’s scrap value; and impairment testing. The expected useful life of ferries and other ships and their scrap values are reviewed and estimated at least once a year. Impairment test is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. Impairment testing of Right-of-use assets For information on Significant accounting estimates and assessments regarding Right-of-use assets from leases reference is made to note 3.1.3. Impairment testing of Right-of-use assets, which primarily relates to leases of terminals, ferries, land and buildings and cargo carrying equipment, is performed at least once a year, typically at year-end. Additional impairment tests are performed if indications of impairment occur in the period between the annual impairment tests. The Right-of-use assets are regarded an integrated part of the operating activities taking place in the Group’s cash-generating units and accordingly, the carrying amount of a Right-of-use asset is allocated to the cash-generating unit in which the asset in question is used. Thereby Right-of-use assets are tested at cash-generating unit level. The impairment tests are based on fair value less costs of disposal for the assets in the cash-generating unit or the value-in-use where the expected future cash flow for the cash-generating unit is a main element in the calculation. The key parameters in assessing expected future cash flows are trends in revenue, EBIT, EBIT margin, future investments and growth expectations, which are inherently uncertain. The fair value less cost of disposal for the Group’s main assets, ferries and other ships, are based on broker valuations. For further information on broker valuations reference is made to the paragraph ‘Basis for impairment testing and calculation of recoverable amount’ which can be found above in this note. Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Significant accounting estimates and assessments In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law.
Description of accounting policies Basis of consolidation The Consolidated Financial Statements includes the Parent Company DFDS A/S and the subsidiaries in which the Parent Company controls the financial and operational policies. Control is obtained when the Group directly or indirectly holds more than 50% of the voting rights in the enterprise (i.e. subsidiary) or if it, in some other way, controls the enterprise. Further, control also implies that the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Parent Company and these subsidiaries are referred to as the Group. Enterprises, which are not subsidiaries, over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is obtained by direct or indirect ownership or control of more than 20% of the voting rights but less than 50%. Enterprises which according to agreement are controlled together with one or more other companies are considered joint controlled entities. The Consolidated Financial Statements are based on the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances, and intercompany gains and losses. The Consolidated Financial Statements are prepared by applying the Group’s accounting policies. Investments in subsidiaries are eliminated against the proportionate share of the subsidiaries’ net asset value at the acquisition date. The Group’s investments in associates and joint ventures are recognised in the Consolidated Financial Statements at the Group’s proportionate share of the associate’s / joint venture’s net asset value. Unrealised intercompany gains and losses from transactions with associates and joint ventures are eliminated by the Group’s interest in the respective associate/jointly controlled enterprise.
Non-controlling interests In the Consolidated Financial Statements, the individual financial line items of subsidiaries are recognised in full. The non-controlling interests’ share of the results for the year and of the equity of subsidiaries which are not wholly owned are included in the Group’s results and equity, respectively, but are presented separately in the proposed profit appropriation and the Statement of change in equity. If a non-controlling interest has a put option to sell its ownership interest to DFDS, the fair value of the put option is recognised as an interest-bearing liability which means that the results for the year and equity attributable to non-controlling interests are not presented separately in the proposed profit appropriation and the Statement of change in equity.
Functional and presentation currency Items included in the Financial Statements of each of the Group’s enterprises are measured using the functional currency of the primary economic environment in which the enterprise operates. The Consolidated Financial Statements are presented in Danish Kroner (DKK).
Translation of transactions and balances On initial recognition, foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of transaction. Currency gains and losses resulting from the settlement of these transactions as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement as Financial income or cost except when deferred in equity as qualifying for cash flow hedges. Currency gains and losses on non-monetary items recognised at fair value, such as securities measured at Fair Value Through Profit and Loss (FVTPL), are recognised in the same line item as the fair value gain or loss. Non-current assets acquired in foreign currency are translated at the exchange rate prevailing at the date of acquisition. Gains and losses on hedges relating to the acquisition of non-current assets are recognised as part of the value of the non-current asset at its initial recognition. Translation of subsidiaries In the Consolidated Financial Statements, the Income statement items of subsidiaries with a functional currency different from DKK are translated at the average exchange rate, while the balance sheet items are translated at the exchange rates at the end of the reporting period. Foreign exchange differences arising on translation of such subsidiaries’ equity at the beginning of the reporting period to the exchange rates at the end of the reporting period and on translation of the Income statements from average exchange rates to the exchange rates at the end of the reporting period are recognised in Other Comprehensive Income and attributed to a separate translation reserve under equity. The exchange rate adjustment is allocated between the Parent Company’s and the non-controlling interests’ share of equity. When losing control of a consolidated entity, exchange differences which have accumulated in Equity via Other Comprehensive Income, and which are attributable to the enterprise, are transferred from Other Comprehensive In- come to the Income statement together with any gains or losses associated with the disposal. Translation of foreign currencies
2.1 Segment information The segments together with allocation of operating profit, assets and liabilities etc. are identical with the internal reporting structure of the Group. Management has defined the Groups’ business segments based on the reporting regularly presented to the Group Executive Management, which also forms the basis for management decisions. Segment performance is evaluated by management based on EBITDA before special items and EBIT before special items. The costs of the segments are the directly recorded costs including some systematically allocated indirect costs, primarily concerning Group functions. Non-allocated costs reflect the general functions which cannot reasonably be allocated to the segments. The costs consist primarily of costs concerning the Group Executive Management and Board of Directors but also Group functions such as Treasury, Investor Relations, Legal, Procurement, Communication, and Finance etc. In addition, the elimination of transactions between segments is included. Transactions between segments are concluded at arm’s length terms. Segment assets include assets which are directly related to the segment such as non-current intangible, non-current tangible, other non-current and Right-of-use assets, inventories, receivables, prepayments, and cash. Segment liabilities include current and non-current liabilities. The Ferry Division’s activities are divided into five Business units: North Sea, Mediterranean, Channel, Baltic Sea and Passenger. Ferry Division operates ferry routes in and around Europe transporting freight units, mainly trailers, and passengers. The routes deploy a mix of freight ferries, freight and passenger ferries as well as passenger cruise ferries. In addition, port terminals are owned and/or operated at strategic hubs of the route network. The freight customers are mainly forwarders and hauliers as well as manufacturers of heavy industrial goods. The main passenger customer groups are passengers travelling with own cars, mini cruise passengers, tour operators, and business conferences. The Logistics Division’s activities are divided into two Business units: Dry Goods and Cold Chain. Logistics Division provides transport solutions for full- and part loads as well as contract logistics solutions, including warehousing and transport of frozen meat and fish (Cold Chain). In addition, container ships, including vessel sharing agreements with other container operators, are operated. The customers are primarily manufacturers of industrial goods and consumables as well as retailers. 2022 Ferry Logistics Non- DKK millionDivision Division allocated Total External revenue 15,503 11,352 18 26,873 Intragroup revenue 1,329 71 606 2,006 Revenue 16,831 11,423 624 28,879 Operating costs, external -12,371 -8,887 -660 -21,919 Intragroup operating costs -494 -1,471 -40 -2,005 Operating profit before depreciation (EBITDA) and special items 3,966 1,066 -76 4,955 Share of profit/loss of associates and joint ventures -13 -1 0 -14 Profit on disposal of non-current assets, net 2 19 0 21 Depreciation, amortisation, and impairment losses on other non-current assets -1,816 -603 -86 -2,505 Operating profit (EBIT) before special items 2,138 480 -162 2,457 Special items, net 18 7 0 25 Operating profit (EBIT) 2,156 487 -162 2,482 Financial items, net -343 Profit before tax 2,139 Tax on profit -120 Profit for the year2,019 Capital expenditures of the year 2,064 966 131 3,162 Investments in associates and joint ventures 8 3 0 11 Total assets 25,116 7,265 1,703 34,084 Liabilities 12,234 3,127 5,588 20,949 Geographical breakdown The Group does not have a natural geographic split on countries since the Group, mainly Ferry Division, is based on a connected route network in primarily Northern Europe and Mediterranean. The routes support each other with sales and customer services located in one country whereas the actual revenue is created in other countries. Consequently, it is not possible to present a meaningful split of revenues and non-current assets by country. The split is therefore presented by the sea and geographical areas in which DFDS operates. The geographical split of revenue is shown in the revenue note. Reference is made to note 2.2. The applied split results in seven geographical areas: North Sea, Mediterranean, Baltic Sea, English Channel, Continent, Nordic and UK/Ireland. As a consequence of the Group’s business model, the routes do not directly own the ferries, but charter the ferries from a Group internal vessel pool. The ferries are frequently moved within the Group’s routes. Furthermore, certain non-current assets such as IT-software and headquarter owned corporate assets are for the benefit for the entire Group. It is therefore not possible to meaningfully estimate the exact value of the non-current assets per geographical area. Instead, an adjusted allocation has been used. 1 Addition of capital expenditures of the year primarily relates to the acquisition of HSF Logistics Group. Reference is made to note 5.5 2021Ferry Logistics Non- DKK millionDivision Division allocated TotalExternal revenue 11,180 7,081 18 18,279 Intragroup revenue 1,036 74 508 1,618 Revenue 12,216 7,155 526 19,897 Operating costs, external -8,821 -5,516 -531 -14,868 Intragroup operating costs -542 -1,047 -30 -1,618 Operating profit before depreciation (EBITDA) and special items2,852 593 -34 3,411 Share of profit/loss of associates and joint ventures -13 0 0 -13 Profit on disposal of non-current assets, net 4 -1 0 2 Depreciation, amortisation and impairment losses on other non-current assets -1,684 -322 -81 -2,087 Operating profit (EBIT) before special items 1,160 269 -116 1,313 Special items, net 12 2 20 34 Operating profit (EBIT) 1,172 271 -96 1,348 Financial items, net -278 Profit before tax1,069 Tax on profit -94 Profit for the year976 Capital expenditures of the year 1,644 2,400¹⁾ 71 4,115 Investments in associates and joint ventures 23 3 0 26 Total assets 23,556 5,899 1,266 30,721 Liabilities 11,897 2,519 4,751 19,167 North Medi-Baltic English UK/ DKK millionSea terranean Sea Channel Continent Nordic Ireland Total 2022Non-current assets 8,872 8,924 2,604 2,473 2,563 1,612 1,094 28,141 2021Non-current assets 8,330 9,042 1,780 2,390 2,324 1,465 477 25,807 Accounting policies The segment information has been compiled in conformity with the Group’s accounting policies and is in accordance with the internal management reports.
Accounting policies The segment information has been compiled in conformity with the Group’s accounting policies and is in accordance with the internal management reports.
2.2 Revenue 2022Logistics Non- DKK millionFerry Division Division allocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 English Channel 3,906 - 0 3,906 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland - 2,518 0 2,518 Other 0 0 18 18 Total 15,503 11,352 18 26,873 Product and servicesSeafreight and shipping logistics solutions 10,425 27 0 10,452 Transport solutions 595 10,820 0 11,415 Passenger seafare and onboard sales 2,982 0 0 2,982Terminal services 953 6 0 959 Charters including related income 331 0 0 331 Agency and other revenue 216 498 18 733 Total 15,503 11,352 18 26,873 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 374m (2021: DKK 311). Onboard sales amounts to DKK 1,327m (2021: DKK 449m). 2021 Logistics Non- DKK millionFerry Division Division allocated Total Geographical marketsNorth Sea 3,849 - 0 3,849 Mediterranean 3,378 - 0 3,378 Baltic Sea 1,350 - 0 1,350 English Channel 2,603 - 0 2,603 Continent - 3,156 0 3,156 Nordic - 2,327 0 2,327 UK/Ireland - 1,598 0 1,598 Other 0 0 18 18 Total 11,180 7,081 18 18,279 Product and servicesSeafreight and shipping logistics solutions 8,432 98 0 8,530 Transport solutions 434 6,778 0 7,212 Passenger seafare and onboard sales 976 0 0 976 Terminal services 851 6 0 856 Charters including related income 311 0 0 311 Agency and other revenue 176 199 18 393 Total 11,180 7,081 18 18,279 Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the “over-time principle”. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into “distinct services” will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a “point in time”. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.
2.2 Revenue 2022Logistics Non- DKK millionFerry Division Division allocated TotalGeographical markets North Sea 5,630 - 0 5,630 Mediterranean 4,471 - 0 4,471 Baltic Sea 1,496 - 0 1,496 English Channel 3,906 - 0 3,906 Continent - 4,416 0 4,416 Nordic - 4,418 0 4,418 UK/Ireland - 2,518 0 2,518 Other 0 0 18 18 Total 15,503 11,352 18 26,873 Product and servicesSeafreight and shipping logistics solutions 10,425 27 0 10,452 Transport solutions 595 10,820 0 11,415 Passenger seafare and onboard sales 2,982 0 0 2,982Terminal services 953 6 0 959 Charters including related income 331 0 0 331 Agency and other revenue 216 498 18 733 Total 15,503 11,352 18 26,873 Revenue includes revenue recognised from contracts with customers in accordance with IFRS 15 and other revenue (leasing activities). Revenue from leasing activities amounts to DKK 374m (2021: DKK 311). Onboard sales amounts to DKK 1,327m (2021: DKK 449m). 2021 Logistics Non- DKK millionFerry Division Division allocated Total Geographical marketsNorth Sea 3,849 - 0 3,849 Mediterranean 3,378 - 0 3,378 Baltic Sea 1,350 - 0 1,350 English Channel 2,603 - 0 2,603 Continent - 3,156 0 3,156 Nordic - 2,327 0 2,327 UK/Ireland - 1,598 0 1,598 Other 0 0 18 18 Total 11,180 7,081 18 18,279 Product and servicesSeafreight and shipping logistics solutions 8,432 98 0 8,530 Transport solutions 434 6,778 0 7,212 Passenger seafare and onboard sales 976 0 0 976 Terminal services 851 6 0 856 Charters including related income 311 0 0 311 Agency and other revenue 176 199 18 393 Total 11,180 7,081 18 18,279 Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the “over-time principle”. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into “distinct services” will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a “point in time”. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.
2.4 Employee costs DKK million2022 2021 Wages, salaries and remuneration 3,848 2,839 Hereof capitalised employee costs -47 -33 Defined contribution pension plans 185 139 Defined benefit pension plans 14 7 Other social security costs 372 284 Share based payment 30 37 Other employee costs 333 226 Government grants (Covid-19) -5 -55 Total employee costs 4,730 3,444 Full time equivalents (FTE), average 11,510 8,874 Reference is made to note 3.2.4 for detailed information on pension plans, note 5.1 for detailed information on remuneration of Management and note 5.3 for detailed information on the Group’s share option schemes. Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees.
2.4<span xmlns="http://www.w3.org/1999/xhtml" class="ff171 ls0 ws0"> <span class="_ _0"/><span class="ff16f ls13 wsbc">Emp<span class="_ _3b"/>loyee cost<span class="_ _3b"/><span class="lsb3 ws6f">s </span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Wages, sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aries an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eration <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,848 </span>2,839 Hereof capitalised employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="_ _0"/><span class="ls8 ws15">47 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">33 </span>Defined<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ution pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d8"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">185 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">139 </span>Defined benefit pensio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> <span class="_ _1dd"> </span> <span class="ls8 ws15">14 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span>Othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r social<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> secu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rity cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1de"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">372 </span>284 Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1df"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30 </span>37 Other employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">333 </span>226 Governm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent gra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts (Covi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d-19) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> -<span class="ls8 ws15">5 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">55 </span>Total employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">4,730 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,444 </span>Full ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ivalents (F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>TE), average <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16"><span style="letter-spacing: 0.182px;">11,510</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16"><span style="letter-spacing: 0.181px;">8,874</span> </span>Reference is made to no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te 3.2.4 for det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ailed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>formation on pen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion plans,<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">note 5.1 for detailed info<span class="_ _3b"/>rmation on remuneration </span></span>of Management and note 5.3 for detailed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>formation on the Group’s share option sche<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mes<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">. </span>Wages, salaries, social security cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ributions, pension contribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, paid annual leave and sick leave, bonuses, and non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls54 ws12">monetar<span class="_ _3b"/>y benefits are a<span class="_ _3b"/>ccrued in th<span class="_ _3b"/>e year in which the asso<span class="_ _3b"/>ciated servi<span class="_ _3b"/>ces are ren<span class="_ _3b"/>dered by employ<span class="_ _3b"/>ees of </span></span>the Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up. Where the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group provides l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term employe<span class="_ _3b"/>e benefits, the c<span class="_ _3b"/>osts are accru<span class="_ _3b"/>ed to match th<span class="_ _3b"/>e rendering </span></span>of the services b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the employees.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.2.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff1ac ls0 ws0"> <span class="ff1aa ls12 ws71">Pen<span class="_ _3b"/>sion and j<span class="_ _3b"/>ubilee liab<span class="_ _3b"/>ilities</span><span class="ff1aa"> </span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up contributes t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o defined cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ribution plans a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s well as d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efined benefit p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lans. The majorit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y of the pensio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n plans are funded thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough payment<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">s t<span class="_ _0"/>o independent i<span class="_ _3b"/>nsurance companies respon<span class="_ _3b"/>sible for the pension obligation toward<span class="_ _3b"/>s the </span>employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s (defined co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntribution pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns). In these plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Group ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s no legal or c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstructive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> obligation to pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> further contributions irrespective of the finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial situ<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ation of t<span class="_ _0"/>hese insurance<span class="_ _0"/> companies or<span class="_ _0"/> the return of<span class="_ _0"/> the underlying i<span class="_ _0"/>nvestments. </span>Pensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on costs from suc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h plans are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpensed in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>me statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> when incurred.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Group has defined benefit plans, primar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ily in the United Kingdom. In addition, there are minor defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit plans in Norway, Belgium, Italy, Türkiye, Lithu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ania, France, Germany, Denmark, and Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The United Kingdom account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s for 12.4% (2021: minus 90.3%) of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the total net liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lity and 91.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (2021: 94<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.8%) of the funded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>funded obl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>igati<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">on. The majority </span>of the defined ben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efit plans are pension<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plans that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yearly pay out a cert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ain percent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age of the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee’s final sala<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry upon retirement. The pens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ions are paid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> out as from retire<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uring the remaining l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ife of the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee. The perc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="ls52 ws13">age of </span>the salary is depend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent of the seniori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e employee excep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for certain closed p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e United Kingdom and so<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me of the ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her minor plans.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The defined be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nefit plans t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ypically incl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ude a spouse pens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion and disabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ity insurance.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Some of the pens<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ion plans in Sw<span class="_ _0"/>eden are multi<span class="ls0 ws0">-<span class="_ _0"/><span class="ls54 ws12">employe<span class="_ _3b"/>r plans, which cover <span class="_ _3b"/>a large number of en<span class="_ _3b"/>terprises<span class="_ _3b"/>. The plans a<span class="_ _3b"/>re </span></span></span>collective and are covered through con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tributions paid to the pension compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Alecta. The Swedish Financial Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>counting Standards Council’s interpret<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">commi<span class="_ _3b"/>ttee (R<span class="_ _3b"/>edovi<span class="_ _3b"/>sn<span class="_ _3b"/>ingsr<span class="_ _3b"/>ådet)<span class="_ _3b"/> has defi<span class="_ _3b"/>ned <span class="_ _3b"/>this p<span class="_ _3b"/>lan as a mu<span class="_ _3b"/>lti</span>-<span class="ls54 ws12">employ<span class="_ _3b"/>er defined ben<span class="_ _3b"/>efit </span></span>plan. Presently, it is not possible to obtain sufficient info<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmation from Alecta to apportion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate assets and liabilities of th<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">e </span>plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Co<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">nse<span class="_ _3b"/>quently, the pen<span class="_ _3b"/>sion plans <span class="_ _3b"/>are similarly <span class="_ _3b"/>to prior years treated a<span class="_ _3b"/>s defined </span>contribution plans. The contribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are DKK 4m in 2022 (2021: DKK 4m). The collective fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nding ratio at Alecta amounts to 189% as per Septembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022 (Sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tember 2021: 169%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>). For 2023, the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>contribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted to be DKK 4m. D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ share of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> multi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">employer plan is around 0.0052% and the liabilit<span class="_ _3b"/>y follows the share of the total plan.</span> </span>Based on actuar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial calculations the define<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d benefit plans show the followi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng liabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Present value of funded defined benefit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bligations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">629 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,031 </span>Fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,054 </span></span>Funded defined ben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bligati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="lsbc ws13">10 </span></span>-23 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Present value of unfunded defined benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> obligations<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _131"> </span><span class="ls8 ws15">54 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">51 </span>Recognised liabilities for d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efined benefit obligations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">64 </span>28 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Provision for jubilee liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>23 Total actuaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l liabilities, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">88 </span>51 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total actuaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l liabilities, net are clas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sified as follows<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Pension assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>25 Pension and jubilee liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _234"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">88 </span>76 Total actuaria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l liabilities, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dd"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">88 </span>51 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Movements i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> present value of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>unded and unfunded def<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ined benef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it obligationsFunde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d and unfu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nded obl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>igation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b4"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,082 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,055 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">56 </span></span>76 Current serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ice costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _235"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span>Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _236"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>Actuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gain(-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">)/loss(<span class="_ _3b"/>+) arisin<span class="_ _3b"/>g from ch<span class="_ _3b"/>anges in<span class="_ _3b"/> demogr<span class="_ _3b"/>aphic assu<span class="_ _3b"/>mption<span class="_ _3b"/>s</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _2e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Actuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gain(-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">)/loss(<span class="_ _3b"/>+) arisin<span class="_ _3b"/>g from ch<span class="_ _3b"/>anges in<span class="_ _3b"/> financi<span class="_ _3b"/>al assump<span class="_ _3b"/>tions</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">343 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">42 </span>Past se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rvice<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ef"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Benefits paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">33 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span>Settlemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> curtai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _237"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Funded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and unfund<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> at 31 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecember <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">683 </span></span>1,082 Movements i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value of the defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lan assetsPlan assets at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _233"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,054 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-879 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">66 </span>Calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come <span xmlns="http://www.w3.org/1999/xhtml" class="_ _238"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsb6 wsf9">-19 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span>Return<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an assets excl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>udin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g calcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>est inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">385 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">111 </span></span>Costs of man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aging th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _239"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>Employer c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ontributions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">21 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>Benefits paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23a"> </span>29 32 Plan assets at 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,054 </span></span>Plan asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sist of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>llowi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng:Cash a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd cash e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quivalent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">53 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30 </span>Blended inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tment f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unds<span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> <span class="_ _237"> </span><span class="ws12"> </span>-<span class="ls8 ws15">564 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,020 </span></span>Other assets (primari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly insured p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">2 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>Total plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,054 </span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">A<span class="_ _3b"/>ll factors<span class="_ _3b"/> are weigh<span class="_ _3b"/>ted at </span>the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rata share o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f the individual actuarial obligation.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e wse1">Sch<span class="_ _3b"/>emes<span class="_ _3b"/> clo<span class="ls8 ws10">sed for new </span></span>members wil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e a social security r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uture sal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary increase of 0%.Assumpti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons:Unite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Weighted <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Kingdom<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19"> </span><span class="lsc ws11">Others</span> </span>average<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls0 ws0">¹<span class="ff1b0">⁾</span></span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">4.9%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.4%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.7%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4.7%</span>2)Social<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ity ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.5%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>2)Future salary in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>crease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">3.8%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.2%</span>Future pension increase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.2%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2.3%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2.9%</span>Inflation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2.5%<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"> </span>0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>0%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls8 ws15">23.9%</span> <span class="_ _150"> </span><span class="lsb wsf">3.0%</span></span>Unite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Weighted <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Kingdom<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _19"> </span><span class="lsc ws11">Others</span> </span>average<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls0 ws0">¹<span class="ff1b0">⁾</span></span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ee"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">1.8%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.3%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">3.9%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">1.8%</span>2)Social<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ity ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">1.8%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>2)Future salary in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>crease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _be"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">3.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">0.1%</span>Future pension increase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.6%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.4%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _141"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3.5%</span>Inflation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _228"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2<span class="_ _3b"/>.9%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _60"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0.0%</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">9.0%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">2.9%</span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Expen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ee co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Current serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ice costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14 </span>7 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Past se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rvice<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">1 </span></span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>luded in employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ee costs regardin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14 </span>7 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expenses re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial costs in the Income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement:Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18 </span>13 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> -19 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>11 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total included<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in financial costs regarding de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>fined benefit plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _20c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total expen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ses for defined b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enefit p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _207"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14 </span>8 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expenses reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther compreh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ensive inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ome, gain(<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls9 ws16">)/los<span class="_ _0"/>s(+):<span class="ls0 ws0"> </span></span></span>Remeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">342 </span></span>-34 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Remeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">388 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>106 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>luded in Oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er comprehensive i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arding defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> plans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">46 </span>-140 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Significant actuarial assumptions fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the determination of the retiremen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t benefit obligation are the dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>count rate, expected future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> remuneration i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncreases, and ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pected mortali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty. The sensiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vity analysi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s below has been det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermined base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d on reasonably li<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>kely changes i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the assumpti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons occurring at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the end of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he period.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Actuari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s or ro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ll for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ward c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r all de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d ben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>efit pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ans. As<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s regardi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ture mo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ality ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> advi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce in <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">a<span class="_ _3b"/>ccordance wi<span class="_ _3b"/>th published<span class="_ _3b"/> statistics and expe<span class="_ _3b"/>rience in ea<span class="_ _3b"/>ch </span>country<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The following<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> significant as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sumptions have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en used for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he actuarial ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lculations:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sensitivity analysisReported obligation 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _240"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">683 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,082 </span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">0.5% po<span class="_ _3b"/>int compare<span class="_ _3b"/>d to as<span class="_ _3b"/>sumptio<span class="_ _3b"/>ns</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _68"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">728 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,176 </span>Discou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt rate +0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5% po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>int comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ared to as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _131"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">641 </span>999 Salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">0.5% po<span class="_ _3b"/>int compare<span class="_ _3b"/>d to assu<span class="_ _3b"/>mptions<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">682 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,080 </span>Salary incre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase +0.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5% poi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt compared<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">685 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,084 </span>Mortali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty -<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">1 year comp<span class="_ _3b"/>ared with<span class="_ _3b"/> used mo<span class="_ _3b"/>rtality tab<span class="_ _3b"/>les</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _147"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">661 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,045 </span>Mortalit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y +1 year co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpared with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> used<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortality t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5a"> </span>709 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,124 </span>The mort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ality table<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> used for the two<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> defined benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> schemes in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> United Kingdo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>m is the public<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> S3PxA table w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ith annual improvement of 1.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>25% (2021: S3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>PxA table with 1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5% annual impr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ovement). Aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age remainin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g life expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancy for a 65<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">old is 23<span class="_ _3b"/>.5 year (2021: 23<span class="_ _3b"/>.4 year). Wei<span class="_ _3b"/>ghted averag<span class="_ _3b"/>e duration on th<span class="_ _3b"/>e liabilities en<span class="_ _3b"/>d of 2022 is 13.3 <span class="_ _3b"/>years (2021: 17.0 </span></span>years). The Group exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ects to make a con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tribution<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of DKK 31m to the defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed benefit pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns in 2023. The expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted contribution for 2022 was DKK 26m, which turned ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to be DKK 25m.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Maturity analys<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>is of the obligations0-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">1 year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _241"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">38 </span>36 1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _242"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">126 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">167 </span>After 5 years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _243"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">518 </span>879 Total obligations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">683 </span></span>1,082 <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Contributions to defined contribution pen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion plans are recognised in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement in the period in <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">which </span>they relate, and any p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayable con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tributions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are accrued in the B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alance sheet <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as other pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ables. As regards defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> pension plans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, an actuarial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> valuation of the va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue in use of fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s payable under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the plan is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> made once a year. The val<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ue in use is calc<span class="_ _0"/>ulated based o<span class="_ _0"/>n assumptions of<span class="_ _0"/> future deve<span class="_ _0"/>lopment in wage/salar<span class="_ _0"/>y levels, </span>inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est rates, inflat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion, mortality<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, etc. The value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in use is only<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> calculated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or benefits t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o which the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mployees have become entitled d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uring their empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyment w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ith t<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">he Group.<span class="_ _0"/> The actuarial<span class="_ _0"/> calculation of<span class="_ _0"/> the value in use le<span class="_ _0"/>ss the fa<span class="_ _0"/>ir </span>value of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ny assets unde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r the plan i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s recognised i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Balance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sheet under pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion obligations<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. If a define<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> pension plan c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onstitutes a ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t asset, the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sset is recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sed only if<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> it offsets future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> refunds from t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he plan or will lead to reduced fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ture paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts to the p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lan. Pension costs of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the year are reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The diffe<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">rence between the <span class="_ _3b"/>calculated d<span class="_ _3b"/>evelop<span class="_ _3b"/>ment in pension as<span class="_ _3b"/>sets and liabili<span class="_ _3b"/>ties and the realis<span class="_ _3b"/>ed values are </span>recognised in Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e income as a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctuarial gains <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and losses.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Changes in the benefi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts payable fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ees’ past service <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the enterprise re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">sult in a<span class="_ _0"/>n adjustment o<span class="_ _0"/>f the </span>actuarial calculation of the value in use, which is classifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as past service costs. Past service <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>costs are recognised in the Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment immedia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tely if the employ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ees have alread<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y earned the ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ght to the adjus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted benefi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Otherwise, the benefi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts will b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e recognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment over the peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>od in which the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yees earn the rig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ht to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>jus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>enef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>its.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">current emplo<span class="_ _3b"/>yee oblig<span class="_ _3b"/>ations incl<span class="_ _3b"/>ude jubilee ben<span class="_ _3b"/>efits, etc.</span> </span>5.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e2 ls0 ws0"> <span class="_ _0"/><span class="ff1e0 ls12 ws71">Remunera<span class="_ _3b"/>tion t<span class="_ _3b"/>o the<span class="_ _3b"/> Executive Board<span class="_ _3b"/> and<span class="_ _3b"/> Board of Direct<span class="_ _3b"/>ors<span class="ls0 ws0"> </span></span></span>Remuneration to the Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve BoardTorben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span><span class="ws10"> <span class="_ _57"> </span><span class="lsd ws75">Karina Deacon</span></span> <span class="_ _140"> </span><span class="ws10"> <span class="_ _44"> </span><span class="lsf ws17">Executive Board, total</span></span> </span>DKK ‘000 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Wages and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> salarie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">9,000 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">7,900 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,410 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,200 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">13,410 </span>12,100 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bonus <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">7,200 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">5,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,440 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,500 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,640 </span>7,500 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Defined<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ution pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">900 </span>790 441 420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,341 </span>1,210 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,875</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,381 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">599 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,005 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,<span class="lsbc ws13">474</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>3,386 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">265 </span>250 190 175 455 425 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to Executive Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _270"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20,240</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">16,321 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,080</span> 8,300 30,<span xmlns="http://www.w3.org/1999/xhtml" class="ws16">320<span class="ls0 ws0"> </span></span>24,621 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rmination peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>od for the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>utive Board is 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2 months. Furt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her, the CEO has<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> additional 12 m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onths redundancy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> payment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> In connectio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n with a change o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f control of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he members of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d can <span xmlns="http://www.w3.org/1999/xhtml" class="ls59 ws72">– <span class="ls50 ws78">withi<span class="_ _3b"/>n the<span class="_ _3b"/> firs<span class="_ _3b"/>t 3 </span></span>months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the event <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">- <span class="ls50 ws78">terminate<span class="_ _3b"/> the<span class="_ _3b"/>ir e<span class="_ _3b"/>mplo<span class="_ _3b"/>ymen<span class="_ _3b"/>t with<span class="_ _3b"/> the sa<span class="_ _3b"/>me eff<span class="_ _3b"/>ec<span class="_ _3b"/>t as if th<span class="_ _3b"/>e Co<span class="_ _3b"/>mp<span class="_ _3b"/>any h<span class="_ _3b"/>ad giv<span class="_ _3b"/>en n<span class="_ _3b"/>oti<span class="ls26 ws14">ce of termin<span class="_ _3b"/>ation of </span></span></span>employment to the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xecutive Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard. Key manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment personnel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is defined as CEO To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen and CFO Ka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rina Deacon.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en, Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air <span xmlns="http://www.w3.org/1999/xhtml" class="_ _265"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,125 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,125 </span>Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg, Deputy Chair<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _8c"> </span><span class="ls8 ws15">750 </span></span>750 Anders Götzsche <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _d9"> </span><span class="ws12"> </span>94 </span>375 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Dirk Reich <span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Minna Aila, (Joined in M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arch 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _266"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> <span class="ls8 ws15">281 </span></span>0 Jesper Hartvig Nielsen¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _267"> </span><span class="ws12"> </span>94 </span>375 Lars Skjol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Hansen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Jens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Otto Knu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="fca ls0 ws0">¹<span class="ff1e3">⁾</span><span class="fc1"> <span class="_ _268"> </span>94 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ianne Henri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ksen, (Jo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ined in Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rch 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Kristian Kristensen, (Joined in March 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board (continue to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ight) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,500 </span>4,500 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(Continued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>:Anders Götzsche<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, Chair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _11c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">250 </span>250 2Dirk Reich ⁾<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e1 fca"> <span class="_ _23a"> </span><span class="fc1 ls8 ws15">125 </span></span>500 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">125 </span>125 Minna Aila (Joined<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsa ws18">in </span>M</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">arch 2022)<span class="ls0 ws0"> <span class="_ _269"> </span><span class="ws12"> </span></span></span>75 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ws10"> <span class="ls9 ws16">575 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">875 </span>Remuneration & N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omination Committee:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">25 </span></span>100 Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Nomination Committee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">225 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">300 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board of Directo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _f"> </span><span class="ls9 ws16">5,300 </span></span>5,675 Total remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve Board an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>recto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf"> 35,<span class="ws16">62<span class="lsbc ws13">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">30,296 </span>Remuneration to the chair of the Audit Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mittee is DKK 250k <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13b">per year <span class="ls54 ws12">(2021: DKK<span class="_ _3b"/> 250k) and remun<span class="_ _3b"/>eration to other </span></span>members of the Audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Committee i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s DKK 125k per yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 125k) e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach. Remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eration to each of the th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs of the Remuneration and Nomination Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tee is DKK 100k <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws101">per year<span class="ls0 ws0"> </span><span class="ws12">(2021: DKK 10<span class="_ _3b"/>0k). <span class="ls0 ws0"> </span></span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsb5">Mari<span class="_ _0"/>anne Dahl, <span class="_ _0"/>Jesper H<span class="_ _0"/>artvig<span class="_ _0"/><span class="fc8 sc0"> </span></span>Nielse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n and Jens Otto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Knudsen left the Board of Directors in 2022. 2 D<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">irk Reich received an </span>extraordinary fee of DKK 375,000 in 2021 due to conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rable ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>visory wo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rk related to business development, acquisiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d organ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> design.
