549300JZVW1Y1UZ5UK38 2025-01-01 2025-12-31 549300JZVW1Y1UZ5UK38 2024-01-01 2024-12-31 549300JZVW1Y1UZ5UK38 2025-12-31 549300JZVW1Y1UZ5UK38 2024-12-31 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:IssuedCapitalMember 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:TreasurySharesMember 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:RetainedEarningsMember 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300JZVW1Y1UZ5UK38 2024-12-31 ifrs-full:NoncontrollingInterestsMember 549300JZVW1Y1UZ5UK38 2025-01-01 2025-12-31 ifrs-full:RetainedEarningsMember 549300JZVW1Y1UZ5UK38 2025-01-01 2025-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 549300JZVW1Y1UZ5UK38 2025-01-01 2025-12-31 ifrs-full:NoncontrollingInterestsMember 549300JZVW1Y1UZ5UK38 2025-01-01 2025-12-31 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combines ferry, road, and rail transport with complementary logistics solutions. 30947000000 29753000000 119000000 0 5713000000 6117000000 3933000000 3814000000 9138000000 7596000000 7117000000 6361000000 1423000000 1424000000 3743000000 4440000000 -8000000 -9000000 121000000 43000000 3108000000 2793000000 0 33000000 747000000 1716000000 227000000 210000000 520000000 1506000000 38000000 47000000 856000000 870000000 -298000000 683000000 127000000 142000000 -425000000 541000000 -427000000 534000000 2000000 6000000 -425000000 541000000 -7.9 9.68 -7.9 9.67 -425000000 541000000 -70000000 9000000 -17000000 2000000 -52000000 7000000 -78000000 -168000000 0 26000000 -107000000 -109000000 -21000000 76000000 8000000 -8000000 -44000000 -1000000 -469000000 540000000 -472000000 534000000 3000000 6000000 -469000000 540000000 7631000000 7497000000 1122000000 1189000000 677000000 755000000 394000000 395000000 9825000000 9837000000 823000000 828000000 770000000 821000000 11106000000 11712000000 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841000000 848000000 177000000 144000000 3300000000 3420000000 715000000 818000000 298000000 0 766000000 669000000 956000000 138000000 95000000 96000000 0 2574000000 2000000 378000000 -22000000 -7000000 -342000000 -3647000000 2957000000 -227000000 491000000 8441000000 1502000000 6645000000 0 1203000000 0 305000000 1780000000 1024000000 9000000 12000000 0 431000000 41000000 -6000000 1000000 2000000 0 168000000 -2742000000 1075000000 215000000 848000000 1589000000 737000000 -9000000 5000000 1795000000 1589000000 <div id="pp-id-5216" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h38008 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">In </span><span class="pp-class-239 pa t1332 l3358 ls651">2025, </span><span class="pp-class-239 pa t1332 l28512">'Sale </span><span class="pp-class-239 pa t1332 l38009 ls118">of </span><span class="pp-class-239 pa t1332 l38010 ls67">other </span><span class="pp-class-239 pa t1335 l3 ls1629">non-current </span><span class="pp-class-239 pa t1335 l17046 ls1444">tangible </span><span class="pp-class-239 pa t1339 l3 ls13">assets' </span><span class="pp-class-239 pa t1339 l38011 ls162">includes </span><span class="pp-class-239 pa t3352 l3 ls203">proceeds </span><span class="pp-class-239 pa t3352 l38012 ls118">of </span><span class="pp-class-239 pa t3352 l14125">DKK </span><span class="pp-class-239 pa t3352 l38013">711m </span><span class="pp-class-239 pa t3355 l3">and </span><span class="pp-class-239 pa t3355 l13229 ls129">'Payment </span><span class="pp-class-239 pa t3355 l38014 ls118">of </span><span class="pp-class-239 pa t3355 l7058">lease </span><span class="pp-class-239 pa t8661 l3">liabilities' </span><span class="pp-class-239 pa t8661 l38015 ls162">includes </span><span class="pp-class-239 pa t9688 l3 ls1790">payments </span><span class="pp-class-239 pa t9688 l11504 ls118">of </span><span class="pp-class-239 pa t9688 l38016">DKK </span><span class="pp-class-239 pa t9688 l38017">649m </span><span class="pp-class-239 pa t8663 l3">which </span><span class="pp-class-239 pa t8663 l29818 ls80">are </span><span class="pp-class-239 pa t8663 l9706 ls967">related </span><span class="pp-class-239 pa t8663 l38018 ls138">to </span><span class="pp-class-239 pa t8663 l28455">the </span><span class="pp-class-239 pa t8665 l3 ls590">exercise </span><span class="pp-class-239 pa t8665 l38019 ls118">of </span><span class="pp-class-239 pa t8665 l38020 ls203">purchase </span><span class="pp-class-239 pa t8668 l3 ls13">options </span><span class="pp-class-239 pa t8668 l15139 ls19">for </span><span class="pp-class-239 pa t8668 l28644 ls106">three </span><span class="pp-class-239 pa t8668 l38021">leased </span><span class="pp-class-239 pa t8672 l3 ls129">warehouses </span><span class="pp-class-239 pa t8672 l38022">which </span><span class="pp-class-239 pa t8672 l35647 ls2036">were </span><span class="pp-class-239 pa t8673 l3 ls203">subsequently </span><span class="pp-class-239 pa t8673 l4937">sold </span><span class="pp-class-239 pa t8673 l38023">and </span><span class="pp-class-239 pa t9715 l3">leased </span><span class="pp-class-239 pa t9715 l13187 ls135">back.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t38024 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t38025 l3 ls1780">At </span><span class="pp-class-239 pa t38025 l38026">31 </span><span class="pp-class-239 pa t38025 l38027">December </span><span class="pp-class-239 pa t38025 l38028">2025 </span><span class="pp-class-239 pa t38029 l3">DKK </span><span class="pp-class-239 pa t38029 l2784 ls1031">18m </span><span class="pp-class-239 pa t38029 l14236 ls685">(2024: </span><span class="pp-class-239 pa t38029 l36376">DKK </span><span class="pp-class-239 pa t38030 l3">11m) </span><span class="pp-class-239 pa t38030 l38031 ls118">of </span><span class="pp-class-239 pa t38030 l38032">the </span><span class="pp-class-239 pa t38030 l10782">cash </span><span class="pp-class-239 pa t38030 l7798">and </span><span class="pp-class-239 pa t38033 l3">cash </span><span class="pp-class-239 pa t38033 l37875 ls113">equivalents </span><span class="pp-class-239 pa t38033 l38034 ls1133">was </span><span class="pp-class-239 pa t38035 l3 ls1098">deposited </span><span class="pp-class-239 pa t38035 l38036">on </span><span class="pp-class-239 pa t38035 l38037 ls1024">restricted </span><span class="pp-class-239 pa t38038 l3">bank </span><span class="pp-class-239 pa t38038 l38039 ls1011">accounts.</span></p></div></div> <div id="pp-id-5216" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h38008 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">In </span><span class="pp-class-239 pa t1332 l3358 ls651">2025, </span><span class="pp-class-239 pa t1332 l28512">'Sale </span><span class="pp-class-239 pa t1332 l38009 ls118">of </span><span class="pp-class-239 pa t1332 l38010 ls67">other </span><span class="pp-class-239 pa t1335 l3 ls1629">non-current </span><span class="pp-class-239 pa t1335 l17046 ls1444">tangible </span><span class="pp-class-239 pa t1339 l3 ls13">assets' </span><span class="pp-class-239 pa t1339 l38011 ls162">includes </span><span class="pp-class-239 pa t3352 l3 ls203">proceeds </span><span class="pp-class-239 pa t3352 l38012 ls118">of </span><span class="pp-class-239 pa t3352 l14125">DKK </span><span class="pp-class-239 pa t3352 l38013">711m </span><span class="pp-class-239 pa t3355 l3">and </span><span class="pp-class-239 pa t3355 l13229 ls129">'Payment </span><span class="pp-class-239 pa t3355 l38014 ls118">of </span><span class="pp-class-239 pa t3355 l7058">lease </span><span class="pp-class-239 pa t8661 l3">liabilities' </span><span class="pp-class-239 pa t8661 l38015 ls162">includes </span><span class="pp-class-239 pa t9688 l3 ls1790">payments </span><span class="pp-class-239 pa t9688 l11504 ls118">of </span><span class="pp-class-239 pa t9688 l38016">DKK </span><span class="pp-class-239 pa t9688 l38017">649m </span><span class="pp-class-239 pa t8663 l3">which </span><span class="pp-class-239 pa t8663 l29818 ls80">are </span><span class="pp-class-239 pa t8663 l9706 ls967">related </span><span class="pp-class-239 pa t8663 l38018 ls138">to </span><span class="pp-class-239 pa t8663 l28455">the </span><span class="pp-class-239 pa t8665 l3 ls590">exercise </span><span class="pp-class-239 pa t8665 l38019 ls118">of </span><span class="pp-class-239 pa t8665 l38020 ls203">purchase </span><span class="pp-class-239 pa t8668 l3 ls13">options </span><span class="pp-class-239 pa t8668 l15139 ls19">for </span><span class="pp-class-239 pa t8668 l28644 ls106">three </span><span class="pp-class-239 pa t8668 l38021">leased </span><span class="pp-class-239 pa t8672 l3 ls129">warehouses </span><span class="pp-class-239 pa t8672 l38022">which </span><span class="pp-class-239 pa t8672 l35647 ls2036">were </span><span class="pp-class-239 pa t8673 l3 ls203">subsequently </span><span class="pp-class-239 pa t8673 l4937">sold </span><span class="pp-class-239 pa t8673 l38023">and </span><span class="pp-class-239 pa t9715 l3">leased </span><span class="pp-class-239 pa t9715 l13187 ls135">back.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t38024 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t38025 l3 ls1780">At </span><span class="pp-class-239 pa t38025 l38026">31 </span><span class="pp-class-239 pa t38025 l38027">December </span><span class="pp-class-239 pa t38025 l38028">2025 </span><span class="pp-class-239 pa t38029 l3">DKK </span><span class="pp-class-239 pa t38029 l2784 ls1031">18m </span><span class="pp-class-239 pa t38029 l14236 ls685">(2024: </span><span class="pp-class-239 pa t38029 l36376">DKK </span><span class="pp-class-239 pa t38030 l3">11m) </span><span class="pp-class-239 pa t38030 l38031 ls118">of </span><span class="pp-class-239 pa t38030 l38032">the </span><span class="pp-class-239 pa t38030 l10782">cash </span><span class="pp-class-239 pa t38030 l7798">and </span><span class="pp-class-239 pa t38033 l3">cash </span><span class="pp-class-239 pa t38033 l37875 ls113">equivalents </span><span class="pp-class-239 pa t38033 l38034 ls1133">was </span><span class="pp-class-239 pa t38035 l3 ls1098">deposited </span><span class="pp-class-239 pa t38035 l38036">on </span><span class="pp-class-239 pa t38035 l38037 ls1024">restricted </span><span class="pp-class-239 pa t38038 l3">bank </span><span class="pp-class-239 pa t38038 l38039 ls1011">accounts.