<span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/> for <span class="ls1a ws32">employee c<span class="ls15 ws22">os<span class="_ _3b"/>ts<span class="ls0 ws0"> </span></span></span></span>Ferry and <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">o<span class="_ _3b"/>ther ship cost comprise costs of <span class="_ _3b"/>sales related to catering as well as mainten<span class="_ _3b"/>ance and daily running </span>costs of ferries and other ships. Bunker consu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mption includes hedging. Impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and realised losses on trade receivables are inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ded in fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry and other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">sh<span class="_ _3b"/>ip oper<span class="_ _3b"/>ation<span class="_ _3b"/> and main<span class="_ _3b"/>ten<span class="_ _3b"/>ance. F<span class="_ _3b"/>reigh<span class="_ _3b"/>t han<span class="_ _3b"/>dl<span class="_ _3b"/>ing an<span class="_ _3b"/>d Transp<span class="_ _3b"/>ort </span></span>solu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted to l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bas<span class="_ _3b"/>ed activities such as stevedoring, te<span class="_ _3b"/>rminal, and haulage costs. Cos<span class="_ _3b"/>ts of sales </span></span>and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">administration co<span class="_ _3b"/>mprise costs of sales, marketing, and adminis<span class="_ _3b"/>tration.</span> </span>2.3<span xmlns="http://www.w3.org/1999/xhtml" class="ff171 ls0 ws0"> <span class="_ _0"/><span class="ff16f fc6 ls13 ws20">Cost<span class="_ _3b"/>s<span class="fc1 ls0 ws0"> </span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and other s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hip operation a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd maint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enance:Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y and ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her ship co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>st includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rter rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ted cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d9"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,329 </span>-1,583 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bunker <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,097 </span>-2,297 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rry and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r ship oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>maintenance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _14a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> -<span class="ls9 ws16">6,426 </span></span> -3,880 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/> for Costs<span class="_ _0"/><span class="ls0 ws0"> </span></span>2.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff175 ls0 ws0"> <span class="_ _0"/><span class="ff173 ls13 wsbc">Amortis<span class="_ _3b"/>ation<span class="_ _3b"/>, de<span class="_ _3b"/>preciat<span class="_ _3b"/>ion<span class="_ _3b"/><span class="ls11 ws1e">, <span class="ls4d ws6f">and im<span class="_ _0"/>pairment loss<span class="_ _0"/>es for the year<span class="_ _0"/><span class="ls0 ws0"> </span></span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisation and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epreciation for the year:Software <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">48 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>Port con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> righ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35 </span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current i<span class="_ _3b"/>ntang<span class="_ _3b"/>ible assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">52 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>Land & Bui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">15 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Terminal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>59 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">49 </span>Ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">927 </span>850 Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">328 </span>206 Right-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,042 </span></span>874 Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">depr<span class="_ _3b"/>eciatio<span class="_ _3b"/>n for the year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,505 </span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ear:Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses for the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ea"> </span><span class="ls9 ws16">2,505 </span></span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Amortisation and depreciation for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>year are recognised based on the amortisation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d depreciation profiles of the underlying asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> note 3.1.1, 3.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and 3.1.3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
Accounting policies for employee costs Ferry and other ship cost comprise costs of sales related to catering as well as maintenance and daily running costs of ferries and other ships. Bunker consumption includes hedging. Impairments and realised losses on trade receivables are included in ferry and other ship operation and maintenance. Freight handling and Transport solutions are cost related to land-based activities such as stevedoring, terminal, and haulage costs. Costs of sales and administration comprise costs of sales, marketing, and administration. Accounting policies for Costs Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.
Wages, salaries, social security contributions, pension contributions, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Group. Where the Group provides long-term employee benefits, the costs are accrued to match the rendering of the services by the employees. Accounting policies Contributions to defined contribution pension plans are recognised in the Income statement in the period in which they relate, and any payable contributions are accrued in the Balance sheet as other payables. As regards defined benefit pension plans, an actuarial valuation of the value in use of future benefits payable under the plan is made once a year. The value in use is calculated based on assumptions of future development in wage/salary levels, interest rates, inflation, mortality, etc. The value in use is only calculated for benefits to which the employees have become entitled during their employment with the Group. The actuarial calculation of the value in use less the fair value of any assets under the plan is recognised in the Balance sheet under pension obligations. If a defined benefit pension plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan. Pension costs of the year are recognised in the Income statement based on actuarial estimates and financial expectations at the beginning of the year. The difference between the calculated development in pension assets and liabilities and the realised values are recognised in Other comprehensive income as actuarial gains and losses. Changes in the benefits payable for employees’ past service to the enterprise result in an adjustment of the actuarial calculation of the value in use, which is classified as past service costs. Past service costs are recognised in the Income statement immediately if the employees have already earned the right to the adjusted benefit. Otherwise, the benefits will be recognised in the Income statement over the period in which the employees earn the right to the adjusted benefits. Other non-current employee obligations include jubilee benefits, etc.
Accounting policies Revenue from transport of passengers, freight and from rendering terminal and warehouse services etc, is recognised in the Income statement at the time of delivery of the service to the customer, which is the time where the control is transferred and when each separate performance obligation in the customer contract is fulfilled following the “over-time principle”. Some of the ferry and freight transports have a series of performance obligations, but as the duration of these transports are short term the impact from splitting these contracts into “distinct services” will not have material impact. Most transports carried out by the Ferry Division are characterisedby short delivery time (Most sailings are less than 30 hours while sailings to/from Türkiye are up to 72 hours). Transports carried out by the Logistics Division can take delivery over a longer period. Revenue from chartering out ferries is recognised straight line over the duration of the agreement. Onboard sales is recognised at a “point in time”. Revenue is measured at fair value excluding value added tax and after deduction oftrade discounts. Trade receivables are not adjusted for any financing component when recognised. The general credit terms are overall short and are following market terms. Accounting estimates and judgements are made in order to determine time of delivery and accrue for relevant income along with evaluation of pricing. These accounting estimates and judgements are based on experience and historical sales figures along with a continuous follow-up on service delivered.
2.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff175 ls0 ws0"> <span class="_ _0"/><span class="ff173 ls13 wsbc">Amortis<span class="_ _3b"/>ation<span class="_ _3b"/>, de<span class="_ _3b"/>preciat<span class="_ _3b"/>ion<span class="_ _3b"/><span class="ls11 ws1e">, <span class="ls4d ws6f">and im<span class="_ _0"/>pairment loss<span class="_ _0"/>es for the year<span class="_ _0"/><span class="ls0 ws0"> </span></span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisation and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epreciation for the year:Software <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">48 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>Port con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> righ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35 </span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current i<span class="_ _3b"/>ntang<span class="_ _3b"/>ible assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">52 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>Land & Bui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">15 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Terminal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>59 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">49 </span>Ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">927 </span>850 Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">328 </span>206 Right-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,042 </span></span>874 Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">depr<span class="_ _3b"/>eciatio<span class="_ _3b"/>n for the year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,505 </span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ear:Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses for the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ea"> </span><span class="ls9 ws16">2,505 </span></span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Amortisation and depreciation for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>year are recognised based on the amortisation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d depreciation profiles of the underlying asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> note 3.1.1, 3.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and 3.1.3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
2.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff175 ls0 ws0"> <span class="_ _0"/><span class="ff173 ls13 wsbc">Amortis<span class="_ _3b"/>ation<span class="_ _3b"/>, de<span class="_ _3b"/>preciat<span class="_ _3b"/>ion<span class="_ _3b"/><span class="ls11 ws1e">, <span class="ls4d ws6f">and im<span class="_ _0"/>pairment loss<span class="_ _0"/>es for the year<span class="_ _0"/><span class="ls0 ws0"> </span></span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisation and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epreciation for the year:Software <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">48 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>Port con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> righ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35 </span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current i<span class="_ _3b"/>ntang<span class="_ _3b"/>ible assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">52 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>Land & Bui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">15 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Terminal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>59 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">49 </span>Ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">927 </span>850 Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">328 </span>206 Right-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,042 </span></span>874 Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">depr<span class="_ _3b"/>eciatio<span class="_ _3b"/>n for the year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,505 </span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ear:Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses for the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ea"> </span><span class="ls9 ws16">2,505 </span></span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Amortisation and depreciation for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>year are recognised based on the amortisation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d depreciation profiles of the underlying asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> note 3.1.1, 3.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and 3.1.3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
2.5<span xmlns="http://www.w3.org/1999/xhtml" class="ff175 ls0 ws0"> <span class="_ _0"/><span class="ff173 ls13 wsbc">Amortis<span class="_ _3b"/>ation<span class="_ _3b"/>, de<span class="_ _3b"/>preciat<span class="_ _3b"/>ion<span class="_ _3b"/><span class="ls11 ws1e">, <span class="ls4d ws6f">and im<span class="_ _0"/>pairment loss<span class="_ _0"/>es for the year<span class="_ _0"/><span class="ls0 ws0"> </span></span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Amortisation and d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epreciation for the year:Software <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">48 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>Port con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> righ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">35 </span></span>Other no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current i<span class="_ _3b"/>ntang<span class="_ _3b"/>ible assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">52 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>Land & Bui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ldings <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">15 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">9 </span>Terminal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1dc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>59 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">49 </span>Ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">927 </span>850 Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">328 </span>206 Right-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">of</span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">use assets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,042 </span></span>874 Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation <span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws1a">and</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws13">depr<span class="_ _3b"/>eciatio<span class="_ _3b"/>n for the year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e8"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">2,505 </span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ear:Equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment etc. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation, depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losses for the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ea"> </span><span class="ls9 ws16">2,505 </span></span>2,087 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Amortisation and depreciation for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>year are recognised based on the amortisation an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d depreciation profiles of the underlying asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> note 3.1.1, 3.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and 3.1.3.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3.1.4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff19b ls0 ws0"> <span class="ff199 ls63 ws1e">Impa<span class="_ _3b"/>irmen<span class="_ _3b"/>t te<span class="_ _3b"/>sting</span><span class="ff199"> </span></span>Introduction<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l non<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">curren<span class="_ _3b"/>t asse<span class="_ _3b"/>ts a<span class="_ _3b"/>t leas<span class="_ _3b"/>t <span class="ls57 wsf">once every<span class="_ _0"/> <span class="_ _3b"/>year a<span class="_ _0"/>nd in </span></span></span>case of indication of impairment. Due to the war in Ukraine and gene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ral uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inty in the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orld economy,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impairment asses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sments have bee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n made in 2022.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Definition of cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsba wsf">generating uni<span class="_ _0"/>ts (CGU)<span class="ls0 ws0"> </span></span></span>The breakdown into cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generati<span class="_ _0"/>ng uni<span class="ls26 ws14">ts takes its starting point in the inte<span class="_ _3b"/>rnal </span></span></span>stru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cture<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> two s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Log<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ir <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls53 wsa4">usin<span class="_ _3b"/>ess <span class="ls57 ws1b">units</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26">, </span>including the strategic, operational<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls51 ws74">and <span class="_ _3b"/>comme<span class="_ _3b"/>rcial<span class="_ _3b"/> manag<span class="_ _3b"/>emen<span class="_ _3b"/>t and co<span class="_ _3b"/>ntro<span class="_ _3b"/>l of </span></span>these,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ara<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tely <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ross <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls53 wsa4">u<span class="_ _3b"/>siness <span class="ls57 ws1b">units<span class="ls51 ws74">, and t</span><span class="wsf">he nature of the<span class="_ _0"/> </span></span></span></span>custome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ces p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rovide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Based on this<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls26 ws14">the following six cash</span>-<span class="ls57 wsf">generating uni<span class="_ _0"/>ts have bee<span class="_ _0"/>n identified: <span class="ls0 ws0"> </span></span></span>Ferry CGU:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">The </span>B<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">usin<span class="_ _3b"/>ess uni<span class="_ _3b"/>ts Nor<span class="_ _3b"/>th Sea<span class="_ _3b"/>, Balti<span class="_ _3b"/>c Se<span class="_ _3b"/>a and<span class="_ _3b"/> Medite<span class="_ _3b"/>rrane<span class="_ _3b"/>an</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="lsd7 ws101">incl<span class="_ _3b"/>ud<span class="ls54 wsfd">es</span></span> goodwill of DKK <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">3,023m)<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">The </span>B<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">usiness<span class="_ _0"/> unit English Cha<span class="_ _0"/><span class="ws1b">nnel<span class="ls0 ws0"> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">The O<span class="_ _3b"/>slo </span>– <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">Frederiksh<span class="_ _3b"/>avn<span class="_ _3b"/> </span>- <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Copenhagen (OFC) route which is part of the </span>Passeng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B</span>usiness <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">The A<span class="_ _3b"/>msterd<span class="_ _3b"/>am </span>– <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">Newc<span class="_ _3b"/>astle r<span class="_ _3b"/>oute<span class="_ _3b"/> whi<span class="_ _3b"/>ch is part of<span class="_ _3b"/> the P<span class="_ _3b"/>asse<span class="_ _3b"/>nger </span>B<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">usiness <span class="ls57 ws1b">unit</span></span> Logis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tics<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> CGU:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Dry Goods</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">includ<span class="ls54 wsfd">es<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws14">goodwill of DKK <span class="ls54 wsfd">427<span class="_ _3b"/><span class="ls51 wsfc">m)</span></span></span> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff19d"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Cold Chain</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">includ<span class="ls54 wsfd">es</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">good<span class="_ _3b"/>will of DKK 957m)<span class="fc6 ls0 ws0"> </span></span>Non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">curren<span class="_ _3b"/>t intan<span class="_ _3b"/>gible<span class="_ _3b"/> and<span class="_ _3b"/> tangibl<span class="_ _3b"/>e ass<span class="_ _3b"/>ets as<span class="_ _3b"/> well a<span class="_ _3b"/>s Righ<span class="_ _3b"/>t</span>-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use asset<span class="_ _3b"/>s are </span></span>assigne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d to the above<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls54 ws101">mentioned cash<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls57 wsf">generat<span class="_ _0"/>ing units unle<span class="_ _0"/>ss this cannot<span class="_ _0"/> be </span></span></span></span>done wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th a reas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gree o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f cert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y. Sof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tware<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sets wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ich<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> can<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">not be <span class="_ _3b"/>assigned wi<span class="_ _3b"/>th reasonable <span class="_ _3b"/>certainty to on<span class="_ _3b"/>e or more of the above <span class="_ _3b"/>cash<span class="ls0 ws0">-</span></span>gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ating u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nits<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> are tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted for i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t as a n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">allocated Group asse<span class="_ _3b"/>t, i.e<span class="lsbd ws100">.,</span></span> </span>based<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">on the Group e<span class="_ _0"/>arnings.<span class="ls0 ws0"> </span></span></span>The v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>jori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">fer<span class="_ _3b"/>ries<span class="ls0 ws0"> <span class="ls57 wsf">used in t<span class="_ _0"/>he <span class="ls0 ws0">B<span class="ls53 wsa4">usiness </span></span><span class="ws1b">unit<span class="ls0 ws0"> <span class="ls26 ws14">‘North Sea’,</span> <span class="ls51 ws74">‘Balti<span class="_ _3b"/>c Se<span class="_ _3b"/>a’ </span></span></span></span></span></span>and ‘Med<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iterr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an’ are i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>geabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d it is cen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y deci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ded<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and how the ferries are depl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyed on the v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arious routes. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>evenue gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ation is impa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> by the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y dep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>loyed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ffere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oute<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>men<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t therefore conclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>des that in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terdependen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy between the <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">th<span class="_ _3b"/>ree<span class="ls0 ws0"> B<span class="ls57 ws1b">usiness</span> <span class="ls57 ws1b">unit<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws78">in </span></span></span></span></span>respect of taking decision on capacity is of su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch extent that cash inflows are not largely indepen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dent from each othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r and con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sequently, these th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="ls53 wsa4">usiness </span></span>units are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated as o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ne cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws13">gene<span class="_ _3b"/>rating u<span class="ls50 ws77">n<span class="_ _3b"/>it.<span class="_ _3b"/></span></span> </span>Basis f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> testin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g and ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lcul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> recov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erable amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>unt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generati<span class="_ _0"/>ng units, the r<span class="_ _0"/>ecoverable amount<span class="_ _0"/> of the </span></span>unit is compared with <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">it<span class="ls0 ws0">s<span class="_ _0"/> <span class="ls57 wsf">carrying a<span class="_ _0"/>mount. The rec<span class="_ _0"/>overable amount<span class="_ _0"/> is the higher </span></span></span>value of i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ts value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-u<span class="ls53 ws75">se and it<span class="_ _3b"/>s fair valu<span class="_ _3b"/>e less co<span class="_ _3b"/>sts of d<span class="_ _3b"/>ispos<span class="_ _3b"/>al. If the </span></span></span></span>recove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rable <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arryin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the lat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ter is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> writ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ten down<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> lower value.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">in</span>-<span class="ls54 ws12">use is calculated a<span class="_ _3b"/>s the discou<span class="_ _3b"/>nted value of the es<span class="_ _3b"/>timated fu<span class="_ _3b"/>ture </span></span>net cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ows pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating<span class="_ _0"/> unit. Impairment<span class="_ _0"/> testing (value<span class="_ _0"/><span class="ls0 ws0">-<span class="ls26 ws78">in</span>-<span class="ls53 ws75">use) is </span></span></span></span>performed based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t approved<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> forecasts for 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>23 and busines<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s plans beyond 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>3. Key parame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ters for the forec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast periods are tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ends in revenue,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> EBIT, EBIT m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>argin, future inve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stments, and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowth<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws101">expectations. These </span></span>parame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ters ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e dete<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed sp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>call<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y for e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ividu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating uni<span class="_ _0"/>t. </span></span>Growth is incorporated in forecasts for perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ds beyond 2023 and in the terminal period with refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ence to the grow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th rate and cash flow s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ection below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">recov<span class="_ _3b"/>erabl<span class="_ _3b"/>e amoun<span class="_ _3b"/>t fo<span class="_ _3b"/>r cash<span class="ls0 ws0">-<span class="ls26 ws14">gener<span class="_ _3b"/>ating units containing goodwill is </span></span></span>determined ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed on value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">in</span>-<span class="ls26 ws14">use calculation<span class="_ _3b"/>s. For a breakdown of goodwill on </span></span>cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54">generating units, reference is made to note 3.1.1.<span class="ls0 ws0"> </span></span>The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group’s main a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssets, ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">other ships, is determined </span></span>on the basis of the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age of two to three i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ndepend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent broker valua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions per ship less e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed costs o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f dispo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sal. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>task of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> broker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s is to asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he individual s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hips in a ‘w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>illing buyer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– <span class="lsba ws93">willing s<span class="_ _0"/>eller’ si<span class="ls50 ws78">tuati<span class="_ _3b"/>on<span class="_ _3b"/>. The<span class="_ _3b"/> </span></span></span>valuations have been obtained from the sa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me recognised brokers as in previous years, and Managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s an avera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ge of these to be the bes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and most reasonable expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ession of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ips’ fair valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rying amount o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">righ<span class="_ _3b"/>t<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use (RoU<span class="_ _3b"/>) assets i<span class="_ _3b"/>s added <span class="_ _3b"/>to the ba<span class="_ _3b"/>se of non<span class="_ _3b"/></span>-</span></span>current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> tangible and i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ntangible asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s being subject<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> to impairm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent testing. The RoU assets are regarded an integrated part of the operating a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctivities taking place in the Group’s CGU and accordingly, the carrying a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mount of a RoU asset is allocated to the CGU in which the asset in question is used. Thereb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y RoU assets are tested on CGU l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>evel.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Deter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>owt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The expected net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cash flows are asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssed at CGU lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>el on basi<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">s of approved </span>forecasts for 2023 and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent busine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss plans beyond<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 2023. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The projections include the estimated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpact of long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">term s<span class="_ _3b"/>trate<span class="_ _3b"/>gic de<span class="_ _3b"/>ci<span class="_ _3b"/>sion<span class="_ _3b"/>s </span></span>and as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sessment of opp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ortunities for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> future growth and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> required investm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents. For Ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y and Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gistic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s d<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ivision CGUs whi<span class="_ _3b"/>ch include a terminal period, OECD’s </span>prediction for EU long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term consumer pri<span class="_ _3b"/>ce ind<span class="_ _3b"/>ex growth rate of 3.1% h<span class="_ _3b"/>as been </span></span>applied (2021: 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.8%). Furthe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r, the outbreak<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of the Ukraine wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r as well as the uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inty in the w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>orld economy ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve been inco<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">rpor<span class="_ _3b"/>ated in<span class="_ _3b"/> the fo<span class="_ _3b"/>rec<span class="_ _3b"/>ast f<span class="_ _3b"/>or <span class="ls0 ws0"> </span></span>2023 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd onwards. The f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ollowing ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mptions f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or growth ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tes have been applied to eac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h CGU.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry (CGUs):<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>North S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ea, B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>altic Se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Medi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terrane<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws19">For 202<span class="_ _3b"/>4<span class="ls0 ws0">-<span class="ls54 wsfd">2027</span> <span class="ls57 wsf">a growt<span class="_ _0"/>h in EBIT in t<span class="_ _0"/>he </span></span></span>range of 4.5% <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">- </span>7.5% is expected and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rowth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in terminal period of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 3.1% (2021: 1.8%).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B</span>usiness <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> </span><span class="wsf">Englis<span class="_ _0"/>h Channel: The c<span class="_ _0"/>urrent overcapac<span class="_ _0"/>ity on the C<span class="_ _0"/>hannel </span></span>impacts the forec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ast for 2023 n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>egatively<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">bu<span class="_ _3b"/>t <span class="ls26 ws78">is</span></span> <span class="ls26 ws78">not</span> <span class="ls50 ws12a">expected<span class="_ _3b"/> to <span class="ls51 wsfc">impac<span class="_ _3b"/>t <span class="ls55 ws72">EBIT in<span class="_ _3b"/> </span></span></span></span>the longer term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>A growth in EBIT fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2024<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2027 of 19<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">.0</span>% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to 26.3% and gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wth in <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">the <span class="ls54 ws12">terminal period of 3.<span class="_ _3b"/>1% is expe<span class="_ _3b"/>cted (2021: 1.8%<span class="_ _3b"/>).<span class="ls0 ws0"> <span class="ls57 wsf">Due to t<span class="_ _0"/>he current </span></span></span></span>overc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>apa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>city <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">Mana<span class="_ _3b"/>gement has pr<span class="_ _3b"/>epared altern<span class="_ _3b"/>ative scenari<span class="_ _3b"/>os<span class="ls0 ws0"> <span class="ls56 ws1a">based on <span class="ls26 ws78">various</span></span> </span></span>assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">. <span class="ls54 ws12">None of these alt<span class="_ _3b"/>ernative s<span class="_ _3b"/>cen</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws74">arios g<span class="_ _3b"/>ave ri<span class="_ _3b"/>se to an<span class="_ _3b"/>y imp<span class="_ _3b"/>air<span class="_ _3b"/>ment.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The Oslo <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– <span class="ls58 ws7a">Frederi<span class="_ _3b"/>ksh<span class="_ _3b"/>avn </span>- <span class="ls54 ws12">Copenhagen route:<span class="_ _3b"/> During 2022, passen<span class="_ _3b"/>ger number<span class="_ _3b"/>s</span> </span>have <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">recovered<span class="ls26 ws14">, but Covid<span class="ls0 ws0">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">19 continues t<span class="_ _0"/>o impact the num<span class="_ _0"/>ber of <span class="ls54 wsfd">overseas<span class="ls0 ws0"> </span></span></span>passeng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ers<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. <span class="ls54 ws12">The expectation<span class="_ _3b"/> for 2023 is a nega<span class="_ _3b"/>tive EBIT. Var<span class="_ _3b"/>ying growth r<span class="ls51 wsfc">at<span class="_ _3b"/>es </span></span></span>depending on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> maintenance, improv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>emen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">have been i<span class="_ _0"/>ncorporated i<span class="_ _0"/>n the </span></span>forecast years beyon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d 2024 leadin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to an ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erall positive EBI<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>T. From 2024, growth ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>resen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t a no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmalised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ave<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">1.<span class="ls54 ws12">7% (2021: 0.7%).</span> </span>The Ams<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>am <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">– <span class="ls50 ws78">Newcas<span class="_ _3b"/>tle r<span class="_ _3b"/>ou<span class="_ _3b"/>te: Du<span class="_ _3b"/>r<span class="ls54 ws101">ing 2022, <span class="ls57 wsf">passenger num<span class="_ _0"/>bers<span class="ls0 ws0"> </span><span class="ws1b">have </span></span></span></span></span>recove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. <span class="ls54 ws12">The expectation f<span class="_ _3b"/>or 2023 is a positiv<span class="_ _3b"/>e EBIT. Varyin<span class="_ _3b"/>g growth rates </span></span>have been incorpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rated in the fore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cast year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s beyond 2023 and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> provide an overall positiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e EBIT. <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">Fro<span class="_ _3b"/>m 2024<span class="_ _3b"/></span>, growth ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes represent <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">a <span class="ls51 ws74">normal<span class="_ _3b"/>ised<span class="_ _3b"/> aver<span class="_ _3b"/><span class="wsfc">age </span></span></span>of 1.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">3</span>% (2021: 2.2%).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Logistics (CGUs):<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Busin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> <span class="ls26 ws14">Dry Goods: Growth in EBIT for 202</span>4-<span class="ls54 wsfd">202</span>7</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">of 5<span class="lsbd ws100">.0<span class="ls51 ws74">% and gro<span class="_ _3b"/>wth </span></span></span>in the terminal period of 3.1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">%. </span>The Busin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">unit<span class="ls0 ws0"> <span class="ls26 ws14">Cold Chain: Growth in EBIT for 202</span>4-<span class="ls54 wsfd">202</span>7 <span class="ls26 ws14">of 5<span class="lsbd ws100">.0<span class="ls51 ws74">% and </span></span></span></span></span>growth in terminal period of <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">3.1%.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Deter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">end 2022 imp<span class="_ _3b"/>airment testin<span class="_ _3b"/>g purposes is bas<span class="_ _3b"/>ed on a </span></span>calculation of DFDS’ weighted average co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st of capital (WACC). The cost of equity is b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased on a ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sk<span xmlns="http://www.w3.org/1999/xhtml" class="wsa4">-f<span class="ls58 ws19">re<span class="_ _3b"/>e ra<span class="_ _3b"/>te plus a m<span class="_ _3b"/>arke<span class="_ _3b"/>t risk pre<span class="_ _3b"/>mium. T<span class="_ _3b"/>he ri<span class="_ _3b"/>sk<span class="ls0 ws0">-<span class="ls54 wsfd">free </span></span></span></span>interest rate is bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed on a 10<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year Dan<span class="_ _3b"/>ish ri<span class="_ _3b"/>sk</span>-</span>free rate which a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t the end of 2022 is 2.5% (2021: 1.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0%). The ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rket risk premium is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>calculated as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a general equity market ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k premium of 5.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (2021: 5.9%) mul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tiplied by the lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eraged beta value for DFDS of 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.71 (2021: 1.57<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>). The lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eraged beta value appli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">end 20<span class="_ _3b"/>22 is calculated b<span class="_ _3b"/>y obtaining th<span class="_ _3b"/>e unlev<span class="_ _3b"/>ered beta value of pee<span class="_ _3b"/>r </span></span>group co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ies v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia the Cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al IQ d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atabas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e. Thi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s bet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is then<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> re<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 wsfd">levered </span></span>in acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rdance with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group’s curre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt capital str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ucture. The cost o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f debt is based on the interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">bearin<span class="_ _3b"/>g borro<span class="_ _3b"/>wings fo<span class="_ _3b"/>r the G<span class="_ _3b"/>roup pl<span class="_ _3b"/>us the ri<span class="_ _3b"/>sk</span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">free </span>interest. Further, risk premium may be adde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d for the individual cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">genera<span class="_ _3b"/>ting </span></span>unit if special condi<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">tions and/<span class="_ _0"/>or uncertainties i<span class="_ _0"/>ndicate a ne<span class="_ _0"/>ed hereto. </span>Conversely, if the risk level for the individua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>generating unit is considered to be lower than the gene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ral risk level, then<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k premium is redu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ced if special conditions indicate a need here<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act of the war<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in Ukraine a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the uncerta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inty in the g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lobal economy is b<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">uilt i<span class="_ _0"/>nto the for<span class="_ _0"/>ecasts where re<span class="_ _0"/>levant. <span class="ls0 ws0"> </span></span>For cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 wsfd">gener<span class="_ _3b"/>ating</span>-<span class="ls57 wsf">units where t<span class="_ _0"/>he recoverable<span class="_ _0"/> amount is base<span class="_ _0"/>d on value<span class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-</span></span></span></span></span>use, the pre<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls56 ws1a">tax discount rates applied<span class="_ _0"/> have been <span class="ls26 ws14">within the following range<span class="_ _3b"/>s in </span></span></span>the two segment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry Division <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7.6%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">6.0% <span class="ls5e ws93">- </span>7<span class="_ _3b"/>.0%</span> Logistics Division <span xmlns="http://www.w3.org/1999/xhtml" class="_ _72"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7.6%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">6.0<span class="_ _3b"/>%</span> The applied discount rates in cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating unit<span class="_ _0"/>s for which t<span class="_ _0"/>he carrying<span class="_ _0"/> </span></span>amount of goodwill forms a significant par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the Group’s total goodwill are 7.6% (2021: 6.0%) in ‘North Sea, Baltic Sea and Medit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erranean’ in ‘Dry Goods’ and ‘Cold Chain’.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sensitivity analysis<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>As part of the preparation of impairment te<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">sts,<span class="_ _3b"/> sensit<span class="_ _3b"/>ivit<span class="_ _3b"/>y analysis i<span class="_ _3b"/>s prep<span class="_ _3b"/>ared </span>based on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">relevant ri<span class="_ _3b"/>sk fa<span class="_ _3b"/>ctors an<span class="_ _3b"/>d scen<span class="_ _3b"/>ario<span class="_ _3b"/>s<span class="_ _3b"/> that Man<span class="_ _3b"/>agem<span class="_ _3b"/>ent c<span class="_ _3b"/>an dete<span class="_ _3b"/>rmine </span></span>with reasonable reliability. Sensitivi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 wsfc">analy<span class="_ _3b"/>ses<span class="ls0 ws0"> <span class="ls58 ws19">are p<span class="_ _3b"/>repared<span class="_ _3b"/> by alte<span class="_ _3b"/>ring th<span class="_ _3b"/>e </span></span></span>estimates within the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange of prob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able outc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>omes. The sensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivities have been<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assessed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as follo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ws, all o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ings bein<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1a2"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">An increase<span class="_ _0"/> in the discount<span class="_ _0"/> <span class="ls54 ws12">rate of 0.<span class="_ _3b"/>5%<span class="ls0 ws0">-<span class="ls50 ws77">poin<span class="_ _3b"/>ts.</span> </span></span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1a2"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">A decrease in EB<span class="_ _3b"/>IT of 10%.</span> •<span xmlns="http://www.w3.org/1999/xhtml" class="ff1a2"> <span class="_ _158"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">A decrease in b<span class="_ _3b"/>roker valu<span class="_ _3b"/>ations of 10%.<span class="_ _3b"/></span> For E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nglish Channel <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">sensitiv<span class="_ _3b"/>it<span class="_ _3b"/>y testi<span class="_ _3b"/>ng sh<span class="_ _3b"/>ow<span class="_ _3b"/>s <span class="ls26 ws14">indication of imp<span class="_ _3b"/>airment if </span></span>reducing fore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>casted EBIT by 10%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws19">For Oslo<span class="_ _3b"/></span>-<span class="ls58 ws7a">Frederi<span class="_ _3b"/>kshav<span class="_ _3b"/>n</span>-</span>Copenhagen rou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te <span xmlns="http://www.w3.org/1999/xhtml" class="lsba ws75">all </span>sensi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">calculations sho<span class="_ _3b"/>ws indication of impairmen<span class="_ _3b"/>t.<span class="ls0 ws0"> </span>None of </span>the<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 wsfc">abov<span class="_ _3b"/>e</span> </span>calcula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tions have gi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ven rise to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>djustments of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impairment tests <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">pre<span class="_ _3b"/>pared<span class="_ _3b"/><span class="lsbd ws100">. </span><span class="ws19">For al<span class="_ _3b"/>l other<span class="ls0 ws0"> <span class="ls26 ws14">CGU’s sen<span class="_ _3b"/>sitive testing shows</span> <span class="ls26 ws14">no indication of </span></span></span></span>impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Order o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>If a need for impairment is identified, goodw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ill is the first to be impaired, followed by the primary non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">current<span class="_ _0"/> <span class="_ _3b"/>tangi<span class="_ _0"/>ble and intangi<span class="_ _0"/>ble assets and Rig<span class="_ _0"/>ht<span class="ls0 ws0">-</span></span></span>of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">use<span class="_ _0"/> assets in the i<span class="_ _0"/>ndividual cas<span class="_ _0"/>h<span class="ls58 ws7a">-g<span class="_ _3b"/><span class="ls51 ws74">ener<span class="_ _3b"/>atin<span class="_ _3b"/>g uni<span class="_ _3b"/>ts. Imp<span class="_ _3b"/>airmen<span class="_ _3b"/>ts are <span class="_ _3b"/>alloc<span class="_ _3b"/>ated </span></span></span></span>to the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>spe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>din<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rryi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>less<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> this r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esults in an im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pairment to a va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue below t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he fair value le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ss costs of disposal of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>22<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Based on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">the <span class="ws78">im<span class="_ _3b"/>pai<span class="_ _3b"/>rmen<span class="_ _3b"/>t tests<span class="_ _3b"/> pre<span class="_ _3b"/>pare<span class="_ _3b"/>d at ye<span class="_ _3b"/>ar</span></span>-</span>end 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>22 no cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">genera<span class="_ _3b"/>ting </span></span>units are deemed i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpaired in 2022 and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment losses re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> prior years have been reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rsed. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Based on<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">the i<span class="_ _3b"/>mpai<span class="_ _3b"/>rmen<span class="_ _3b"/>t te<span class="_ _3b"/>sts p<span class="_ _3b"/>repa<span class="_ _3b"/>red a<span class="_ _3b"/>t year</span>-</span>end 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21 no cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">ge<span class="ls57 ws1b">nerating </span></span></span>units are deemed i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpaired in 2021 and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment losses re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cognised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> prior years have been reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rsed. For one F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reight ferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y a reversal of i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairment m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ade in connection with reclassification <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to asset held for sale amounting to DKK 29m has been recognis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed in Special Ite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ms referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to note 2.6<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">. </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting estim<span class="_ _0"/>ates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>The war in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ukrai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ne an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the glo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bal ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>onomy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment has taken t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he risk and unc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ertainty relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing to the cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rent war in Ukra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ine and the u<span xmlns="http://www.w3.org/1999/xhtml" class="ws1b">nce<span class="_ _0"/>rtainty </span>in the world economy into consideration when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> preparing the forecasts and cash flows.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oodwill and other non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>current intangible assets<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of goodwill and othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">cur<span class="_ _0"/>rent intangible<span class="_ _0"/> assets, which p<span class="_ _0"/>rimarily <span class="ls26 ws14">relates to IT, </span></span></span>acqui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>red port conces<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sion rights and ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quired cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omer portfolios, i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s undertaken onc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e every year a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd in case of indication of i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment tests are bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed on the expected fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ture cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w for the cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generat<span class="_ _0"/>ing unit in que<span class="_ _0"/>stion. The k<span class="_ _0"/>ey parameters ar<span class="_ _0"/>e trends in re<span class="_ _0"/>venue, EBIT, E<span class="_ _0"/>BIT margin, futur<span class="_ _0"/>e </span></span>investments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and growth expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctations. Thes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e parameters ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e based on estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es of the future whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch are inherent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ly uncertain.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt tes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ludi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>he a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13">ssess<span class="_ _3b"/>ment of<span class="_ _3b"/> useful<span class="_ _3b"/> life <span class="_ _3b"/>and scrap<span class="_ _3b"/> value<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Signif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>icant account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing estimates and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssessments r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egarding ferries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and other shi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ps include the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>llocation of the ferry’s cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t price on compon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n the expected usefu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l life of the identifi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed componen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts; the f<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">err<span class="_ _3b"/>y’s expected m<span class="_ _3b"/>aximum useful l<span class="_ _3b"/>ife; the ferry’s s<span class="_ _3b"/>crap value; and i<span class="_ _3b"/>mpairment te<span class="_ _3b"/>sting. The expe<span class="_ _3b"/>cted </span>useful life of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erries and other ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and their sc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rap values are rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iewed and esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mated at least on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce a year. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>irme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st is p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erfo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t once a y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r, typ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ical<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly at ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">end. Add<span class="_ _3b"/>itio<span class="_ _3b"/>nal imp<span class="_ _3b"/>airmen<span class="_ _3b"/>t </span></span>tests are perform<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed if indication<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s of impairment o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ccur in the period b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>etween the an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nual impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t tests.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsbc ws13">of</span>-<span class="ls50 ws133">use assets </span> </span>For information on Significant account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing <span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">esti<span class="_ _3b"/>mates and a<span class="_ _3b"/>ssess<span class="_ _3b"/>ments re<span class="_ _3b"/>gardin<span class="_ _3b"/>g Righ<span class="_ _3b"/>t<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of<span class="ls0 ws0">-<span class="ls53 ws75">use assets fro<span class="_ _3b"/>m </span></span></span>leases reference i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s made to note 3.1.3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Impairment testing of Right<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of<span class="ls0 ws0">-<span class="ls53 ws75">use asse<span class="_ _3b"/>ts, whi<span class="_ _3b"/>ch prima<span class="_ _3b"/>rily rel<span class="_ _3b"/>ates to le<span class="_ _3b"/>ases o<span class="_ _3b"/>f termin<span class="_ _3b"/>als, fe<span class="_ _3b"/>rries, l<span class="_ _3b"/>and and </span></span></span>buildings and cargo carrying equipmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t, is pe<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">rform<span class="_ _3b"/>ed a<span class="_ _3b"/>t leas<span class="_ _3b"/>t onc<span class="_ _3b"/>e a ye<span class="_ _3b"/>ar, typ<span class="_ _3b"/>ical<span class="_ _3b"/>ly a<span class="_ _3b"/>t ye<span class="_ _3b"/>ar<span class="ls0 ws0">-<span class="lsbd ws100">end. </span></span></span>Additional impairment tests are perfor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med if indications of imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>airment occur in the period between the annual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t test<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls54 ws12">use assets are rega<span class="_ _3b"/>rded an integra<span class="_ _3b"/>ted part of the op<span class="_ _3b"/>erating a<span class="ls57 wsf">ctivities tak<span class="_ _0"/>ing place in t<span class="_ _0"/>he </span></span></span>Group’s c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating<span class="_ _0"/> units and acc<span class="_ _0"/>ordingly, the ca<span class="_ _0"/>rrying amount of a<span class="_ _0"/> Right<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="_ _0"/><span class="ls53 ws75">us<span class="_ _3b"/>e asset i<span class="_ _3b"/>s alloc<span class="_ _3b"/>ated to </span></span></span></span>the ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sh<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating<span class="_ _0"/> unit in which the<span class="_ _0"/> asset in quest<span class="_ _0"/>ion is used.<span class="_ _0"/> Thereby Rig<span class="_ _0"/>h<span class="_ _3b"/>t<span class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">of<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls54 ws12">use assets are tes<span class="_ _3b"/>ted at </span></span></span></span></span></span>cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws7a">genera<span class="_ _3b"/>t<span class="ls57 wsf">ing unit l<span class="_ _0"/>evel. <span class="ls0 ws0"> </span></span></span></span>The impai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rment te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e based on f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue less co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sts of di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sposal fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sets in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls52 ws79">generatin<span class="_ _3b"/>g </span></span>unit or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-<span class="ls54 ws12">use wher<span class="_ _3b"/>e the expected<span class="_ _3b"/> future cash fl<span class="_ _3b"/>ow for the cash</span>-</span><span class="ws14">generating un<span class="_ _3b"/>it is a main </span></span></span>eleme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt in the calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion. The <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">key parameters in assess<span class="_ _3b"/>ing expected fu<span class="_ _3b"/>ture cash flow<span class="_ _3b"/>s are trends in </span>revenue,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> EBIT, EBIT m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>argin, future inve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>stments and g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rowth expectati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons, which are i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nherently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> uncertain. The fair value less cost of disposal for the Group’s main assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, ferries and other<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls53 ws75">ships, a<span class="_ _3b"/>re based on </span></span>broker valuations. For further informa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion on broker valuations reference is made <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the paragraph ‘Basis for im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pairment testing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and calculati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on of recoverab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>le amount’ whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h can be found a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bove in this not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The carrying amount of Goodwill, non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 ws100">current int<span class="_ _0"/>angible, t<span class="_ _0"/>angible and<span class="_ _0"/> </span></span>Right<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use asse<span class="_ _3b"/>ts are con<span class="_ _3b"/>tinuou<span class="_ _3b"/>sly ass<span class="_ _3b"/>essed<span class="_ _3b"/>, at least on<span class="_ _3b"/>ce a <span class="ls58 ws7a">yea<span class="_ _3b"/>r, </span></span></span>to det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ermine whether t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>here is an indi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cation of impa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>irment. When suc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h indication exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts the recover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>able amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of the asset is assess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed. The reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amount is t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he higher of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the fair value les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s costs of dispos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al and the value<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws78">in<span class="ls0 ws0">-<span class="ls57 wsf">use. The<span class="_ _0"/> value<span class="ls0 ws0">-<span class="ls26 ws78">in<span class="ls5e ws93">-u<span class="ls53 ws75">se is calculated a<span class="_ _3b"/>s the </span></span></span></span></span></span></span></span>present value of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the future net cash<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> flow, which the as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set is expected to generate eithe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r by itself or from the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>owest cash<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">generating unit t<span class="_ _0"/>o </span></span>which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sset i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s allo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
2.6 Special Items, net DKK million2022 2021Acquisition and integration costs relating to HSF Logistics Group 0 -29 Adjustment of earn-out regarding an acquisition 4 0 Accounting gain on sale of Gothia Seaways 0 20 Accounting gain on sale of Calais Seaways 0 26 Accounting gain on sale of office and warehousing building in Belgium 0 31 Accounting gain related to disposal of an associated company 0 16 Reversal of accrued cost related to Jubilee shares 0 4 Reversal of restructuring cost (2021: restructuring costs etc.) 19 -63 ICT Logistics value adjustment, etc. 2 0 Reversal of impairment of a freight ferry made in connection with reclassification to assets held for sale 0 29 Special items, net 25 34 If special items had been included in the operating profit before special items, they would have been recognised and have effect as follows:Operating costs 19 -89 Operating profit before depreciation (EBITDA) 19 -89 Profit on disposal of non-current assets and associates, net 0 94 Amortisation, depreciation, and impairment losses on intangible and tangible assets -7 29 Financial income 13 0 Profit before tax 25 34 Accounting policies Special items include significant income and expenses not directly attributable to the Group’s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature.
Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3.
Accounting policies Amortisation and depreciation for the year are recognised based on the amortisation and depreciation profiles of the underlying assets. Reference is made to note 3.1.1, 3.1.2 and 3.1.3. Accounting policies The carrying amount of Goodwill, non-current intangible, tangible and Right-of-use assets are continuously assessed, at least once a year, to determine whether there is an indication of impairment. When such indication exists the recoverable amount of the asset is assessed. The recoverable amount is the higher of the fair value less costs of disposal and the value-in-use. The value-in-use is calculated as the present value of the future net cash flow, which the asset is expected to generate either by itself or from the lowest cash-generating unit to which the asset is allocated.
Accounting policies Special items include significant income and expenses not directly attributable to the Group’s recurring operating activities such as material restructuring of processes and significant organisational restructurings/ changes which are of significance over time. In addition, other non-recurring amounts are classified as special items including impairment of goodwill; significant impairments and reversal of impairments of non-current tangible assets; significant acquisition costs and integration costs in connection with large business combinations; changes to estimates of contingent considerations related to business combinations; gains and losses on the disposal of activities; and significant gains and losses on the disposal of non-current assets. These items are classified separately in the Income statement in order to provide a more transparent view of income and costs that are considered not to have recurring nature.
2.7 Tax The majority of the ferry activities performed in the Danish, Turkish, French and Lithuanian enterprises in the Group are included in local tonnage tax schemes where the taxable income related to transportation of passengers and freight is calculated based on the tonnage deployed during the year and not the actual profits generated. Taxable income related to other activities is taxed according to the normal corporate income tax rules and at the standard corporate tax rates. In 2022, the Group realised a total effective tax rate adjusted for prior years’ tax of 7.1% (2021: 10.0%) and 33.6% (2021: 24.1%) on income subject to normal corporate income tax. Addition on acquisition of enterprises primarily relates to the acquisition of the ICT group and Lucey Transport Logistics Ltd. in 2022. The movement in deferred tax recognised in other comprehensive income primarily relates to value adjustments of financial instruments in Denmark. DFDS A/S and its Danish subsidiaries are subject to compulsory joint taxation with Lauritzen Fonden Holding ApS and its Danish controlled enterprises. Lauritzen Fonden Holding ApS is the administration company in the joint taxation and settles all payments of corporation tax due by the joint taxed enterprises. In accordance with the Danish rules on joint taxation, DFDS A/S and its Danish subsidiaries are liable for their own corporate tax due and are only subsidiary and pro rata liable for the corporation tax liabilities towards the Danish tax authorities for all other enterprises that are part of the Danish joint taxation. DKK million2022 2021 Tax in the Income statement: Current tax -188 -104 Movement in deferred tax for the year 8 -28 Adjustment to corporation tax in respect of prior years 4 14 Adjustment to deferred tax in respect of prior years 17 0 Effect of change in corporate income tax rate -3 -2 Write-down of deferred tax assets 0 -1 Reversal of write-down of deferred tax assets 10 1 Tax for the year -152 -120 Tax for the year is recognised as follows:Tax in the Income statement -120 -94 Tax in Other comprehensive income -32 -26 Tax for the year -152 -120 Tax in the income statement can be specified as follows: Profit before tax 2,139 1,069 Income subject to tonnage tax -1,696 -640 Profit before tax subject to corporate income tax 443 430 22% tax of profit before tax -97 -95 Adjustment of calculated tax in foreign subsidiaries compared to 22% -5 3 Tax effect of:Non-taxable/non-deductible items -40 -41 Tax asset for the year, not recognised -10 -10 Utilisation of non-capitalised tax assets 3 39 Adjustments of tax in respect of prior years 32 13 Corporate income tax -117 -91 Tonnage tax -3 -3 Total tax in the income statement -120 -94 Effective tax rate (%) 5.6 8.7 Effective tax rate before adjustment of prior years’ tax (%) 7.1 10.0 Tax in Other comprehensive income can be specified as follows:Corporate income tax -31 -25 Movement deferred tax -1 -1 Total tax in Other comprehensive income -32 -26 Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments.
DKK million2022 Land and Ferries buildings, and terminals Tax loss other and other carried Deferred taxships equipment Provisions forward Other Total Deferred tax at 1 January 154 180 -1 -18 19 334 Foreign exchange adjustments -12 -2 0 1 0 -13 Impact from change in corporate income tax rate 0 7 1 -5 0 3 Addition on acquisition of enterprises 0 19 0 0 0 19 Recognised in the Income statement -8 3 4 -11 7 -5 Recognised in other comprehensive income 0 0 -14 11 0 -3 Adjustment regarding prior years recognised in the Income statement 0 16 -3 -1 -33 -21 Adjustment regarding prior years recognised in other comprehensive income 0 0 4 0 0 4 Utilisation of tax losses between jointly taxed companies 0 0 0 2 0 2 Write-down of deferred tax assets 0 0 0 0 0 0 Reversal of write-down of deferred tax assets 0 0 0 -10 0 -10 Deferred tax at 31 December 134 223 -9 -31 -7 310 Significant accounting estimates and assessments Deferred tax assets, including the tax value of tax losses carried forward, are recognised to the extent that Management assesses that the tax asset can be utilised through positive taxable income in the foreseeable future which usually is within 3-5 years. Assessment is performed annually based on forecasts, business initiatives and likely structural changes for the coming years. DKK million2021Land and buildings, Ferries terminals Tax loss and other and other carried Deferred taxships equipmentProvisionsforward Other TotalDeferred tax at 1 January 174 28 -28 -11 -2 160 Foreign exchange adjustments -3 0 -1 0 0 -5 Impact from change in corporate income tax rate 0 1 0 0 0 2 Addition on acquisition of enterprises 0 151 0 0 -2 150 Recognised in the Income statement -8 -2 4 -4 13 3 Recognised in other comprehensive income 0 0 24 0 1 25 Adjustment regarding prior years recognised in the Income statement -9 1 1 -2 9 0 Write-down of deferred tax assets 0 0 0 1 0 1 Reversal of write-down of deferred tax assets 0 0 0 -1 0 -1 Deferred tax at 31 December 154 180 -1 -18 19 334 DKK million2022 2021 Deferred tax is recognised in the balance sheet as follows: Deferred tax assets -49 -31 Deferred tax liabilities 359 366 Deferred tax at 31 December, net 310 334 Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities. The Group has unrecognised tax losses carried forward of DKK 803m with a tax value of DKK 185m (2021: tax losses of DKK 591m, tax value of DKK 144m). Of the unrecognised tax losses carried forward of DKK 803m (2021: DKK 591m) an amount of DKK 759m expires within the next five years (2021: DKK 489m) and DKK 44m expires after more than five years (2021: DKK 102m). The tax losses of DKK 803m (2021: DKK 591m) have not been recognised as it has been assessed that the losses cannot be utilised in the foreseeable future. The Group is liable to a contingent tax that may arise at the withdrawal from tonnage taxation schemes. The Group controls the withdrawal and has no plans to withdraw from the schemes and consequently no deferred tax has been recognised.
Accounting policies Tax for the year comprises income tax, tonnage tax, and joint taxation contribution for the year of Danish subsidiaries as well as changes in deferred tax for the year. Additionally, the tax for the year comprises adjustments to prior years taxes and changes in the assessment of provisions for uncertain tax positions. The tax for the year is recognised in the Income statement or in the equity in correlation to the underlying transaction. The current payable Danish corporation tax is allocated by the settlement of a joint taxation contribution between the jointly taxed companies in proportion to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to utilise the tax losses to reduce their own taxable profit. Tax computed on the taxable income and tonnage tax for the year is recognised in the balance sheet as payable or receivable corporate tax considering on-account/advance payments.
Deferred tax is provided using the liability method on temporary differences between the carrying amount and the tax base of the assets and liabilities at the reporting date. However, deferred tax is not recognised on temporary differences relating to non-tax-deductible goodwill that arose on acquisition date without impacting the result or taxable income. Deferred tax relating to assets and liabilities subject to tonnage taxation is recognised to the extent that deferred tax is expected to crystallise. Deferred tax assets are recognised for all deductible temporary differences and the carry forward of any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax losses, can be utilised in the foreseeable future. The carrying amount is reviewed at each reporting date. Deferred tax is measured based on the expected use and settlement of the individual assets and liabilities and according to the tax rules and at the known tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the Income statement. Uncertain tax positions are measured, depending on the type, either as a probability-weighted average of possible outcomes or as the most likely outcome. Uncertain tax positions are recognised either as payable/ receivable tax and/or as deferred tax assets/liabilities.
3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA Åkerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA Åkerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: • Assets are measured at cost less accumulated amortisation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. • The assets are amortised on a straight-line basis over the estimated useful life. • The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 ‘Business-combinations’. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group’s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: • The projects are clearly defined and identifiable. • The Group intends to use the projects once completed. • The future earnings from the projects are expected to cover the development and administrative costs. and • The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.
3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA Åkerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA Åkerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: • Assets are measured at cost less accumulated amortisation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. • The assets are amortised on a straight-line basis over the estimated useful life. • The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 ‘Business-combinations’. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group’s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: • The projects are clearly defined and identifiable. • The Group intends to use the projects once completed. • The future earnings from the projects are expected to cover the development and administrative costs. and • The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.
3.1.1 Non-current intangible assets DKK millionOther non- Port current Developmenconcession intangible t projects in Goodwill rights etc. assets Software progress TotalCost at 1 January 2022 4,400 1,213 656 663 14 6,947 Foreign exchange adjustments -22 0 -3 0 0 -25 1)2)Addition on acquisition of enterprises 1440 1300 0 274 3)Additions 0 0 0 1 7070 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 73 -72 0 Cost at 31 December 2022 4,522 1,213 773 721 12 7,241 Amortisation and impairment losses at 1 January 2022 120 152 57 365 0 694 Foreign exchange adjustments -5 0 -2 0 0 -7 Amortisation charge 0 35 52 48 0 135 Disposals 0 0 -9 -15 0 -25 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2022 115 187 98 397 0 797 Carrying amount at 31 December 2022 4,407 1,026 676 324 12 6,444 The carrying amount of completed software and development projects in progress primarily relates to a Passenger booking system, a Transport Management System, an onboard sales system, an ERP system, and various digital products. For information regarding the impairment tests reference is made to note 3.1.4. DKK millionOther non- Port current Development concession intangible projects in Goodwill rights etc. assets Software progress Total Cost at 1 January 2021 3,552 1,214 113 562 55 5,496 Foreign exchange adjustments 8 0 2 0 0 10 4)5)Addition on acquisition of enterprises 8400 5400 0 1,381 6)Additions 0 0 0 0 62 62 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 102 -102 0 Cost at 31 December 2021 4,400 1,213 656 663 14 6,947 Amortisation and impairment losses at 1 January 2021 119 117 36 323 0 595 Foreign exchange adjustments 1 0 1 0 0 2 Amortisation charge 0 35 20 44 0 99 Disposals 0 0 0 -2 0 -2 Transfers 0 0 0 0 0 0 Amortisation and impairment losses at 31 December 2021120 152 57 365 0 694 Carrying amount at 31 December 2021 4,280 1,061 599 298 14 6,252 1 Reference made to note 5.5. 2 Relates to addition of Lucey Transport (DKK 111m) and ICT Logistics (DKK 19m). 3 Primarily relates to the implementation of an ERP system.4 Addition of goodwill relates to the acquisition of HSF Logistics Group DKK 756m, acquired existing goodwill in HSF Logistics Group DKK 81m and GA Åkerierna DKK 3m.5 Relates to the acquisition of HSF Logistics Group DKK 538m and GA Åkerierna AB DKK 2m.6 Primarily relates to the implementation of an ERP system.Recognised goodwill is attributable to the following cash generating units:DKK million2022 2021 Ferry:North Sea, Baltic Sea and Mediterranean 3,023 2,990 Logistics: Dry Goods427 346 Cold Chain 957 944 Total 4,407 4,280 Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: • Assets are measured at cost less accumulated amortisation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. • The assets are amortised on a straight-line basis over the estimated useful life. • The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 ‘Business-combinations’. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group’s cash-generating units at the time of acquisition. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: • The projects are clearly defined and identifiable. • The Group intends to use the projects once completed. • The future earnings from the projects are expected to cover the development and administrative costs. and • The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.
Accounting policies Non-current intangible assets - Other than goodwill Generally, the following applies unless otherwise stated: • Assets are measured at cost less accumulated amortisation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries, and interests paid as from the time of payment until the date when the asset is available for use. • The assets are amortised on a straight-line basis over the estimated useful life. • The effect from changes in amortisation period or the residual value is recognised prospectively as a change in the accounting estimate. Development projects in progress Development projects in progress, primarily development of IT software, are recognised as non-current intangible assets if the following criteria are met: • The projects are clearly defined and identifiable. • The Group intends to use the projects once completed. • The future earnings from the projects are expected to cover the development and administrative costs. and • The cost can be reliably measured. The amortisation of capitalised development projects starts after the completion of the development project and is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, but in certain cases up to 10 years (latter applies to significant internally developed commercial and operational systems). Other non-current intangible assets Other non-current intangible assets comprise the value of customer relations or similar, identified as part of business combinations, and which has definite useful life. Other non-current intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is recognised on a straight-line basis over the expected useful life, which normally is 3-5 years, except from customer portfolio which is up to 15 years. Port concession rights Port concession rights comprise the value of access to strategically placed ports which is recognised at their fair value at the acquisition date. Acquired port concession rights are amortised over the concession period.
Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 ‘Business-combinations’. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group’s cash-generating units at the time of acquisition.
Goodwill At initial recognition goodwill is recognised in the Balance sheet at cost, as described in note 5.5 ‘Business-combinations’. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised. An impairment test is performed at least once a year together with other non-current assets of the Group. The book value of goodwill is allocated to the Group’s cash-generating units at the time of acquisition.
3.1.2 Non-current tangible assets DKK millionAssets under Ferries construction Land and and other Equipment and pre- buildings Terminals ships etc. payments Total Cost at 1 January 2022 482 1,230 20,218 2,486 1,368 25,785 Foreign exchange adjustments -14 -16 -147 -33 -2 -211 Addition on acquisition of enterprises 3 0 0 24 0 28 Additions 71 49 313 340 2,017 2,790 Disposals -11 0 -453 -160 -1 -625 1)Transfers 85 132 2,440 363 -3,014 5 Cost at 31 December 2022 616 1,395 22,372 3,020 369 27,771 Depreciation and impairment losses at 1 January 2022 55 512 8,760 1,197 0 10,522 Foreign exchange adjustments -2 -11 -87 -17 0 -117 Depreciation charge 15 59 927 328 0 1,328 Disposals -11 0 -413 -90 0 -514 Transfers 0 0 0 1 0 1 Depreciation and impairment losses at 31 December 202257 559 9,186 1,420 0 11,222 7) Carrying amount at 31 December 2022 559 836 13,186 1,600 369 16,549 DKK millionAssets under Ferries construction Land and and other Equipment and pre- buildings Terminals ships etc. payments Total Cost at 1 January 2021 230 1,174 19,368 1,787 887 23,446 Foreign exchange adjustments 11 20 -19 22 0 34 2)2)2)Addition on acquisition of enterprises 240 0 0 549 9 798 3)Additions 2 23 399 143 1,306 1,874 Disposals -24 -3 -344 -101 -3 -475 4)Transfers 16 15 710 86 -831 -3 Transferred to/from assets classified 5)as held for sale 7 0 104 0 0 111 Cost at 31 December 2021 482 1,230 20,218 2,486 1,368 25,785 Depreciation and impairment losses at 1 January 2021 46 454 8,149 1,064 0 9,713 Foreign exchange adjustments 1 13 -4 12 0 22 Depreciation charge 9 49 850 206 0 1,114 6)Reversal of impairment 0 0 -29 0 0 -29 Disposals -8 -3 -326 -89 0 -426 Transfers 7 -3 0 4 0 8 Transferred to/from assets classified 5)as held for sale 0 0 118 0 0 118 Depreciation and impairment losses at 31 December 2021 55 512 8,760 1,197 0 10,522 Carrying amount at 7)31 December 2021 427 718 11,4601,289 1,368 15,263 For information regarding the impairment tests reference is made to note 3.1.4. 1 Primarily relates to delivery of two new vessels. 2 Relates to the acquisition of HSF Logistics Group and GA Åkerierna AB.3 Primarily relates to vessel swap. DFDS Group buys a vessel DKK 332m.4 Primarily relates to a new-building DKK 388m, which was deployed in February 2021.5 Ark Futura has ceased to be classified as asset held for sale during 2021 and consequently reclassified to ferries and other ships. Furthermore, Calais Seaways has been classified to asset held for sale during 2021 and subsequently sold. Reference is made to note 2.6.6 Relates to a reversal of an impairment of DKK 29m that was made in 2020 on Ark Futura. The reversal was made in connection with classifying the ferry back from Assets classified as held for sale.7 At year-end 2022 and 2021 Ferries and other ships do not include temporarily idle assets. Accounting policies Non-current tangible assets The following applies unless otherwise stated: • Assets are measured at cost less accumulated depreciation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. • The basis for depreciation is determined as the cost less estimated residual value. • The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. • Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. • The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: • Safety measures. • Measures to extend the useful life of the ferries and other ships. • Measures to reduce climate impact. • Measures to improve earnings. • Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship’s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2½ years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as ‘Profit on disposal of non-current assets, net’ unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation – expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: • Buildings 25-50 years • Terminals etc. 10-40 years • Equipment etc. 4-10 years • Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as ‘Profit on disposal of non-current assets, net’ unless they qualify to be a special item, reference is made to note 2.6.
Accounting policies Non-current tangible assets The following applies unless otherwise stated: • Assets are measured at cost less accumulated depreciation and impairment losses. • The cost includes costs to external suppliers, materials and components, direct wages, salaries and interests paid as from the time of payment until the date when the asset is available for use. The cost price also comprises gains and losses on transactions designated as hedges. • The basis for depreciation is determined as the cost less estimated residual value. • The assets are depreciated on a straight-line basis over the estimated useful life to the estimated residual value. • Estimated useful life and estimated residual values are reassessed at least once a year. In estimating the estimated useful life for ferries and other ships it is taken into consideration that DFDS continuously is spending substantial funds on ongoing maintenance. • The effect from changes in depreciation period or the residual value is recognised prospectively as a change in the accounting estimate. Ferries and other ships The rebuilding/upgrade of ferries and other ships is capitalised if the rebuilding/upgrade can be attributed to: • Safety measures. • Measures to extend the useful life of the ferries and other ships. • Measures to reduce climate impact. • Measures to improve earnings. • Docking. Maintenance and daily running costs for the ferries and other ships are expensed in the Income statement as incurred. Docking costs are capitalised and depreciated on a straight-line basis until the ferries or ship’s next docking. In most cases, the docking interval is 2 years for passenger cruise ferries and 2½ years for freight and passenger ferries as well as freight ferries. Gains or losses on the disposal of ferries and other ships are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of ferries and other ships are recognised when control have transferred to the buyer and are presented in the Income Statement as ‘Profit on disposal of non-current assets, net’ unless they qualify to be a special item, reference is made to note 2.6. Passenger cruise ferries and freight and passenger (ro-pax) ferries Due to differences in the wear of certain components of passenger cruise ferries and ro-pax ferries, the cost of these ferries is divided into components with low wear, such as hull and engine, and components with high wear, such as parts of the hotel, catering/restaurants, and shop areas. Freight ferries (ro-ro) The cost of freight ferries is not divided into components as there is no material difference in the wear of the various components of freight ferries. Depreciation – expected useful life and residual value The depreciation period for components with low wear is 35 years for both ro-pax and ro-ro ferries from the year in which the ferry was built. The depreciation period for passenger cruise ferries is 45 years. The residual value of vessels is estimated as the expected fair value at the end of their useful lifetime. Other non-current tangible assets Other non-current tangible assets comprise buildings, terminals and machinery, tools and equipment, and leasehold improvements. The estimated useful lifetimes are as follows: • Buildings 25-50 years • Terminals etc. 10-40 years • Equipment etc. 4-10 years • Leasehold improvements Max. depreciated over the term of the lease Gains or losses arising from the disposal of other non-current tangible assets are calculated as the difference between the sales price less sales costs and the book value at disposal date. Gains or losses on the disposal of these non-current assets are recognised in the Income statement as ‘Profit on disposal of non-current assets, net’ unless they qualify to be a special item, reference is made to note 2.6.