</span></p></div></div> 18000000 11000000 <div class="pp-class-10" id="pp-id-5226" xmlns="http://www.w3.org/1999/xhtml"><div class="w38305 h38306 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">1.1 </span><span class="pp-class-234 pa t1122 l38307">Principal </span><span class="pp-class-234 pa t1122 l38308 ls135">accounting </span><span class="pp-class-234 pa t1122 l38309">policies</span></p></div></div><div id="pp-id-5227" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h28533 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls1404">Accounting </span><span class="pp-class-236 pa t283 l38310 ls1751">policies </span><span class="pp-class-236 pa t283 l38311 ls2808">are </span><span class="pp-class-236 pa t283 l5563 ls4290">generally </span><span class="pp-class-236 pa t283 l17263 ls179">included </span><span class="pp-class-236 pa t283 l28737 ls811">in </span><span class="pp-class-236 pa t283 l38312 ls651">the </span><span class="pp-class-236 pa t283 l38313 ls30">notes </span><span class="pp-class-236 pa t283 l38314 ls538">to </span><span class="pp-class-236 pa t283 l38315 ls538">which </span><span class="pp-class-236 pa t283 l38316 ls8048">they </span><span class="pp-class-236 pa t283 l38317 ls2565">relate. </span><span class="pp-class-236 pa t283 l38318 ls2222">This </span><span class="pp-class-236 pa t283 l38319 ls558">note </span><span class="pp-class-236 pa t283 l38320 ls2245">provides </span><span class="pp-class-236 pa t283 l38321 ls184">a </span><span class="pp-class-236 pa t283 l38322 ls2222">list </span><span class="pp-class-236 pa t283 l38323 ls98">of </span><span class="pp-class-236 pa t283 l38324 ls35">other </span><span class="pp-class-236 pa t38325 l3 ls1775">potentially </span><span class="pp-class-236 pa t38325 l38326 ls838">material </span><span class="pp-class-236 pa t38325 l38327 ls30">accounting </span><span class="pp-class-236 pa t38325 l38328 ls1751">policies </span><span class="pp-class-236 pa t38325 l38329 ls667">adopted </span><span class="pp-class-236 pa t38325 l38330 ls811">in </span><span class="pp-class-236 pa t38325 l38331 ls651">the </span><span class="pp-class-236 pa t38325 l38332 ls12490">preparation </span><span class="pp-class-236 pa t38325 l38333 ls98">of </span><span class="pp-class-236 pa t38325 l38334 ls538">these </span><span class="pp-class-236 pa t38325 l38335 ls731">consolidated </span><span class="pp-class-236 pa t38325 l38336 ls2222">financial </span><span class="pp-class-236 pa t38337 l3 ls713">statements </span><span class="pp-class-236 pa t38337 l38338 ls538">to </span><span class="pp-class-236 pa t38337 l38339 ls651">the </span><span class="pp-class-236 pa t38337 l38340 ls1815">extent </span><span class="pp-class-236 pa t38337 l38341 ls616">that </span><span class="pp-class-236 pa t38337 l38342 ls8048">they </span><span class="pp-class-236 pa t38337 l38343 ls110">have </span><span class="pp-class-236 pa t38337 l38344 ls4248">not </span><span class="pp-class-236 pa t38337 l38345 ls2222">been </span><span class="pp-class-236 pa t38337 l38346 ls995">disclosed </span><span class="pp-class-236 pa t38337 l38347 ls811">in </span><span class="pp-class-236 pa t38337 l38348 ls572">the </span><span class="pp-class-236 pa t38337 l38349 ls30">notes </span><span class="pp-class-236 pa t38337 l38350 ls538">to </span><span class="pp-class-236 pa t38337 l38351 ls538">which </span><span class="pp-class-236 pa t38337 l38352 ls8048">they </span><span class="pp-class-236 pa t38337 l38353 ls2565">relate. </span><span class="pp-class-236 pa t38337 l38354 ls538">These </span><span class="pp-class-236 pa t38337 l38355 ls94">policies </span><span class="pp-class-236 pa t38356 l3 ls110">have </span><span class="pp-class-236 pa t38356 l29368 ls2222">been </span><span class="pp-class-236 pa t38356 l38357 ls691">consistently </span><span class="pp-class-236 pa t38356 l38358 ls2036">applied </span><span class="pp-class-236 pa t38356 l38359 ls538">to </span><span class="pp-class-236 pa t38356 l38360 ls651">all </span><span class="pp-class-236 pa t38356 l38361 ls98">of </span><span class="pp-class-236 pa t38356 l38362 ls651">the </span><span class="pp-class-236 pa t38356 l38363 ls838">years </span><span class="pp-class-236 pa t38356 l35189 ls621">presented, </span><span class="pp-class-236 pa t38356 l38364 ls1764">unless </span><span class="pp-class-236 pa t38356 l38365 ls696">otherwise </span><span class="pp-class-236 pa t38356 l38366 ls621">stated. </span><span class="pp-class-236 pa t38356 l38367 ls651">The </span><span class="pp-class-236 pa t38356 l38368 ls995">financial </span><span class="pp-class-236 pa t38356 l38369 ls731">statements </span><span class="pp-class-236 pa t38370 l3 ls2808">are </span><span class="pp-class-236 pa t38370 l38371 ls553">for </span><span class="pp-class-236 pa t38370 l27897 ls651">the </span><span class="pp-class-236 pa t38370 l38372 ls706">Group </span><span class="pp-class-236 pa t38370 l38373 ls562">consisting </span><span class="pp-class-236 pa t38370 l20139 ls98">of </span><span class="pp-class-236 pa t38370 l36008 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38370 l38374 ls4787" xmlns="http://www.w3.org/1999/xhtml">A/S </span><span class="pp-class-236 pa t38370 l38375 ls651">and </span><span class="pp-class-236 pa t38370 l38376 ls651">its </span><span class="pp-class-236 pa t38370 l38377 ls4248">subsidiaries.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38378 l3 ls651">The </span><span class="pp-class-236 pa t38378 l38379 ls30">accounting </span><span class="pp-class-236 pa t38378 l38380 ls1751">policies </span><span class="pp-class-236 pa t38378 l38381 ls110">have </span><span class="pp-class-236 pa t38378 l38382 ls2222">been </span><span class="pp-class-236 pa t38378 l38383 ls544">made </span><span class="pp-class-236 pa t38378 l38384 ls1764">within </span><span class="pp-class-236 pa t38378 l38385 ls651">the </span><span class="pp-class-236 pa t38378 l38386 ls3234">framework </span><span class="pp-class-236 pa t38378 l38387 ls98">of </span><span class="pp-class-236 pa t38378 l38388 ls651">the </span><span class="pp-class-236 pa t38378 l38389 ls11713">prevailing </span><span class="pp-class-236 pa t38378 l38390 ls1369">IFRS </span><span class="pp-class-236 pa t38378 l38391 ls30">accounting </span><span class="pp-class-236 pa t38378 l38392 ls567">standards </span><span class="pp-class-236 pa t38378 l38393 ls1547">as </span><span class="pp-class-236 pa t38394 l3 ls667">adopted </span><span class="pp-class-236 pa t38394 l38395 ls706">by </span><span class="pp-class-236 pa t38394 l14191 ls651">the </span><span class="pp-class-236 pa t38394 l38396 ls4787">EU. </span><span class="pp-class-236 pa t38394 l38397 ls651">The </span><span class="pp-class-236 pa t38394 l38398 ls1780">actual </span><span class="pp-class-236 pa t38394 l38399 ls4017">text </span><span class="pp-class-236 pa t38394 l38400 ls98">of </span><span class="pp-class-236 pa t38394 l38401 ls651">the </span><span class="pp-class-236 pa t38394 l38402 ls2197">standard </span><span class="pp-class-236 pa t38394 l38403 ls811">is </span><span class="pp-class-236 pa t38394 l38404 ls4248">not </span><span class="pp-class-236 pa t38394 l38405 ls4017">repeated </span><span class="pp-class-236 pa t38394 l38406 ls811">in </span><span class="pp-class-236 pa t38394 l38407 ls651">the </span><span class="pp-class-236 pa t38394 l38408 ls30">notes. </span><span class="pp-class-236 pa t38394 l38409 ls572">The </span><span class="pp-class-236 pa t38394 l38410 ls530">description </span><span class="pp-class-236 pa t38394 l38411 ls98">of </span><span class="pp-class-236 pa t38394 l38412 ls524">accounting </span><span class="pp-class-236 pa t38413 l3 ls1751">policies </span><span class="pp-class-236 pa t38413 l38414 ls811">in </span><span class="pp-class-236 pa t38413 l38415 ls651">the </span><span class="pp-class-236 pa t38413 l24966 ls30">notes </span><span class="pp-class-236 pa t38413 l38416 ls551">forms </span><span class="pp-class-236 pa t38413 l38417 ls875">part </span><span class="pp-class-236 pa t38413 l38418 ls98">of </span><span class="pp-class-236 pa t38413 l38419 ls572">the </span><span class="pp-class-236 pa t38413 l38420 ls3084">overall </span><span class="pp-class-236 pa t38413 l38421 ls530">description </span><span class="pp-class-236 pa t38413 l38422 ls98">of </span><span class="pp-class-236 pa t38413 l38423 ls538">DFDS’ </span><span class="pp-class-236 pa t38413 l38424 ls30">accounting </span><span class="pp-class-236 pa t38413 l38425 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls538">Basis </span><span class="pp-class-237 pa t38426 l31310 ls811">of </span><span class="pp-class-237 pa t38426 l38427 ls278">reporting</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls2222">2025 </span><span class="pp-class-236 pa t38428 l3412 ls731">consolidated </span><span class="pp-class-236 pa t38428 l1933 ls995">financial </span><span class="pp-class-236 pa t38428 l38429 ls713">statements </span><span class="pp-class-236 pa t38428 l38430 ls572">and </span><span class="pp-class-236 pa t38428 l38431 ls2687">Parent </span><span class="pp-class-236 pa t38428 l38432 ls551">company </span><span class="pp-class-236 pa t38428 l38433 ls995">financial </span><span class="pp-class-236 pa t38428 l38434 ls713">statements </span><span class="pp-class-236 pa t38428 l38435 ls98">of </span><span class="pp-class-236 pa t38428 l38436 ls2222">DFDS </span><span class="pp-class-236 pa t38428 l38437 ls4787">A/S </span><span class="pp-class-236 pa t38428 l38438 ls2245">have </span><span class="pp-class-236 pa t38439 l3 ls2222">been </span><span class="pp-class-236 pa t38439 l38440 ls11713">prepared </span><span class="pp-class-236 pa t38439 l27865 ls811">on </span><span class="pp-class-236 pa t38439 l6535 ls184">a </span><span class="pp-class-236 pa t38439 l38441 ls538">going </span><span class="pp-class-236 pa t38439 l38442 ls2036">concern </span><span class="pp-class-236 pa t38439 l28832 ls538">basis </span><span class="pp-class-236 pa t38439 l38443 ls651">and </span><span class="pp-class-236 pa t38439 l38444 ls811">in </span><span class="pp-class-236 pa t38439 l38445 ls7086">accordance </span><span class="pp-class-236 pa t38439 l38446 ls2222">with </span><span class="pp-class-236 pa t38439 l38447 ls572">the </span><span class="pp-class-236 pa t38439 l38448 ls1369">IFRS </span><span class="pp-class-236 pa t38439 l38449 ls1404">Accounting </span><span class="pp-class-236 pa t38439 l38450 ls567">Standards </span><span class="pp-class-236 pa t38439 l38451 ls811">as </span><span class="pp-class-236 pa t38439 l38452 ls553">adopted </span><span class="pp-class-236 pa t38453 l3 ls706">by </span><span class="pp-class-236 pa t38453 l38454 ls651">the </span><span class="pp-class-236 pa t38453 l27864 ls4787">EU, </span><span class="pp-class-236 pa t38453 l28179 ls651">and </span><span class="pp-class-236 pa t38453 l38455 ls544">additional </span><span class="pp-class-236 pa t38453 l38456 ls1764">Danish </span><span class="pp-class-236 pa t38453 l38457 ls667">disclosure </span><span class="pp-class-236 pa t38453 l38458 ls1815">requirements </span><span class="pp-class-236 pa t38453 l38459 ls553">for </span><span class="pp-class-236 pa t38453 l38460 ls747">listed </span><span class="pp-class-236 pa t38453 l38461 ls562">companies. </span><span class="pp-class-236 pa t38453 l38462 ls572">The </span><span class="pp-class-236 pa t38453 l38463 ls731">consolidated </span><span class="pp-class-236 pa t38453 l38464 ls2222">financial </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls2808">are </span><span class="pp-class-236 pa t38465 l38466 ls2222">also </span><span class="pp-class-236 pa t38465 l4270 ls811">in </span><span class="pp-class-236 pa t38465 l38467 ls7086">accordance </span><span class="pp-class-236 pa t38465 l37600 ls2222">with </span><span class="pp-class-236 pa t38465 l38468 ls1369">IFRS </span><span class="pp-class-236 pa t38465 l31996 ls1404">Accounting </span><span class="pp-class-236 pa t38465 l38469 ls567">Standards </span><span class="pp-class-236 pa t38465 l38470 ls811">as </span><span class="pp-class-236 pa t38465 l38471 ls1764">issued </span><span class="pp-class-236 pa t38465 l38472 ls706">by </span><span class="pp-class-236 pa t38465 l38473 ls651">the </span><span class="pp-class-236 pa t38465 l38474 ls560">International </span><span class="pp-class-236 pa t38465 l38475 ls278">Accounting </span><span class="pp-class-236 pa t38476 l3 ls567">Standards </span><span class="pp-class-236 pa t38476 l28296 ls706">Board </span><span class="pp-class-236 pa t38476 l38477 ls541">(IASB).