3.1.3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff192 ls0 ws0"> <span class="ff190 ls12 ws71">Right<span class="_ _3b"/> of use as<span class="_ _3b"/>sets an<span class="_ _3b"/>d lease liab<span class="_ _3b"/>ilities</span><span class="ff190"> </span></span>The Group has lease contracts for various it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ems of <span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">Land & buildings,<span class="ls0 ws76"> T<span class="_ _0"/><span class="ls51 wsfc">er<span class="_ _3b"/>minals,<span class="_ _3b"/> <span class="ls0 ws0">F<span class="ls54 wsfd">erries, </span>E<span class="ls54 ws12">quipment etc.</span> <span class="ls26 ws14">in its operations. </span> </span></span></span></span>The Group’s obliga<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the leases are secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed by the lessor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s title to the leased <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>assets. Sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al lease con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>include extension and termination option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws137">. A<span class="ls50 ws77">t <span class="ls54 ws12">31 December <span class="ls57 wsf">the Group has<span class="ls0 ws0"> <span class="_ _0"/><span class="ls26 ws14">no significan<span class="_ _3b"/>t purchase options nor extension </span></span></span></span></span></span>options which are not already incorporated.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Some lease contracts include<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">variab<span class="_ _3b"/>le<span class="_ _3b"/> leas<span class="_ _3b"/>e paymen<span class="_ _3b"/>ts, wh<span class="_ _3b"/>ich a<span class="_ _3b"/>re fur<span class="_ _3b"/>ther </span></span>described below.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Set out b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>elo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arryi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ght<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls26">of<span class="ls0 ws0">-<span class="ls53 ws75">use asse<span class="_ _3b"/>ts reco<span class="_ _3b"/>gnised an<span class="_ _3b"/>d the <span class="_ _3b"/>mov<span class="ls54 ws12">emen<span class="_ _3b"/>ts during the per<span class="_ _3b"/>iod.</span></span> </span></span>Land and Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and Equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionbuildings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10b"> </span><span class="ls7 ws17">Termina<span class="_ _3b"/>ls</span> </span>other ships<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls7 ws17">To<span class="_ _3b"/>tal</span></span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">556 </span>2,812 1,486 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">713 </span>5,567 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1)1)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _215"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">203</span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">37</span>240 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)Additions/Remeasurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d1"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">321 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">181 </span>1,024 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">183 </span>1,710 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">106 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-609 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">160 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>878 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _216"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">6 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">-6</span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">70 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">10 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>114 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d5"> </span>9<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">51</span> 2,9<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">21<span class="ls0 ws0"> </span></span>1,891 757 6,5<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20</span>Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losses at 1 January 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">222 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">566 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">235 </span>1,642 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciation charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _217"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">127 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">222 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">520 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>1,042 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">87 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">3 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-599 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">-79 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>768 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _216"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">-1</span>Foreign exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e adjustmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _17"> </span><span class="ws12"> </span>-<span class="ls8 ws15">11 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">20 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">5 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">7 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>42 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19e"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">52</span> 765 534 320 1,8<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">72</span>Carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount at 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2022699<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2,155 1,356 437 4,648 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Land and Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and Equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionbuildings<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Termina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ls<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>other ships<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>etc.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cost at 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uary 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">424 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,632 </span>735 345 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,136 </span>3)3)Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">353</span>373 4)Additions/Remeasurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">166 </span>107 1,<span xmlns="http://www.w3.org/1999/xhtml" class="ws15">022</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">73 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,369 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _218"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">52 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">11 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">277 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">410 </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d5"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">84 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">96 </span>Cost at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _117"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">556 </span></span>2,812 1,486 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">713 </span>5,567 Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> impairmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t losses at 1 January 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">150 </span>358 326 170 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,003 </span>Depreciation charge <span xmlns="http://www.w3.org/1999/xhtml" class="_ _110"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>91 196 472 116 874 Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _218"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">18 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">181 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">57 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">259 </span>Transfer <span xmlns="http://www.w3.org/1999/xhtml" class="_ _219"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">23 </span>Depreciation and impair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment losse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">222 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">566 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">619 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">235 </span>1,642 Carrying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount at 31 Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">334 </span></span>2,246 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">867 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">479 </span>3,926 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">Add<span class="_ _3b"/>ition on acquisition of<span class="_ _0"/> </span>enterprises relates to Lucey Transport L<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogistics Ltd., ICT Logist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ics Group, primeRa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il GmbH.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">Add<span class="_ _3b"/>ition/remeasurement </span>primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to two charte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts with a pu<span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">rchase<span class="_ _3b"/><span class="ls0 ws0"> </span></span>option, as well as o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>w charter contracts for fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rries.3 Addition on acquisition of enterprises relates to HSF<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Logistics Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p.4 Addition/remeasurement primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to a 10-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5f ws14">year </span>charter contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ct for a freigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and passenger ferry as well as ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her new charter contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts for ferri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es.Set o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ut in the followi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng are the ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rrying amounts o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f lease liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lities (inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luded under inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">bearing liabilities) </span> </span>and the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> movements during<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the perio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>As at 1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Janu<span class="_ _3b"/>ary</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,839 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,926 </span>Addition on acquisition of enter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prises <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ae"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">240 </span>340 Additions/Remeasurement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _39"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,731 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,432 </span>Instal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">963 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">834 </span>Disposals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75"> -109 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">153 </span>Foreign exchange adjustments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">34 </span></span>127 Total leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e liabilities at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _174"> </span><span class="ls9 ws16">4,705 </span></span>3,839 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">discounted lease liabilities expiring within the following<span class="_ _0"/> periods from the balance sheet date:<span class="ls0 ws0"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Within 1 year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">951 </span>816 1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,293 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,115 </span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,407 </span></span>737 After 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _a9"> </span><span class="ws12"> <span class="ls8 ws15">1,789 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,757 </span>Total Leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e liability, non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">discoun<span class="_ _3b"/>ted</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">5,441 </span>4,425 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lease liabilities are recognised in the Bala<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nce sheet as follows:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff194 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff194"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">current liabilities</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">3,916 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,118 </span>Current liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ef"> </span></span>788 721 Total Leas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _220"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,705 </span>3,839 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The following amounts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are recognis<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">ed in the Income statem<span class="_ _0"/>ent:<span class="_ _3b"/><span class="ls0 ws0"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expenses relatin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g to short-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">term leases (incl<span class="_ _3b"/>uded in costs)</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cc"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 <span class="_ _f0"> </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>Expenses relating to low<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsb6 ws13">value assets (inclu<span class="_ _3b"/>ded in costs)</span> <span class="_ _d7"> </span>-<span class="ls8 ws15">28</span> <span class="_ _221"> </span>-<span class="ls8 ws15">26</span> </span>Variable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> lease payme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nts (in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>clude<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d in costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ac"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>86<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _221"> </span>-<span class="ls8 ws15">72</span> </span>Interest expenses on lease liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">130</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span>-95 Depreciation, ships <span xmlns="http://www.w3.org/1999/xhtml" class="_ _222"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">520</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">472</span> Depreciation, other non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">current as<span class="_ _3b"/>sets</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">522</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>3 Total<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> amount re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cognis<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws11">ed <span class="ls9 wsf">in the Inc<span class="_ _0"/>ome sta<span class="_ _0"/>tement<span class="ls0 ws0"> <span class="_ _111"> </span>-</span><span class="ws16">1,288<span class="ls0 ws0"> </span></span></span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,069</span> The following amounts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from leases are rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognis<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">ed in the sta<span class="_ _0"/>tement of Cash flows:<span class="ls0 ws0"> </span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash flows from opera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ting activities, gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">116</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10</span>0 Intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st etc. paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">130</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span>-95 Cash flows from operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing activities, net<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _b5"> </span>-<span class="ls8 ws15">246</span> <span class="_ _15d"> </span>-195 </span>Cash flows from financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing activities, net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _ba"> </span>-963 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>-8<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">34</span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,209</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _135"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="_ _0"/> <span class="ws0">-<span class="ls9 ws16">1,029</span> </span></span>Total c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ash out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ws from l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eases<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022 the Group has paid DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 1,093m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: DKK 929m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) regardin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g lease agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts where of int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest expenses rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated to lease liabilities amount to DKK 130m (2021: DKK 95m), and in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stalment of lease liability amounts to DKK 963m <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 834m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At 31 De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>p w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mitted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to sho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ases f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>or an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amount o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f DKK 76<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 68m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ssee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws13">(lease i<span class="_ _3b"/>n)<span class="_ _3b"/></span> </span>The Right<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls53 ws75">use asset an<span class="_ _3b"/>d corre<span class="_ _3b"/>spond<span class="_ _3b"/>ing lease l<span class="_ _3b"/>iabil<span class="_ _3b"/>ity is re<span class="_ _3b"/>cognise<span class="_ _3b"/>d at the <span class="ls54 ws12">co<span class="_ _3b"/>mmencement d<span class="_ _3b"/>ate, i.e. the date <span class="_ _3b"/>the underlying a<span class="_ _3b"/>sset is ready fo<span class="_ _3b"/>r use. Right</span></span>-<span class="ls26 ws78">of</span>-<span class="ls53 wsa4">use </span></span>assets are measu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at cost correspon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding to the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty recognised, ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>justed fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r any lease prep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayments includi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng dis<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">mantling and restor<span class="_ _3b"/>ation costs. The </span>lease li<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ab<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ili<span class="_ _3b"/>ties are measured a<span class="_ _3b"/>t the presen<span class="_ _3b"/>t value of<span class="_ _3b"/> lease payments to be <span class="_ _3b"/>made over th<span class="_ _3b"/>e lease term. The leas<span class="_ _3b"/>e payments are di<span class="_ _3b"/>scoun<span class="_ _3b"/>ted<span class="ls0 ws0"> <span class="ls26 ws14">using DFDS’ incremental </span></span></span>borro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>wing rate.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Depreciation follows the straight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">line meth<span class="_ _3b"/>od over the leas<span class="_ _3b"/>e term or the usefu<span class="_ _3b"/>l life of <span class="ls57 wsf">the Right</span></span>-<span class="_ _0"/><span class="ls26 ws78">of<span class="ls0 ws0">-<span class="ls54 ws12">use assets, whi<span class="_ _3b"/>chever is sho<span class="_ _3b"/>rtest. However, f<span class="_ _3b"/>or one termin<span class="_ _3b"/>al the </span></span></span></span>depreciat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion is based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n volumes handle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d in the te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rminal.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The lease payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s include fixed p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayments l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ess any lease incentiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es receivabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e and variable l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts that depend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">on an index or a rate. If the contract </span>holds an option to purchase, extend or term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inate a lease and it is reasonably certain to be exercised b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the Group, the lease<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">payment w<span class="_ _0"/>ill include t<span class="_ _0"/>hose. The </span></span>variable lease payments that do not depen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d on an index or a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">rat<span class="_ _0"/>e are recognise<span class="_ _0"/>d as expenses in t<span class="_ _0"/>he period o<span class="_ _0"/>n which the event<span class="_ _0"/> or condition t<span class="_ _0"/>hat triggers t<span class="_ _0"/>he </span></span>paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t occu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Group applies<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the short<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term lease recogn<span class="_ _3b"/>ition exemption f<span class="_ _3b"/>or lease cont<span class="_ _3b"/>racts that, <span class="_ _3b"/>at the commen<span class="_ _3b"/>cement date, have a le<span class="_ _3b"/>ase term of 12 <span class="ls26 ws14">mon<span class="_ _3b"/>ths or less for all </span></span></span>classes of underl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ying assets ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cept for term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inals and ferries and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er ships, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the exempti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on for lease cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>racts for whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">h the underl<span class="_ _0"/>ying asset is<span class="_ _0"/> of low value<span class="_ _0"/>. </span>Lease pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yments on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> short<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>ter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m leases an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eases of l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws126">value ass<span class="_ _3b"/>ets a<span class="ls54 ws12">re reco<span class="_ _3b"/>gnised as<span class="_ _3b"/> expenses on a straigh<span class="_ _3b"/>t</span></span>-</span>line basi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s over the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>term. Fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r all cla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sses of assets, except for terminals, non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>lease componen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts, i.e<span xmlns="http://www.w3.org/1999/xhtml" class="lsbd ws100">.,<span class="ls0 ws0"> <span class="ls54 ws12">the service element, i<span class="_ _3b"/>s not separated fro<span class="_ _3b"/>m the lease <span class="_ _3b"/>components and the<span class="_ _3b"/>reby for<span class="_ _3b"/>m part of the Right</span>-</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">of<span class="ls0 ws0">-</span></span>use a<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">sset and lea<span class="_ _3b"/>se liability <span class="_ _3b"/>recognised in t<span class="_ _3b"/>he Balance sheet<span class="_ _3b"/>.<span class="ls0 ws0"> </span></span>For contracts with a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>olling term (eve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rgreen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> leases), the M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anagement exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cises judgem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent in determinin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g useful lifeti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me of th<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">e underlying<span class="_ _0"/> right<span class="ls0 ws0">-<span class="ls26 ws78">of</span>-<span class="ls54 ws12">use asset.</span> </span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws13">(lease ou<span class="_ _3b"/>t)</span> </span>For accou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ting purposes, a<span class="_ _3b"/>ssets leased out are divided into finance and ope<span class="_ _3b"/>rating leases. In respect of assets le<span class="_ _3b"/>ased out on a finance <span class="ls51 ws74">lease<span class="_ _3b"/>, an a<span class="_ _3b"/>mount eq<span class="_ _3b"/>ual<span class="_ _3b"/> to </span></span>the net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> present value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">the fu<span class="_ _3b"/>tu<span class="_ _3b"/>re<span class="ls0 ws0"> <span class="ls54 ws12">lease pa<span class="_ _3b"/>yments is recogn<span class="_ _3b"/>ised in the Balanc<span class="_ _3b"/>e sheet as a lease <span class="_ _3b"/>receivable fro<span class="_ _3b"/>m lessee. </span> </span></span>The asset leased out is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reclassified<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> from non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">current as<span class="_ _0"/>set to leases<span class="_ _0"/> receivables and any<span class="_ _0"/> gain or los<span class="_ _0"/>s arising from t<span class="_ _0"/>his is rec<span class="_ _0"/>ognised in the Inco<span class="_ _0"/>me statement<span class="_ _0"/>. Lease </span></span>income from assets leased out on an operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing lease is recognised in the <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">Inco<span class="_ _3b"/>me s<span class="_ _3b"/>tate<span class="_ _3b"/>me<span class="_ _3b"/>nt on<span class="_ _3b"/> a <span class="ls52 ws79">straigh<span class="_ _3b"/>t<span class="ls0 ws0">-</span></span><span class="ls26">line<span class="ls0 ws0"> <span class="ls54 ws12">basis over the lease te<span class="_ _3b"/>rm.</span> </span></span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has two term<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>inal lease contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts that conta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ins variable pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the number o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>transferred<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> units. <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rms align the le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ase expense wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>th the units t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransferred a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd revenue earne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d. The following<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> provides inf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ormation on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group’s variable lease payments in relation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to fixed payments<span xmlns="http://www.w3.org/1999/xhtml" class="ls4f ws84">: </span>Fixed Variable Fixed Variable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionpayment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Lease pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">125 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">44 </span>169 123 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">37 </span>160 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Variable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rent on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly <span xmlns="http://www.w3.org/1999/xhtml" class="_ _106"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls53 wsa4">- <span class="_ _144"> </span></span> <span class="ls8 ws15">42 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">42 </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span>35 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total 31 D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecember <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">125 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">86 </span>211 123 <span xmlns="http://www.w3.org/1999/xhtml" class="lsbc ws13">72 </span>195 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>A 10% inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rease in unit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">transfer<span class="_ _3b"/>red would i<span class="_ _3b"/>ncrease tot<span class="_ _3b"/>al lease payment<span class="_ _3b"/>s by 7%. The Group<span class="_ _3b"/> has lease contra<span class="_ _3b"/>cts for ferries </span>and terminals that include extension and te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rmination options. These options provid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e flexibility in managing the leased<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws77">ass<span class="_ _3b"/>et </span></span>portfolio and align with the Group<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">’s bu<span class="_ _3b"/>sines<span class="_ _3b"/>s needs.<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Group as a les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Future minimum receivable under non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">cancellable operating leases a<span class="_ _0"/>s at 31 December are as follows:<span class="ls0 ws0"> </span></span>Operat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease commi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (lesso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Minimum le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments (i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferrie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sWithin 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>312 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">386 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">577 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">625 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">5 years</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _226"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">177 </span>442 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>After 5 years <span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,066</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,453</span>The specified mini<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mum paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts are not discount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed. Operating l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ease and ren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tal income reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gnised in the Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statement amount t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">o DKK<span class="_ _3b"/> 374m in 2022 (202<span class="_ _3b"/>1: DKK 311m). The con<span class="_ _3b"/>tracts <span class="_ _3b"/>are entered into on<span class="_ _3b"/> normal condition<span class="_ _3b"/>s.<span class="ls0"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Significa<span class="_ _0"/>nt accoun<span class="_ _0"/>ting est<span class="_ _0"/>imates an<span class="_ _0"/>d assessm<span class="_ _0"/>ents<span class="ls0 ws0"> </span></span>Lease<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> opti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="fs2f ls0 ws0"> </span>The Group has ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red into lease/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>charter ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reements fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r ferries with ext<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ension options<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Management exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcises significant judgement in determin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing whether these extension options<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">are reason<span class="_ _3b"/>ably c<span class="_ _3b"/>ertain to be exerci<span class="_ _3b"/>sed and, </span></span>in that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> connection, c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onsiders all re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>levant factors<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> that create an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>conomic and str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategic incent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive for it to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exercise the extension option.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lesso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r (le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ut)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has entered<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> into operating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> lease/charter a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>greements f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or ferries under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> usual terms and c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onditions for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> such a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>greements. At i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nception of eac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h individual agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eement, Manageme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nt assesses and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>determ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ines whether the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is a f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an ope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rating<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> leasi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
Accounting policies Group as lessee (lease in) The Right-of-use asset and corresponding lease liability is recognised at the commencement date, i.e. the date the underlying asset is ready for use. Right-of-use assets are measured at cost corresponding to the lease liability recognised, adjusted for any lease prepayments including dismantling and restoration costs. The lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments are discounted using DFDS’ incremental borrowing rate. Depreciation follows the straight-line method over the lease term or the useful life of the Right-of-use assets, whichever is shortest. However, for one terminal the depreciation is based on volumes handled in the terminal. The lease payments include fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate. If the contract holds an option to purchase, extend or terminate a lease and it is reasonably certain to be exercised by the Group, the lease payment will include those. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period on which the event or condition that triggers the payment occurs. The Group applies the short-term lease recognition exemption for lease contracts that, at the commencement date, have a lease term of 12 months or less for all classes of underlying assets except for terminals and ferries and other ships, and the exemption for lease contracts for which the underlying asset is of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term. For all classes of assets, except for terminals, non-lease components, i.e., the service element, is not separated from the lease components and thereby form part of the Right-of-use asset and lease liability recognised in the Balance sheet. For contracts with a rolling term (evergreen leases), the Management exercises judgement in determining useful lifetime of the underlying right-of-use asset. Group as lessor (lease out) For accounting purposes, assets leased out are divided into finance and operating leases. In respect of assets leased out on a finance lease, an amount equal to the net present value of the future lease payments is recognised in the Balance sheet as a lease receivable from lessee. The asset leased out is reclassified from non-current asset to leases receivables and any gain or loss arising from this is recognised in the Income statement. Lease income from assets leased out on an operating lease is recognised in the Income statement on a straight-line basis over the lease term.
3.1.5 Assets classified as held for sale 2022 There are no assets classified as held for sale as of 31 December 2022. 2021 During 2021 the Group has sold the freight ferry (ro-ro) Gothia Seaways. ARK Futura has ceased to be classified as assets held for sale. As part of this an impairment loss of DKK 29m made in 2020 has been reversed as Special items. Reference is made to note 2.6.
DKK million2022 2021Trade receivables that are past due:Days past due:Up to 30 days 487 386 31-60 days 91 53 61-90 days 25 13 91-120 days 21 10 More than 120 days 71 54 Past due at 31 December 696 517 DKK million2022 2021Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 60 63 Foreign exchange adjustment -1 1 Addition on acquisition of enterprises 2 3 Write-downs 33 18 Realised losses -3 -1 Reversed write-downs -22 -23 Write-downs at 31 December 70 60 3.2.1 Receivables DKK million2022 2021 Other non-current receivables 16 16 Total non-current receivables 16 16 Trade receivables 3,080 2,650 Work in progress services 263 122 Receivables from associates and joint ventures 23 26 Corporation tax and joint taxation contribution, receivable, reference is made to note 2.7 51 53 Other receivables and current assets 597 571 Total current receivables 4,015 3,423 Total current and non-current receivables 4,031 3,439 The carrying amount of receivables is in all material respects equal to the fair value. Collateral is pledged as security for certain receivables. The collateral consists of bank guarantees with a fair value of DKK 61m (2021: DKK 26m). DKK million2022 2021 Age distribution of write-downs: Days past due:Up to 30 days 2 0 31-60 days 1 0 61-90 days 1 1 91-120 days 2 2 More than 120 days 63 57 Write-downs at 31 December 70 60 The last five years DFDS’ realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2021: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years. Accordingly, at year-end 2022 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2021: 0.0%) plus adjustments for forward-looking factors where considered relevant. Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS’ risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group’s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers’ ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc.
DKK million2022 2021Trade receivables that are past due:Days past due:Up to 30 days 487 386 31-60 days 91 53 61-90 days 25 13 91-120 days 21 10 More than 120 days 71 54 Past due at 31 December 696 517 DKK million2022 2021Movements in write-downs, which are included in the trade receivables: Write-downs at 1 January 60 63 Foreign exchange adjustment -1 1 Addition on acquisition of enterprises 2 3 Write-downs 33 18 Realised losses -3 -1 Reversed write-downs -22 -23 Write-downs at 31 December 70 60 DKK million2022 2021 Age distribution of write-downs: Days past due:Up to 30 days 2 0 31-60 days 1 0 61-90 days 1 1 91-120 days 2 2 More than 120 days 63 57 Write-downs at 31 December 70 60 The last five years DFDS’ realised credit losses on trade receivables have been insignificant and the loss rate is below 0.1% (2021: 0.1%) of the revenue in any of the respective years. The changes in payment pattern continue to be insignificant and at the same level as previous years. Accordingly, at year-end 2022 the expected credit losses on trade receivables calculated under the simplified expected credit loss model is based on the average historical loss rate on revenue for the last five years of 0.0% (2021: 0.0%) plus adjustments for forward-looking factors where considered relevant. Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS’ risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group’s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers’ ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc. Credit exposure DFDS’ credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the Balance sheet net of write-downs. Reference is made to note 3.2.1 for a further information on write-downs on trade receivables and work in progress services. According to the Group’s policy of undertaking credit risks, assessments of all customers and other partners are performed. Prepayment guarantees amount to DKK 0m (2021: DKK 325m regarding DFDS’ newbuilding program). DFDS’ credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS’ Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously.
3.2.2 Inventories Write-down of inventories expensed during the year amounts to DKK 6m (2021: DKK 8m). DKK million2022 2021 Bunker 228 173 Goods for sale 118 113 Write-down of inventories end of year -22 -18 Total inventories 324 269 Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower.
3.2.3 Other payables DKK million2022 2021 Holiday pay obligations, etc, 483 438 Public authorities (VAT, duty, etc.) 61 55 Payables to associates and joint ventures 12 51 Other payables 188 173 Accrued interests 24 13 Total other payables 768 730 Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.
3.2.3 Other payables DKK million2022 2021 Holiday pay obligations, etc, 483 438 Public authorities (VAT, duty, etc.) 61 55 Payables to associates and joint ventures 12 51 Other payables 188 173 Accrued interests 24 13 Total other payables 768 730 Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.
Accounting policiesBunker is measured at cost based on the FIFO method or the net realisable value where this is lower. Catering supplies and other inventories are measured at cost based on the weighted average cost method or the net realisable value where this is lower.
Accounting policiesOther payables comprise amounts owed to staff, including wages and salaries, holiday pay, salary/wages related items, etc. amounts owed to the public authorities, VAT, excise duties, real property taxes etc.; amounts owed in connection with the purchase/disposal of ferries and other ships, buildings and terminals; accrued interest expenses; payables to associates and joint ventures; amounts owed in relation to defined contribution pension plans etc.
Accounting policies Receivables are recognised at amortised cost less expected credit losses. DFDS’ risks regarding trade receivables are not considered unusual and no material risk is attributable to a single customer or group of customers. According to the Group’s policy of undertaking credit risks, assessment of significant customers are performed. Write-downs on trade receivables are based on the simplified expected credit loss model. Credit loss allowances on individual receivables are provided for when objective indications of credit losses occur such as customer bankruptcy and uncertainty about the customers’ ability and/or willingness to pay, etc. In addition to this, allowances for expected credit losses are made on the remaining trade receivables based on a simplified approach. Work in progress services is measured based on the value of the of the work performed as of the balance sheet date. Write-downs and realised losses on trade receivables and work in progress services are recognised in ferry and other ship operation and maintenance costs in the Income statement. Other receivables comprise other trade receivables; insurance receivables on loss or damage of ferries and other ships; financial lease receivables; outstanding balances for chartered ferries; interest receivable, etc.
3.2.5 Other provisions DKK million2022 2021 Other provisions at 1 January 173 124 Foreign exchange adjustments -1 1 Addition from acquisition of enterprises 7 3 Provisions made during the year 21 112 Used during the year -70 -55 Reversal of unused provisions -33 -14 Other provisions at 31 December 96 173 Other provisions are expected to be payable in:0-1 year 52 56 1-5 years 35 107 After 5 years 9 10 Other provisions at 31 December 96 173 Of the Group’s provision of DKK 96m (2021: DKK 173m), DKK 31m (2021: DKK 28m) is estimated net present value of earn-out agreements regarding acquisitions; DKK 20m (2021: DKK 24m) is redelivery provision on leases; DKK 12m (2021: DKK 86m) is restructuring provision; and DKK 33m (2021: DKK 35m) is other provisions. Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management’s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material.
Accounting policies Provisions are recognised when, due to an event occurring on or before the reporting date, the Group has a legal or constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the obligation and that the obligation can be reliably estimated. Provisions are recognised based on Management’s best estimate of the anticipated expenditure for settling the relevant obligation and are discounted if deemed material.
4.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1bb ls0 ws0"> <span class="_ _0"/><span class="ff1b9 ls4d ws6f">Financial and <span class="ls13 wsbc">operational ris<span class="_ _3b"/>ks<span class="ls0 ws0"> </span></span></span></span>DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>’ risk man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>emen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ risk management policy is governed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by the DFDS Financial Policy, which is approved by the Board of Directors on an annu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al basis. The Financial Policy sets out policies, targets<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">, <span class="ls54 ws12">and strategies for <span class="_ _3b"/>the fi<span class="ls51 ws74">nan<span class="_ _3b"/>cial ri<span class="_ _3b"/>sk man<span class="_ _3b"/>ageme<span class="_ _3b"/>nt o<span class="_ _3b"/>f </span></span></span>DFDS. DFDS does not enter into speculation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The most important financial risk factors are 1) bun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ker price risk, 2) in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isk, 3) currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y exchange ris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>k, 4) liquidity risks and 5) credit exposure.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 ws1b">he</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls59 ws72">fl<span class="ls57 wsf">uc<span class="_ _0"/>tuations i<span class="_ _0"/>n the bunker pric<span class="_ _0"/>e which is deno<span class="_ _0"/>minated in US<span class="_ _0"/>D constitute<span class="_ _0"/> a </span></span>significant risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls58 ws19">for DFD<span class="_ _3b"/>S</span>. </span>In the fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eight indust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ry it is cust<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omary to pass t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hrough the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>isk of fluctuati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ons in the bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er price a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd the correspo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nding currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exchange rate r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>isk to fre<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">ight </span>custom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ers via a bunk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er adjustment fact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>or (BAF). In t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he passenger ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ustry, fluctu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nker a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e ticke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> exte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt possible.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>To reduce exposure to bunker and currency risk, approxi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mately 93% (94% in 2021) of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ consump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion was cove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red by BAF agre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ements. For fer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ries where a scrubber ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s been installed, the Group is subject t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o risk related to the spread between hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gh sulphur and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w sulphur fuel <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he fact that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> such ferries wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h scr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ubbers consume hig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h sulphur, but B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>AF is based o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n low sulphur.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rdance with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he DFDS Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial Policy, the ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t bunker expos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ure may be financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ially hedged up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o six quarter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s ahead. The ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sk in relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ion to the spr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ead between hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>gh sulphur and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w sulphur fuel i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s partly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> hedged <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws77">using commodity </span>swaps.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rest r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS is primarily exposed to interest rate risk through<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> funding. According to DFDS’ <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l Poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate on 4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">70% of the loan portfolio </span></span>including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls51 ws74">term char<span class="_ _3b"/>ter ag<span class="_ _3b"/>ree<span class="_ _3b"/>ment<span class="_ _3b"/>s must b<span class="_ _3b"/>e fixed<span class="_ _3b"/> with<span class="_ _3b"/> a weigh<span class="_ _3b"/>ted <span class="_ _3b"/>averag<span class="_ _3b"/>e </span></span>duration of 9<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">36 months. DFD<span class="ls53 ws75">S ent<span class="_ _3b"/>ers in<span class="_ _3b"/>to in<span class="_ _3b"/>terest r<span class="_ _3b"/>ate swaps an<span class="_ _3b"/>d caps <span class="_ _3b"/>to </span></span></span>compl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>th thi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s pol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>icy. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The tot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">bearing debt<span class="_ _0"/> (including c<span class="_ _0"/>urrency swaps o<span class="_ _0"/>n bonds and </span></span>lease liabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s) amounts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to DKK 14,109m <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at year end 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: DKK 13,481m). The Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oup’s total inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls4f ws84">be<span class="ls26 ws14">a<span class="_ _0"/>ring debt primaril<span class="_ _3b"/>y consists of partly </span></span></span>secured credit facilities, unsecured co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rporate bonds and floating rate mortg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ages with security in ferries and other ships. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>debt portfolio had an average time to matu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of 4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.7 ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ars (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>: 3.8 ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ordan<span class="_ _3b"/>ce wi<span class="_ _3b"/>th the Fin<span class="_ _3b"/>an<span class="_ _3b"/>cial Pol<span class="_ _3b"/>ic<span class="_ _3b"/>y, inte<span class="_ _3b"/>res<span class="_ _3b"/>t rate s<span class="_ _3b"/>waps an<span class="_ _3b"/>d cap<span class="_ _3b"/>s with<span class="_ _3b"/> a </span>principal amount of DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 3,790m (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: DKK 3,364m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>) have been est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ablished to reduce interest r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ate risk. The sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are of fixed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>rate debt in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cluding int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest rate derivatives was 41% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>at year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">en</span>d 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 40%). Includi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng long term charter agree<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments, the share of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> fixed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>rate debt is 45% (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: 44%)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The duration of the Group’s debt portfolio (inclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding charter liabilities) was 1.4 years (2021: 1.0 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>years).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>An increase in the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate of 1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">poin<span class="_ _3b"/>t <span class="_ _3b"/>comp<span class="_ _3b"/>ared <span class="_ _3b"/>to the<span class="_ _3b"/> ac<span class="_ _3b"/>tual i<span class="_ _3b"/>nte<span class="_ _3b"/>rest </span></span>rates in 2022 woul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d have increased ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t payments incl. hedgin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g by DKK 54m for the Group all<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> else equal (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 36m). A de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>crease in the int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erest rates of 1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>point would h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ave reduced the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>net interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t payment b<span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">y DKK 19m in </span>2022 (2021: DKK 4m)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>An increase in the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate of 1%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls50 ws78">poin<span class="_ _3b"/>t <span class="_ _3b"/>comp<span class="_ _3b"/>ared <span class="_ _3b"/>to the<span class="_ _3b"/> ac<span class="_ _3b"/>tual in<span class="_ _3b"/>te<span class="_ _3b"/>rest ra<span class="_ _3b"/>te </span></span>at ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lance sheet dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e would have had a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> positive e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ffect on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup’s equity reserve for hedging of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 93m all else eq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ual (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 44m). <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws12b">A dec<span class="_ _0"/>reas<span class="_ _0"/>e </span>would have had a nega<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tive effect of DKK 9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>4m (2021: DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 32m).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> exchange risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is monitore<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d continuously and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> actively hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> with D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al Poli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e aim i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s to a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctivel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y redu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy exposure us<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ing forward exc<span class="_ _0"/>hange contracts<span class="_ _0"/> and currency swa<span class="_ _0"/>ps. Approximately<span class="_ _0"/> </span>91% of DFDS’ revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es in 2022 were inv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oiced in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> foreign currenci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es (2021: 94%) with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he most substant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial revenue g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>enerated in EUR whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h accounted fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r 68% of total revenue (202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1: 67%). Apa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt fr<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">om DKK and EU<span class="_ _0"/>R, the most r<span class="_ _0"/>evenue is </span>generated in SEK, GB<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>P and NOK. However, SEK, GBP a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd NOK risks are to a large exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>set b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. US<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>D ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sk pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>imari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ly co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mes f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>utur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> consumption and charter agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts. Particularly, EUR is considered a mino<span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">r </span>risk due to Denmark’s fixed exchange rate p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>olicy towards EUR. USD risk is reduced by the B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>AF mechanism as described above.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The operational currency cash flow is defin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed as the Group’s consolidated net currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> cash flows<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> from revenues and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> operational c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>os<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ts. The t<span class="_ _3b"/>able on the </span>following page shows the impact on the Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>up’s Operating profit before depreciation (EBITDA) and Special Items f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rom changes in the foreign exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange rate.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Operatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nal currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws11">Change in fair value of FX </span>forwards re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lated to co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mmit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd future b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unker consumption only affect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s equity.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Liquidity risks<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Financial Policy is to secure adequate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> liquidity to meet financial and operation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al payment obligations by maintaining a minim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>um of 1.2x cash S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ources over ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sh Uses for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he next 12 months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls57 wsf">end sum of tota<span class="_ _0"/>l cash and undraw<span class="_ _0"/>n </span></span>committed facili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties was DKK 2,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>911m (202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1: DKK 2,135<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">m<span class="ls26 ws14">), of which</span> <span class="ls51 ws74">undr<span class="_ _3b"/>awn co<span class="_ _3b"/>mmitt<span class="_ _3b"/>ed faci<span class="_ _3b"/>liti<span class="_ _3b"/>es amou<span class="_ _3b"/>nts<span class="_ _3b"/> to DKK 1,<span class="_ _3b"/>722m </span></span>(2021: DKK 1,400<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ contractual maturities of fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial instruments, including es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>timated interest payments and excluding the i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpact of netting agreem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents, are stated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the table <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>below:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>SEK, Income statement effect, 10% str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">61 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">34 </span>NOK, Income statement effect, 10% st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">42 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>GBP, Income statement effect, 10% str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">45 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>TRY, Income statement effect, 10% strengt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>heni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _166"> </span><span class="ws12"> -</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">35 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">24 </span>USD, Income statement effect, 10% strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">27 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">13 </span>DKK million<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>0-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _13d"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 years<span class="ls0 ws0"> <span class="_ _13d"> </span></span></span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">5 years<span class="ls0 ws0"> <span class="_ _a"> </span></span>After 5<span class="_ _3b"/> years<span class="ls0 ws0"> </span></span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial a<span class="_ _0"/>ssets<span class="ls0 ws0"> </span></span>Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,189 </span>0 0 0 Trade receivables including work in progress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,343 </span>0 0 0 Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>0 0 0 Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _126"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">649 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span>0 0 Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial lia<span class="_ _0"/>bilities<span class="ls0 ws0"> </span></span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d other sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ips <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,667 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2,644 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">4,827 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,785 </span></span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14</span> -290 0 0 Lease liabilities (undiscounted)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1eb"> </span><span class="ws12"> -<span class="ls8 ws15">951 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,293 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,407 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,789 </span></span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,661 </span>0 0 0 Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12 </span>0 0 0 Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="lsa ws18">188 </span></span>0 0 0 Derivative financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssetsCommodi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>0 0 0 Interest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>117<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">46</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>64<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>Derivative financial lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilitiesCommodi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>0 0 0 Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">8 </span></span>0 0 Forward exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> currency <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swaps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _18f"> </span><span class="ls5e ws93">-39 </span></span>0 0 0 Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">2,2<span class="ls9 ws16">82</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">4,102</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls7 ws17">6,1<span class="ls9 ws16">88</span></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">3,439</span> </span>The Group’s most significant currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y balance positions are in EUR, SEK, GBP, NOK, TRY,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> and USD relating to cash, committed investments and trade<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> payable and receivables. All else equal a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> strengthening of SEK, GBP, N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>OK, TRY, and USD against DKK at balance sheet da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te would hav<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e increased/dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reased bal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance sheet items b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the amounts presen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce riskDKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>SEK, Equity and Income statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent effect, 10% strengthenin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>GBP, Equity and Income statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent effect, 10% strengthenin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g <span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>NOK, Equity and Income state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ment effect, 10% strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>TRY, Equity and Income statement effec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t, 10% strengthenin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c0"> </span>-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws15">7 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>USD, Equity and Income statement effec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t, 10%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ed"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>1)USD, Equity effect, 10% strengthening <span xmlns="http://www.w3.org/1999/xhtml" class="_ _22f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50 </span>Assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws17">r the maturity table:<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urity analysis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is based on undis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counted cash f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lows including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> estimated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nterest payments.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Interest payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s are estimated based on existing market conditi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The undiscounted cash flows related to deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ative financial liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">ies <span class="_ _3b"/>are presen<span class="_ _3b"/>ted a<span class="_ _3b"/>t gross a<span class="_ _3b"/>mount<span class="_ _3b"/>s unless th<span class="_ _3b"/>e parti<span class="_ _3b"/>es </span>according to the contract have a right or obligation to settle at net amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>DKK million20210-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _3e"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 years<span class="ls0 ws0"> <span class="_ _3e"> </span></span></span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">5 ye<span class="_ _3b"/>ars<span class="ls0 ws0"> </span></span>After 5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">derivative <span class="lsd ws75">financial asset<span class="_ _3b"/>s</span></span> Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24d"> </span>902 0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade receivables including work in progress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,772 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">624 </span>16 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial lia<span class="_ _0"/>bilities<span class="ls0 ws0"> </span></span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">965 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,850 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,228 </span> -1,615 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">954 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">308 </span></span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lease liabilities (undiscounted) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">816 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,115 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">737 </span></span> -1,757 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">3,119 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _211"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">51 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivative financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssetsInterest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>5 3 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>6 6 14 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivative financial lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilitiesInterest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">4 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">71 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">2 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,808 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">7,252 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,956 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>3,358 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Credit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> expo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ cred<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>osu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re is pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>marily <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>attrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>uta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ble to tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ade<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 wsa4">- <span class="ls57 wsf">and other r<span class="_ _0"/>eceivables and ca<span class="_ _0"/>sh. The rec<span class="_ _0"/>eivables includ<span class="_ _0"/>ing work in </span></span>progress servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es are stated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the Balance sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eet net of write<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>downs. Refe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rence is mad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e to note 3.2.1 for a fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ther information on w<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">rite<span class="_ _3b"/><span class="ls0 ws0">-<span class="ls58 ws19">downs on<span class="_ _3b"/> trade <span class="_ _3b"/>receiv<span class="_ _3b"/>abl<span class="_ _3b"/>es and wo<span class="_ _3b"/>rk in pro<span class="_ _3b"/>gres<span class="_ _3b"/>s servi<span class="_ _3b"/>ces. </span> </span></span>According to the Group’s policy of underta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>king credit risks, assessments of all cus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tomers and other partners are perform<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed. Prepay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>men<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t guaran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>KK 0m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">(2021: DKK 325<span class="_ _3b"/>m<span class="ls0 ws0"> <span class="ls58 ws19">regarding D<span class="_ _3b"/>FD<span class="ls26 ws14">S’ ne<span class="_ _3b"/>wbuilding</span></span> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfc">progr<span class="_ _3b"/>am).<span class="_ _3b"/><span class="ls0 ws0"> </span></span>DFDS’ credit risk towards financial counte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rparties primarily rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes to cash on bank accounts and positive market values of derivatives. Credit limits on financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>counterparties are calculated in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ance with DFDS’ Financial Po<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">li<span class="_ _3b"/>cy ba<span class="_ _3b"/>sed on<span class="_ _3b"/> cred<span class="_ _3b"/>it </span>ratings from international credi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rating agencies. Credit ratings and resultin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g credit limits are monitored con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tinuously.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ruct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The starting point for determining the level <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>of capital<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>distribution to shareholders is the cur<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">ren<span class="_ _3b"/>t and expected<span class="ls0 ws0"> <span class="ls50 ws77">futu<span class="_ _3b"/>re<span class="_ _3b"/> </span></span></span>financial lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erage measured<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> as the ratio between<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>NIBD and EBITDA. Ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rget leverage is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a ratio betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een 2.0 and<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsbd ws100">3.0. </span></span>NIBD/EBITDA wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s 2.8 at year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>end 2022. For<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> shorter<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>periods, leve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rage can move o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>utside the rang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e due to special<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">event<span class="_ _3b"/>s,<span class="ls0 ws0"> <span class="lsbd ws100">e.g.,</span> </span></span>larger acquisitions. <span xmlns="http://www.w3.org/1999/xhtml" class="ff1c1 ls0 ws0"> <span class="_ _1b5"> </span><span class="ff1c0"> </span></span>4.1 Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sks <span xmlns="http://www.w3.org/1999/xhtml" class="ff1c3 lsb7 ws6e">(continued)<span class="ls0 ws0"> </span></span>DKK million Expected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> timing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets of gain<span class="_ _3b"/>s/losses recognised<span class="_ _3b"/> in the <span class="lsc ws11">equ<span class="_ _3b"/>ity</span></span> Fair value recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Notional Fair Fair on Hedging<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Time to principal value value After reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expected future tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsHedge in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>strume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntmaturity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>amount<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>0-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _44"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 y<span class="_ _3b"/>ears<span class="ls0 ws0"> <span class="_ _44"> </span><span class="ls9 ws16">3-<span class="_ _0"/><span class="lsc ws74">5 y<span class="_ _3b"/>ears<span class="ls0 ws0"> </span></span></span></span></span>5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>in equityInterestIntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">11 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,317 </span>227 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">39 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">78 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">46 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">64 </span>227 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>InterestCaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">4 yea<span class="_ _0"/>rs </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,190 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>15 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>CommoditiesCommodity hedges <span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">1 y<span class="_ _0"/>ears </span></span>464 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>26 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">5 years </span></span>283 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>15 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry charterForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls5f ws78">9 years </span></span>704 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sales and good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s purchasedForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">1 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,376 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">38 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">345 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">79 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">94 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">66 </span>286 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionExpected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> timing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets of gain<span class="_ _3b"/>s/losses recognised<span class="_ _3b"/> in the <span class="lsc ws11">equ<span class="_ _3b"/>ity</span></span> Fair value recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Notional Fair Fair Hedgi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng Time to principal value value After reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in Expected future tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsHedge in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>strume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntmaturity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>amount<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0-<span class="lsd ws75">1 year</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>3 y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ears<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _44"> </span><span class="ls9 ws16">3-<span class="_ _0"/><span class="lsc ws74">5 y<span class="_ _3b"/>ears<span class="ls0 ws0"> </span></span></span></span>5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>equityInterestIntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">11 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.876 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>InterestCaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">4 yea<span class="_ _0"/>rs </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.190 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loansCurren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">3 years </span></span>932 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loansCross currency interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rate swaps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _cb"> </span><span class="lsa ws14"> 0-<span class="ls8 ws10">5 years </span></span></span>298 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry investments & ferry c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>harter¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c5">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls5f ws78">9 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.229 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">29 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sales and good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s purchasedForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _251"> </span><span class="lsa ws14"> 0-<span class="ls8 ws10">1 years </span></span></span>944 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">58 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">83 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">9 </span></span>3 1 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>5 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022 no financial h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>edges were dee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med inefficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t hence no gain or lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss were recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in the I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome statement fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r hedges qualifying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>for hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e accounting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">The fa<span class="_ _0"/>ir value of the<span class="_ _0"/> interest swaps ha<span class="_ _0"/>s been calc<span class="_ _0"/>ulated by discounting<span class="_ _0"/> the expect<span class="_ _0"/>ed future inte<span class="ls50 ws78">rest pa<span class="_ _3b"/>ymen<span class="_ _3b"/>ts.<span class="ls0 ws12"> </span></span></span>The di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> each<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st paym<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. The fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alue o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ward e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ge co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> bun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ker con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on actual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> forw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rves.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Fo<span class="_ _3b"/>r instru<span class="_ _3b"/>ments</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">used<span class="_ _3b"/> to </span>hedge ferry investments the recycling from equity will be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised under non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">current </span>tangible assets.4.2<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c8 ls0 ws0"> <span class="_ _0"/><span class="ff1c6 ls13 wsbc">In<span class="_ _3b"/>formation<span class="_ _3b"/> on fin<span class="_ _3b"/>ancia<span class="_ _3b"/>l <span class="ls12 ws7d">in<span class="_ _3b"/>strumen<span class="_ _3b"/>ts<span class="ls0 ws0"> </span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Carrying amount per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> category of financial instru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mentsFinancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue:Derivatives, related to operating act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ivities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">102 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span>Derivatives, related to interest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsa ws14">bearing activities</span> <span class="_ _b9"> </span></span>244 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ost:Trade receivables, receivables from assoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates and joint ventures, other receivables a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _252"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>4,989 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,183 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue throu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gh prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it or loss:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c0"> </span><span class="ff1c7"> </span></span>Securities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ities m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>easure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue:Derivatives, related to operating act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ivities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">40 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Derivatives, related to interest-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">bearing activities</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">81 </span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties measure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ff1c7"> </span></span>Interest-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">beari<span class="_ _3b"/>ng liab<span class="_ _3b"/>iliti<span class="_ _3b"/>es, trade p<span class="_ _3b"/>ayables,<span class="_ _3b"/> payables<span class="_ _3b"/> to associa<span class="_ _3b"/>tes and jo<span class="_ _3b"/>int ve<span class="_ _3b"/>ntures, </span>and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">19,451 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17,707 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _229"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14,<span class="_ _0"/>162 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>13,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Hierarch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ble below ranks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments carri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> by valuation m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ethod. The differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent levels<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> have been defi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>as foll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ows:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 1<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Quoted prices in an active marke<span class="_ _3b"/>t for identical type of instrument, i.e. withou<span class="_ _3b"/>t change in form or content </span>(modification or repackaging).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 2<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Quoted prices in an active marke<span class="_ _3b"/>t for similar assets or liabilities or other valua<span class="_ _3b"/>tion methods where all </span>material input is based on obser<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">vabl<span class="_ _3b"/>e ma<span class="_ _3b"/>rket da<span class="_ _3b"/>ta.<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 3<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Valuation methods whe<span class="_ _3b"/>re possible material input is not based on observabl<span class="_ _3b"/>e market data.</span> DKK million2022Level 1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span></span>Level 2<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _65"> </span></span>Level 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>346 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Securities, finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Derivatives, financial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _254"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">48 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">298 </span>2 2021Level 1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span></span>Level 2<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _65"> </span></span>Level 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">58 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Securities, finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Derivatives, financial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _254"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">83 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10 </span>Derivative finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are all measured a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t level 2. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to note 4.1 fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r descrip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>of the va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luation met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hod.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Securit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies, financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l assets meas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prise other shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and equi<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">ty </span>investments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as well as other inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tments of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 2m (2021: DKK 10m). The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se consis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of minor unlisted sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares and invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">At year<span class="_ _3b"/></span>-<span class="ls54 ws12">end 2021 secu<span class="_ _3b"/>rities included</span> <span class="lsb9 ws10">DKK 8m</span> <span class="ls50 ws12a">rel<span class="_ _3b"/>ated<span class="_ _3b"/> to</span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">an investm<span class="_ _0"/>ent of<span class="ls0 ws0"> <span class="lsbd ws100">19.9%</span> <span class="ls26 ws78">of</span> <span class="ls53 ws75">the shares i<span class="_ _3b"/>n ICT Logi<span class="_ _3b"/>stics </span></span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">,<span class="_ _3b"/> but af<span class="_ _3b"/>ter a<span class="_ _3b"/>cq<span class="ls26">uiring<span class="ls0 ws0"> <span class="ls57 ws1b">further</span> <span class="lsb9 wse1">80.<span class="ls54 wsfd">1% <span class="ws12">of the shares</span></span></span> <span class="lsb9 wse1">DFDS</span> <span class="ls51 wsfc">has</span> <span class="ls57 wsf">during 2022<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws77">obtained control</span> <span class="ls57 wsf">and conse<span class="_ _0"/>quently, <span class="ls26 ws78">ICT<span class="ls0 ws0"> </span></span></span></span></span></span></span></span>Logistics Group has become a fully consolid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated subsidiary.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">Referen<span class="_ _3b"/>ce is made to note <span class="_ _3b"/>5.5 for further inf<span class="_ _3b"/>ormation on<span class="_ _3b"/> the </span></span>acquisition.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfers betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een levels of the fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value hiera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchy are conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red to have oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>curred at the date of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the event or change in circumstance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s that caused the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>transfer. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re were no transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s between the lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>els in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e fair value hierar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>chy in 2022 (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>No transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls14 ws24">Sig<span class="ls15 ws2d">ni<span class="_ _3b"/>fi<span class="_ _3b"/>cant ac<span class="_ _3b"/>cou<span class="_ _3b"/>ntin<span class="_ _3b"/>g es<span class="_ _3b"/>timate<span class="_ _3b"/>s and as<span class="_ _3b"/>ses<span class="_ _3b"/>smen<span class="_ _3b"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Derivativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>When ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ring into agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements involving<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ives, Management a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssesses whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the derivative<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in question meets t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he criteria fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r hedge account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, including whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing relates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o recognis<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ed assets and liabilities, </span>projected future cash flows, or financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al investments. Effectivenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s tests are carried out, and any inefficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy is recognised in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Derivative financial instrum<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> instruments are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> measured in the <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="_ _0"/><span class="ls51 ws74">alan<span class="_ _3b"/>ce she<span class="_ _3b"/>et at f<span class="_ _3b"/>air valu<span class="_ _3b"/>e as f<span class="_ _3b"/>rom th<span class="_ _3b"/>e date<span class="_ _3b"/> where<span class="_ _3b"/> the </span></span>derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive financial i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nstrument is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncluded. The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r values of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> derivatives fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are presented<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as derivative financial instrumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts under assets if positive or under liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties if negative. Netting of positive and negative derivative financial ins<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>truments is only performed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">if the<span class="_ _3b"/> Grou<span class="_ _3b"/>p is en<span class="_ _3b"/>titl<span class="_ _3b"/>ed <span class="_ _3b"/>to an<span class="_ _3b"/>d h<span class="_ _3b"/>as the in<span class="_ _3b"/>tenti<span class="_ _3b"/>on<span class="_ _3b"/> to </span></span>settle <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">the <span class="ls51 ws74">deriv<span class="_ _3b"/>ativ<span class="_ _3b"/>e fin<span class="_ _3b"/>anci<span class="_ _3b"/>al in<span class="_ _3b"/>strume<span class="_ _3b"/>nts a<span class="_ _3b"/>s a net. F<span class="_ _3b"/>air val<span class="_ _3b"/>ue<span class="_ _3b"/>s of deri<span class="_ _3b"/>vativ<span class="_ _3b"/>e fin<span class="_ _3b"/>anci<span class="_ _3b"/>al in<span class="_ _3b"/>stru<span class="_ _3b"/>ments<span class="_ _3b"/> are co<span class="_ _3b"/>mputed<span class="_ _3b"/> </span></span>on the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asis of cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ta and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erally <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>accep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thod<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws74">e he<span class="_ _3b"/>dge<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Changes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue of financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial instrument<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s designated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> qualifying for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognition a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s a fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue hedge of rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and liabiliti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es are recognised i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement toget<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her with chang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in the value o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the hedged <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">asset or liabili<span class="_ _3b"/>ty based on the hedged proportion. Hedging of future cash f<span class="_ _3b"/>lows according to </span>agreements (fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm commitmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts), except for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>foreign curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy hedges, is tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated as a fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>value hedge of a recognise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Changes in<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">the fa<span class="_ _0"/>ir value of fina<span class="_ _0"/>ncial instrum<span class="_ _0"/>ents designat<span class="_ _0"/>ed as and quali<span class="_ _0"/>fying for cash flow<span class="_ _0"/> hedging a<span class="_ _0"/>nd which </span></span>effect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ively hedge cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nges in future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> cash flows, are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised in Ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her comprehens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive income. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> change in fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ffe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e porti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">on o<span class="_ _3b"/>f the cash flow hedge is re<span class="_ _3b"/>cognised a<span class="_ _3b"/>s a separate equi<span class="_ _3b"/>ty reserve un<span class="_ _3b"/>til </span>the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impacts the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement. At<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> this point in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ime the relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed gains or los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ses previously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised in Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e income are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ransferred to the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ement int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o the same line item as the hedged i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tem is recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nised. However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, when the forecast<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> transaction t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hat is hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d results in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">financ<span class="_ _0"/>ial asset, the<span class="_ _0"/> gains or loss<span class="_ _0"/>es previously r<span class="_ _0"/>ecognised in Othe<span class="_ _0"/>r comprehensive<span class="_ _0"/> income ar<span class="_ _0"/>e tra<span class="ls58 ws19">nsfer<span class="_ _3b"/>red fro<span class="_ _3b"/>m </span></span></span>equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and included in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he initial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> measurement of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he cost of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">financial asset. For derivative finan<span class="_ _3b"/>cial </span></span>instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments that no long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er qualify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> for hedge account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, the hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is dissolved pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ospectively.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The accumulate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue in equit<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">y is immed<span class="_ _3b"/>iate<span class="_ _3b"/>ly tr<span class="_ _3b"/>ansf<span class="_ _3b"/>err<span class="_ _3b"/>ed to<span class="_ _3b"/> the In<span class="_ _3b"/>come<span class="_ _3b"/> sta<span class="_ _3b"/>teme<span class="_ _3b"/>nt in<span class="_ _3b"/>to th<span class="_ _3b"/>e same<span class="_ _3b"/> li<span class="_ _3b"/>ne ite<span class="_ _3b"/>m as th<span class="_ _3b"/>e hed<span class="_ _3b"/>ged i<span class="_ _3b"/>tem </span>is recognised.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other financial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>For fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancial instrume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts that do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t fulfil the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f being treated a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s hedge instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hanges in f<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">air<span class="_ _0"/> value are rec<span class="_ _0"/>ognised in the I<span class="_ _0"/>ncome statement<span class="_ _0"/> as financial i<span class="_ _0"/>ncome and cost.<span class="ls0 ws0"> </span></span>
Bunker price risk The fluctuations in the bunker price which is denominated in USD constitute a significant risk for DFDS. In the freight industry it is customary to pass through the risk of fluctuations in the bunker price and the corresponding currency exchange rate risk to freight customers via a bunker adjustment factor (BAF). In the passenger industry, fluctuations in the cost of bunker are reflected in the ticket price to the extent possible. To reduce exposure to bunker and currency risk, approximately 93% (94% in 2021) of DFDS’ consumption was covered by BAF agreements. For ferries where a scrubber has been installed, the Group is subject to risk related to the spread between high sulphur and low sulphur fuel due to the fact that such ferries with scrubbers consume high sulphur, but BAF is based on low sulphur. In accordance with the DFDS Financial Policy, the net bunker exposure may be financially hedged up to six quarters ahead. The risk in relation to the spread between high sulphur and low sulphur fuel is partly hedged using commodity swaps. Interest rate risk DFDS is primarily exposed to interest rate risk through funding. According to DFDS’ Financial Policy the interest rate on 40-70% of the loan portfolio including long-term charter agreements must be fixed with a weighted average duration of 9-36 months. DFDS enters into interest rate swaps and caps to comply with this policy. The total net interest-bearing debt (including currency swaps on bonds and lease liabilities) amounts to DKK 14,109m at year end 2022 (2021: DKK 13,481m). The Group’s total interest-bearing debt primarily consists of partly secured credit facilities, unsecured corporate bonds and floating rate mortgages with security in ferries and other ships. The debt portfolio had an average time to maturity of 4.7 years (2021: 3.8 years). In accordance with the Financial Policy, interest rate swaps and caps with a principal amount of DKK 3,790m (2021: DKK 3,364m) have been established to reduce interest rate risk. The share of fixed-rate debt including interest rate derivatives was 41% at year-end 2022 (2021: 40%). Including long term charter agreements, the share of fixed-rate debt is 45% (2021: 44%). The duration of the Group’s debt portfolio (including charter liabilities) was 1.4 years (2021: 1.0 years). An increase in the interest rate of 1%-point compared to the actual interest rates in 2022 would have increased net interest payments incl. hedging by DKK 54m for the Group all else equal (2021: DKK 36m). A decrease in the interest rates of 1%-point would have reduced the net interest payment by DKK 19m in 2022 (2021: DKK 4m). An increase in the interest rate of 1%-point compared to the actual interest rate at balance sheet date would have had a positive effect on the Group’s equity reserve for hedging of DKK 93m all else equal (2021: DKK 44m). A decrease would have had a negative effect of DKK 94m (2021: DKK 32m). Currency exchange risk Currency exchange risk is monitored continuously and actively hedged in accordance with DFDS Financial Policy. The aim is to actively reduce currency exposure using forward exchange contracts and currency swaps. Approximately 91% of DFDS’ revenues in 2022 were invoiced in foreign currencies (2021: 94%) with the most substantial revenue generated in EUR which accounted for 68% of total revenue (2021: 67%). Apart from DKK and EUR, the most revenue is generated in SEK, GBP and NOK. However, SEK, GBP and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. Particularly, EUR is considered a minor risk due to Denmark’s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group’s consolidated net currency cash flows from revenues and operational costs. The table on the following page shows the impact on the Group’s Operating profit before depreciation (EBITDA) and Special Items from changes in the foreign exchange rate. Operational currency cash flow risk 1 Change in fair value of FX forwards related to committed investments and future bunker consumption only affects equity. DKK million2022 2021 SEK, Income statement effect, 10% strengthening 61 34 NOK, Income statement effect, 10% strengthening 42 24 GBP, Income statement effect, 10% strengthening 45 5 TRY, Income statement effect, 10% strengthening -35 -24 USD, Income statement effect, 10% strengthening -27 -13 The Group’s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to cash, committed investments and trade payable and receivables. All else equal a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance riskDKK million2022 2021 SEK, Equity and Income statement effect, 10% strengthening 2 1 GBP, Equity and Income statement effect, 10% strengthening 2 -3 NOK, Equity and Income statement effect, 10% strengthening 1 2 TRY, Equity and Income statement effect, 10% strengthening -7 -3 USD, Equity and Income statement effect, 10% strengthening -3 5 1)USD, Equity effect, 10% strengthening 0 50
Currency exchange risk Currency exchange risk is monitored continuously and actively hedged in accordance with DFDS Financial Policy. The aim is to actively reduce currency exposure using forward exchange contracts and currency swaps. Approximately 91% of DFDS’ revenues in 2022 were invoiced in foreign currencies (2021: 94%) with the most substantial revenue generated in EUR which accounted for 68% of total revenue (2021: 67%). Apart from DKK and EUR, the most revenue is generated in SEK, GBP and NOK. However, SEK, GBP and NOK risks are to a large extent offset by costs. USD risk primarily comes from future bunker consumption and charter agreements. Particularly, EUR is considered a minor risk due to Denmark’s fixed exchange rate policy towards EUR. USD risk is reduced by the BAF mechanism as described above. The operational currency cash flow is defined as the Group’s consolidated net currency cash flows from revenues and operational costs. The table on the following page shows the impact on the Group’s Operating profit before depreciation (EBITDA) and Special Items from changes in the foreign exchange rate. Operational currency cash flow risk 1 Change in fair value of FX forwards related to committed investments and future bunker consumption only affects equity. DKK million2022 2021 SEK, Income statement effect, 10% strengthening 61 34 NOK, Income statement effect, 10% strengthening 42 24 GBP, Income statement effect, 10% strengthening 45 5 TRY, Income statement effect, 10% strengthening -35 -24 USD, Income statement effect, 10% strengthening -27 -13 The Group’s most significant currency balance positions are in EUR, SEK, GBP, NOK, TRY, and USD relating to cash, committed investments and trade payable and receivables. All else equal a strengthening of SEK, GBP, NOK, TRY, and USD against DKK at balance sheet date would have increased/decreased balance sheet items by the amounts presented below. Currency balance riskDKK million2022 2021 SEK, Equity and Income statement effect, 10% strengthening 2 1 GBP, Equity and Income statement effect, 10% strengthening 2 -3 NOK, Equity and Income statement effect, 10% strengthening 1 2 TRY, Equity and Income statement effect, 10% strengthening -7 -3 USD, Equity and Income statement effect, 10% strengthening -3 5 1)USD, Equity effect, 10% strengthening 0 50
Liquidity risks<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Financial Policy is to secure adequate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> liquidity to meet financial and operation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al payment obligations by maintaining a minim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>um of 1.2x cash S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ources over ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sh Uses for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he next 12 months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The year<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls57 wsf">end sum of tota<span class="_ _0"/>l cash and undraw<span class="_ _0"/>n </span></span>committed facili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties was DKK 2,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>911m (202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>1: DKK 2,135<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">m<span class="ls26 ws14">), of which</span> <span class="ls51 ws74">undr<span class="_ _3b"/>awn co<span class="_ _3b"/>mmitt<span class="_ _3b"/>ed faci<span class="_ _3b"/>liti<span class="_ _3b"/>es amou<span class="_ _3b"/>nts<span class="_ _3b"/> to DKK 1,<span class="_ _3b"/>722m </span></span>(2021: DKK 1,400<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m). <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS’ contractual maturities of fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ancial instruments, including es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>timated interest payments and excluding the i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpact of netting agreem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents, are stated in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the table <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>below:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK million<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>0-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _13d"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 years<span class="ls0 ws0"> <span class="_ _13d"> </span></span></span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">5 years<span class="ls0 ws0"> <span class="_ _a"> </span></span>After 5<span class="_ _3b"/> years<span class="ls0 ws0"> </span></span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial a<span class="_ _0"/>ssets<span class="ls0 ws0"> </span></span>Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,189 </span>0 0 0 Trade receivables including work in progress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,343 </span>0 0 0 Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>0 0 0 Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _126"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">649 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">16 </span>0 0 Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial lia<span class="_ _0"/>bilities<span class="ls0 ws0"> </span></span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d other sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ips <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,667 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">2,644 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">4,827 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,785 </span></span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14</span> -290 0 0 Lease liabilities (undiscounted)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1eb"> </span><span class="ws12"> -<span class="ls8 ws15">951 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,293 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,407 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">1,789 </span></span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,661 </span>0 0 0 Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12 </span>0 0 0 Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="lsa ws18">188 </span></span>0 0 0 Derivative financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssetsCommodi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>0 0 0 Interest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _249"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>117<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">46</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>64<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>Derivative financial lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilitiesCommodi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ty swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>0 0 0 Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">8 </span></span>0 0 Forward exchang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> currency <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swaps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _18f"> </span><span class="ls5e ws93">-39 </span></span>0 0 0 Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">2,2<span class="ls9 ws16">82</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">4,102</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls7 ws17">6,1<span class="ls9 ws16">88</span></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">3,439</span> </span>Assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws17">r the maturity table:<span class="_ _3b"/><span class="ls0 ws0"> </span></span>The mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urity analysis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is based on undis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>counted cash f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lows including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> estimated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nterest payments.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Interest payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s are estimated based on existing market conditi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The undiscounted cash flows related to deriv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ative financial liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="ls53 ws75">ies <span class="_ _3b"/>are presen<span class="_ _3b"/>ted a<span class="_ _3b"/>t gross a<span class="_ _3b"/>mount<span class="_ _3b"/>s unless th<span class="_ _3b"/>e parti<span class="_ _3b"/>es </span>according to the contract have a right or obligation to settle at net amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">. </span>DKK million20210-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _3e"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 years<span class="ls0 ws0"> <span class="_ _3e"> </span></span></span>3-<span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">5 ye<span class="_ _3b"/>ars<span class="ls0 ws0"> </span></span>After 5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws1c">derivative <span class="lsd ws75">financial asset<span class="_ _3b"/>s</span></span> Cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24d"> </span>902 0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade receivables including work in progress services <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,772 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Receivables from associates and joint ventures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _53"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other receivables and current assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">624 </span>16 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws17">derivative financial lia<span class="_ _0"/>bilities<span class="ls0 ws0"> </span></span>Bank loan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> mortgage on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> ferries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">965 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,850 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,228 </span> -1,615 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Issued corporat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e bonds <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">954 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="lsa ws18">308 </span></span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lease liabilities (undiscounted) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _24f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">816 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,115 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">737 </span></span> -1,757 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Trade payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>les <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f5"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">3,119 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es to associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _211"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">51 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ayables <span xmlns="http://www.w3.org/1999/xhtml" class="_ _224"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">173 </span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivative financial a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssetsInterest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span>5 3 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20 </span>6 6 14 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivative financial lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>bilitiesInterest swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s & caps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">4 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">71 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span>0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts and cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rency swap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">2 </span></span>0 0 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,808 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">7,252 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">1,956 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>3,358 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
Credit exposure DFDS’ credit exposure is primarily attributable to trade- and other receivables and cash. The receivables including work in progress services are stated in the Balance sheet net of write-downs. Reference is made to note 3.2.1 for a further information on write-downs on trade receivables and work in progress services. According to the Group’s policy of undertaking credit risks, assessments of all customers and other partners are performed. Prepayment guarantees amount to DKK 0m (2021: DKK 325m regarding DFDS’ newbuilding program). DFDS’ credit risk towards financial counterparties primarily relates to cash on bank accounts and positive market values of derivatives. Credit limits on financial counterparties are calculated in accordance with DFDS’ Financial Policy based on credit ratings from international credit rating agencies. Credit ratings and resulting credit limits are monitored continuously. Capital structure The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. Target leverage is a ratio between 2.0 and 3.0. NIBD/EBITDA was 2.8 at year-end 2022. For shorter periods, leverage can move outside the range due to special events, e.g., larger acquisitions.
4.1 Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>and oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ational ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sks <span xmlns="http://www.w3.org/1999/xhtml" class="ff1c3 lsb7 ws6e">(continued)<span class="ls0 ws0"> </span></span>DKK million Expected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> timing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets of gain<span class="_ _3b"/>s/losses recognised<span class="_ _3b"/> in the <span class="lsc ws11">equ<span class="_ _3b"/>ity</span></span> Fair value recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Notional Fair Fair on Hedging<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Time to principal value value After reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expected future tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsHedge in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>strume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntmaturity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>amount<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>0-<span xmlns="http://www.w3.org/1999/xhtml" class="lsd ws75">1 year<span class="ls0 ws0"> <span class="_ _44"> </span></span></span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws74">3 y<span class="_ _3b"/>ears<span class="ls0 ws0"> <span class="_ _44"> </span><span class="ls9 ws16">3-<span class="_ _0"/><span class="lsc ws74">5 y<span class="_ _3b"/>ears<span class="ls0 ws0"> </span></span></span></span></span>5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>in equityInterestIntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">11 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,317 </span>227 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">39 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">78 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">46 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">64 </span>227 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>InterestCaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">4 yea<span class="_ _0"/>rs </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,190 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>15 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>CommoditiesCommodity hedges <span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">1 y<span class="_ _0"/>ears </span></span>464 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>26 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loans<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cross currency in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terest rate sw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">5 years </span></span>283 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>15 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry charterForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls5f ws78">9 years </span></span>704 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sales and good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s purchasedForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">1 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,376 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">38 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">345 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">79 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">94 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">47 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">66 </span>286 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK millionExpected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> timing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of recy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cling<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> to Inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>me statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t or <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">current assets of gain<span class="_ _3b"/>s/losses recognised<span class="_ _3b"/> in the <span class="lsc ws11">equ<span class="_ _3b"/>ity</span></span> Fair value recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nised o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Notional Fair Fair Hedgi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ng Time to principal value value After reserve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in Expected future tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansactionsHedge in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>strume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntmaturity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>amount<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0-<span class="lsd ws75">1 year</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span>1-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>3 y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ears<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _44"> </span><span class="ls9 ws16">3-<span class="_ _0"/><span class="lsc ws74">5 y<span class="_ _3b"/>ears<span class="ls0 ws0"> </span></span></span></span>5 years<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>equityInterestIntere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _250"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">11 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.876 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>InterestCaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">4 yea<span class="_ _0"/>rs </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.190 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">7 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loansCurren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy swaps <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls8 ws10">3 years </span></span>932 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">71 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-4 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bond loansCross currency interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rate swaps<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _cb"> </span><span class="lsa ws14"> 0-<span class="ls8 ws10">5 years </span></span></span>298 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">6 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ferry investments & ferry c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>harter¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c5">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> </span>Forward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>trac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _251"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14"> 0-<span class="ls5f ws78">9 years </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1.229 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">29 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>-2 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Sales and good<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s purchasedForward exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _251"> </span><span class="lsa ws14"> 0-<span class="ls8 ws10">1 years </span></span></span>944 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">58 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">83 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">9 </span></span>3 1 0 <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>5 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In 2022 no financial h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>edges were dee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>med inefficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t hence no gain or lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ss were recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed in the I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ncome statement fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r hedges qualifying<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>for hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e accounting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">The fa<span class="_ _0"/>ir value of the<span class="_ _0"/> interest swaps ha<span class="_ _0"/>s been calc<span class="_ _0"/>ulated by discounting<span class="_ _0"/> the expect<span class="_ _0"/>ed future inte<span class="ls50 ws78">rest pa<span class="_ _3b"/>ymen<span class="_ _3b"/>ts.<span class="ls0 ws12"> </span></span></span>The di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>scoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> each<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st paym<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t is es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t rate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s. The fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alue o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ward e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ge co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cts and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> bun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ker con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ased<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> on actual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> forw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rves.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Fo<span class="_ _3b"/>r instru<span class="_ _3b"/>ments</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">used<span class="_ _3b"/> to </span>hedge ferry investments the recycling from equity will be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised under non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws93">current </span>tangible assets.4.2<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c8 ls0 ws0"> <span class="_ _0"/><span class="ff1c6 ls13 wsbc">In<span class="_ _3b"/>formation<span class="_ _3b"/> on fin<span class="_ _3b"/>ancia<span class="_ _3b"/>l <span class="ls12 ws7d">in<span class="_ _3b"/>strumen<span class="_ _3b"/>ts<span class="ls0 ws0"> </span></span></span></span>DKK million2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Carrying amount per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> category of financial instru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mentsFinancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue:Derivatives, related to operating act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ivities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">102 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span>Derivatives, related to interest<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="lsa ws14">bearing activities</span> <span class="_ _b9"> </span></span>244 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ost:Trade receivables, receivables from assoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates and joint ventures, other receivables a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nd cash <span xmlns="http://www.w3.org/1999/xhtml" class="_ _252"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>4,989 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,183 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue throu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gh prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>it or loss:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _c0"> </span><span class="ff1c7"> </span></span>Securities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ities m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>easure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue:Derivatives, related to operating act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ivities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">40 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Derivatives, related to interest-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws14">bearing activities</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cd"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">8 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">81 </span>Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al lia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>bili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties measure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amortis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed cos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ff1c7"> </span></span>Interest-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">beari<span class="_ _3b"/>ng liab<span class="_ _3b"/>iliti<span class="_ _3b"/>es, trade p<span class="_ _3b"/>ayables,<span class="_ _3b"/> payables<span class="_ _3b"/> to associa<span class="_ _3b"/>tes and jo<span class="_ _3b"/>int ve<span class="_ _3b"/>ntures, </span>and oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er payabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> -<span class="ls8 ws15">19,451 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">17,707 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _229"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">14,<span class="_ _0"/>162 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-</span>13,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Hierarch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial inst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d at fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ble below ranks<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments carri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at fair value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> by valuation m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ethod. The differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent levels<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> have been defi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>as foll<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ows:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 1<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Quoted prices in an active marke<span class="_ _3b"/>t for identical type of instrument, i.e. withou<span class="_ _3b"/>t change in form or content </span>(modification or repackaging).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 2<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Quoted prices in an active marke<span class="_ _3b"/>t for similar assets or liabilities or other valua<span class="_ _3b"/>tion methods where all </span>material input is based on obser<span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">vabl<span class="_ _3b"/>e ma<span class="_ _3b"/>rket da<span class="_ _3b"/>ta.<span class="ls0 ws0"> </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff1c9"> <span class="_ _158"> </span><span class="ff1c6 ls58 ws13">Level 3<span class="_ _3b"/>:</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">Valuation methods whe<span class="_ _3b"/>re possible material input is not based on observabl<span class="_ _3b"/>e market data.</span> DKK million2022Level 1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span></span>Level 2<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _65"> </span></span>Level 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>346 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Securities, finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2 </span>Derivatives, financial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _254"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">48 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">298 </span>2 2021Level 1<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span></span>Level 2<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _65"> </span></span>Level 3<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ves, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">58 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Securities, finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _223"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">10 </span>Derivatives, financial liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _254"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">83 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ff"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">25 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10 </span>Derivative finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cial assets and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>iabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are all measured a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t level 2. Referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce is made to note 4.1 fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r descrip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>of the va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>luation met<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hod.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Securit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies, financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l assets meas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>air value thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>prise other shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and equi<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">ty </span>investments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as well as other inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tments of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 2m (2021: DKK 10m). The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se consis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of minor unlisted sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares and invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ments.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">At year<span class="_ _3b"/></span>-<span class="ls54 ws12">end 2021 secu<span class="_ _3b"/>rities included</span> <span class="lsb9 ws10">DKK 8m</span> <span class="ls50 ws12a">rel<span class="_ _3b"/>ated<span class="_ _3b"/> to</span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">an investm<span class="_ _0"/>ent of<span class="ls0 ws0"> <span class="lsbd ws100">19.9%</span> <span class="ls26 ws78">of</span> <span class="ls53 ws75">the shares i<span class="_ _3b"/>n ICT Logi<span class="_ _3b"/>stics </span></span></span>Group<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">,<span class="_ _3b"/> but af<span class="_ _3b"/>ter a<span class="_ _3b"/>cq<span class="ls26">uiring<span class="ls0 ws0"> <span class="ls57 ws1b">further</span> <span class="lsb9 wse1">80.<span class="ls54 wsfd">1% <span class="ws12">of the shares</span></span></span> <span class="lsb9 wse1">DFDS</span> <span class="ls51 wsfc">has</span> <span class="ls57 wsf">during 2022<span class="_ _0"/><span class="ls0 ws0"> <span class="ls26 ws77">obtained control</span> <span class="ls57 wsf">and conse<span class="_ _0"/>quently, <span class="ls26 ws78">ICT<span class="ls0 ws0"> </span></span></span></span></span></span></span></span>Logistics Group has become a fully consolid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated subsidiary.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">Referen<span class="_ _3b"/>ce is made to note <span class="_ _3b"/>5.5 for further inf<span class="_ _3b"/>ormation on<span class="_ _3b"/> the </span></span>acquisition.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Transfers betw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een levels of the fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r value hiera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rchy are conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red to have oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>curred at the date of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the event or change in circumstance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s that caused the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>transfer. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re were no transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s between the lev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>els in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e fair value hierar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>chy in 2022 (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>No transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls14 ws24">Sig<span class="ls15 ws2d">ni<span class="_ _3b"/>fi<span class="_ _3b"/>cant ac<span class="_ _3b"/>cou<span class="_ _3b"/>ntin<span class="_ _3b"/>g es<span class="_ _3b"/>timate<span class="_ _3b"/>s and as<span class="_ _3b"/>ses<span class="_ _3b"/>smen<span class="_ _3b"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Derivativ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>When ente<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ring into agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements involving<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ives, Management a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ssesses whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the derivative<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in question meets t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he criteria fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r hedge account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, including whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ther the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing relates t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o recognis<span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">ed assets and liabilities, </span>projected future cash flows, or financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al investments. Effectivenes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s tests are carried out, and any inefficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy is recognised in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>Derivative financial instrum<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive financial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> instruments are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> measured in the <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">B<span class="_ _0"/><span class="ls51 ws74">alan<span class="_ _3b"/>ce she<span class="_ _3b"/>et at f<span class="_ _3b"/>air valu<span class="_ _3b"/>e as f<span class="_ _3b"/>rom th<span class="_ _3b"/>e date<span class="_ _3b"/> where<span class="_ _3b"/> the </span></span>derivat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive financial i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nstrument is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oncluded. The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r values of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> derivatives fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ncial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> are presented<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> as derivative financial instrumen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts under assets if positive or under liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ties if negative. Netting of positive and negative derivative financial ins<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>truments is only performed<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">if the<span class="_ _3b"/> Grou<span class="_ _3b"/>p is en<span class="_ _3b"/>titl<span class="_ _3b"/>ed <span class="_ _3b"/>to an<span class="_ _3b"/>d h<span class="_ _3b"/>as the in<span class="_ _3b"/>tenti<span class="_ _3b"/>on<span class="_ _3b"/> to </span></span>settle <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">the <span class="ls51 ws74">deriv<span class="_ _3b"/>ativ<span class="_ _3b"/>e fin<span class="_ _3b"/>anci<span class="_ _3b"/>al in<span class="_ _3b"/>strume<span class="_ _3b"/>nts a<span class="_ _3b"/>s a net. F<span class="_ _3b"/>air val<span class="_ _3b"/>ue<span class="_ _3b"/>s of deri<span class="_ _3b"/>vativ<span class="_ _3b"/>e fin<span class="_ _3b"/>anci<span class="_ _3b"/>al in<span class="_ _3b"/>stru<span class="_ _3b"/>ments<span class="_ _3b"/> are co<span class="_ _3b"/>mputed<span class="_ _3b"/> </span></span>on the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asis of cu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t mark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>et da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ta and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> gen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erally <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>accep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>alua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thod<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws74">e he<span class="_ _3b"/>dge<span class="_ _3b"/><span class="ls0 ws0"> </span></span>Changes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue of financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial instrument<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s designated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>as and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> qualifying for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognition a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s a fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue hedge of rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and liabiliti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es are recognised i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n the Income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tatement toget<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her with chang<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in the value o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f the hedged <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">asset or liabili<span class="_ _3b"/>ty based on the hedged proportion. Hedging of future cash f<span class="_ _3b"/>lows according to </span>agreements (fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rm commitmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts), except for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>foreign curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy hedges, is tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated as a fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>value hedge of a recognise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t and liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Cash fl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ow he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Changes in<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">the fa<span class="_ _0"/>ir value of fina<span class="_ _0"/>ncial instrum<span class="_ _0"/>ents designat<span class="_ _0"/>ed as and quali<span class="_ _0"/>fying for cash flow<span class="_ _0"/> hedging a<span class="_ _0"/>nd which </span></span>effect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ively hedge cha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nges in future<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> cash flows, are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised in Ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her comprehens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ive income. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> change in fair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e that r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ffe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e porti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">on o<span class="_ _3b"/>f the cash flow hedge is re<span class="_ _3b"/>cognised a<span class="_ _3b"/>s a separate equi<span class="_ _3b"/>ty reserve un<span class="_ _3b"/>til </span>the hedg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed cash flow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> impacts the Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ome statement. At<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> this point in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ime the relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed gains or los<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ses previously<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> recognised in Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>comprehensiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e income are t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ransferred to the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ement int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o the same line item as the hedged i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tem is recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nised. However<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, when the forecast<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> transaction t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hat is hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d results in the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">financ<span class="_ _0"/>ial asset, the<span class="_ _0"/> gains or loss<span class="_ _0"/>es previously r<span class="_ _0"/>ecognised in Othe<span class="_ _0"/>r comprehensive<span class="_ _0"/> income ar<span class="_ _0"/>e tra<span class="ls58 ws19">nsfer<span class="_ _3b"/>red fro<span class="_ _3b"/>m </span></span></span>equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and included in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he initial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> measurement of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he cost of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he non<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">financial asset. For derivative finan<span class="_ _3b"/>cial </span></span>instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments that no long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>er qualify<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> for hedge account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing, the hedge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> is dissolved pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ospectively.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> The accumulate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d fair va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>lue in equit<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">y is immed<span class="_ _3b"/>iate<span class="_ _3b"/>ly tr<span class="_ _3b"/>ansf<span class="_ _3b"/>err<span class="_ _3b"/>ed to<span class="_ _3b"/> the In<span class="_ _3b"/>come<span class="_ _3b"/> sta<span class="_ _3b"/>teme<span class="_ _3b"/>nt in<span class="_ _3b"/>to th<span class="_ _3b"/>e same<span class="_ _3b"/> li<span class="_ _3b"/>ne ite<span class="_ _3b"/>m as th<span class="_ _3b"/>e hed<span class="_ _3b"/>ged i<span class="_ _3b"/>tem </span>is recognised.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other financial instruments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>For fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nancial instrume<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nts that do no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>t fulfil the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>quirements o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f being treated a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s hedge instr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>uments, the c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>hanges in f<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">air<span class="_ _0"/> value are rec<span class="_ _0"/>ognised in the I<span class="_ _0"/>ncome statement<span class="_ _0"/> as financial i<span class="_ _0"/>ncome and cost.<span class="ls0 ws0"> </span></span>
4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: • Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). • Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. • Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.