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls811" xmlns="http://www.w3.org/1999/xhtml">On </span><span class="pp-class-236 pa t38478 l38479 ls811" xmlns="http://www.w3.org/1999/xhtml">19 </span><span class="pp-class-236 pa t38478 l20546 ls590" xmlns="http://www.w3.org/1999/xhtml">February </span><span class="pp-class-236 pa t38478 l14536 ls2565" xmlns="http://www.w3.org/1999/xhtml">2026, </span><span class="pp-class-236 pa t38478 l38480 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38481 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38482 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38478 l38483 ls2969" xmlns="http://www.w3.org/1999/xhtml">Directors </span><span class="pp-class-236 pa t38478 l27595 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38484 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38485 ls4558" xmlns="http://www.w3.org/1999/xhtml">Executive </span><span class="pp-class-236 pa t38478 l38486 ls30" xmlns="http://www.w3.org/1999/xhtml">Management </span><span class="pp-class-236 pa t38478 l38487 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38488 ls667" xmlns="http://www.w3.org/1999/xhtml">considered </span><span class="pp-class-236 pa t38478 l38489 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38490 ls11713" xmlns="http://www.w3.org/1999/xhtml">approved </span><span class="pp-class-236 pa t38491 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l28221 ls2222" xmlns="http://www.w3.org/1999/xhtml">2025 </span><span class="pp-class-236 pa t38491 l38492 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38493 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l18349 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38494 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38495 ls3855" xmlns="http://www.w3.org/1999/xhtml">A/S. </span><span class="pp-class-236 pa t38491 l38496 ls572" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38491 l38497 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38498 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l38499 ls2222" xmlns="http://www.w3.org/1999/xhtml">will </span><span class="pp-class-236 pa t38491 l38500 ls811" xmlns="http://www.w3.org/1999/xhtml">be </span><span class="pp-class-236 pa t38491 l38501 ls7086" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-236 pa t38491 l38502 ls538" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-236 pa t38491 l38503 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l38504 ls2207" xmlns="http://www.w3.org/1999/xhtml">shareholders </span><span class="pp-class-236 pa t38491 l38505 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38506 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38507 ls4787" xmlns="http://www.w3.org/1999/xhtml">A/S </span><span class="pp-class-236 pa t38491 l27345 ls94" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t38508 l3 ls110" xmlns="http://www.w3.org/1999/xhtml">approval </span><span class="pp-class-236 pa t38508 l38509 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38508 l17176 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38508 l38510 ls168" xmlns="http://www.w3.org/1999/xhtml">ordinary </span><span class="pp-class-236 pa t38508 l38511 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38508 l38512 ls556" xmlns="http://www.w3.org/1999/xhtml">General </span><span class="pp-class-236 pa t38508 l38513 ls546" xmlns="http://www.w3.org/1999/xhtml">Meeting </span><span class="pp-class-236 pa t38508 l38514 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t38508 l38515 ls811" xmlns="http://www.w3.org/1999/xhtml">25 </span><span class="pp-class-236 pa t38508 l38516 ls706" xmlns="http://www.w3.org/1999/xhtml">March </span><span class="pp-class-236 pa t38508 l38517 ls3292" xmlns="http://www.w3.org/1999/xhtml">2026.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38518 l3 ls538">Basis </span><span class="pp-class-237 pa t38518 l31310 ls696">for </span><span class="pp-class-237 pa t38518 l38519 ls4793">preparation</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38520 l3">The </span><span class="pp-class-236 pa t38520 l7349 ls138">consolidated </span><span class="pp-class-236 pa t38520 l38521">financial </span><span class="pp-class-236 pa t38520 l38522 ls1790">statements </span><span class="pp-class-236 pa t38520 l38523">and </span><span class="pp-class-236 pa t38520 l38524">the </span><span class="pp-class-236 pa t38520 l24128 ls1574">Parent </span><span class="pp-class-236 pa t38520 l30667 ls85">company </span><span class="pp-class-236 pa t38520 l38525">financial </span><span class="pp-class-236 pa t38520 l38526 ls1790">statements </span><span class="pp-class-236 pa t38520 l38527 ls80">are </span><span class="pp-class-236 pa t38520 l38528 ls76">presented </span><span class="pp-class-236 pa t38520 l38529 ls26">in </span><span class="pp-class-236 pa t38530 l3">Danish </span><span class="pp-class-236 pa t38530 l38531 ls197">Kroner </span><span class="pp-class-236 pa t38530 l38532">(DKK) </span><span class="pp-class-236 pa t38530 l38533">which </span><span class="pp-class-236 pa t38530 l38534">is </span><span class="pp-class-236 pa t38530 l38535">the </span><span class="pp-class-236 pa t38530 l38536 ls1574">Parent </span><span class="pp-class-236 pa t38530 l38537 ls428">company’s </span><span class="pp-class-236 pa t38530 l38538 ls91">functional </span><span class="pp-class-236 pa t38530 l38539 ls2207">currency. </span><span class="pp-class-236 pa t38530 l38540">The </span><span class="pp-class-236 pa t38530 l38541 ls138">consolidated </span><span class="pp-class-236 pa t38530 l38542 ls26">financial </span><span class="pp-class-236 pa t38543 l3 ls1790">statements </span><span class="pp-class-236 pa t38543 l18828">and </span><span class="pp-class-236 pa t38543 l38544">the </span><span class="pp-class-236 pa t38543 l17517 ls1574">Parent </span><span class="pp-class-236 pa t38543 l38545 ls85">company </span><span class="pp-class-236 pa t38543 l133">financial </span><span class="pp-class-236 pa t38543 l38546 ls1790">statements </span><span class="pp-class-236 pa t38543 l38547 ls80">are </span><span class="pp-class-236 pa t38543 l38548 ls212">prepared </span><span class="pp-class-236 pa t38543 l38549 ls833">according </span><span class="pp-class-236 pa t38543 l38550 ls138">to </span><span class="pp-class-236 pa t38543 l38551 ls26">the </span><span class="pp-class-236 pa t38543 l38552 ls1098">historical </span><span class="pp-class-236 pa t38543 l38553 ls26">cost </span><span class="pp-class-236 pa t38554 l3 ls203">convention </span><span class="pp-class-236 pa t38554 l38555 ls1369">except </span><span class="pp-class-236 pa t38554 l38556 ls76">that </span><span class="pp-class-236 pa t38554 l27560 ls807">derivatives </span><span class="pp-class-236 pa t38554 l38557">and </span><span class="pp-class-236 pa t38554 l38558">financial </span><span class="pp-class-236 pa t38554 l38559 ls2441">instruments </span><span class="pp-class-236 pa t38554 l38560">classified </span><span class="pp-class-236 pa t38554 l38561">as </span><span class="pp-class-236 pa t38554 l38562 ls138">“Fair </span><span class="pp-class-236 pa t38554 l38563 ls129">value </span><span class="pp-class-236 pa t38554 l38564 ls1661">through </span><span class="pp-class-236 pa t38554 l38565 ls244">profit </span><span class="pp-class-236 pa t38554 l38566 ls26">and </span><span class="pp-class-236 pa t38567 l3 ls88">loss” </span><span class="pp-class-236 pa t38567 l9694 ls2385">(FVTPL) </span><span class="pp-class-236 pa t38567 l38568 ls80">are </span><span class="pp-class-236 pa t38567 l23143 ls203">measured </span><span class="pp-class-236 pa t38567 l38569 ls2368">at </span><span class="pp-class-236 pa t38567 l38570 ls1031">fair </span><span class="pp-class-236 pa t38567 l38571 ls1747">value.</span></p></div></div><div id="pp-id-5228" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38572 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t283 l3 ls2036">Rounding</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38325 l3 ls811">In </span><span class="pp-class-236 pa t38325 l38573 ls3855">general, </span><span class="pp-class-236 pa t38325 l38574 ls3855">rounding </span><span class="pp-class-236 pa t38325 l38575 ls2969">may </span><span class="pp-class-236 pa t38325 l21194 ls949">cause </span><span class="pp-class-236 pa t38325 l31341 ls548">variances </span><span class="pp-class-236 pa t38325 l38576 ls811">in </span><span class="pp-class-236 pa t38325 l38577 ls2222">sums </span><span class="pp-class-236 pa t38325 l38578 ls572">and </span><span class="pp-class-236 pa t38325 l17417 ls603">percentages </span><span class="pp-class-236 pa t38325 l38579 ls811">in </span><span class="pp-class-236 pa t38325 l38580 ls572">the </span><span class="pp-class-236 pa t38325 l38581 ls1764">Annual </span><span class="pp-class-236 pa t38325 l38582 ls2368">Report.