4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: • Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). • Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. • Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.
4.2 Information on financial instruments DKK million2022 2021 Carrying amount per category of financial instrumentsFinancial assets measured at fair value:Derivatives, related to operating activities 102 36 Derivatives, related to interest-bearing activities 244 23 Financial assets measured at amortised cost:Trade receivables, receivables from associates and joint ventures, other receivables and cash 4,989 4,183 Financial assets measured at fair value through profit or loss: Securities 2 10 Financial liabilities measured at fair value:Derivatives, related to operating activities -40 -2 Derivatives, related to interest-bearing activities -8 -81 Financial liabilities measured at amortised cost: Interest-bearing liabilities, trade payables, payables to associates and joint ventures, and other payables -19,451 -17,707 Total -14,162 -13,538 Hierarchy of financial instruments measured at fair value The table below ranks financial instruments carried at fair value by valuation method. The different levels have been defined as follows: • Level 1: Quoted prices in an active market for identical type of instrument, i.e. without change in form or content (modification or repackaging). • Level 2: Quoted prices in an active market for similar assets or liabilities or other valuation methods where all material input is based on observable market data. • Level 3: Valuation methods where possible material input is not based on observable market data. DKK million2022Level 1 Level 2 Level 3 Derivatives, financial assets 0 346 0 Securities, financial assets 0 0 2 Derivatives, financial liabilities 0 -48 0 Total 0 298 2 2021Level 1 Level 2 Level 3 Derivatives, financial assets 0 58 0 Securities, financial assets 0 0 10 Derivatives, financial liabilities 0 -83 0 Total 0 -25 10 Derivative financial assets and liabilities are all measured at level 2. Reference is made to note 4.1 for description of the valuation method. Securities, financial assets measured at fair value through the Income statement comprise other shares and equity investments as well as other investments of DKK 2m (2021: DKK 10m). These consist of minor unlisted shares and investments. At year-end 2021 securities included DKK 8m related to an investment of 19.9% of the shares in ICT Logistics Group, but after acquiring further 80.1% of the shares DFDS has during 2022 obtained control and consequently, ICT Logistics Group has become a fully consolidated subsidiary. Reference is made to note 5.5 for further information on the acquisition. Transfers between levels of the fair value hierarchy are considered to have occurred at the date of the event or change in circumstances that caused the transfer. There were no transfers between the levels in the fair value hierarchy in 2022 (2021: No transfers). Significant accounting estimates and assessments Derivatives When entering into agreements involving derivatives, Management assesses whether the derivative in question meets the criteria for hedge accounting, including whether the hedging relates to recognised assets and liabilities, projected future cash flows, or financial investments. Effectiveness tests are carried out, and any inefficiency is recognised in the Income statement. Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.
4.3 Changes in liabilities arising from financing activities The table below discloses the cash as well as non-cash changes in interest-bearing liabilities and derivative financial instruments related to issued corporate bonds. The changes arising from cash flows form part of the cash flows from financing activities in the Statement of cash flows. Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2022 flows sitions ments Leases changes changes 2022 Changes in 2022Interest-bearing liabilities: Bank loans and mortgage on ferries 9,267 1,272 0 0 0 0 9 10,548 Issued corporate bonds 1,230 -898 0 -49 0 0 1 283 Lease liabilities 3,839 -963 240 -34 1,622 0 0 4,705 Other liabilities 1 -1 0 0 0 0 0 0 14,337 -590 240 -83 1,622 0 9 15,535 Derivatives financial instruments:Derivatives related to issued corporate bonds 77 -101 0 0 0 32 0 8 Total liabilities from financing activities 14,414 -691 240 -83 1,622 32 9 15,543 Non-cash changes New/ Additions Foreign disposed/ from exchange Remea-Fair 1 Jan. Cash acqui- move- sured value Other 31 Dec. DKK million 2021 flows sitions ments Leases changes changes 2021Changes in 2021Interest-bearing liabilities: Bank loans and mortgage on ferries8,557 414 292 -2 0 0 7 9,267 Issued corporate bonds 1,162 0 0 67 0 0 1 1,230 Lease liabilities 2,926 -834 340 127 1,279 0 0 3,839 Other liabilities 9 -1 1 0 0 0 -8 1 12,654 -421 633 192 1,279 0 0 14,337 Derivatives financial instruments:Derivatives related to issued corporate bonds 140 0 0 0 0 -63 0 77 Total liabilities from financing activities12,794 -421 633 192 1,279 -63 0 14,414 5.4 Cash flow DKK million 2022 2021Non-cash operating items Change in provisions 11 7 Change in write-down of inventories for the year 6 8 Change in provision for defined benefit plans and jubilee obligations 16 10 Vesting of share option plans and employee shares expensed in the Income statement 30 37 Non-cash operating items 64 62 Change in working capital Change in inventories -61 -91 Change in receivables, such as trade receivables, prepaid costs, etc. -463 -359 Change in current liabilities, such as trade payables, deferred income, current account with joint ventures, etc. 530 597 Change in working capital 6 148 Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group’s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand.
Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.
Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.
Accounting policies Derivative financial instruments Derivative financial instruments are measured in the Balance sheet at fair value as from the date where the derivative financial instrument is concluded. The fair values of derivatives financial instruments are presented as derivative financial instruments under assets if positive or under liabilities if negative. Netting of positive and negative derivative financial instruments is only performed if the Group is entitled to and has the intention to settle the derivative financial instruments as a net. Fair values of derivative financial instruments are computed on the basis of current market data and generally accepted valuation methods. Fair value hedge Changes in the fair value of financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets and liabilities are recognised in the Income statement together with changes in the value of the hedged asset or liability based on the hedged proportion. Hedging of future cash flows according to agreements (firm commitments), except for foreign currency hedges, is treated as a fair value hedge of a recognised asset and liability. Cash flow hedge Changes in the fair value of financial instruments designated as and qualifying for cash flow hedging and which effectively hedge changes in future cash flows, are recognised in Other comprehensive income. The change in fair value that relates to the effective portion of the cash flow hedge is recognised as a separate equity reserve until the hedged cash flow impacts the Income statement. At this point in time the related gains or losses previously recognised in Other comprehensive income are transferred to the Income statement into the same line item as the hedged item is recognised. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains or losses previously recognised in Other comprehensive income are transferred from equity and included in the initial measurement of the cost of the non-financial asset. For derivative financial instruments that no longer qualify for hedge accounting, the hedge is dissolved prospectively. The accumulated fair value in equity is immediately transferred to the Income statement into the same line item as the hedged item is recognised. Other financial instruments For financial instruments that do not fulfil the requirements of being treated as hedge instruments, the changes in fair value are recognised in the Income statement as financial income and cost.
4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.
4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.
4.4 Financial income and costs 1 Primarily relates to financial assets/liabilities measured at amortised cost. Income (net) from interest swaps is DKK -1m (2021: DKK 4m) and is included under Interest expense to banks, credit institutions, corporate bonds, etc. 2 Foreign exchange gains in 2022 amounts to DKK 638m (2021: DKK 219m) and foreign exchange losses amounts to DKK 618m (2021: DKK 192m) for the Group.DKK million 2022 2021 Financial income1)Interest income from banks, etc. 9 1 2)Foreign exchange gain, net 20 27 Other financial income 38 0 Total financial income66 29 Financial costs1)Interest expense to banks, credit institutions, corporate bonds, etc. -234 -202 Interest expense on lease liabilities, reference is made to note 3.1.3 -130 -95 Defined benefit pension plans, reference is made to note 3.2.4 0 -2 Other financial costs -47 -17 Transfer to assets under construction 1 8 Total financial costs -409 -307 Financial income and costs, net -343 -278 Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.
Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.
Accounting policies Financial income and costs comprise interest income and costs; realised and unrealised gains and losses on receivables, payables and transactions denominated in foreign currencies; realised gains and losses on securities; amortisation of financial assets and liabilities; interests on leasing agreements; bank charges and fees etc. Also included are realised and unrealised gains and losses on derivative financial instruments that are not designated as hedges.
4.5 Interest-bearing liabilities DKK million 2022 2021 Bank loans and mortgage on ferries 8,199 8,409 )Issued corporate bonds¹ 283 298 Lease liability 3,916 3,118 Total interest-bearing non-current liabilities 12,397 11,825 Bank loans and mortgage on ferries 2,349 858 )Issued corporate bonds¹ 0 932 Lease liability 788 721 Other current liabilities 0 1 Total interest-bearing current liabilities 3,137 2,511 Total interest-bearing liabilities 15,535 14,337 In connection with the delivery of a new freight and passenger ferry in 2022 DFDS’ obtained a new mortgage loans of DKK 744m (EUR 100m), with a maturity of 12 years based on EURIBOR 3M interest. In addition to the new vessel mortgage loan, DFDS refinanced a large part of existing debt in 2022. The facility that was established in June 2018 in connection with the acquisition of U. N. Ro-Ro of DKK 4,522m (EUR 607m) was refinanced partly until 2024 and partly until 2026. The refinanced facility contains a loan covenant equivalent to the covenant in the original facility. During 2022 the Group repaid corporate bonds with a nominal amount of NOK 1,250m (DKK 898m excluding cross currency swap, reference is made to note 4.3). In 2021 DFDS obtained two new mortgage loans; one loan of DKK 744m (EUR 100m), with a maturity of 12 years based on EURIBOR 3M interest rate and one loan of DKK 364m, with a maturity of 5 years and based on CIBOR. The two mortgage loans were established in connection with the delivery of one new freight and passenger ferry and one new freight ferry. The fair value of the interest-bearing liabilities amounts to DKK 15,534m (2021: DKK 14,337m). The fair value measurement is categorised within level 3 in the fair value hierarchy. The fair value of the financial liabilities is determined as the present value of expected future repayments and interest rates. The Group’s actual borrowing rate for equivalent terms is used as the discount rate. The fair value of the issued corporate bonds nominal of NOK 400m has been calculated based on the quoted bond price in June 2019 which is the latest quoted price (2021: quoted bond price in June 2019). DKK 3,165m of the interest-bearing liabilities fall due after five years (2021: DKK 3,109m). No unusual conditions in connection with the borrowings are made. The loan agreements can be settled at fair value plus a small surcharge, whereas premature settlement of the corporate bonds requires a repurchase of the bonds. Reference is made to note 4.1 for financial risks, etc. DKK million 2022 2021 Allocation of currency, principal nominal amount:DKK 4,419 2,664 EUR 9,197 8,226 NOK 324 1,271 GBP 1,075 1,144 USD 342 809 SEK 140 193 Other 40 31 Total interest-bearing liabilities 15,535 14,337 1 In 2019 DFDS issued a five-year corporate bond of NOK 400m, which runs for the period 7 June 2019 until 7 June 2024. The bond is listed on the Oslo Stock Exchange. The five-year bond has been issued with a floating rate based on three-month NIBOR + 1.50% margin in NOK, but subsequently swapped to a fixed interest rate in DKK. Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under ‘financial costs’ over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects.
Accounting policies Interest-bearing liabilities comprise amounts owed to mortgage/credit institutions and banks as well as amounts owed to owners of issued corporate bonds including liabilities arising from derivatives relating to issued corporate bonds. The amounts are initially recognised at fair value net of transaction expenses. Subsequently, the financial liability is measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income statement under ‘financial costs’ over the term of the loan. Interest-bearing liabilities also include capitalised residual lease obligations on finance leases. Other liabilities are recognised at amortised cost, which corresponds to the net realisable value in all material respects.
In accordance with the Annual General Meeting in March 2022 the Board of Directors is authorised – until 23 March 2026 – to acquire treasury shares up to 5,860,000 shares corresponding to a nominal share value of DKK 117,200,000. However, DFDS’ total number of treasury shares cannot at any time exceed 10% of DFDS A/S’ share capital. The price cannot deviate by more than 10% from the listed acquisition price on NASDAQ Copenhagen at the time of acquisition. DFDS A/S has during 2022 acquired treasury shares for a total payment of DKK 32m (2021: DKK 75m). Furthermore, during 2022 DFDS A/S has disposed treasury shares for a total consideration of DKK 0m (2021: DKK 48m) in connection with employees’ exercise of share options/restricted stock units. The Parent Company’s holding of treasury shares at 31 December 2022 is 1,381,528 shares of DKK 20 each (2021: 1,272,318 shares), corresponding to 2.36% (2021: 2.17%) of the Parent Company’s share capital. Treasury shares are held to cover the share option scheme and restricted stock unit plan for employees. 4.7 Treasury shares Number of shares 2022 2021 Treasury shares at 1 January 1,272,318 1,255,892 Acquisition of treasury shares 110,000 200,000 Disposal of treasury shares due to exercise of share options and restricted stock units -790 -183,574 Treasury shares at 31 December 1,381,528 1,272,318 Market value of treasury shares based on quoted share price at 31 December, DKK million 354 444
4.8 Earnings per share 2022 2021 Profit for the year (DKK million) 2,019 976 Attributable to non-controlling interests (DKK million) -10 -18 Attributable to DFDS Group 2,010 958 Weighted average number of issued ordinary shares 58,631,578 58,631,578 Weighted average number of treasury shares -1,363,552 -1,215,616 Weighted average number of circulating ordinary shares 57,268,026 57,415,962 Effects of dilution from issued share options and restricted stock unit plans 79,636 84,363 Weighted average number of circulating ordinary shares (diluted) 57,347,662 57,500,325 Basic earnings per share (EPS) of DKK 20 in DKK 35.09 16.69 Diluted earnings per share (EPS-D) of DKK 20 in DKK 35.04 16.67 When calculating diluted earnings per share for 2022, 1,155,397 share options (2021: 339,833 share options) have been omitted as they are out-of-the-money. The share options might dilute earnings per share in the future.
Accounting policies Dividends Proposed dividend is recognised as liabilities at the date on which they are adopted at the annual general meeting (time of declaration).
Reserve for treasury shares The reserve comprises the nominal value of treasury shares. The difference between the market price paid and the nominal value as well as dividend on treasury shares are recognised directly in equity under retained earnings. The reserve is a distributable reserve.
5.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e2 ls0 ws0"> <span class="_ _0"/><span class="ff1e0 ls12 ws71">Remunera<span class="_ _3b"/>tion t<span class="_ _3b"/>o the<span class="_ _3b"/> Executive Board<span class="_ _3b"/> and<span class="_ _3b"/> Board of Direct<span class="_ _3b"/>ors<span class="ls0 ws0"> </span></span></span>Remuneration to the Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve BoardTorben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span><span class="ws10"> <span class="_ _57"> </span><span class="lsd ws75">Karina Deacon</span></span> <span class="_ _140"> </span><span class="ws10"> <span class="_ _44"> </span><span class="lsf ws17">Executive Board, total</span></span> </span>DKK ‘000 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Wages and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> salarie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">9,000 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">7,900 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,410 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,200 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">13,410 </span>12,100 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bonus <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">7,200 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">5,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,440 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,500 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,640 </span>7,500 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Defined<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ution pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">900 </span>790 441 420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,341 </span>1,210 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,875</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,381 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">599 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,005 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,<span class="lsbc ws13">474</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>3,386 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">265 </span>250 190 175 455 425 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to Executive Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _270"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20,240</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">16,321 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,080</span> 8,300 30,<span xmlns="http://www.w3.org/1999/xhtml" class="ws16">320<span class="ls0 ws0"> </span></span>24,621 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rmination peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>od for the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>utive Board is 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2 months. Furt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her, the CEO has<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> additional 12 m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onths redundancy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> payment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> In connectio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n with a change o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f control of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he members of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d can <span xmlns="http://www.w3.org/1999/xhtml" class="ls59 ws72">– <span class="ls50 ws78">withi<span class="_ _3b"/>n the<span class="_ _3b"/> firs<span class="_ _3b"/>t 3 </span></span>months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the event <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">- <span class="ls50 ws78">terminate<span class="_ _3b"/> the<span class="_ _3b"/>ir e<span class="_ _3b"/>mplo<span class="_ _3b"/>ymen<span class="_ _3b"/>t with<span class="_ _3b"/> the sa<span class="_ _3b"/>me eff<span class="_ _3b"/>ec<span class="_ _3b"/>t as if th<span class="_ _3b"/>e Co<span class="_ _3b"/>mp<span class="_ _3b"/>any h<span class="_ _3b"/>ad giv<span class="_ _3b"/>en n<span class="_ _3b"/>oti<span class="ls26 ws14">ce of termin<span class="_ _3b"/>ation of </span></span></span>employment to the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xecutive Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard. Key manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment personnel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is defined as CEO To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen and CFO Ka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rina Deacon.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en, Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air <span xmlns="http://www.w3.org/1999/xhtml" class="_ _265"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,125 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,125 </span>Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg, Deputy Chair<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _8c"> </span><span class="ls8 ws15">750 </span></span>750 Anders Götzsche <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _d9"> </span><span class="ws12"> </span>94 </span>375 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Dirk Reich <span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Minna Aila, (Joined in M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arch 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _266"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> <span class="ls8 ws15">281 </span></span>0 Jesper Hartvig Nielsen¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _267"> </span><span class="ws12"> </span>94 </span>375 Lars Skjol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Hansen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Jens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Otto Knu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="fca ls0 ws0">¹<span class="ff1e3">⁾</span><span class="fc1"> <span class="_ _268"> </span>94 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ianne Henri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ksen, (Jo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ined in Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rch 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Kristian Kristensen, (Joined in March 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board (continue to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ight) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,500 </span>4,500 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(Continued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>:Anders Götzsche<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, Chair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _11c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">250 </span>250 2Dirk Reich ⁾<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e1 fca"> <span class="_ _23a"> </span><span class="fc1 ls8 ws15">125 </span></span>500 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">125 </span>125 Minna Aila (Joined<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsa ws18">in </span>M</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">arch 2022)<span class="ls0 ws0"> <span class="_ _269"> </span><span class="ws12"> </span></span></span>75 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ws10"> <span class="ls9 ws16">575 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">875 </span>Remuneration & N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omination Committee:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">25 </span></span>100 Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Nomination Committee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">225 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">300 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board of Directo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _f"> </span><span class="ls9 ws16">5,300 </span></span>5,675 Total remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve Board an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>recto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf"> 35,<span class="ws16">62<span class="lsbc ws13">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">30,296 </span>Remuneration to the chair of the Audit Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mittee is DKK 250k <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13b">per year <span class="ls54 ws12">(2021: DKK<span class="_ _3b"/> 250k) and remun<span class="_ _3b"/>eration to other </span></span>members of the Audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Committee i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s DKK 125k per yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 125k) e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach. Remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eration to each of the th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs of the Remuneration and Nomination Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tee is DKK 100k <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws101">per year<span class="ls0 ws0"> </span><span class="ws12">(2021: DKK 10<span class="_ _3b"/>0k). <span class="ls0 ws0"> </span></span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsb5">Mari<span class="_ _0"/>anne Dahl, <span class="_ _0"/>Jesper H<span class="_ _0"/>artvig<span class="_ _0"/><span class="fc8 sc0"> </span></span>Nielse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n and Jens Otto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Knudsen left the Board of Directors in 2022. 2 D<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">irk Reich received an </span>extraordinary fee of DKK 375,000 in 2021 due to conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rable ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>visory wo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rk related to business development, acquisiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d organ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> design.Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Average Board exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>option 2022Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375,305 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">626,362 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">155,426 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,157,<span class="_ _0"/>093 </span>336.36 Transferred between categories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">112,794 </span>112,794 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>337.78 Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _271"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">64,814 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">111,892 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">176,706 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">301.00 </span>Expired during the yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27,778 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">41,124 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">60,922 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">129,824 </span>390.00 Forfeited during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">28,746 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">19,832 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">48,578 </span></span>373.70 Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">412,341<span class="_ _0"/> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">555,590 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">187,466 </span>1,155,397<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">331.76 </span>Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _206"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">112,<span class="_ _3b"/>863 </span>159,125 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">136,689 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">408,677 </span>356.96 Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Average Board exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>option 2021Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">360,629 </span>604,141 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">225,794 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,190,<span class="_ _0"/>564 </span>338.55 Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">56,728 </span>97,898 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">154,626 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">301.00 </span>Exercised during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">42,052 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70,214 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">70,368 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">182,634 </span>262.00 Expired during the yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,463 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">5,463 </span>262.00 Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">375,305 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">626,362 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">155,426 </span>1,157,093<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 336.36 Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _272"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">76,991 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">146,230 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">116,612 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">339,833 </span>385.67 The share options g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted in 2022 h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ad a fair value of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 7.3m (2021: DKK 6.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m), equal to an aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age fair value p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er option of DKK 41.38 (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 42.66).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>No share options have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cised during 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 182,6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>34). The aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age weighted m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arket price per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e exercised in 2021 was DKK 289.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vesting of share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions is expensed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come statement fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022 with DKK 7m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: DKK 7m). <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>The calcula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted fair values are based on the Bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ack<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">Scholes f<span class="_ _0"/>ormula for meas<span class="_ _0"/>uring shar<span class="ls54 ws12">e options. The outs<span class="_ _3b"/>tanding op<span class="_ _3b"/>tions on 31 Decembe<span class="_ _3b"/>r 2022 </span></span></span>have an average weigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted remainin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctual time 2.1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (2021: 2.3 yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.3<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e6 ls0 ws0"> <span class="_ _0"/><span class="ff1e4 ls4d ws6f">Share based paym<span class="_ _0"/>ent<span class="ls0 ws0"> </span></span></span>Long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws17">term incentives</span> </span>The decision to grant long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term incentives i<span class="_ _3b"/>s made by the Bo<span class="_ _3b"/>ard of Director<span class="_ _3b"/>s. With effect from 202<span class="_ _3b"/>1 the long</span>-<span class="ls50 ws78">ter<span class="_ _3b"/>m ince<span class="_ _3b"/>nti<span class="_ _3b"/>ve<span class="ls53 wsa4">s </span></span></span>for the Executive Board and <span xmlns="http://www.w3.org/1999/xhtml" class="ls55 ws42">ke<span class="_ _3b"/>y<span class="ls0 ws0"> <span class="ls53 ws75">employee<span class="_ _3b"/>s consis<span class="_ _3b"/>t of two co<span class="_ _3b"/>mponen<span class="_ _3b"/>ts, Sha<span class="_ _3b"/>re option<span class="_ _3b"/>s an<span class="_ _3b"/>d Restri<span class="_ _3b"/>cted Shar<span class="_ _3b"/>e Uni<span class="_ _3b"/>ts (RSUs) </span></span></span>where the award is spli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 50/50 between<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> them based on valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e as per grant da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te. Both compon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents vest on a stra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">line </span>basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r three <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ars fro<span class="_ _3b"/>m the d<span class="_ _3b"/>ate of g<span class="_ _3b"/>rant. S<span class="_ _3b"/>pecial<span class="_ _3b"/> con<span class="_ _3b"/>dition<span class="_ _3b"/>s app<span class="_ _3b"/>ly re<span class="_ _3b"/>gardi<span class="_ _3b"/>ng ill<span class="_ _3b"/>ness <span class="_ _3b"/>and d<span class="_ _3b"/>eath and i<span class="_ _3b"/>f the <span class="_ _3b"/>capi<span class="_ _3b"/>tal stru<span class="_ _3b"/>ctur<span class="_ _3b"/>e </span>of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y is ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d. Sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d RSU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s gra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d can<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> onl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y be se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ttled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. A par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry shares i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed for s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ttling the o<span class="_ _0"/>utstanding share<span class="_ _0"/> options<span class="ls26 ws78">, <span class="ls53 wsa4">RSUs<span class="ls0 ws0"> <span class="ls51 wsfc">and <span class="ws74">ph<span class="_ _3b"/>antom sh<span class="_ _3b"/>ares<span class="_ _3b"/><span class="lsbd ws100">. </span></span></span></span></span></span></span>Share options<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> options have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en granted to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oard and <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">key<span class="ls0 ws0"> <span class="ls26 ws14">employees. Each share option gives the holder of the option </span></span></span>the right to acquire one existing share in the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">mpany of nomina<span class="_ _0"/>l DKK 20. The sha<span class="_ _0"/>re option sc<span class="_ _0"/>hemes equal a ri<span class="_ _0"/>ght to </span>acquire 2.0% of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are capital (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: 2.0%) if the rem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aining share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions are exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cised.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share options were g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted in 2016<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2020 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t an exercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e equal to the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age share p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">the Pa<span class="_ _3b"/>rent Co<span class="_ _3b"/>mp<span class="_ _3b"/>any’<span class="_ _3b"/>s </span></span>shares 20 days befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e the grant with an ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dition of 10%. Sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are granted in 2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2022 at an exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcise pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce equal to the average shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e price of the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s shares five da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ys after the releas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of the Q4 repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t with an <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">addition of </span>10%.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The share options <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>can be exercised wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en a minimum of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>three years and a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>maximum of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ive years have elap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed since the grant d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates..Assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cernin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g the calcu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue at time of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant:Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls5e ws93">free </span></span>dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per option <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se Market p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed interest share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of Year of grant<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>price<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>rate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">344</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30<span class="_ _3b"/>7.20 </span>34.60%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-<span class="lsb wsf">0.19%</span> <span class="_ _272"> </span></span>12.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _42"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>41.38 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">301</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">271.00 </span>34.81%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _150"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>42.66 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2020 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">314</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">262.40 </span>27.27%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.72%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _150"> </span><span class="lsb wsf">9.00</span> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>19.67 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2019, November <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>291 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">273.40 </span>26.86%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.72%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span></span>11.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> <span class="_ _3b"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">27 months </span>25.28 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2019, February <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">335</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">306.60 </span>27.99% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _133"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">0.51%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">9.00</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years </span>34.19 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2018 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">383</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">331.60 </span>27.87%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-<span class="lsa ws18">0.20%</span> <span class="_ _4d"> </span></span>11.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>30.48 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,844 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,260 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Transferred between categories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,289 </span>4,289 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _274"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,565 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14,785 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>23,350 Forfeited during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,130 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,365 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,495 </span>Outstanding at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _58"> </span> <span class="ls9 ws16">17,409 </span></span>24,626 1,924 43,959 Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _274"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,844 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,260 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">8,844 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,260 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per share Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se Market p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of Year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> grantprice<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>interest ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>307.20<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span></span>34.60%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4a"> </span>-<span class="lsb wsf">0.19%</span> <span class="_ _6b"> </span></span>12.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>313.15<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>271.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span></span>34.81%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4a"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>273.65<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The expected volatility for 2018 to 2022 is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>based on the historical volatility for the pas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t three years. The risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">free interest </span></span>rate is for 2018 to 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 based on <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">th<span class="_ _3b"/>ree<span class="ls0 ws0">-<span class="ls57 wsf">year Danish g<span class="_ _0"/>overnment bonds.<span class="ls0 ws0"> </span></span></span></span>Restricted Stock Units (RSUs)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>RSUs have been gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anted to the Execu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tive Board and <span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">k<span class="_ _3b"/>ey<span class="ls0 ws0"> <span class="ls26 ws14">employees. Each RSU gives the hol<span class="_ _3b"/>der a right to receive one existing </span></span></span>share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the Parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Company of nomina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l DKK 20 when the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> three<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year v<span class="ls53 ws75">esting p<span class="_ _3b"/>eriod<span class="_ _3b"/> has el<span class="_ _3b"/>apsed. <span class="_ _3b"/>The RSUs eq<span class="_ _3b"/>ual a rig<span class="_ _3b"/>ht to </span></span></span>receive 0.07% (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 0.04%) of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are capital if al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l remaining RSUs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red. Vestin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of RSUs is expensed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the Income statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for 2022 with DKK 4m (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 2m).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The numb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er of RSUs g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">in 2021 and 2022 is bas<span class="_ _3b"/>ed on the aver<span class="_ _3b"/>age share price of th<span class="_ _3b"/>e Parent Company’<span class="_ _3b"/>s shares five da<span class="_ _3b"/>ys </span></span>after the releas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of the Q4 report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Employee recognition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In recognition of the contribution made by D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ employees in a year with exceptional ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>allenges, the Board of Directors has 22 December 2020 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>warded up to 50 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res free of charge<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>to ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The shares will vest ove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r a three<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year p<span class="_ _3b"/>eriod </span></span>from January 2021 to De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cember 2023 o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n a straigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">line b<span class="_ _0"/>asis. Only emplo<span class="_ _0"/>yees working t<span class="_ _0"/>hrough the ful<span class="_ _0"/>l vesting pe<span class="_ _0"/>riod will </span></span>be entitled to the sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res. Employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s workin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g more than 24 hours per <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>week will ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 50 shares, if they w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ork more than 12 hours and up to 24 hou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs per week, they get<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 30 shares and if they <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>work up to 12 hou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs per week, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y get 10 shares. If an employee retires or leaves his job because of disabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y during the period until Dece<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">mber 2023 th<span class="_ _3b"/>e employee is ent<span class="_ _3b"/>itled to </span>the full num<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber of sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>res when the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mployee leaves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The shares are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in most countr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies awarded as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> a phantom shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e programme whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reby the entitled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s will receive a cash pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yment in Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2023 equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al to the value o<span xmlns="http://www.w3.org/1999/xhtml" class="lsb9 ws10">f 50 DFD<span class="_ _3b"/>S </span>shares.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> A part of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> treasury share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s is reserved fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r settling t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he outstanding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> shares in the em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ployee recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nition programm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In total<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 8,2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>89 emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>awa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rd da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntitle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> attr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> each<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">he </span>total expected numbe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r of shares to be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erred to the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yees is 282,723 of whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch 168,176 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re phantom sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res (cash) and 114,547 are sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1,790 shares have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red during <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2022 (2021: 150 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res). Vesting of sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares for 2022 is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an expense <span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">of DKK 19m </span>(2021: DKK 29m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Market share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se price at Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> grantprice<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>grant da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>interest ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tedate <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting2020 Special Reward <span xmlns="http://www.w3.org/1999/xhtml" class="_ _276"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>267.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3c"> </span></span>34.87%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _42"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3c"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>247.87<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has set up equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">settled share option plans and RSUs. Part of the Parent Company’s hol<span class="_ _3b"/>ding of <span class="ls50 ws77">treas<span class="_ _3b"/>ury </span></span></span>shares is u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the RSU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The value of servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es received in ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>change for gran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted share<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">base<span class="_ _3b"/>d payme<span class="_ _3b"/>nt is<span class="_ _3b"/> measu<span class="_ _3b"/>re<span class="_ _3b"/>d at the fai<span class="_ _3b"/>r val<span class="_ _3b"/>ue of th<span class="_ _3b"/>e </span></span>share<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls56 ws1a">based payment granted.</span> </span>The equity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">settled sha<span class="_ _0"/>re options and RS<span class="_ _0"/>Us are measur<span class="_ _0"/>ed at the fa<span class="_ _0"/>ir value at grant<span class="_ _0"/> date and rec<span class="_ _0"/>ognised in the<span class="_ _0"/> </span></span>Income statement under staff costs over th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e vesting period. The counter posting is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised directly in equity as a share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hold<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">initial recognition of the share options, an estimate is made over the numbe<span class="_ _3b"/>r of share</span> <span class="ls50 ws78">based pa<span class="_ _3b"/>yme<span class="_ _3b"/>nt th<span class="_ _3b"/>at the </span></span>employees will vest, cf. the service conditio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns described above in this note. Subsequen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to initial recognition, the estimate of share ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed paym<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">en<span class="_ _3b"/>ts to b<span class="_ _3b"/>e ve<span class="_ _3b"/>sted i<span class="_ _3b"/>s ad<span class="_ _3b"/>juste<span class="_ _3b"/>d whe<span class="_ _3b"/>reb<span class="_ _3b"/>y the<span class="_ _3b"/> total<span class="_ _3b"/> reco<span class="_ _3b"/>gni<span class="_ _3b"/>tio<span class="_ _3b"/>n is b<span class="_ _3b"/>ased on<span class="_ _3b"/> the a<span class="_ _3b"/>ctu<span class="_ _3b"/>al </span>number of vested<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> share based pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he granted share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> options is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated using<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Black<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws14">Schole<span class="_ _3b"/>s option<span class="ls0 ws0">-<span class="ls51 ws74">prici<span class="_ _3b"/>ng mode<span class="_ _3b"/>l. Te<span class="_ _3b"/>rms and<span class="_ _3b"/> </span></span></span></span>conditions for each<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">grant ar<span class="_ _0"/>e taken into acco<span class="_ _0"/>unt when ca<span class="_ _0"/>lculating the f<span class="_ _0"/>air value.<span class="ls0 ws0"> </span></span></span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">share b<span class="_ _3b"/>ased p<span class="_ _3b"/>ayme<span class="_ _3b"/>nt<span class="ls0 ws0"> </span><span class="wsfc">pro<span class="_ _3b"/>gram<span class="_ _3b"/>me</span></span>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">are recogni<span class="_ _3b"/>sed at fair value ove<span class="_ _3b"/>r the vesting peri<span class="_ _3b"/>od and expen<span class="_ _3b"/>sed as staff </span>cost. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he accrual i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s recorded under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Other payables or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> depending on whet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">er settle<span class="_ _3b"/>ment is done in<span class="_ _3b"/> cash </span>or shares,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> respec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>
5.1<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e2 ls0 ws0"> <span class="_ _0"/><span class="ff1e0 ls12 ws71">Remunera<span class="_ _3b"/>tion t<span class="_ _3b"/>o the<span class="_ _3b"/> Executive Board<span class="_ _3b"/> and<span class="_ _3b"/> Board of Direct<span class="_ _3b"/>ors<span class="ls0 ws0"> </span></span></span>Remuneration to the Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve BoardTorben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span><span class="ws10"> <span class="_ _57"> </span><span class="lsd ws75">Karina Deacon</span></span> <span class="_ _140"> </span><span class="ws10"> <span class="_ _44"> </span><span class="lsf ws17">Executive Board, total</span></span> </span>DKK ‘000 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0 ls9 ws16">2022</span><span xmlns="http://www.w3.org/1999/xhtml" class="ff1e0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6e"> </span> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Wages and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> salarie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">9,000 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">7,900 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,410 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,200 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">13,410 </span>12,100 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Bonus <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">7,200 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">5,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">3,440 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,500 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,640 </span>7,500 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Defined<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> contrib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ution pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nsion pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ns <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">900 </span>790 441 420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,341 </span>1,210 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d paymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">2,875</span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,381 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">599 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,005 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,<span class="lsbc ws13">474</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>3,386 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Other employee costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _26f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">265 </span>250 190 175 455 425 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to Executive Board <span xmlns="http://www.w3.org/1999/xhtml" class="_ _270"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">20,240</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">16,321 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">10,080</span> 8,300 30,<span xmlns="http://www.w3.org/1999/xhtml" class="ws16">320<span class="ls0 ws0"> </span></span>24,621 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rmination peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>od for the Exec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>utive Board is 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2 months. Furt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her, the CEO has<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> additional 12 m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>onths redundancy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> payment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> In connectio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n with a change o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>f control of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Group, t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he members of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>d can <span xmlns="http://www.w3.org/1999/xhtml" class="ls59 ws72">– <span class="ls50 ws78">withi<span class="_ _3b"/>n the<span class="_ _3b"/> firs<span class="_ _3b"/>t 3 </span></span>months<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> of the event <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws7a">- <span class="ls50 ws78">terminate<span class="_ _3b"/> the<span class="_ _3b"/>ir e<span class="_ _3b"/>mplo<span class="_ _3b"/>ymen<span class="_ _3b"/>t with<span class="_ _3b"/> the sa<span class="_ _3b"/>me eff<span class="_ _3b"/>ec<span class="_ _3b"/>t as if th<span class="_ _3b"/>e Co<span class="_ _3b"/>mp<span class="_ _3b"/>any h<span class="_ _3b"/>ad giv<span class="_ _3b"/>en n<span class="_ _3b"/>oti<span class="ls26 ws14">ce of termin<span class="_ _3b"/>ation of </span></span></span>employment to the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>xecutive Bo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ard. Key manage<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ment personnel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> is defined as CEO To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rben<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Carlsen and CFO Ka<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rina Deacon.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en, Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>air <span xmlns="http://www.w3.org/1999/xhtml" class="_ _265"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">1,125 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,125 </span>Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg, Deputy Chair<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _8c"> </span><span class="ls8 ws15">750 </span></span>750 Anders Götzsche <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e6"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _d9"> </span><span class="ws12"> </span>94 </span>375 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Dirk Reich <span xmlns="http://www.w3.org/1999/xhtml" class="_ _209"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Minna Aila, (Joined in M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arch 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _266"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws12"> <span class="ls8 ws15">281 </span></span>0 Jesper Hartvig Nielsen¹<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e3">⁾</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc1"> <span class="_ _267"> </span><span class="ws12"> </span>94 </span>375 Lars Skjol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d-<span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Hansen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _225"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375 </span>375 Jens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Otto Knu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="fca ls0 ws0">¹<span class="ff1e3">⁾</span><span class="fc1"> <span class="_ _268"> </span>94 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0"> </span>Mar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ianne Henri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ksen, (Jo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ined in Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rch 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Kristian Kristensen, (Joined in March 2022) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">281 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board (continue to the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ight) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">4,500 </span>4,500 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(Continued<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DKK ‘000 2022<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>:Anders Götzsche<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>, Chair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _11c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">250 </span>250 2Dirk Reich ⁾<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e1 fca"> <span class="_ _23a"> </span><span class="fc1 ls8 ws15">125 </span></span>500 Jill Lau<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ritzen Mel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _23c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">125 </span>125 Minna Aila (Joined<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="lsa ws18">in </span>M</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">arch 2022)<span class="ls0 ws0"> <span class="_ _269"> </span><span class="ws12"> </span></span></span>75 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Audit Committee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _253"> </span><span class="ws10"> <span class="ls9 ws16">575 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">875 </span>Remuneration & N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omination Committee:Claus V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Hemmings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Klaus Nybo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rg <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e9"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>100 Marianne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Dahl <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="ls8 ws15">25 </span></span>100 Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Nomination Committee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _cd"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">225 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">300 </span>Total remu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>neration to the Board of Directo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _f"> </span><span class="ls9 ws16">5,300 </span></span>5,675 Total remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>o th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Executi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve Board an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>f Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>recto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ea"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf"> 35,<span class="ws16">62<span class="lsbc ws13">0 </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">30,296 </span>Remuneration to the chair of the Audit Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mittee is DKK 250k <span xmlns="http://www.w3.org/1999/xhtml" class="ls58 ws13b">per year <span class="ls54 ws12">(2021: DKK<span class="_ _3b"/> 250k) and remun<span class="_ _3b"/>eration to other </span></span>members of the Audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Committee i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s DKK 125k per yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>(2021: DKK 125k) e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ach. Remun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>eration to each of the th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs of the Remuneration and Nomination Commit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tee is DKK 100k <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws101">per year<span class="ls0 ws0"> </span><span class="ws12">(2021: DKK 10<span class="_ _3b"/>0k). <span class="ls0 ws0"> </span></span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="lsb5">Mari<span class="_ _0"/>anne Dahl, <span class="_ _0"/>Jesper H<span class="_ _0"/>artvig<span class="_ _0"/><span class="fc8 sc0"> </span></span>Nielse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n and Jens Otto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Knudsen left the Board of Directors in 2022. 2 D<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">irk Reich received an </span>extraordinary fee of DKK 375,000 in 2021 due to conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rable ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>visory wo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rk related to business development, acquisiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d organ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>isational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> design.Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Average Board exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>option 2022Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">375,305 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">626,362 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">155,426 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,157,<span class="_ _0"/>093 </span>336.36 Transferred between categories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">112,794 </span>112,794 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>337.78 Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _271"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">64,814 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">111,892 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">176,706 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">301.00 </span>Expired during the yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">27,778 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">41,124 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">60,922 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">129,824 </span>390.00 Forfeited during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">28,746 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">19,832 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls9 ws16">48,578 </span></span>373.70 Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">412,341<span class="_ _0"/> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">555,590 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">187,466 </span>1,155,397<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">331.76 </span>Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _206"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">112,<span class="_ _3b"/>863 </span>159,125 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">136,689 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">408,677 </span>356.96 Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Average Board exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d price p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>option 2021Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>DKK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cf"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">360,629 </span>604,141 <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">225,794 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">1,190,<span class="_ _0"/>564 </span>338.55 Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f3"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">56,728 </span>97,898 <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">154,626 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">301.00 </span>Exercised during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">42,052 </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">70,214 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">-<span class="ls8 ws15">70,368 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">182,634 </span>262.00 Expired during the yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">5,463 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">5,463 </span>262.00 Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">375,305 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">626,362 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">155,426 </span>1,157,093<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 336.36 Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _272"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">76,991 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">146,230 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">116,612 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">339,833 </span>385.67 The share options g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted in 2022 h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ad a fair value of DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 7.3m (2021: DKK 6.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>m), equal to an aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age fair value p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er option of DKK 41.38 (2021:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> DKK 42.66).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>No share options have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>een exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cised during 2022 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 182,6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>34). The aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age weighted m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>arket price per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e exercised in 2021 was DKK 289.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>5.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vesting of share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions is expensed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>come statement fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2022 with DKK 7m (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: DKK 7m). <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>The calcula<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted fair values are based on the Bl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ack<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">Scholes f<span class="_ _0"/>ormula for meas<span class="_ _0"/>uring shar<span class="ls54 ws12">e options. The outs<span class="_ _3b"/>tanding op<span class="_ _3b"/>tions on 31 Decembe<span class="_ _3b"/>r 2022 </span></span></span>have an average weigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted remainin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g contra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ctual time 2.1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s (2021: 2.3 yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.3<span xmlns="http://www.w3.org/1999/xhtml" class="ff1e6 ls0 ws0"> <span class="_ _0"/><span class="ff1e4 ls4d ws6f">Share based paym<span class="_ _0"/>ent<span class="ls0 ws0"> </span></span></span>Long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws17">term incentives</span> </span>The decision to grant long<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">term incentives i<span class="_ _3b"/>s made by the Bo<span class="_ _3b"/>ard of Director<span class="_ _3b"/>s. With effect from 202<span class="_ _3b"/>1 the long</span>-<span class="ls50 ws78">ter<span class="_ _3b"/>m ince<span class="_ _3b"/>nti<span class="_ _3b"/>ve<span class="ls53 wsa4">s </span></span></span>for the Executive Board and <span xmlns="http://www.w3.org/1999/xhtml" class="ls55 ws42">ke<span class="_ _3b"/>y<span class="ls0 ws0"> <span class="ls53 ws75">employee<span class="_ _3b"/>s consis<span class="_ _3b"/>t of two co<span class="_ _3b"/>mponen<span class="_ _3b"/>ts, Sha<span class="_ _3b"/>re option<span class="_ _3b"/>s an<span class="_ _3b"/>d Restri<span class="_ _3b"/>cted Shar<span class="_ _3b"/>e Uni<span class="_ _3b"/>ts (RSUs) </span></span></span>where the award is spli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 50/50 between<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> them based on valu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e as per grant da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te. Both compon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ents vest on a stra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ight<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">line </span>basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r three <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">ars fro<span class="_ _3b"/>m the d<span class="_ _3b"/>ate of g<span class="_ _3b"/>rant. S<span class="_ _3b"/>pecial<span class="_ _3b"/> con<span class="_ _3b"/>dition<span class="_ _3b"/>s app<span class="_ _3b"/>ly re<span class="_ _3b"/>gardi<span class="_ _3b"/>ng ill<span class="_ _3b"/>ness <span class="_ _3b"/>and d<span class="_ _3b"/>eath and i<span class="_ _3b"/>f the <span class="_ _3b"/>capi<span class="_ _3b"/>tal stru<span class="_ _3b"/>ctur<span class="_ _3b"/>e </span>of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y is ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ange<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d. Sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>pti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ons an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d RSU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s gra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d can<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> onl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y be se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ttled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. A par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e tre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>asu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry shares i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed for s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">ttling the o<span class="_ _0"/>utstanding share<span class="_ _0"/> options<span class="ls26 ws78">, <span class="ls53 wsa4">RSUs<span class="ls0 ws0"> <span class="ls51 wsfc">and <span class="ws74">ph<span class="_ _3b"/>antom sh<span class="_ _3b"/>ares<span class="_ _3b"/><span class="lsbd ws100">. </span></span></span></span></span></span></span>Share options<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> options have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>en granted to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Executive B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oard and <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">key<span class="ls0 ws0"> <span class="ls26 ws14">employees. Each share option gives the holder of the option </span></span></span>the right to acquire one existing share in the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">mpany of nomina<span class="_ _0"/>l DKK 20. The sha<span class="_ _0"/>re option sc<span class="_ _0"/>hemes equal a ri<span class="_ _0"/>ght to </span>acquire 2.0% of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are capital (2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>021: 2.0%) if the rem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>aining share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions are exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cised.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Share options were g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted in 2016<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2020 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t an exercise pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e equal to the aver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>age share p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice of<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws78">the Pa<span class="_ _3b"/>rent Co<span class="_ _3b"/>mp<span class="_ _3b"/>any’<span class="_ _3b"/>s </span></span>shares 20 days befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e the grant with an ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>dition of 10%. Sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are granted in 2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>2022 at an exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcise pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ce equal to the average shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e price of the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent Company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s shares five da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ys after the releas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of the Q4 repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t with an <span xmlns="http://www.w3.org/1999/xhtml" class="ls26 ws14">addition of </span>10%.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The share options <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>can be exercised wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en a minimum of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>three years and a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>maximum of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ive years have elap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed since the grant d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates..Assump<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tions con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cernin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g the calcu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> of fair val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ue at time of gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ant:Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls5e ws93">free </span></span>dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per option <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se Market p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed interest share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of Year of grant<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>price<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>rate<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">344</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">30<span class="_ _3b"/>7.20 </span>34.60%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-<span class="lsb wsf">0.19%</span> <span class="_ _272"> </span></span>12.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _42"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>41.38 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">301</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">271.00 </span>34.81%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _150"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>42.66 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2020 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">314</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">262.40 </span>27.27%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.72%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _150"> </span><span class="lsb wsf">9.00</span> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>19.67 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2019, November <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>291 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _28"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">273.40 </span>26.86%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-</span>0.72%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span></span>11.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _158"> </span> <span class="_ _3b"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">27 months </span>25.28 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2019, February <span xmlns="http://www.w3.org/1999/xhtml" class="_ _221"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">335</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">306.60 </span>27.99% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _133"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">0.51%</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _150"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">9.00</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">3 years </span>34.19 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2018 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">383</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _273"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">331.60 </span>27.87%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span>-<span class="lsa ws18">0.20%</span> <span class="_ _4d"> </span></span>11.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>30.48 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="ls7 ws17">Total</span> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,844 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,260 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Transferred between categories <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1eb"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">4,289 </span>4,289 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _274"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,565 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">14,785 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>23,350 Forfeited during the year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _14"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,130 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,365 </span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">3,495 </span>Outstanding at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _58"> </span> <span class="ls9 ws16">17,409 </span></span>24,626 1,924 43,959 Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Resigned<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Executive<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Board Executive Key<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>members an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Board<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Number<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Total<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Outstan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding at 1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Janu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _63"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">0 </span>Grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed during t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he yea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r <span xmlns="http://www.w3.org/1999/xhtml" class="_ _274"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">8,844 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15,260 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Outstanding at 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10"> <span class="ls9 ws16">8,844 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">15,260 </span>0 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">24,104 </span>Of this exercisable at the end of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> year <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12"> <span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per share Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se Market p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rice Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of Year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> grantprice<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>interest ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>307.20<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span></span>34.60%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4a"> </span>-<span class="lsb wsf">0.19%</span> <span class="_ _6b"> </span></span>12.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>313.15<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2021 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>271.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span></span>34.81%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4a"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _28"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>273.65<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The expected volatility for 2018 to 2022 is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>based on the historical volatility for the pas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t three years. The risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls54 ws12">free interest </span></span>rate is for 2018 to 202<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2 based on <span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">th<span class="_ _3b"/>ree<span class="ls0 ws0">-<span class="ls57 wsf">year Danish g<span class="_ _0"/>overnment bonds.<span class="ls0 ws0"> </span></span></span></span>Restricted Stock Units (RSUs)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>RSUs have been gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>anted to the Execu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tive Board and <span xmlns="http://www.w3.org/1999/xhtml" class="wsfd">k<span class="_ _3b"/>ey<span class="ls0 ws0"> <span class="ls26 ws14">employees. Each RSU gives the hol<span class="_ _3b"/>der a right to receive one existing </span></span></span>share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in the Parent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Company of nomina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l DKK 20 when the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> three<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year v<span class="ls53 ws75">esting p<span class="_ _3b"/>eriod<span class="_ _3b"/> has el<span class="_ _3b"/>apsed. <span class="_ _3b"/>The RSUs eq<span class="_ _3b"/>ual a rig<span class="_ _3b"/>ht to </span></span></span>receive 0.07% (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>21: 0.04%) of the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are capital if al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>l remaining RSUs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>are transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red. Vestin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g of RSUs is expensed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> in the Income statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t for 2022 with DKK 4m (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>K 2m).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The numb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er of RSUs g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ranted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls54 ws12">in 2021 and 2022 is bas<span class="_ _3b"/>ed on the aver<span class="_ _3b"/>age share price of th<span class="_ _3b"/>e Parent Company’<span class="_ _3b"/>s shares five da<span class="_ _3b"/>ys </span></span>after the releas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e of the Q4 report.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Employee recognition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In recognition of the contribution made by D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ employees in a year with exceptional ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>allenges, the Board of Directors has 22 December 2020 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>warded up to 50 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res free of charge<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>to ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. The shares will vest ove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r a three<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls58 ws19">year p<span class="_ _3b"/>eriod </span></span>from January 2021 to De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cember 2023 o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n a straigh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">line b<span class="_ _0"/>asis. Only emplo<span class="_ _0"/>yees working t<span class="_ _0"/>hrough the ful<span class="_ _0"/>l vesting pe<span class="_ _0"/>riod will </span></span>be entitled to the sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res. Employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s workin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g more than 24 hours per <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>week will ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t 50 shares, if they w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ork more than 12 hours and up to 24 hou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs per week, they get<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 30 shares and if they <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>work up to 12 hou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs per week, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y get 10 shares. If an employee retires or leaves his job because of disabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y during the period until Dece<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">mber 2023 th<span class="_ _3b"/>e employee is ent<span class="_ _3b"/>itled to </span>the full num<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ber of sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>res when the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mployee leaves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The shares are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> in most countr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ies awarded as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> a phantom shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e programme whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>reby the entitled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s will receive a cash pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yment in Decembe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r 2023 equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>al to the value o<span xmlns="http://www.w3.org/1999/xhtml" class="lsb9 ws10">f 50 DFD<span class="_ _3b"/>S </span>shares.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> A part of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> treasury share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s is reserved fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r settling t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he outstanding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> shares in the em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ployee recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nition programm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In total<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> 8,2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>89 emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s are at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>awa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rd da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntitle<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> the sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. Bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stori<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> attr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> rat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> each<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> cou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ntr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y t<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 wsfd">he </span>total expected numbe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r of shares to be <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>transf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erred to the emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>yees is 282,723 of whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ch 168,176 a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>re phantom sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res (cash) and 114,547 are sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1,790 shares have be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>en transfer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>red during <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>2022 (2021: 150 sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>res). Vesting of sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ares for 2022 is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an expense <span xmlns="http://www.w3.org/1999/xhtml" class="ls56 ws1a">of DKK 19m </span>(2021: DKK 29m).<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed annual<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>dividen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d per<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Fair value <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Market share (<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>DKK)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>per share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Exerci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>se price at Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ree<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>at grant Expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ed at time of <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Year of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> grantprice<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>grant da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>volatility<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>interest ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tedate <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"><span class="fc8 sc0"> </span></span>term<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>granting2020 Special Reward <span xmlns="http://www.w3.org/1999/xhtml" class="_ _276"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">0 </span>267.00<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3c"> </span></span>34.87%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _42"> </span>-</span>0.55%<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6b"> </span></span>6.33<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _3c"> </span> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws10">3 years </span>247.87<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls1b ws41">Account<span class="_ _0"/>ing policies<span class="_ _0"/><span class="ls0 ws0"> </span></span>The Gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>up has set up equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ty<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls26 ws14">settled share option plans and RSUs. Part of the Parent Company’s hol<span class="_ _3b"/>ding of <span class="ls50 ws77">treas<span class="_ _3b"/>ury </span></span></span>shares is u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>share op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tion p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lans an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d the RSU<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The value of servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es received in ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>change for gran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted share<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls51 ws74">base<span class="_ _3b"/>d payme<span class="_ _3b"/>nt is<span class="_ _3b"/> measu<span class="_ _3b"/>re<span class="_ _3b"/>d at the fai<span class="_ _3b"/>r val<span class="_ _3b"/>ue of th<span class="_ _3b"/>e </span></span>share<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls56 ws1a">based payment granted.</span> </span>The equity<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="ls57 wsf">settled sha<span class="_ _0"/>re options and RS<span class="_ _0"/>Us are measur<span class="_ _0"/>ed at the fa<span class="_ _0"/>ir value at grant<span class="_ _0"/> date and rec<span class="_ _0"/>ognised in the<span class="_ _0"/> </span></span>Income statement under staff costs over th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e vesting period. The counter posting is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ised directly in equity as a share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>hold<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>er trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>acti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>on. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>At<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls26 ws14">initial recognition of the share options, an estimate is made over the numbe<span class="_ _3b"/>r of share</span> <span class="ls50 ws78">based pa<span class="_ _3b"/>yme<span class="_ _3b"/>nt th<span class="_ _3b"/>at the </span></span>employees will vest, cf. the service conditio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ns described above in this note. Subsequen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t to initial recognition, the estimate of share ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sed paym<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws78">en<span class="_ _3b"/>ts to b<span class="_ _3b"/>e ve<span class="_ _3b"/>sted i<span class="_ _3b"/>s ad<span class="_ _3b"/>juste<span class="_ _3b"/>d whe<span class="_ _3b"/>reb<span class="_ _3b"/>y the<span class="_ _3b"/> total<span class="_ _3b"/> reco<span class="_ _3b"/>gni<span class="_ _3b"/>tio<span class="_ _3b"/>n is b<span class="_ _3b"/>ased on<span class="_ _3b"/> the a<span class="_ _3b"/>ctu<span class="_ _3b"/>al </span>number of vested<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> share based pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ments.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>The fai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r value of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he granted share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> options is c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculated using<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the Black<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-<span class="_ _0"/><span class="ls26 ws14">Schole<span class="_ _3b"/>s option<span class="ls0 ws0">-<span class="ls51 ws74">prici<span class="_ _3b"/>ng mode<span class="_ _3b"/>l. Te<span class="_ _3b"/>rms and<span class="_ _3b"/> </span></span></span></span>conditions for each<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls57 wsf">grant ar<span class="_ _0"/>e taken into acco<span class="_ _0"/>unt when ca<span class="_ _0"/>lculating the f<span class="_ _0"/>air value.<span class="ls0 ws0"> </span></span></span>The <span xmlns="http://www.w3.org/1999/xhtml" class="ls51 ws74">share b<span class="_ _3b"/>ased p<span class="_ _3b"/>ayme<span class="_ _3b"/>nt<span class="ls0 ws0"> </span><span class="wsfc">pro<span class="_ _3b"/>gram<span class="_ _3b"/>me</span></span>s <span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">are recogni<span class="_ _3b"/>sed at fair value ove<span class="_ _3b"/>r the vesting peri<span class="_ _3b"/>od and expen<span class="_ _3b"/>sed as staff </span>cost. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he accrual i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s recorded under<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Other payables or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> on equity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> depending on whet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>h<span xmlns="http://www.w3.org/1999/xhtml" class="ls54 ws12">er settle<span class="_ _3b"/>ment is done in<span class="_ _3b"/> cash </span>or shares,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> respec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tivel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5.8<span xmlns="http://www.w3.org/1999/xhtml" class="ff1fb ls0 ws0"> <span class="_ _0"/><span class="ff1f9 ls13 wsbc">Rela<span class="_ _3b"/>ted p<span class="_ _3b"/>arty<span class="_ _3b"/> transa<span class="_ _3b"/>ction<span class="_ _3b"/>s<span class="ls0 ws0"> </span></span></span>Laur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>itzen Fonden, Cope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nhagen with a no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>minal share<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>holding of 42.3%,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> through Laur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>itzen Fonden Holding A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ps, exercis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es de facto control over DFDS A/S. Accordingly, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e members of the Board of Directors and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>e Exec<span xmlns="http://www.w3.org/1999/xhtml" class="ls57 wsf">utive B<span class="_ _0"/>oard at Lauritz<span class="_ _0"/>en </span>Fonden as well as all co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpanies owned b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y Lauritzen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Fonden are rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ted parties. Fur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>thermore, rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ated parti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>es comprise D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>FDS’ Executive Board and Board of Directors, lea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ding employees, and close members of the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>amily of those, DFDS’ s<span xmlns="http://www.w3.org/1999/xhtml" class="ws78">ubsidiaries, </span>associates and join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t venture<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s, reference is made <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>to note 5.10.<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>In addition<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="ls50 ws77">to</span> <span class="ls58 ws7a">intra<span class="_ _3b"/></span>-</span>group balances and transactions (primaril<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y charter hire, financing and commission<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s etc.), which are eliminated on consolidation, u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sual Executive Board and Board of Directors re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>muneration (reference is made to note 2.4 and 5.1), share option<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s and res<span xmlns="http://www.w3.org/1999/xhtml" class="ls50 ws77">tr<span class="_ _3b"/>icted<span class="_ _3b"/> <span class="ls0 ws0">s<span class="ls58 ws7a">hare</span> </span></span>units to the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ecutive Board an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d leading empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>oyees (refe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rence is made to n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ote 5.3) and the below transactions, <span xmlns="http://www.w3.org/1999/xhtml" class="ls55 ws42">a </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws78">distribution<span class="_ _3b"/><span class="ls0 ws0"> <span class="ls56 ws1a">of dividend DKK 8.0<span class="_ _0"/><span class="lsb9 wse1">0 <span class="ls58 ws19">per sh<span class="_ _3b"/>are<span class="ls0 ws76"> h<span class="ls7 ws17">as</span><span class="ws0"> <span class="ls54 ws12">been carried out during the year<span class="_ _3b"/>.</span></span> </span></span></span></span></span></span>Sale <span xmlns="http://www.w3.org/1999/xhtml" class="lse ws96">of </span>Purch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ase of DKK millionServices<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Services<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _d6"> </span></span>Recei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>vables<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsf ws1c">Liabilities</span> </span>2022Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">current assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">36 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">167 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">23 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">12 </span>2021Non-<span xmlns="http://www.w3.org/1999/xhtml" class="ls5e ws75">current assets<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1cc"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">35 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">189 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">26 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">51 </span>
5.2 Fee to Auditors appointed at the Annual General Meeting Fees for services other than the statutory audit of the financial statements provided by Pricewaterhousecoopers Statsautoriseret Revisionspartnerselskab, Denmark amounted to DKK 1.1m (2021: DKK 0.4m) including other assurance opinions and agreed-upon procedures, as well as tax and accounting advice. DKK million 2022 2021 1 Other assurance engagements amount to DKK 0.4m (2021: DKK 0.0m) Includes review of regulatory financial statement.2 Tax and VAT advice amount to DKK 1.7m (2021: DKK 0.6m) and comprise of work related to Tax compliance.3 Non-audit services amount to DKK 1.1m (2021: DKK 0.3m) and comprises of advice in relation to acquisition of enterprises. Audit fees 11 10 Other assurance engagements¹⁾ 0 0 Tax and VAT advice²⁾ 2 1 Non-audit services³⁾ 1 0 Total fees 14 11
Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2022Number Number Number Total DKK Outstanding at 1 January 375,305 626,362 155,426 1,157,093 336.36 Transferred between categories 0 -112,794 112,794 0 337.78 Granted during the year 64,814 111,892 0 176,706 301.00 Expired during the year -27,778 -41,124 -60,922 -129,824 390.00 Forfeited during the year 0 -28,746 -19,832 -48,578 373.70 Outstanding at 31 December 412,341 555,590 187,466 1,155,397 331.76 Of this exercisable at the end of the year 112,863 159,125 136,689 408,677 356.96 Resigned Executive Average Board exercise Executive Key members and price per Board employees employees option 2021Number Number Number Total DKK Outstanding at 1 January 360,629 604,141 225,794 1,190,564 338.55 Granted during the year 56,728 97,898 0 154,626 301.00 Exercised during the year -42,052 -70,214 -70,368 -182,634 262.00 Expired during the year 0 -5,463 0 -5,463 262.00 Outstanding at 31 December 375,305 626,362 155,426 1,157,093 336.36 Of this exercisable at the end of the year 76,991 146,230 116,612 339,833 385.67 The share options granted in 2022 had a fair value of DKK 7.3m (2021: DKK 6.6m), equal to an average fair value per option of DKK 41.38 (2021: DKK 42.66). No share options have been exercised during 2022 (2021: 182,634). The average weighted market price per share exercised in 2021 was DKK 289.75. Vesting of share options is expensed in the Income statement for 2022 with DKK 7m (2021: DKK 7m). The calculated fair values are based on the Black-Scholes formula for measuring share options. The outstanding options on 31 December 2022 have an average weighted remaining contractual time 2.1 years (2021: 2.3 years). 5.3 Share based payment Long-term incentives The decision to grant long-term incentives is made by the Board of Directors. With effect from 2021 the long-term incentives for the Executive Board and key employees consist of two components, Share options and Restricted Share Units (RSUs) where the award is split 50/50 between them based on value as per grant date. Both components vest on a straight-line basis over three years from the date of grant. Special conditions apply regarding illness and death and if the capital structure of the Parent Company is changed. Share options and RSUs granted can only be settled with shares. A part of the treasury shares is reserved for settling the outstanding share options, RSUs and phantom shares. Share options Share options have been granted to the Executive Board and key employees. Each share option gives the holder of the option the right to acquire one existing share in the Parent Company of nominal DKK 20. The share option schemes equal a right to acquire 2.0% of the share capital (2021: 2.0%) if the remaining share options are exercised. Share options were granted in 2016-2020 at an exercise price equal to the average share price of the Parent Company’s shares 20 days before the grant with an addition of 10%. Share options are granted in 2021-2022 at an exercise price equal to the average share price of the Parent Company’s shares five days after the release of the Q4 report with an addition of 10%. The share options can be exercised when a minimum of three years and a maximum of five years have elapsed since the grant dates..Assumptions concerning the calculation of fair value at time of grant:Expected annual Fair value Risk-free dividend per per option Exercise Market price Expected interest share (DKK) Expected at time of Year of grant price at grant date volatility rate at grant date term granting2022 344 307.20 34.60% -0.19% 12.00 3 years 41.38 2021 301 271.00 34.81% -0.55% 6.33 3 years 42.66 2020 314 262.40 27.27% -0.72% 9.00 3 years 19.67 2019, November 291 273.40 26.86% -0.72% 11.00 27 months 25.28 2019, February 335 306.60 27.99% -0.51% 9.00 3 years 34.19 2018 383 331.60 27.87% -0.20% 11.00 3 years 30.48 Resigned Executive Board Executive Key members and Board employees employees 2022Number Number Number Total Outstanding at 1 January 8,844 15,260 0 24,104 Transferred between categories 0 -4,289 4,289 0 Granted during the year 8,565 14,785 0 23,350 Forfeited during the year 0 -1,130 -2,365 -3,495 Outstanding at 31 December 17,409 24,626 1,924 43,959 Of this exercisable at the end of the year 0 0 0 0 Resigned Executive Board Executive Key members and Board employees employees 2021Number Number Number Total Outstanding at 1 January 0 0 0 0 Granted during the year 8,844 15,260 0 24,104 Outstanding at 31 December 8,844 15,260 0 24,104 Of this exercisable at the end of the year 0 0 0 0 Expected annual Fair value dividend per per share Exercise Market price Expected Risk-free share (DKK) Expected at time of Year of grantprice at grant date volatility interest rate at grant date term granting 2022 0 307.20 34.60% -0.19% 12.00 3 years 313.15 2021 0 271.00 34.81% -0.55% 6.33 3 years 273.65 The expected volatility for 2018 to 2022 is based on the historical volatility for the past three years. The risk-free interest rate is for 2018 to 2022 based on three-year Danish government bonds. Restricted Stock Units (RSUs) RSUs have been granted to the Executive Board and key employees. Each RSU gives the holder a right to receive one existing share in the Parent Company of nominal DKK 20 when the three-year vesting period has elapsed. The RSUs equal a right to receive 0.07% (2021: 0.04%) of the share capital if all remaining RSUs are transferred. Vesting of RSUs is expensed in the Income statement for 2022 with DKK 4m (2021: DKK 2m). The number of RSUs granted in 2021 and 2022 is based on the average share price of the Parent Company’s shares five days after the release of the Q4 report. Employee recognition In recognition of the contribution made by DFDS’ employees in a year with exceptional challenges, the Board of Directors has 22 December 2020 awarded up to 50 shares free of charge to each employee. The shares will vest over a three-year period from January 2021 to December 2023 on a straight-line basis. Only employees working through the full vesting period will be entitled to the shares. Employees working more than 24 hours per week will get 50 shares, if they work more than 12 hours and up to 24 hours per week, they get 30 shares and if they work up to 12 hours per week, they get 10 shares. If an employee retires or leaves his job because of disability during the period until December 2023 the employee is entitled to the full number of shares when the employee leaves. The shares are in most countries awarded as a phantom share programme whereby the entitled employees will receive a cash payment in December 2023 equal to the value of 50 DFDS shares. A part of the treasury shares is reserved for settling the outstanding shares in the employee recognition programme. In total 8,289 employees are at award date entitled to the shares. Based on historical attrition rates for each country the total expected number of shares to be transferred to the employees is 282,723 of which 168,176 are phantom shares (cash) and 114,547 are shares. 1,790 shares have been transferred during 2022 (2021: 150 shares). Vesting of shares for 2022 is an expense of DKK 19m (2021: DKK 29m). Expected annual dividend per Fair value Market share (DKK) per share Exercise price at Expected Risk-free at grant Expected at time of Year of grantprice grant date volatility interest ratedate term granting2020 Special Reward 0 267.00 34.87% -0.55% 6.33 3 years 247.87 Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company’s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively.