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38356 l3 ls758">Application </span><span class="pp-class-237 pa t38356 l38583 ls811">of </span><span class="pp-class-237 pa t38356 l38584 ls758">materiality </span><span class="pp-class-237 pa t38356 l16910 ls651">and </span><span class="pp-class-237 pa t38356 l38585 ls2816">relevance</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38370 l3 ls651">The </span><span class="pp-class-236 pa t38370 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38370 l38586 ls995">financial </span><span class="pp-class-236 pa t38370 l38587 ls713">statements </span><span class="pp-class-236 pa t38370 l38588 ls2848">separately </span><span class="pp-class-236 pa t38370 l38589 ls7086">present </span><span class="pp-class-236 pa t38370 l38590 ls625">items </span><span class="pp-class-236 pa t38370 l38591 ls811">or </span><span class="pp-class-236 pa t38370 l38592 ls2197">groups </span><span class="pp-class-236 pa t38370 l38593 ls98">of </span><span class="pp-class-236 pa t38370 l38594 ls625">items </span><span class="pp-class-236 pa t38370 l38595 ls616">that </span><span class="pp-class-236 pa t38370 l38596 ls2808">are </span><span class="pp-class-236 pa t38370 l38597 ls630">considered </span><span class="pp-class-236 pa t38598 l3 ls2207">material. </span><span class="pp-class-236 pa t38598 l38599 ls811">In </span><span class="pp-class-236 pa t38598 l10119 ls544">addition, </span><span class="pp-class-236 pa t38598 l38600 ls621">information </span><span class="pp-class-236 pa t38598 l38601 ls616">that </span><span class="pp-class-236 pa t38598 l38602 ls811">is </span><span class="pp-class-236 pa t38598 l28636 ls667">considered </span><span class="pp-class-236 pa t38598 l38603 ls2207">material, </span><span class="pp-class-236 pa t38598 l38604 ls1764">either </span><span class="pp-class-236 pa t38598 l38605 ls9435">individually </span><span class="pp-class-236 pa t38598 l38606 ls811">or </span><span class="pp-class-236 pa t38598 l38607 ls811">in </span><span class="pp-class-236 pa t38598 l38608 ls1404">combination </span><span class="pp-class-236 pa t38598 l38609 ls967">with </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38378 l3 ls949">other </span><span class="pp-class-236 pa t38378 l38610 ls556">information, </span><span class="pp-class-236 pa t38378 l22405 ls811">is </span><span class="pp-class-236 pa t38378 l38611 ls995">disclosed.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls1780">Materiality </span><span class="pp-class-236 pa t38413 l33358 ls811">is </span><span class="pp-class-236 pa t38413 l38612 ls1764">judged </span><span class="pp-class-236 pa t38413 l38613 ls706">by </span><span class="pp-class-236 pa t38413 l38614 ls6146">reference </span><span class="pp-class-236 pa t38413 l38615 ls538">to </span><span class="pp-class-236 pa t38413 l38616 ls651">the </span><span class="pp-class-236 pa t38413 l38617 ls546">size </span><span class="pp-class-236 pa t38413 l38618 ls572">and </span><span class="pp-class-236 pa t38413 l38619 ls11713">nature </span><span class="pp-class-236 pa t38413 l38620 ls98">of </span><span class="pp-class-236 pa t38413 l38621 ls572">the </span><span class="pp-class-236 pa t38413 l38622 ls625">item. </span><span class="pp-class-236 pa t38413 l38623 ls651">The </span><span class="pp-class-236 pa t38413 l38624 ls1751">deciding </span><span class="pp-class-236 pa t38413 l38625 ls1775">factor </span><span class="pp-class-236 pa t38413 l38626 ls811">is </span><span class="pp-class-236 pa t38413 l38627 ls546">whether </span><span class="pp-class-236 pa t38413 l38628 ls184">the </span><span class="pp-class-236 pa t38629 l3 ls1751">omission </span><span class="pp-class-236 pa t38629 l38630 ls811">or </span><span class="pp-class-236 pa t38629 l38631 ls4630">misstatement </span><span class="pp-class-236 pa t38629 l10791 ls1764">could, </span><span class="pp-class-236 pa t38629 l37285 ls9435">individually </span><span class="pp-class-236 pa t38629 l38632 ls811">or </span><span class="pp-class-236 pa t38629 l38633 ls1957">collectively, </span><span class="pp-class-236 pa t38629 l38634 ls558">influence </span><span class="pp-class-236 pa t38629 l38635 ls572">the </span><span class="pp-class-236 pa t38629 l38636 ls1751">economic </span><span class="pp-class-236 pa t38629 l38637 ls995">decisions </span><span class="pp-class-236 pa t38629 l38638 ls544">made </span><span class="pp-class-236 pa t38629 l38639 ls706">by </span><span class="pp-class-236 pa t38629 l38640 ls184">the </span><span class="pp-class-236 pa t38426 l3 ls534">primary </span><span class="pp-class-236 pa t38426 l38641 ls538">users </span><span class="pp-class-236 pa t38426 l38642 ls811">on </span><span class="pp-class-236 pa t38426 l38643 ls651">the </span><span class="pp-class-236 pa t38426 l38644 ls538">basis </span><span class="pp-class-236 pa t38426 l9091 ls98">of </span><span class="pp-class-236 pa t38426 l19927 ls651">the </span><span class="pp-class-236 pa t38426 l38645 ls731">consolidated </span><span class="pp-class-236 pa t38426 l38646 ls995">financial </span><span class="pp-class-236 pa t38426 l38647 ls2889">statements. </span><span class="pp-class-236 pa t38426 l38648 ls811">In </span><span class="pp-class-236 pa t38426 l38649 ls661">particular </span><span class="pp-class-236 pa t38426 l38650 ls616">circumstances, </span><span class="pp-class-236 pa t38426 l38651 ls1764">either </span><span class="pp-class-236 pa t38426 l38652 ls184">the </span><span class="pp-class-236 pa t38428 l3 ls11713">nature </span><span class="pp-class-236 pa t38428 l38653 ls811">or </span><span class="pp-class-236 pa t38428 l38654 ls572">the </span><span class="pp-class-236 pa t38428 l38655 ls995">amount </span><span class="pp-class-236 pa t38428 l38656 ls98">of </span><span class="pp-class-236 pa t38428 l38657 ls811">an </span><span class="pp-class-236 pa t38428 l38658 ls995">item </span><span class="pp-class-236 pa t38428 l38659 ls811">or </span><span class="pp-class-236 pa t38428 l17510 ls811">an </span><span class="pp-class-236 pa t38428 l38660 ls3681">aggregate </span><span class="pp-class-236 pa t38428 l38661 ls98">of </span><span class="pp-class-236 pa t38428 l38662 ls625">items </span><span class="pp-class-236 pa t38428 l38663 ls538">could </span><span class="pp-class-236 pa t38428 l38664 ls811">be </span><span class="pp-class-236 pa t38428 l38665 ls572">the </span><span class="pp-class-236 pa t38428 l38666 ls551">determining </span><span class="pp-class-236 pa t38428 l38667 ls3250">factor.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38453 l3 ls15034">Alternative </span><span class="pp-class-237 pa t38453 l10119 ls949">performance </span><span class="pp-class-237 pa t38453 l38668 ls558">measures</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38465 l3 ls811">In </span><span class="pp-class-236 pa t38465 l38573 ls651">the </span><span class="pp-class-236 pa t38465 l17996 ls1764">Annual </span><span class="pp-class-236 pa t38465 l16040 ls811">Report </span><span class="pp-class-236 pa t38465 l38669 ls2222">DFDS </span><span class="pp-class-236 pa t38465 l38670 ls567">presents </span><span class="pp-class-236 pa t38465 l38671 ls94">certain </span><span class="pp-class-236 pa t38465 l38672 ls995">financial </span><span class="pp-class-236 pa t38465 l38673 ls724">performance </span><span class="pp-class-236 pa t38465 l38674 ls3855">measures </span><span class="pp-class-236 pa t38465 l38675 ls2222">such </span><span class="pp-class-236 pa t38465 l38676 ls811">as </span><span class="pp-class-236 pa t38465 l38677 ls616">subtotals </span><span class="pp-class-236 pa t38465 l38678 ls651">and </span><span class="pp-class-236 pa t38465 l38679 ls3681">key </span><span class="pp-class-236 pa t38476 l3 ls556">figures </span><span class="pp-class-236 pa t38476 l38680 ls538">which </span><span class="pp-class-236 pa t38476 l38681 ls2808">are </span><span class="pp-class-236 pa t38476 l38682 ls4248">not </span><span class="pp-class-236 pa t38476 l38683 ls11713">required </span><span class="pp-class-236 pa t38476 l38684 ls811">or </span><span class="pp-class-236 pa t38476 l38685 ls536">defined </span><span class="pp-class-236 pa t38476 l38686 ls538">under </span><span class="pp-class-236 pa t38476 l13504 ls1369">IFRS </span><span class="pp-class-236 pa t38476 l38687 ls30">accounting </span><span class="pp-class-236 pa t38476 l38688 ls9435">standards. </span><span class="pp-class-236 pa t38476 l38689 ls811">It </span><span class="pp-class-236 pa t38476 l38690 ls811">is </span><span class="pp-class-236 pa t38476 l30044 ls667">considered </span><span class="pp-class-236 pa t38476 l38691 ls616">that </span><span class="pp-class-236 pa t38476 l38692 ls811">these </span><span class="pp-class-236 pa t38693 l3 ls1815">alternative </span><span class="pp-class-236 pa t38693 l14133 ls3855">measures </span><span class="pp-class-236 pa t38693 l38694 ls4017">provide </span><span class="pp-class-236 pa t38693 l7406 ls11072">relevant </span><span class="pp-class-236 pa t38693 l14194 ls995">supplementary </span><span class="pp-class-236 pa t38693 l38695 ls621">information </span><span class="pp-class-236 pa t38693 l38696 ls553">for </span><span class="pp-class-236 pa t38693 l38697 ls572">the </span><span class="pp-class-236 pa t38693 l38698 ls2207">stakeholders </span><span class="pp-class-236 pa t38693 l38699 ls98">of </span><span class="pp-class-236 pa t38693 l38700 ls2222">DFDS.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38491 l3 ls544">For </span><span class="pp-class-236 pa t38491 l38701 ls4248">definitions </span><span class="pp-class-236 pa t38491 l38702 ls98">of </span><span class="pp-class-236 pa t38491 l38703 ls4284">key </span><span class="pp-class-236 pa t38491 l18822 ls556">figures </span><span class="pp-class-236 pa t38491 l38704 ls1764">please </span><span class="pp-class-236 pa t38491 l38705 ls11713">refer </span><span class="pp-class-236 pa t38491 l38706 ls538">to </span><span class="pp-class-236 pa t38491 l38707 ls572">the </span><span class="pp-class-236 pa t38491 l38708 ls546">section </span><span class="pp-class-236 pa t38491 l38709 ls562">‘Financial </span><span class="pp-class-236 pa t38491 l38710 ls11992">definitions’.