Accounting policies The Group has set up equity-settled share option plans and RSUs. Part of the Parent Company’s holding of treasury shares is used for the share option plans and the RSUs. The value of services received in exchange for granted share based payment is measured at the fair value of the share based payment granted. The equity-settled share options and RSUs are measured at the fair value at grant date and recognised in the Income statement under staff costs over the vesting period. The counter posting is recognised directly in equity as a shareholder transaction. At initial recognition of the share options, an estimate is made over the number of share based payment that the employees will vest, cf. the service conditions described above in this note. Subsequent to initial recognition, the estimate of share based payments to be vested is adjusted whereby the total recognition is based on the actual number of vested share based payments. The fair value of the granted share options is calculated using the Black-Scholes option-pricing model. Terms and conditions for each grant are taken into account when calculating the fair value. The share based payment programmes are recognised at fair value over the vesting period and expensed as staff cost. The accrual is recorded under Other payables or on equity depending on whether settlement is done in cash or shares, respectively.
Accounting policies The Cash flow statement has been prepared using the indirect method, and shows the consolidated cash flow from operating, investing, and financing activities for the year, and the consolidated cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisition and disposal of enterprises is shown separately in cash flows to/from investing activities. Cash flows from acquisitions of enterprises are recognised in the Cash flow statement from the date of acquisition. Cash flows from divestment of enterprises are recognised up until the date of disposal. Cash flow from operating activities is calculated on the basis of the profit/loss before amortisation and depreciation (EBITDA) and special items adjusted for the cash flow effect of special items, non-cash operating items, changes in working capital (such as trade payables, deferred income, current account payables to joint ventures, trade receivables, prepaid costs, etc.), payments related to pensions and other provisions, payments relating to financial items and corporation tax paid. Cash flow from investing activities includes payments in connection with the acquisition and divestment of enterprises and activities and of non-current intangible assets, tangible assets and investments. Cash flow from financing activities includes changes in the size or composition of the Group’s share capital, payment of dividends to shareholders, purchase of treasury shares, cash received from exercise of share options and the obtaining and repayment of bank loans and mortgage loans and other long-term and short-term debt. Payment of lease liabilities is included under financing activities and the related interest is included as a financial item under operating activities. Cash and cash equivalents comprise cash at banks and on hand.
5.5 Acquisitions and non-controlling interests 2022 McBurney Transport Group On 29 December 2022 DFDS entered into an agreement to acquire 100% of McBurney Transport Group headquartered in Northern Ireland. The company is focused on moving cold chain and dry goods in trailers by road and ferry between island of Ireland and the UK. Closing of the transaction is subject to regulatory approval. Lucey Transport Logistics On 30 September 2022, the acquisition of Lucey Transport Logistics Ltd. based in Dublin, Ireland was completed and the DFDS Group obtained control as from this date. The acquired company is after the acquisition included in the Dry Goods Business Unit in the Logistics Division. DFDS Group acquired 100% of the share capital. Lucey Transport Logistics is an Irish provider of transport and logistics solutions, primarily to consumer goods companies. Door-door transports are provided for full- and part-loads as well as distribution services. The logistics solutions include warehousing, inventory management, bonded storage, and product rework and labelling. DFDS paid DKK 300m for the acquired company. Cash in the acquired company amounted to DKK 76m. Accordingly the liquidity effect was DKK 224m. In addition, an earn-out agreement was entered into according to which seller is entitled to additional payment based on financial performance for the following 12 months period after the acquisition. Trade receivables have been recognised at the acquisition date at a fair value of DKK 42m which is the same as their gross value. Lucey Transport Logistics revenue included in the 2022 reporting is DKK 75m and EBITDA of DKK 23m. If the transaction had been completed as of 1 January 2022 revenue from 1 January 2022 to 31 December 2022 is estimated to have been DKK 297m and EBITDA of DKK 91m. In connection with the acquisition DFDS has measured identifiable intangible assets i.e., customer relationships etc. which are recognised in the acquisition balance sheet at their fair value of DKK 111m at acquisition date. Following recognition of acquired identifiable assets and liabilities at their fair value, the goodwill related to the acquisition is DKK 97m. The goodwill represents primarily the value of the staff and know-how taken over and expected synergies from combining the acquired Group with the existing DFDS activities and network. The goodwill is not deductible for tax purposes. Other acquisitions 2022 ICT Logistics On 15 September 2021 DFDS Group entered into an agreement to acquire 80.1% of the shares in ICT Logistics Group. The transaction was completed on 19 January 2022. The purchase price for the acquired shares amount to DKK 69m. Cash in the acquired company amounted to DKK 33m. Consequently, the liquidity effect was DKK 35m. The acquisition is made by DFDS A/S which already owned 19.9% of ICT Logistics Group. In Q1 2022 the Group revalued the existing ownership share of 19.9% to DKK 17m which resulted in a gain of DKK 9m recognised under Special items. primeRail On 10 May 2022 DFDS Group acquired 100% of the share capital of the German rail forwarding company primeRail GmbH headquartered in Troisdorf, Germany. The purchase price for the acquired shares amounted to DKK 37m. Cash in the acquired company amounted to DKK 16m. Accordingly, the liquidity effect was DKK 21m. Lucey Total Transport Other acquisitions DKK m Logistics acquisitions 2022 Non-current intangible assets 111 19 130 Land and buildings 196 0 196 Equipment etc. 38 33 71 Non-current assets 345 52 397 Trade receivables including work in progress services 42 73 115 Other receivables 5 6 11 Cash at hand and in bank 76 50 126 Current assets 123 129 252 Total assets 469 181 650 Deferred tax 14 4 18 Interest bearing debt 196 18 214 Non-current liabilities 210 22 232 Trade payables 17 66 83 Interest bearing debt 16 10 26 Other current liabilities 13 8 21 Current liabilities 47 83 130 Total liabilities 257 106 363 Fair value of acquired net assets 212 76 288 Total purchase price Cash consideration 300 106 406 Contingent consideration 7 0 7 Fair value of existing ownership share 0 17 17 Fair value of the purchase price 308 123 431 Goodwill at acquisition 97 47 144 Cash consideration 300 106 406 Acquired cash at hand and in bank 76 50 126 Net out flow of cash from acquisition 224 56 280 The above purchase price allocations are preliminary. Accordingly, changes may occur as the purchase price allocation is not considered final until 12 months after acquisition. 2021 HSF Group The purchase price allocation for HSF Group (acquired 14 September 2021) is finalised and unchanged compared to 31 December 2021. For further details of the acquisition, refer to the annual report for 2021. Acquisition of non-controlling interests Acquisition of shares by DFDS A/S in AB DFDS Seaways during 2022 amounts to less than DKK 1m (2021: less than DKK 1m), equivalent to an ownership of 0.01% (2021: 0.01%) after which the company is owned 97.1% (2021: 97.1%). Badwill of less than DKK 1m (2021: Badwill of less than DKK 1m) is recognised directly in equity. Significant accounting estimates and assessments In applying the acquisition method of accounting, estimates are an integrated part of assessing fair values of several identifiable assets acquired and liabilities assumed, as observable market prices are typically not available. Valuation techniques where estimates are applied typically relate to determining the present value of future uncertain cash flows or assessing other events in which the outcome is uncertain at the date of acquisition. Significant estimates are typically applied in accounting for property, plant and equipment and customer relationships. As a result of the uncertainties in fair value estimation, measurement period adjustments may be applied. Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group’s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group’s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.
Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group’s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group’s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.
Accounting policies Enterprises acquired or formed during the year are recognised in the Consolidated Financial Statements from the date of acquisition or formation. Enterprises disposed are recognised in the Consolidated Financial Statements until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals. Business combinations where control is obtained by the DFDS Group are recognised using the acquisition method. The identifiable assets, liabilities, and contingent liabilities of newly acquired enterprises are assessed at their fair value on the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised. The acquisition date is the date on which the DFDS Group obtains actual control over the acquired enterprise. Positive differences (goodwill) between, on the one hand, the purchase price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired shareholdings, and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under non-current intangible assets. Goodwill is not amortised but is tested annually for impairment. The first impairment test is performed before the end of the acquisition year. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for the impairment test. Allocation of goodwill to cash-generating units is described in sections 3.1.1 and 3.1.4. Goodwill and fair value adjustments in connection with the acquisition of a foreign enterprise with a different functional currency than the DFDS Group’s presentation currency are treated as assets and liabilities of the foreign enterprise and are translated and converted at first recognition to the functional currency of the foreign enterprise at the exchange rate on the transaction date. The purchase consideration of an enterprise is the fair value of the agreed payment in the form of assets transferred, liabilities assumed, and equity instruments issued to seller. If part of the consideration is contingent on future events or fulfilment of agreed conditions, this part of the consideration is recognised at fair value at the date of acquisition. Costs attributable to business combinations are recognised directly in the Income statement when incurred. If, at acquisition date, uncertainty exist regarding the identification and measurement of acquired assets, liabilities or contingent liabilities, or determination of the purchase price, initial recognition and measurement is done based on preliminary values. The preliminary values may be adjusted until 12 months from the acquisition date, provided the initial recognition was preliminary or incorrect. Changes in estimates regarding contingent considerations are recognised in the Income statement as Special items. Incremental acquisitions after control have been obtained, i.e., purchase of minority interests, are recognised directly in equity. Disposal of minority interests not resulting in loss of control is likewise recognised directly in equity. Gains or losses on disposal of subsidiaries, associates and joint ventures are calculated as the difference between the disposal consideration and the book value of net assets at the date of disposal, including the book value of goodwill, accumulated exchange gains and losses previously recognised in the equity as well as anticipated disposal costs. Exchange rate adjustments attributable to the Group’s ownership interest, and which previously were recognised directly in equity, are included in the calculation of the gain/ loss. Any retained participating interests are measured at their fair value at the time at which the controlling influence was lost.
5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS’ financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law. 5.7 Contractual commitments The Group contractual commitments in 2022 include a Vessel Share Agreement in the Netherlands. Contractual commitments in 2021 mainly relates to one new building for a freight and passenger ferry (Ro-pax) delivered in 2022 and a commitment for a new headquarter in Denmark. DKK million 2022 2021Contractual commitments, term 0-1 year 59 625 Contractual commitments, term 1-5 years 27 86 Contractual commitments, term after 5 years 0 91 Contractual commitments (undiscounted) 86 802
5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS’ financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law.
5.6 Guarantees, collateral and contingent liabilities Guarantees issued by banks on behalf of the Group amount to DKK 405m (2021: DKK 619m). In addition, the Group has issued two guarantees in relation to defined benefit pension schemes in the UK of an amount up to DKK 148m (2021: DKK 255m). The Group is in 2022 as well as in 2021 part in various legal disputes. The outcome of these disputes is not considered likely to influence DFDS’ financial position significantly, besides what is already recognised in the balance sheet. Certain ferries with a total carrying amount of DKK 8,596m (2021: DKK 7,062m) have been pledged as security for mortgage on ferries and bank loans with a total carrying amount of DKK 5,353m (2021: DKK 5,024m). At year end 2022 DKK 175m (2021: DKK 167m) of the cash was deposited on restricted bank accounts. DKK 175m is not restricted from January 2023. Significant accounting estimates and assessments Provisions and contingencies Management assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. Such outcome depends on future events which are inherently uncertain. In assessing the likely outcome of significant legal proceedings, tax issues, etc., Management uses external legal advisers as well as relevant case law.
5.7 Contractual commitments The Group contractual commitments in 2022 include a Vessel Share Agreement in the Netherlands. Contractual commitments in 2021 mainly relates to one new building for a freight and passenger ferry (Ro-pax) delivered in 2022 and a commitment for a new headquarter in Denmark. DKK million 2022 2021Contractual commitments, term 0-1 year 59 625 Contractual commitments, term 1-5 years 27 86 Contractual commitments, term after 5 years 0 91 Contractual commitments (undiscounted) 86 802
5.9 Events after the balance sheet date On 9 February 2023, an auction share buyback of DKK 300m was announced and launched on 10 February 2023. The buyback was completed on 22 February 2023 with a total of 1,071,428 shares purchased at a price of DKK 280 per share which equalled a total purchase sum of DKK 300m. On 16 February 2023, DFDS awarded 26,984 restricted share units and 128,838 share options to the Executive Board and a number of key employees. The theoretical value is DKK 22m calculated according to the Black-Scholes model. On 29 December 2022, DFDS announced it had entered into an agreement to acquire 100% of McBurney Transport Group. Completion of the acquisition was subject to regulatory approval. The required regulatory approvals have been received on 23 February 2023 and completion of the transaction will be announced separately.
5.10<span xmlns="http://www.w3.org/1999/xhtml" class="ff1ff ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls12 ws71">Compa<span class="_ _3b"/>ny overvie<span class="_ _3b"/>w<span class="ls0 ws0"> </span></span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ws0">)</span>Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1c8"> </span><span class="lsf ws1c">City</span> <span class="_ _212"> </span></span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsd ws75">Share Capital</span></span>Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpanyDFDS A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>1,172,631,560 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Subsidiaries:2)Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13f"> </span></span>G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EU<span class="_ _3b"/>R</span> </span>DFDS Belgium N.V. 2,355,976 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>N&K Cold Chain Log<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>istics (Shanghai) Co., Ltd.China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span>Sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nghai<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span><span class="lsb wsf">C<span class="_ _3b"/>NY</span> </span>2,901,420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)DFDS Logistics s.r.o. Czech Republic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ba"> </span><span class="ls4e ws10">Pragu<span class="_ _3b"/>e</span> <span class="_ _57"> </span><span class="ls8 ws15">CZK</span> </span>1,100,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)DFDS Germany ApS Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lundvej 15 ApS Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>100,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Dronning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ens Kvar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter 1 Ap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>43,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>600,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Skand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inavi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>7,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Stevedoring A/S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>502,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Holding A/S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mark A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Solutions ApSDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>125,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Køletran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sport A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13c"> </span><span class="ls5e ws93">Ho<span class="_ _3b"/>bro</span> <span class="_ _4d"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>1,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics OÜ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Estonia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>Ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>llinn<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EU<span class="_ _3b"/>R</span> </span>3,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics OY Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span><span class="ls7 ws17">Tur<span class="_ _3b"/>ku</span> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>2,520 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics SARLFrance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _213"> </span></span>Boulogne su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r Mer<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EUR</span> </span>30,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaways S.A.S. France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1b4"> </span><span class="ls8 ws15">Dieppe</span> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>37,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Dunes Bail SNC France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _280"> </span></span>Paris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>1,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Flandre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s Bail SN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>C France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _280"> </span></span>Paris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>1,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2) 5)DFDS Germany ApS & Co. KG Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>Cuxhaven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>HSF Logistics Deutschl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>HSF Beteiligungs GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Eurofres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">Un<span class="_ _3b"/>less otherwise indicated, </span>the companies are 100% owned by DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">Th<span class="_ _3b"/>e <span class="ls5f ws78">Comp<span class="_ _3b"/>any is<span class="_ _3b"/> directl<span class="_ _3b"/>y </span></span>owned b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y DFDS A/S.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">Th<span class="_ _3b"/>e <span class="lsf ws11">Company is controlled <span class="_ _0"/>by </span></span>DFDS Group, but DFDS Group has no owner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ship in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pany.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Du<span class="_ _3b"/>e to min<span class="_ _3b"/>ority p<span class="_ _3b"/>rotection<span class="_ _3b"/> in </span>the shareholders’ agreements the<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>DFDS Group does not have a control<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e wse1">R<span class="_ _3b"/>elie<span class="_ _3b"/>f in acco<span class="_ _3b"/>rdance<span class="_ _3b"/> with<span class="_ _3b"/> Sec. </span>264b Ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rman Comme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcial Code (HGB).Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 1)Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="lsf ws1c">City</span> <span class="_ _141"> </span></span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _12f"> </span><span class="lsd ws75">Share Capital</span> </span>HSF Grundstücksv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erwaltungs Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>GmbH & Co <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>KG.Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">20,000 </span>ICT Logistics GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13d"> </span><span class="ls5e ws93">Nordersted<span class="_ _3b"/>t</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">25,000 </span>2)Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _5c"> </span><span class="ls5e ws93">Troi<span class="_ _3b"/>sdorf</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>primeRa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il GmbH <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">98,000 </span>Alph<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atrans-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">Szállítás Szolgál<span class="_ _3b"/>tató </span>Hungary<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _15e"> </span><span class="ls5f ws14">Gyul<span class="_ _3b"/>a</span> <span class="_ _276"> </span></span>HUF<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">3,000,000 </span>Kft.2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lucey Transp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Ltd.3,000 DFDS Logistics Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts (Ireland) 2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">200 </span>2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>Samer Seaports & Termin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>als SRL <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">60.00</span> Italy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="lsb6 wsf9">Trieste</span> <span class="_ _276"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">2,800,000 </span>DFDS SIALatvia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _94"> </span></span>Liepaja<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>113,886 ICT Logistics UAB<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _283"> </span> </span>Lithuan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls4f ws84">Klaipeda</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2,896 2)Lithuan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls4f ws84">Klaipeda</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>AB DFDS Seaways <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">97.10</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">96,438,756 </span>NorthSea Te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rminal A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>SNorway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _259"> </span><span class="ls8 ws15">Brevik</span> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,000,000 </span>2)Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _284"> </span></span>Lysaker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span>DFDS Logistics AS <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">20,538,000 </span>2)Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _144"> </span><span class="lsb6 wsf9">Osl<span class="_ _3b"/>o</span> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span>DFDS Seaways AS <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">12,000,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbb wsff">2)</span>Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _141"> </span></span>Pozn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _281"> </span></span>PL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>N<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Polska Sp. z o.o. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">10,005,000 </span>DFDS Logistics Sp. z o.o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5,000 DFDS Logistics Polska Sp. z o.o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">50,000 </span>DFDS Investmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts Sp. z o.o. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _286"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5,000 ICT Logistics Techn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ology SRLRomani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span><span class="ls8 ws15">Bucharest</span> <span class="_ _1b4"> </span><span class="ls4f ws84">RON</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">147,050 </span>Romania T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransport Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup SRLRomani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _bd"> </span><span class="lsb6 wsf9">Tibod</span> <span class="_ _1b4"> </span><span class="ls4f ws84">RON</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,000 </span>N&K Speditio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Spain S.L. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">00</span> Spanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span><span class="ls5e ws93">Tarragona<span class="_ _3b"/></span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">60</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Spanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6a"> </span><span class="ls4e ws10">Val<span class="_ _3b"/>encia<span class="_ _3b"/></span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Hispan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia S.L.3,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Seaways Holdin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g AB <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">100</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Logistics Services A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B1,100<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">500</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Partne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs AB <span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">85</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">00</span> Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,<span class="lsa ws18">000</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">)</span>Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _287"> </span><span class="lsf ws1c">City</span> <span class="_ _5c"> </span></span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsd ws75">Share Capit<span class="_ _3b"/>al</span> </span>2)Sweden <span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span>Gothenburg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Professionals A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B <span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">87</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Seaways ABSweden <span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span>Gothenburg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Helsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ngborg ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _180"> </span><span class="lsb wsf">Helsingborg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4f"> </span><span class="ls7 ws17">Karl<span class="_ _3b"/>shamn</span> <span class="_ _262"> </span><span class="ls7 ws17">S<span class="_ _3b"/>EK</span> </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Karl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>shamn A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">1,<span class="lsa ws18">800</span>,<span class="lsa ws18">000 </span></span>Alphat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rans Inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rnatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nal Truck<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">Brielle</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics Nijmegen B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Nijmegen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">840 </span>DFDS Transport B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Nijmegen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">22<span class="lsa ws18">,689 </span></span>DFDS Holding B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> DFDS NewCo B.V. <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>DFDS Logistics B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">455</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Seaways B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">400 </span></span>Maxibas B.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 DFDS Logistics Wijchen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> B.V.the Netherlands<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">882 </span></span>Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Wareho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>usin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Network Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s B.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _20f"> </span> </span>the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics Win<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terswijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> 18,150 DFDS Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ckag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing Po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ol B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">18,000 </span>DFDS Logistics Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt Winter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> 18,160 DFDS Property Nijmegen B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">18,000 </span>DFDS Property and Equipment Winter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">77,140 </span>DFDS Turkey Denizcilik ve Tasi Yati A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbul<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">342,000,000 </span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">)</span>Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _287"> </span><span class="lsf ws1c">City</span> <span class="_ _65"> </span></span>Currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _289"> </span><span class="lsd ws75">Share Capit<span class="_ _3b"/>al</span> </span>Trieste Newholdco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span>461,635,380 Trieste Holdco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">464,440,121 </span>Trieste Midco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">475,242,795 </span>DFDS Denizcilik ve Tasim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilik A.Ş.98.80 Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span>369,967,159 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (UK) Ltd.UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _15e"> </span><span class="lsf ws1c">Corby</span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Logistics Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">150,000 </span>DFDS Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stics C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ontrac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts Ltd.UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,571,495 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Logistics Services Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Prope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rty Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _35"> </span> </span>UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">250,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbb wsff">2)</span>UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Holdi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">250,000 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Seaways Plc. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">40,250,000 </span>LLC DFDSUkraine<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13a"> </span><span class="ls8 ws15">Kiev</span> <span class="_ _144"> </span><span class="ls60 ws83">UAH</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">357,644 </span>28 Dormant entities
5.10<span xmlns="http://www.w3.org/1999/xhtml" class="ff1ff ls0 ws0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls12 ws71">Compa<span class="_ _3b"/>ny overvie<span class="_ _3b"/>w<span class="ls0 ws0"> </span></span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ws0">)</span>Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1c8"> </span><span class="lsf ws1c">City</span> <span class="_ _212"> </span></span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsd ws75">Share Capital</span></span>Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mpanyDFDS A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>1,172,631,560 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Subsidiaries:2)Belgium<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13f"> </span></span>G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ent<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EU<span class="_ _3b"/>R</span> </span>DFDS Belgium N.V. 2,355,976 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>N&K Cold Chain Log<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>istics (Shanghai) Co., Ltd.China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span>Sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nghai<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span><span class="lsb wsf">C<span class="_ _3b"/>NY</span> </span>2,901,420 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)DFDS Logistics s.r.o. Czech Republic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1ba"> </span><span class="ls4e ws10">Pragu<span class="_ _3b"/>e</span> <span class="_ _57"> </span><span class="ls8 ws15">CZK</span> </span>1,100,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)DFDS Germany ApS Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lundvej 15 ApS Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>100,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Dronning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ens Kvar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ter 1 Ap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls8 ws15">Copenh<span class="_ _3b"/>agen</span> <span class="_ _4d"> </span><span class="ls8 ws15">DKK</span> </span>43,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>600,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Skand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>inavi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>7,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Stevedoring A/S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1af"> </span><span class="ls4e ws10">Esbje<span class="_ _3b"/>rg</span> <span class="_ _272"> </span><span class="ls8 ws15">DKK</span> </span>502,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Holding A/S Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>mark A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>ICT Solutions ApSDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _258"> </span><span class="lsb5 ws76">Herning</span> <span class="_ _6a"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>125,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Køletran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>sport A/SDenmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13c"> </span><span class="ls5e ws93">Ho<span class="_ _3b"/>bro</span> <span class="_ _4d"> </span><span class="ls8 ws15">DK<span class="_ _3b"/>K</span> </span>1,500,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics OÜ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Estonia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b4"> </span>Ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>llinn<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EU<span class="_ _3b"/>R</span> </span>3,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics OY Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27a"> </span><span class="ls7 ws17">Tur<span class="_ _3b"/>ku</span> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>2,520 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Logistics SARLFrance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _213"> </span></span>Boulogne su<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>r Mer<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _272"> </span><span class="ls7 ws17">EUR</span> </span>30,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2)<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaways S.A.S. France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1b4"> </span><span class="ls8 ws15">Dieppe</span> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>37,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Dunes Bail SNC France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _280"> </span></span>Paris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>1,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>3)Flandre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s Bail SN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>C France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _280"> </span></span>Paris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>1,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2) 5)DFDS Germany ApS & Co. KG Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span>Cuxhaven<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _197"> </span><span class="ls7 ws17">EUR</span> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>HSF Logistics Deutschl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>and GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>HSF Beteiligungs GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>Eurofres<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>h Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>25,000 <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws10">Un<span class="_ _3b"/>less otherwise indicated, </span>the companies are 100% owned by DFDS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">Th<span class="_ _3b"/>e <span class="ls5f ws78">Comp<span class="_ _3b"/>any is<span class="_ _3b"/> directl<span class="_ _3b"/>y </span></span>owned b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y the Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>t Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y DFDS A/S.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 wsf9">Th<span class="_ _3b"/>e <span class="lsf ws11">Company is controlled <span class="_ _0"/>by </span></span>DFDS Group, but DFDS Group has no owner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ship in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pany.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsc ws72">Du<span class="_ _3b"/>e to min<span class="_ _3b"/>ority p<span class="_ _3b"/>rotection<span class="_ _3b"/> in </span>the shareholders’ agreements the<span xmlns="http://www.w3.org/1999/xhtml" class="fc8 sc0"> </span>DFDS Group does not have a control<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>lin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>st.5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e wse1">R<span class="_ _3b"/>elie<span class="_ _3b"/>f in acco<span class="_ _3b"/>rdance<span class="_ _3b"/> with<span class="_ _3b"/> Sec. </span>264b Ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rman Comme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rcial Code (HGB).Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 1)Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="lsf ws1c">City</span> <span class="_ _141"> </span></span>Currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _12f"> </span><span class="lsd ws75">Share Capital</span> </span>HSF Grundstücksv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>erwaltungs Neuenkirchen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">-</span>GmbH & Co <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>KG.Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Vörden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">20,000 </span>ICT Logistics GmbHGermany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13d"> </span><span class="ls5e ws93">Nordersted<span class="_ _3b"/>t</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">25,000 </span>2)Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _5c"> </span><span class="ls5e ws93">Troi<span class="_ _3b"/>sdorf</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>primeRa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>il GmbH <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">98,000 </span>Alph<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>atrans-<span xmlns="http://www.w3.org/1999/xhtml" class="lsb6 ws13">Szállítás Szolgál<span class="_ _3b"/>tató </span>Hungary<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _15e"> </span><span class="ls5f ws14">Gyul<span class="_ _3b"/>a</span> <span class="_ _276"> </span></span>HUF<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">3,000,000 </span>Kft.2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Lucey Transp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ort Lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>gisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Ltd.3,000 DFDS Logistics Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts (Ireland) 2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">200 </span>2)Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _14f"> </span><span class="ls8 ws15">Dublin</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Irelan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>Samer Seaports & Termin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>als SRL <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">60.00</span> Italy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _74"> </span><span class="lsb6 wsf9">Trieste</span> <span class="_ _276"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">2,800,000 </span>DFDS SIALatvia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _94"> </span></span>Liepaja<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>113,886 ICT Logistics UAB<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _283"> </span> </span>Lithuan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls4f ws84">Klaipeda</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>2,896 2)Lithuan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _164"> </span><span class="ls4f ws84">Klaipeda</span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>AB DFDS Seaways <span xmlns="http://www.w3.org/1999/xhtml" class="_ _21b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">97.10</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">96,438,756 </span>NorthSea Te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rminal A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>SNorway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _259"> </span><span class="ls8 ws15">Brevik</span> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,000,000 </span>2)Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _284"> </span></span>Lysaker<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span>DFDS Logistics AS <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">20,538,000 </span>2)Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _144"> </span><span class="lsb6 wsf9">Osl<span class="_ _3b"/>o</span> <span class="_ _1b4"> </span><span class="lsb wsf">NOK</span> </span>DFDS Seaways AS <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">12,000,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbb wsff">2)</span>Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _141"> </span></span>Pozn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>an<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _281"> </span></span>PL<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>N<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Polska Sp. z o.o. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">10,005,000 </span>DFDS Logistics Sp. z o.o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5,000 DFDS Logistics Polska Sp. z o.o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1af"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">50,000 </span>DFDS Investmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts Sp. z o.o. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _286"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80.00</span> Polan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _10c"> </span><span class="lsb6 wsf9">Szubin</span> <span class="_ _281"> </span></span>PLN<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>5,000 ICT Logistics Techn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ology SRLRomani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span><span class="ls8 ws15">Bucharest</span> <span class="_ _1b4"> </span><span class="ls4f ws84">RON</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">147,050 </span>Romania T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransport Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup SRLRomani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _bd"> </span><span class="lsb6 wsf9">Tibod</span> <span class="_ _1b4"> </span><span class="ls4f ws84">RON</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">1,000 </span>N&K Speditio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n Spain S.L. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">80</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">00</span> Spanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _133"> </span><span class="ls5e ws93">Tarragona<span class="_ _3b"/></span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">60</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Spanie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _6a"> </span><span class="ls4e ws10">Val<span class="_ _3b"/>encia<span class="_ _3b"/></span> <span class="_ _281"> </span></span>EUR<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Hispan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ia S.L.3,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Seaways Holdin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g AB <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">100</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Logistics Services A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B1,100<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">500</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>tracts ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Partne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rs AB <span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">85</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">00</span> Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _91"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1,<span class="lsa ws18">000</span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">)</span>Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _287"> </span><span class="lsf ws1c">City</span> <span class="_ _5c"> </span></span>Curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cy<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _27e"> </span><span class="lsd ws75">Share Capit<span class="_ _3b"/>al</span> </span>2)Sweden <span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span>Gothenburg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="ls7 ws17">SEK</span> </span>DFDS Professionals A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B <span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">87</span>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Seaways ABSweden <span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span>Gothenburg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _262"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">25</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Logistics Helsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ngborg ABSweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _180"> </span><span class="lsb wsf">Helsingborg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">50</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4f"> </span><span class="ls7 ws17">Karl<span class="_ _3b"/>shamn</span> <span class="_ _262"> </span><span class="ls7 ws17">S<span class="_ _3b"/>EK</span> </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Karl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>shamn A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>B <span xmlns="http://www.w3.org/1999/xhtml" class="ws0">1,<span class="lsa ws18">800</span>,<span class="lsa ws18">000 </span></span>Alphat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rans Inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rnatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>nal Truck<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ing B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">Brielle</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics Nijmegen B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Nijmegen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">840 </span>DFDS Transport B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">Nijmegen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">22<span class="lsa ws18">,689 </span></span>DFDS Holding B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">40</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>2)the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> DFDS NewCo B.V. <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">1 </span>DFDS Logistics B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">455</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>DFDS Seaways B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _13d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">Vlaardi<span class="_ _3b"/>ngen</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _287"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">400 </span></span>Maxibas B.V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 DFDS Logistics Wijchen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> B.V.the Netherlands<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _163"> </span><span class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">20</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">000 </span>Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">15</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">882 </span></span>Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Wareho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>usin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>g B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> 18<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0">,</span>152 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Network Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>s B.V.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _20f"> </span> </span>the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls4e ws10">W<span class="_ _3b"/>ijche<span class="_ _3b"/>n</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR<span class="_ _3b"/></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">18</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">,<span class="lsa ws18">000 </span></span>DFDS Logistics Win<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>terswijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> 18,150 DFDS Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ckag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ing Po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ol B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">18,000 </span>DFDS Logistics Transpo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rt Winter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> 18,160 DFDS Property Nijmegen B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">18,000 </span>DFDS Property and Equipment Winter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>swijk B.V.the Netherlands <span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">Winterswijk</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _fa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws17">EUR</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">77,140 </span>DFDS Turkey Denizcilik ve Tasi Yati A.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbul<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">342,000,000 </span>Associ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ates:4)Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK</span> </span>Bohus <span xmlns="http://www.w3.org/1999/xhtml" class="ls7 ws74">Termin<span class="_ _3b"/>al Hold<span class="_ _3b"/>ing AB</span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">65.0<span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">50,000 </span>Gothenb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>urg RO/RO<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Terminal AB <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1ad"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">65.0<span class="lsa ws18">0 </span></span>Sweden<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls4f ws84">Gothenburg</span> <span class="_ _287"> </span><span class="ls7 ws17">SEK</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">5,000,000 </span>2)Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _4d"> </span><span class="ls8 ws15">Hellerup</span> <span class="_ _13a"> </span><span class="ls8 ws15">DKK</span> </span>DeaL Energy A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>/S <span xmlns="http://www.w3.org/1999/xhtml" class="_ _169"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsf">50.0<span class="lsa ws18">0 </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">500,000 </span>Euro Asi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>a cold Ch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ain Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>c <span xmlns="http://www.w3.org/1999/xhtml" class="_ _202"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">52.04 </span>China<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5c"> </span>Shangha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13a"> </span><span class="lsb wsf">C<span class="_ _3b"/>NY</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">22,100,000 </span>Ownersh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ip 1<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">)</span>Companyshare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> 2022 Count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ry<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _287"> </span><span class="lsf ws1c">City</span> <span class="_ _65"> </span></span>Currency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _289"> </span><span class="lsd ws75">Share Capit<span class="_ _3b"/>al</span> </span>Trieste Newholdco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span>461,635,380 Trieste Holdco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş.Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">464,440,121 </span>Trieste Midco Denizcilik ve Taşımacıl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ık A.Ş. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">475,242,795 </span>DFDS Denizcilik ve Tasim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acilik A.Ş.98.80 Türkiye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _57"> </span><span class="lsc ws11">Istanbu<span class="_ _3b"/>l</span> <span class="_ _fa"> </span><span class="ls7 ws17">EUR<span class="_ _3b"/></span> </span>369,967,159 Huisman<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> Intern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ational<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/> (UK) Ltd.UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _15e"> </span><span class="lsf ws1c">Corby</span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Logistics Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">150,000 </span>DFDS Logi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>stics C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ontrac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ts Ltd.UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">2,571,495 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Logistics Services Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">100 </span>DFDS Logisti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>cs Prope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>rty Ltd.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _35"> </span> </span>UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">250,000 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsbb wsff">2)</span>UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Seaw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ays Holdi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>ng Ltd. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">250,000 </span>2)UK<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _47"> </span><span class="ls7 ws17">Immin<span class="_ _3b"/>gham<span class="_ _3b"/></span> <span class="_ _fa"> </span><span class="ls8 ws15">GBP</span> </span>DFDS Seaways Plc. <span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws18">40,250,000 </span>LLC DFDSUkraine<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> <span class="_ _13a"> </span><span class="ls8 ws15">Kiev</span> <span class="_ _144"> </span><span class="ls60 ws83">UAH</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls8 ws15">357,644 </span>28 Dormant entities
Associates:4)Sweden Gothenburg SEK Bohus Terminal Holding AB 65.00 50,000 Gothenburg RO/RO Terminal AB 65.00 Sweden Gothenburg SEK 5,000,000 2)Denmark Hellerup DKK DeaL Energy A/S 50.00 500,000 Euro Asia cold Chain Logistic 52.04 China Shanghai CNY 22,100,000
Lauritzen Fonden Holding ApS