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38711 l3 ls3855">Climate </span><span class="pp-class-237 pa t38711 l38712 ls7468">related </span><span class="pp-class-237 pa t38711 l38713 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38518 l3 ls2222">When </span><span class="pp-class-236 pa t38518 l10815 ls8048">preparing </span><span class="pp-class-236 pa t38518 l38714 ls651">the </span><span class="pp-class-236 pa t38518 l38715 ls731">consolidated </span><span class="pp-class-236 pa t38518 l38716 ls995">financial </span><span class="pp-class-236 pa t38518 l38717 ls2889">statements, </span><span class="pp-class-236 pa t38518 l38718 ls30">Management </span><span class="pp-class-236 pa t38518 l38719 ls995">considers </span><span class="pp-class-236 pa t38518 l38720 ls556">climate-related </span><span class="pp-class-236 pa t38518 l38721 ls838">risks, </span><span class="pp-class-236 pa t38518 l38722 ls1780">where </span><span class="pp-class-236 pa t38520 l3 ls538">these </span><span class="pp-class-236 pa t38520 l38723 ls538">could </span><span class="pp-class-236 pa t38520 l38724 ls1775">potentially </span><span class="pp-class-236 pa t38520 l38725 ls1780">impact </span><span class="pp-class-236 pa t38520 l38726 ls731">reported </span><span class="pp-class-236 pa t38520 l38727 ls625">amounts </span><span class="pp-class-236 pa t38520 l38728 ls1848">materially. </span><span class="pp-class-236 pa t38520 l38729 ls572">The </span><span class="pp-class-236 pa t38520 l38730 ls706">areas </span><span class="pp-class-236 pa t38520 l38731 ls811">in </span><span class="pp-class-236 pa t38520 l38732 ls538">which </span><span class="pp-class-236 pa t38520 l38733 ls556">climate-related </span><span class="pp-class-236 pa t38520 l38734 ls667">risks </span><span class="pp-class-236 pa t38520 l37721 ls2245">have </span><span class="pp-class-236 pa t38530 l3 ls2222">been </span><span class="pp-class-236 pa t38530 l38440 ls1751">assessed </span><span class="pp-class-236 pa t38530 l38735 ls2197">at </span><span class="pp-class-236 pa t38530 l38736 ls572">the </span><span class="pp-class-236 pa t38530 l38737 ls651">end </span><span class="pp-class-236 pa t38530 l38738 ls98">of </span><span class="pp-class-236 pa t38530 l38739 ls2222">2025 </span><span class="pp-class-236 pa t38530 l38740 ls2808">are </span><span class="pp-class-236 pa t38530 l38741 ls179">included </span><span class="pp-class-236 pa t38530 l38742 ls1764">within </span><span class="pp-class-236 pa t38530 l38743 ls651">the </span><span class="pp-class-236 pa t38530 l38744 ls562">individual </span><span class="pp-class-236 pa t38530 l38745 ls30">notes </span><span class="pp-class-236 pa t38530 l38746 ls1751">outlined </span><span class="pp-class-236 pa t38530 l38747 ls278">below: </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38543 l3 ls558">Note </span><span class="pp-class-236 pa t38543 l38748 ls7468">3.1.2 </span><span class="pp-class-236 pa t38543 l38295 ls548">Non-current </span><span class="pp-class-236 pa t38543 l38749 ls949">tangible </span><span class="pp-class-236 pa t38543 l38750 ls949">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38554 l3 ls558">Note </span><span class="pp-class-236 pa t38554 l38748 ls3038">3.1.3 </span><span class="pp-class-236 pa t38554 l38295 ls4276">Right-of-use </span><span class="pp-class-236 pa t38554 l38751 ls179">assets </span><span class="pp-class-236 pa t38554 l38752 ls651">and </span><span class="pp-class-236 pa t38554 l38753 ls538">lease </span><span class="pp-class-236 pa t38554 l38754 ls538">liabilities </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38567 l3 ls558">Note </span><span class="pp-class-236 pa t38567 l38748 ls8391">3.1.4 </span><span class="pp-class-236 pa t38567 l38295 ls524">Impairment </span><span class="pp-class-236 pa t38567 l34660 ls747">testing</span></p></div></div><div class="pp-class-10" id="pp-id-5229" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h38756 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">1.1 </span><span class="pp-class-234 pa t1122 l38307">Principal </span><span class="pp-class-234 pa t1122 l38308 ls135">accounting </span><span class="pp-class-234 pa t1122 l38309">policies </span><span class="pp-class-235 pa t1122 l38757"/><span class="pp-class-235 pa t1122 l38758 ls938">(continued)</span></p></div></div><div id="pp-id-5230" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38759 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t38760 l3 ls118">Description </span><span class="pp-class-246 pa t38760 l38761">of </span><span class="pp-class-246 pa t38760 l38762 ls297">accounting </span><span class="pp-class-246 pa t38760 l38763">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38764 l3 ls538">Basis </span><span class="pp-class-237 pa t38764 l31310 ls811">of </span><span class="pp-class-237 pa t38764 l38427 ls560">consolidation</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38765 l3 ls651">The </span><span class="pp-class-236 pa t38765 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38765 l38586 ls995">financial </span><span class="pp-class-236 pa t38765 l38587 ls713">statements </span><span class="pp-class-236 pa t38765 l38588 ls949">include </span><span class="pp-class-236 pa t38765 l38766 ls651">the </span><span class="pp-class-236 pa t38765 l38767 ls2687">Parent </span><span class="pp-class-236 pa t38765 l38768 ls551">company </span><span class="pp-class-236 pa t38765 l38769 ls2222">DFDS </span><span class="pp-class-236 pa t38765 l38770 ls4787">A/S </span><span class="pp-class-236 pa t38765 l38771 ls572">and </span><span class="pp-class-236 pa t38765 l38772 ls572">the </span><span class="pp-class-236 pa t38765 l38773 ls4248">subsidiaries </span><span class="pp-class-236 pa t38765 l38774 ls811">in </span><span class="pp-class-236 pa t38765 l38775 ls811">which </span><span class="pp-class-236 pa t38776 l3 ls651">the </span><span class="pp-class-236 pa t38776 l28221 ls2687">Parent </span><span class="pp-class-236 pa t38776 l38777 ls551">company </span><span class="pp-class-236 pa t38776 l18475 ls567">controls </span><span class="pp-class-236 pa t38776 l38778 ls651">the </span><span class="pp-class-236 pa t38776 l23952 ls995">financial </span><span class="pp-class-236 pa t38776 l6924 ls572">and </span><span class="pp-class-236 pa t38776 l38779 ls2969">operational </span><span class="pp-class-236 pa t38776 l38780 ls995">policies. </span><span class="pp-class-236 pa t38776 l38781 ls7086">Control </span><span class="pp-class-236 pa t38776 l38782 ls811">is </span><span class="pp-class-236 pa t38776 l38783 ls553">obtained </span><span class="pp-class-236 pa t38776 l38784 ls2222">when </span><span class="pp-class-236 pa t38776 l38785 ls651">the </span><span class="pp-class-236 pa t38776 l38464 ls1780">Group </span><span class="pp-class-236 pa t38786 l3 ls3084">directly </span><span class="pp-class-236 pa t38786 l38787 ls811">or </span><span class="pp-class-236 pa t38786 l38788 ls3234">indirectly </span><span class="pp-class-236 pa t38786 l38789 ls538">holds </span><span class="pp-class-236 pa t38786 l38790 ls877">more </span><span class="pp-class-236 pa t38786 l38791 ls2222">than </span><span class="pp-class-236 pa t38786 l38792 ls651">50% </span><span class="pp-class-236 pa t38786 l38793 ls98">of </span><span class="pp-class-236 pa t38786 l38794 ls651">the </span><span class="pp-class-236 pa t38786 l38795 ls621">voting </span><span class="pp-class-236 pa t38786 l38796 ls995">rights </span><span class="pp-class-236 pa t38786 l38797 ls811">in </span><span class="pp-class-236 pa t38786 l38798 ls572">the </span><span class="pp-class-236 pa t38786 l38799 ls541">enterprise </span><span class="pp-class-236 pa t38786 l38800 ls1024">(i.e. </span><span class="pp-class-236 pa t38786 l38801 ls608">subsidiary) </span><span class="pp-class-236 pa t38786 l38802 ls811">or </span><span class="pp-class-236 pa t38786 l38803 ls811">if </span><span class="pp-class-236 pa t38786 l38804 ls212">it, </span><span class="pp-class-236 pa t38786 l38805 ls811">in </span><span class="pp-class-236 pa t38786 l38806 ls967">some </span><span class="pp-class-236 pa t38807 l3 ls949">other </span><span class="pp-class-236 pa t38807 l38610 ls11194">way, </span><span class="pp-class-236 pa t38807 l38808 ls567">controls </span><span class="pp-class-236 pa t38807 l38809 ls572">the </span><span class="pp-class-236 pa t38807 l38810 ls1404">enterprise. </span><span class="pp-class-236 pa t38807 l38811 ls4823">Further, </span><span class="pp-class-236 pa t38807 l38812 ls7086">control </span><span class="pp-class-236 pa t38807 l38813 ls2222">also </span><span class="pp-class-236 pa t38807 l38814 ls2036">implies </span><span class="pp-class-236 pa t38807 l38815 ls616">that </span><span class="pp-class-236 pa t38807 l38816 ls651">the </span><span class="pp-class-236 pa t38807 l38817 ls706">Group </span><span class="pp-class-236 pa t38807 l38818 ls811">is </span><span class="pp-class-236 pa t38807 l38819 ls3855">exposed, </span><span class="pp-class-236 pa t38807 l38820 ls811">or </span><span class="pp-class-236 pa t38807 l38821 ls651">has </span><span class="pp-class-236 pa t38807 l38822 ls625">rights, </span><span class="pp-class-236 pa t38807 l38823 ls184">to </span><span class="pp-class-236 pa t38824 l3 ls731">variable </span><span class="pp-class-236 pa t38824 l38825 ls603">returns </span><span class="pp-class-236 pa t38824 l38826 ls877">from </span><span class="pp-class-236 pa t38824 l38827 ls651">its </span><span class="pp-class-236 pa t38824 l38828 ls12546">involvement </span><span class="pp-class-236 pa t38824 l38829 ls2222">with </span><span class="pp-class-236 pa t38824 l34186 ls572">the </span><span class="pp-class-236 pa t38824 l38830 ls706">investee </span><span class="pp-class-236 pa t38824 l38831 ls572">and </span><span class="pp-class-236 pa t38824 l38832 ls572">has </span><span class="pp-class-236 pa t38824 l38833 ls651">the </span><span class="pp-class-236 pa t38824 l38834 ls2036">ability </span><span class="pp-class-236 pa t38824 l38835 ls538">to </span><span class="pp-class-236 pa t38824 l38836 ls7086">affect </span><span class="pp-class-236 pa t38824 l38837 ls538">those </span><span class="pp-class-236 pa t38824 l38838 ls603">returns </span><span class="pp-class-236 pa t38824 l38839 ls556">through </span><span class="pp-class-236 pa t38824 l38840 ls184">its </span><span class="pp-class-236 pa t38841 l3 ls849">power </span><span class="pp-class-236 pa t38841 l3237 ls3234">over </span><span class="pp-class-236 pa t38841 l28773 ls651">the </span><span class="pp-class-236 pa t38841 l38842 ls1775">investee. </span><span class="pp-class-236 pa t38841 l38843 ls651">The </span><span class="pp-class-236 pa t38841 l38844 ls2687">Parent </span><span class="pp-class-236 pa t38841 l38845 ls551">company </span><span class="pp-class-236 pa t38841 l38846 ls651">and </span><span class="pp-class-236 pa t38841 l38847 ls572">its </span><span class="pp-class-236 pa t38841 l38848 ls4248">subsidiaries </span><span class="pp-class-236 pa t38841 l27510 ls2808">are </span><span class="pp-class-236 pa t38841 l38849 ls2081">referred </span><span class="pp-class-236 pa t38841 l38850 ls538">to </span><span class="pp-class-236 pa t38841 l38851 ls811">as </span><span class="pp-class-236 pa t38841 l38852 ls572">the </span><span class="pp-class-236 pa t38841 l38853 ls7468">Group.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38854 l3 ls651">The </span><span class="pp-class-236 pa t38854 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38854 l38586 ls995">financial </span><span class="pp-class-236 pa t38854 l38587 ls713">statements </span><span class="pp-class-236 pa t38854 l38588 ls2808">are </span><span class="pp-class-236 pa t38854 l38855 ls538">based </span><span class="pp-class-236 pa t38854 l38856 ls811">on </span><span class="pp-class-236 pa t38854 l34025 ls651">the </span><span class="pp-class-236 pa t38854 l38857 ls2687">Parent </span><span class="pp-class-236 pa t38854 l27616 ls551">company </span><span class="pp-class-236 pa t38854 l38858 ls651">and </span><span class="pp-class-236 pa t38854 l38859 ls572">the </span><span class="pp-class-236 pa t38854 l38860 ls4248">subsidiaries </span><span class="pp-class-236 pa t38854 l38861 ls651">and </span><span class="pp-class-236 pa t38854 l38862 ls667">are </span><span class="pp-class-236 pa t38863 l3 ls11713">prepared </span><span class="pp-class-236 pa t38863 l6612 ls706">by </span><span class="pp-class-236 pa t38863 l13307 ls995">combining </span><span class="pp-class-236 pa t38863 l13309 ls625">items </span><span class="pp-class-236 pa t38863 l23383 ls98">of </span><span class="pp-class-236 pa t38863 l27523 ls184">a </span><span class="pp-class-236 pa t38863 l38716 ls551">uniform </span><span class="pp-class-236 pa t38863 l38864 ls11713">nature </span><span class="pp-class-236 pa t38863 l38865 ls572">and </span><span class="pp-class-236 pa t38863 l38866 ls1404">eliminating </span><span class="pp-class-236 pa t38863 l38867 ls706">intercompany </span><span class="pp-class-236 pa t38863 l38868 ls7086">transactions, </span><span class="pp-class-236 pa t38863 l38869 ls558">shareholdings, </span><span class="pp-class-236 pa t38870 l3 ls995">balances, </span><span class="pp-class-236 pa t38870 l18845 ls572">and </span><span class="pp-class-236 pa t38870 l38871 ls706">intercompany </span><span class="pp-class-236 pa t38870 l38872 ls538">gains </span><span class="pp-class-236 pa t38870 l33278 ls651">and </span><span class="pp-class-236 pa t38870 l38873 ls2036">losses. </span><span class="pp-class-236 pa t38870 l38874 ls651">The </span><span class="pp-class-236 pa t38870 l38875 ls731">consolidated </span><span class="pp-class-236 pa t38870 l38876 ls995">financial </span><span class="pp-class-236 pa t38870 l38877 ls713">statements </span><span class="pp-class-236 pa t38870 l38878 ls2808">are </span><span class="pp-class-236 pa t38870 l38879 ls11713">prepared </span><span class="pp-class-236 pa t38870 l38880 ls747">by </span><span class="pp-class-236 pa t38881 l3 ls2969">applying </span><span class="pp-class-236 pa t38881 l38882 ls651">the </span><span class="pp-class-236 pa t38881 l38883 ls2848">Group’s </span><span class="pp-class-236 pa t38881 l38884 ls30">accounting </span><span class="pp-class-236 pa t38881 l38885 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38886 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">Investments </span><span class="pp-class-236 pa t38886 l38887 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38886 l37186 ls4248" xmlns="http://www.w3.org/1999/xhtml">subsidiaries </span><span class="pp-class-236 pa t38886 l31348 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38886 l38888 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38886 l38889 ls544" xmlns="http://www.w3.org/1999/xhtml">against </span><span class="pp-class-236 pa t38886 l38890 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38886 l38891 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38886 l38892 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38886 l38893 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38886 l38894 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38886 l38895 ls625" xmlns="http://www.w3.org/1999/xhtml">subsidiaries’ </span><span class="pp-class-236 pa t38886 l38896 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38886 l38897 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38886 l38898 ls614" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t38899 l3 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38899 l38900 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38899 l38901 ls544" xmlns="http://www.w3.org/1999/xhtml">acquisition </span><span class="pp-class-236 pa t38899 l38902 ls713" xmlns="http://www.w3.org/1999/xhtml">date. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38903 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38903 l38379 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38903 l29180 ls713" xmlns="http://www.w3.org/1999/xhtml">investments </span><span class="pp-class-236 pa t38903 l38904 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38905 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38903 l38906 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38903 l17528 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38903 l38907 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38903 l38908 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38903 l38909 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t38903 l38910 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38911 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38903 l38912 ls731" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-236 pa t38903 l38913 ls2222" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t38914 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-236 pa t38914 l38338 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38914 l38915 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l11469 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38914 l38916 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38914 l38917 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38914 l28906 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38914 l38918 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l38919 ls4276" xmlns="http://www.w3.org/1999/xhtml">associate’s/joint </span><span class="pp-class-236 pa t38914 l38920 ls4780" xmlns="http://www.w3.org/1999/xhtml">venture’s </span><span class="pp-class-236 pa t38914 l38921 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38914 l38922 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38914 l38923 ls1775" xmlns="http://www.w3.org/1999/xhtml">value. </span><span class="pp-class-236 pa t38914 l38924 ls630" xmlns="http://www.w3.org/1999/xhtml">Unrealised </span><span class="pp-class-236 pa t38925 l3 ls706" xmlns="http://www.w3.org/1999/xhtml">intercompany </span><span class="pp-class-236 pa t38925 l38926 ls538" xmlns="http://www.w3.org/1999/xhtml">gains </span><span class="pp-class-236 pa t38925 l38927 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38928 ls1764" xmlns="http://www.w3.org/1999/xhtml">losses </span><span class="pp-class-236 pa t38925 l31196 ls877" xmlns="http://www.w3.org/1999/xhtml">from </span><span class="pp-class-236 pa t38925 l38929 ls691" xmlns="http://www.w3.org/1999/xhtml">transactions </span><span class="pp-class-236 pa t38925 l38930 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t38925 l38931 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38925 l38932 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38933 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38925 l38934 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38925 l38935 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38925 l38936 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38925 l38937 ls706" xmlns="http://www.w3.org/1999/xhtml">by </span><span class="pp-class-236 pa t38925 l38938 ls184" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l3 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38939 l38940 ls706" xmlns="http://www.w3.org/1999/xhtml">interest </span><span class="pp-class-236 pa t38939 l38941 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38939 l38942 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l38943 ls1131" xmlns="http://www.w3.org/1999/xhtml">respective </span><span class="pp-class-236 pa t38939 l38944 ls2969" xmlns="http://www.w3.org/1999/xhtml">associate/jointly </span><span class="pp-class-236 pa t38939 l38945 ls2889" xmlns="http://www.w3.org/1999/xhtml">controlled </span><span class="pp-class-236 pa t38939 l38946 ls1404" xmlns="http://www.w3.org/1999/xhtml">enterprise.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38947 l3 ls530">Non-controlling </span><span class="pp-class-237 pa t38947 l27501 ls614">interests</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38948 l3 ls811">In </span><span class="pp-class-236 pa t38948 l38573 ls651">the </span><span class="pp-class-236 pa t38948 l17996 ls731">consolidated </span><span class="pp-class-236 pa t38948 l38949 ls995">financial </span><span class="pp-class-236 pa t38948 l31385 ls2889">statements, </span><span class="pp-class-236 pa t38948 l38950 ls651">the </span><span class="pp-class-236 pa t38948 l38951 ls562">individual </span><span class="pp-class-236 pa t38948 l38952 ls995">financial </span><span class="pp-class-236 pa t38948 l24622 ls2222">line </span><span class="pp-class-236 pa t38948 l38953 ls625">items </span><span class="pp-class-236 pa t38948 l38954 ls98">of </span><span class="pp-class-236 pa t38948 l38955 ls4248">subsidiaries </span><span class="pp-class-236 pa t38948 l38956 ls2808">are </span><span class="pp-class-236 pa t38948 l38957 ls667">recognised </span><span class="pp-class-236 pa t38948 l38958 ls1547">in </span><span class="pp-class-236 pa t38959 l3 ls538">full. </span><span class="pp-class-236 pa t38959 l38960 ls651">The </span><span class="pp-class-236 pa t38959 l38961 ls630">non-controlling </span><span class="pp-class-236 pa t38959 l38962 ls556">interests’ </span><span class="pp-class-236 pa t38959 l38963 ls706">share </span><span class="pp-class-236 pa t38959 l38964 ls98">of </span><span class="pp-class-236 pa t38959 l28732 ls651">the </span><span class="pp-class-236 pa t38959 l38965 ls1815">results </span><span class="pp-class-236 pa t38959 l38966 ls553">for </span><span class="pp-class-236 pa t38959 l38967 ls572">the </span><span class="pp-class-236 pa t38959 l38968 ls8048">year </span><span class="pp-class-236 pa t38959 l38969 ls651">and </span><span class="pp-class-236 pa t38959 l38970 ls98">of </span><span class="pp-class-236 pa t38959 l38971 ls651">the </span><span class="pp-class-236 pa t38959 l38972 ls1764">equity </span><span class="pp-class-236 pa t38959 l38973 ls98">of </span><span class="pp-class-236 pa t38959 l38974 ls4248">subsidiaries </span><span class="pp-class-236 pa t38959 l38975 ls538">which </span><span class="pp-class-236 pa t38959 l38976 ls667">are </span><span class="pp-class-236 pa t38977 l3 ls4248">not </span><span class="pp-class-236 pa t38977 l38978 ls4807">wholly </span><span class="pp-class-236 pa t38977 l38979 ls838">owned </span><span class="pp-class-236 pa t38977 l38980 ls2808">are </span><span class="pp-class-236 pa t38977 l38981 ls179">included </span><span class="pp-class-236 pa t38977 l38982 ls811">in </span><span class="pp-class-236 pa t38977 l17272 ls651">the </span><span class="pp-class-236 pa t38977 l38983 ls2848">Group’s </span><span class="pp-class-236 pa t38977 l38984 ls1815">results </span><span class="pp-class-236 pa t38977 l38985 ls651">and </span><span class="pp-class-236 pa t38977 l38986 ls4284">equity, </span><span class="pp-class-236 pa t38977 l38987 ls749">respectively, </span><span class="pp-class-236 pa t38977 l38988 ls572">but </span><span class="pp-class-236 pa t38977 l38989 ls2808">are </span><span class="pp-class-236 pa t38977 l38990 ls7086">presented </span><span class="pp-class-236 pa t38977 l38991 ls2848">separately </span><span class="pp-class-236 pa t38977 l38992 ls1547">in </span><span class="pp-class-236 pa t38993 l3 ls651">the </span><span class="pp-class-236 pa t38993 l28221 ls3855">proposed </span><span class="pp-class-236 pa t38993 l38994 ls681">profit </span><span class="pp-class-236 pa t38993 l17472 ls7086">appropriation </span><span class="pp-class-236 pa t38993 l38995 ls651">and </span><span class="pp-class-236 pa t38993 l38996 ls651">the </span><span class="pp-class-236 pa t38993 l38997 ls556">statement </span><span class="pp-class-236 pa t38993 l38998 ls98">of </span><span class="pp-class-236 pa t38993 l38332 ls1764">change </span><span class="pp-class-236 pa t38993 l38999 ls811">in </span><span class="pp-class-236 pa t38993 l39000 ls7832">equity.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t39001 l3 ls4284">Translation </span><span class="pp-class-237 pa t39001 l39002 ls811">of </span><span class="pp-class-237 pa t39001 l39003 ls565">foreign </span><span class="pp-class-237 pa t39001 l39004 ls30">currencies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t39005 l3 ls278">Functional </span><span class="pp-class-239 pa t39005 l39006 ls651">and </span><span class="pp-class-239 pa t39005 l39007 ls1687">presentation </span><span class="pp-class-239 pa t39005 l39008 ls4017">currency</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39009 l3 ls625">Items </span><span class="pp-class-236 pa t39009 l39010 ls179">included </span><span class="pp-class-236 pa t39009 l39011 ls811">in </span><span class="pp-class-236 pa t39009 l39012 ls572">the </span><span class="pp-class-236 pa t39009 l39013 ls995">financial </span><span class="pp-class-236 pa t39009 l39014 ls713">statements </span><span class="pp-class-236 pa t39009 l39015 ls98">of </span><span class="pp-class-236 pa t39009 l39016 ls544">each </span><span class="pp-class-236 pa t39009 l39017 ls98">of </span><span class="pp-class-236 pa t39009 l39018 ls572">the </span><span class="pp-class-236 pa t39009 l39019 ls2848">Group’s </span><span class="pp-class-236 pa t39009 l39020 ls541">enterprises </span><span class="pp-class-236 pa t39009 l39021 ls2808">are </span><span class="pp-class-236 pa t39009 l39022 ls3855">measured </span><span class="pp-class-236 pa t39009 l39023 ls538">using </span><span class="pp-class-236 pa t39009 l39024 ls184">the </span><span class="pp-class-236 pa t39025 l3 ls278">functional </span><span class="pp-class-236 pa t39025 l19171 ls2245">currency </span><span class="pp-class-236 pa t39025 l39026 ls98">of </span><span class="pp-class-236 pa t39025 l39027 ls651">the </span><span class="pp-class-236 pa t39025 l39028 ls534">primary </span><span class="pp-class-236 pa t39025 l39029 ls1751">economic </span><span class="pp-class-236 pa t39025 l39030 ls681">environment </span><span class="pp-class-236 pa t39025 l39031 ls811">in </span><span class="pp-class-236 pa t39025 l39032 ls538">which </span><span class="pp-class-236 pa t39025 l39033 ls651">the </span><span class="pp-class-236 pa t39025 l39034 ls541">enterprise </span><span class="pp-class-236 pa t39025 l39035 ls2245">operates. </span><span class="pp-class-236 pa t39025 l39036 ls572">The </span><span class="pp-class-236 pa t39025 l39037 ls551">consolidated </span><span class="pp-class-236 pa t39038 l3 ls995">financial </span><span class="pp-class-236 pa t39038 l1599 ls713">statements </span><span class="pp-class-236 pa t39038 l39039 ls2808">are </span><span class="pp-class-236 pa t39038 l39040 ls7086">presented </span><span class="pp-class-236 pa t39038 l39041 ls811">in </span><span class="pp-class-236 pa t39038 l16922 ls1764">Danish </span><span class="pp-class-236 pa t39038 l39042 ls2197">Kroner </span><span class="pp-class-236 pa t39038 l39043 ls538">(DKK).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t39044 l3 ls3431">Translation </span><span class="pp-class-239 pa t39044 l39045 ls98">of </span><span class="pp-class-239 pa t39044 l39046 ls691">transactions </span><span class="pp-class-239 pa t39044 l39047 ls651">and </span><span class="pp-class-239 pa t39044 l39048 ls2036">balances</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39049 l3 ls811">On </span><span class="pp-class-236 pa t39049 l38479 ls2036">initial </span><span class="pp-class-236 pa t39049 l39050 ls2207">recognition, </span><span class="pp-class-236 pa t39049 l9083 ls4558">foreign </span><span class="pp-class-236 pa t39049 l39051 ls2245">currency </span><span class="pp-class-236 pa t39049 l39052 ls691">transactions </span><span class="pp-class-236 pa t39049 l39053 ls2808">are </span><span class="pp-class-236 pa t39049 l39054 ls1815">translated </span><span class="pp-class-236 pa t39049 l39055 ls546">into </span><span class="pp-class-236 pa t39049 l39056 ls572">the </span><span class="pp-class-236 pa t39049 l39057 ls278">functional </span><span class="pp-class-236 pa t39049 l39058 ls2245">currency </span><span class="pp-class-236 pa t39049 l39059 ls538">using </span><span class="pp-class-236 pa t39049 l39060 ls184">the </span><span class="pp-class-236 pa t39061 l3 ls11713">exchange </span><span class="pp-class-236 pa t39061 l35099 ls8384">rate </span><span class="pp-class-236 pa t39061 l39062 ls11713">prevailing </span><span class="pp-class-236 pa t39061 l39063 ls2197">at </span><span class="pp-class-236 pa t39061 l39064 ls651">the </span><span class="pp-class-236 pa t39061 l39065 ls7086">date </span><span class="pp-class-236 pa t39061 l39066 ls98">of </span><span class="pp-class-236 pa t39061 l18368 ls691">transaction. </span><span class="pp-class-236 pa t39061 l39067 ls2245">Currency </span><span class="pp-class-236 pa t39061 l39068 ls538">gains </span><span class="pp-class-236 pa t39061 l39069 ls572">and </span><span class="pp-class-236 pa t39061 l39070 ls1764">losses </span><span class="pp-class-236 pa t39061 l39071 ls2969">resulting </span><span class="pp-class-236 pa t39061 l39072 ls877">from </span><span class="pp-class-236 pa t39061 l39073 ls572">the </span><span class="pp-class-236 pa t39061 l39074 ls667">settlement </span><span class="pp-class-236 pa t39061 l39075 ls197">of </span><span class="pp-class-236 pa t39076 l3 ls538">these </span><span class="pp-class-236 pa t39076 l38723 ls691">transactions </span><span class="pp-class-236 pa t39076 l2060 ls811">as </span><span class="pp-class-236 pa t39076 l28418 ls8048">well </span><span class="pp-class-236 pa t39076 l3043 ls811">as </span><span class="pp-class-236 pa t39076 l39077 ls877">from </span><span class="pp-class-236 pa t39076 l39078 ls651">the </span><span class="pp-class-236 pa t39076 l39079 ls2969">translation </span><span class="pp-class-236 pa t39076 l39080 ls2197">at </span><span class="pp-class-236 pa t39076 l39081 ls1775">year-end </span><span class="pp-class-236 pa t39076 l39082 ls11713">exchange </span><span class="pp-class-236 pa t39076 l39083 ls2816">rates </span><span class="pp-class-236 pa t39076 l39084 ls98">of </span><span class="pp-class-236 pa t39076 l39085 ls1751">monetary </span><span class="pp-class-236 pa t39076 l39086 ls179">assets </span><span class="pp-class-236 pa t39076 l39087 ls184">and </span><span class="pp-class-236 pa t39088 l3 ls625">liabilities </span><span class="pp-class-236 pa t39088 l39089 ls1780">denominated </span><span class="pp-class-236 pa t39088 l28456 ls811">in </span><span class="pp-class-236 pa t39088 l17278 ls4558">foreign </span><span class="pp-class-236 pa t39088 l39090 ls667">currencies </span><span class="pp-class-236 pa t39088 l39091 ls2808">are </span><span class="pp-class-236 pa t39088 l39092 ls667">recognised </span><span class="pp-class-236 pa t39088 l39093 ls811">in </span><span class="pp-class-236 pa t39088 l39094 ls651">the </span><span class="pp-class-236 pa t39088 l39095 ls1764">income </span><span class="pp-class-236 pa t39088 l39096 ls556">statement </span><span class="pp-class-236 pa t39088 l39097 ls811">as </span><span class="pp-class-236 pa t39088 l38564 ls995">financial </span><span class="pp-class-236 pa t39088 l39098 ls1764">income </span><span class="pp-class-236 pa t39088 l39099 ls1547">or </span><span class="pp-class-236 pa t39100 l3 ls2222">cost </span><span class="pp-class-236 pa t39100 l39101 ls3292">except </span><span class="pp-class-236 pa t39100 l13278 ls2222">when </span><span class="pp-class-236 pa t39100 l28555 ls5781">deferred </span><span class="pp-class-236 pa t39100 l27369 ls811">in </span><span class="pp-class-236 pa t39100 l29172 ls1764">equity </span><span class="pp-class-236 pa t39100 l39102 ls811">as </span><span class="pp-class-236 pa t39100 l39103 ls538">qualifying </span><span class="pp-class-236 pa t39100 l5218 ls553">for </span><span class="pp-class-236 pa t39100 l39104 ls2222">cash </span><span class="pp-class-236 pa t39100 l39105 ls8048">flow </span><span class="pp-class-236 pa t39100 l39106 ls1764">hedges.</span></p></div></div><div id="pp-id-5231" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h39107 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l3 ls2245">Currency </span><span class="pp-class-236 pa t283 l39108 ls538">gains </span><span class="pp-class-236 pa t283 l39109 ls651">and </span><span class="pp-class-236 pa t283 l39110 ls1764">losses </span><span class="pp-class-236 pa t283 l39111 ls811">on </span><span class="pp-class-236 pa t283 l39112 ls696">non-monetary </span><span class="pp-class-236 pa t283 l39113 ls625">items </span><span class="pp-class-236 pa t283 l39114 ls667">recognised </span><span class="pp-class-236 pa t283 l39115 ls2197">at </span><span class="pp-class-236 pa t283 l39116 ls553">fair </span><span class="pp-class-236 pa t283 l39117 ls1775">value, </span><span class="pp-class-236 pa t283 l39118 ls2222">such </span><span class="pp-class-236 pa t283 l39119 ls811">as </span><span class="pp-class-236 pa t283 l39120 ls562">securities </span><span class="pp-class-236 pa t283 l39121 ls3855">measured </span><span class="pp-class-236 pa t283 l39122 ls995">at </span><span class="pp-class-236 pa t38325 l3 ls544">Fair </span><span class="pp-class-236 pa t38325 l39123 ls2197">value </span><span class="pp-class-236 pa t38325 l39124 ls556">through </span><span class="pp-class-236 pa t38325 l14099 ls681">profit </span><span class="pp-class-236 pa t38325 l28952 ls651">and </span><span class="pp-class-236 pa t38325 l28285 ls2222">loss </span><span class="pp-class-236 pa t38325 l39125 ls94">(FVTPL), </span><span class="pp-class-236 pa t38325 l39126 ls2808">are </span><span class="pp-class-236 pa t38325 l39127 ls667">recognised </span><span class="pp-class-236 pa t38325 l39128 ls811">in </span><span class="pp-class-236 pa t38325 l39129 ls572">the </span><span class="pp-class-236 pa t38325 l39130 ls2222">same </span><span class="pp-class-236 pa t38325 l39131 ls2222">line </span><span class="pp-class-236 pa t38325 l39132 ls995">item </span><span class="pp-class-236 pa t38325 l39133 ls811">as </span><span class="pp-class-236 pa t38325 l39134 ls651">the </span><span class="pp-class-236 pa t38325 l39135 ls553">fair </span><span class="pp-class-236 pa t38325 l39136 ls2197">value </span><span class="pp-class-236 pa t38325 l39137 ls2222">gain </span><span class="pp-class-236 pa t38325 l39138 ls811">or </span><span class="pp-class-236 pa t38325 l39139 ls2222">loss.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38356 l3 ls548">Non-current </span><span class="pp-class-236 pa t38356 l21955 ls179">assets </span><span class="pp-class-236 pa t38356 l39140 ls4276">acquired </span><span class="pp-class-236 pa t38356 l39141 ls811">in </span><span class="pp-class-236 pa t38356 l39142 ls4558">foreign </span><span class="pp-class-236 pa t38356 l39143 ls2245">currency </span><span class="pp-class-236 pa t38356 l39144 ls2808">are </span><span class="pp-class-236 pa t38356 l39145 ls1815">translated </span><span class="pp-class-236 pa t38356 l24234 ls2197">at </span><span class="pp-class-236 pa t38356 l39146 ls572">the </span><span class="pp-class-236 pa t38356 l39147 ls11713">exchange </span><span class="pp-class-236 pa t38356 l39148 ls8384">rate </span><span class="pp-class-236 pa t38356 l39149 ls11713">prevailing </span><span class="pp-class-236 pa t38356 l39150 ls2197">at </span><span class="pp-class-236 pa t38356 l39151 ls572">the </span><span class="pp-class-236 pa t38356 l39152 ls7086">date </span><span class="pp-class-236 pa t38356 l39153 ls197">of </span><span class="pp-class-236 pa t38370 l3 ls544">acquisition. </span><span class="pp-class-236 pa t38370 l39154 ls538">Gains </span><span class="pp-class-236 pa t38370 l39155 ls651">and </span><span class="pp-class-236 pa t38370 l39156 ls1764">losses </span><span class="pp-class-236 pa t38370 l39157 ls811">on </span><span class="pp-class-236 pa t38370 l39158 ls1764">hedges </span><span class="pp-class-236 pa t38370 l39159 ls1131">relating </span><span class="pp-class-236 pa t38370 l39160 ls538">to </span><span class="pp-class-236 pa t38370 l39161 ls651">the </span><span class="pp-class-236 pa t38370 l39162 ls544">acquisition </span><span class="pp-class-236 pa t38370 l39163 ls98">of </span><span class="pp-class-236 pa t38370 l39164 ls548">non-current </span><span class="pp-class-236 pa t38370 l39165 ls179">assets </span><span class="pp-class-236 pa t38370 l39166 ls2808">are </span><span class="pp-class-236 pa t38370 l39167 ls667">recognised </span><span class="pp-class-236 pa t38370 l39168 ls1547">as </span><span class="pp-class-236 pa t38598 l3 ls875">part </span><span class="pp-class-236 pa t38598 l39169 ls98">of </span><span class="pp-class-236 pa t38598 l39170 ls651">the </span><span class="pp-class-236 pa t38598 l39171 ls2197">value </span><span class="pp-class-236 pa t38598 l31599 ls98">of </span><span class="pp-class-236 pa t38598 l39172 ls651">the </span><span class="pp-class-236 pa t38598 l39173 ls548">non-current </span><span class="pp-class-236 pa t38598 l39174 ls949">asset </span><span class="pp-class-236 pa t38598 l39175 ls2197">at </span><span class="pp-class-236 pa t38598 l39176 ls651">its </span><span class="pp-class-236 pa t38598 l39177 ls2036">initial </span><span class="pp-class-236 pa t38598 l39178 ls838">recognition.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t38394 l3 ls3431">Translation </span><span class="pp-class-239 pa t38394 l39045 ls98">of </span><span class="pp-class-239 pa t38394 l39046 ls625">subsidiaries</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls811">In </span><span class="pp-class-236 pa t38413 l38573 ls651">the </span><span class="pp-class-236 pa t38413 l17996 ls731">consolidated </span><span class="pp-class-236 pa t38413 l38949 ls995">financial </span><span class="pp-class-236 pa t38413 l31385 ls2889">statements, </span><span class="pp-class-236 pa t38413 l38950 ls651">the </span><span class="pp-class-236 pa t38413 l38951 ls1764">Income </span><span class="pp-class-236 pa t38413 l39179 ls556">statement </span><span class="pp-class-236 pa t38413 l39180 ls625">items </span><span class="pp-class-236 pa t38413 l39181 ls98">of </span><span class="pp-class-236 pa t38413 l33590 ls4248">subsidiaries </span><span class="pp-class-236 pa t38413 l39182 ls2222">with </span><span class="pp-class-236 pa t38413 l39183 ls184">a </span><span class="pp-class-236 pa t38413 l39184 ls536">functional </span><span class="pp-class-236 pa t38629 l3 ls2245">currency </span><span class="pp-class-236 pa t38629 l39185 ls2270">different </span><span class="pp-class-236 pa t38629 l31149 ls877">from </span><span class="pp-class-236 pa t38629 l39186 ls651">DKK </span><span class="pp-class-236 pa t38629 l39187 ls2808">are </span><span class="pp-class-236 pa t38629 l39188 ls1815">translated </span><span class="pp-class-236 pa t38629 l28558 ls2197">at </span><span class="pp-class-236 pa t38629 l39189 ls651">the </span><span class="pp-class-236 pa t38629 l39190 ls2894">average </span><span class="pp-class-236 pa t38629 l39191 ls11713">exchange </span><span class="pp-class-236 pa t38629 l39192 ls3844">rate, </span><span class="pp-class-236 pa t38629 l39193 ls538">while </span><span class="pp-class-236 pa t38629 l39194 ls572">the </span><span class="pp-class-236 pa t38629 l39195 ls2036">balance </span><span class="pp-class-236 pa t38629 l39196 ls949">sheet </span><span class="pp-class-236 pa t38629 l39197 ls625">items </span><span class="pp-class-236 pa t38629 l39198 ls667">are </span><span class="pp-class-236 pa t38426 l3 ls1815">translated </span><span class="pp-class-236 pa t38426 l39199 ls2197">at </span><span class="pp-class-236 pa t38426 l39200 ls651">the </span><span class="pp-class-236 pa t38426 l39201 ls11713">exchange </span><span class="pp-class-236 pa t38426 l39202 ls2816">rates </span><span class="pp-class-236 pa t38426 l39203 ls2197">at </span><span class="pp-class-236 pa t38426 l39204 ls572">the </span><span class="pp-class-236 pa t38426 l39205 ls651">end </span><span class="pp-class-236 pa t38426 l39206 ls98">of </span><span class="pp-class-236 pa t38426 l39207 ls572">the </span><span class="pp-class-236 pa t38426 l39208 ls30">reporting </span><span class="pp-class-236 pa t38426 l39209 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38439 l3 ls877">Foreign </span><span class="pp-class-236 pa t38439 l39210 ls11713">exchange </span><span class="pp-class-236 pa t38439 l31618 ls4787">differences </span><span class="pp-class-236 pa t38439 l39211 ls2036">arising </span><span class="pp-class-236 pa t38439 l39212 ls811">on </span><span class="pp-class-236 pa t38439 l39213 ls2969">translation </span><span class="pp-class-236 pa t38439 l39214 ls98">of </span><span class="pp-class-236 pa t38439 l39215 ls2222">such </span><span class="pp-class-236 pa t38439 l39216 ls625">subsidiaries’ </span><span class="pp-class-236 pa t38439 l39217 ls1764">equity </span><span class="pp-class-236 pa t38439 l39218 ls2197">at </span><span class="pp-class-236 pa t38439 l39219 ls572">the </span><span class="pp-class-236 pa t38439 l39220 ls995">beginning </span><span class="pp-class-236 pa t38439 l39221 ls98">of </span><span class="pp-class-236 pa t38439 l39222 ls184">the </span><span class="pp-class-236 pa t38453 l3 ls30">reporting </span><span class="pp-class-236 pa t38453 l39223 ls1764">period </span><span class="pp-class-236 pa t38453 l39224 ls538">to </span><span class="pp-class-236 pa t38453 l28841 ls572">the </span><span class="pp-class-236 pa t38453 l39225 ls11713">exchange </span><span class="pp-class-236 pa t38453 l39226 ls2816">rates </span><span class="pp-class-236 pa t38453 l39227 ls2197">at </span><span class="pp-class-236 pa t38453 l39228 ls651">the </span><span class="pp-class-236 pa t38453 l39229 ls651">end </span><span class="pp-class-236 pa t38453 l17171 ls98">of </span><span class="pp-class-236 pa t38453 l39230 ls651">the </span><span class="pp-class-236 pa t38453 l39231 ls30">reporting </span><span class="pp-class-236 pa t38453 l39232 ls1764">period </span><span class="pp-class-236 pa t38453 l39233 ls572">and </span><span class="pp-class-236 pa t38453 l39234 ls811">on </span><span class="pp-class-236 pa t38453 l39235 ls2969">translation </span><span class="pp-class-236 pa t38453 l39236 ls98">of </span><span class="pp-class-236 pa t38453 l39237 ls651">the </span><span class="pp-class-236 pa t38453 l39238 ls1792">income </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls877">from </span><span class="pp-class-236 pa t38465 l39239 ls2894">average </span><span class="pp-class-236 pa t38465 l39240 ls11713">exchange </span><span class="pp-class-236 pa t38465 l39241 ls2816">rates </span><span class="pp-class-236 pa t38465 l17247 ls538">to </span><span class="pp-class-236 pa t38465 l39242 ls572">the </span><span class="pp-class-236 pa t38465 l26866 ls11713">exchange </span><span class="pp-class-236 pa t38465 l35446 ls2816">rates </span><span class="pp-class-236 pa t38465 l39243 ls2197">at </span><span class="pp-class-236 pa t38465 l39244 ls651">the </span><span class="pp-class-236 pa t38465 l39245 ls572">end </span><span class="pp-class-236 pa t38465 l39246 ls98">of </span><span class="pp-class-236 pa t38465 l39247 ls572">the </span><span class="pp-class-236 pa t38465 l39248 ls30">reporting </span><span class="pp-class-236 pa t38465 l39249 ls1764">period </span><span class="pp-class-236 pa t38465 l35505 ls667">are </span><span class="pp-class-236 pa t38476 l3 ls667">recognised </span><span class="pp-class-236 pa t38476 l39250 ls811">in </span><span class="pp-class-236 pa t38476 l39251 ls949">other </span><span class="pp-class-236 pa t38476 l39252 ls681">comprehensive </span><span class="pp-class-236 pa t38476 l6001 ls1764">income </span><span class="pp-class-236 pa t38476 l39253 ls572">and </span><span class="pp-class-236 pa t38476 l39254 ls691">attributed </span><span class="pp-class-236 pa t38476 l39255 ls538">to </span><span class="pp-class-236 pa t38476 l39256 ls184">a </span><span class="pp-class-236 pa t38476 l39257 ls4017">separate </span><span class="pp-class-236 pa t38476 l39258 ls2969">translation </span><span class="pp-class-236 pa t38476 l39259 ls2969">reserve </span><span class="pp-class-236 pa t38476 l39260 ls538">under </span><span class="pp-class-236 pa t38476 l39261 ls4284">equity. </span><span class="pp-class-236 pa t38476 l39262 ls184">The </span><span class="pp-class-236 pa t38693 l3 ls11713">exchange </span><span class="pp-class-236 pa t38693 l35099 ls8384">rate </span><span class="pp-class-236 pa t38693 l39062 ls30">adjustment </span><span class="pp-class-236 pa t38693 l39263 ls811">is </span><span class="pp-class-236 pa t38693 l27393 ls2207">allocated </span><span class="pp-class-236 pa t38693 l39264 ls713">between </span><span class="pp-class-236 pa t38693 l39265 ls651">the </span><span class="pp-class-236 pa t38693 l39266 ls2687">Parent </span><span class="pp-class-236 pa t38693 l39267 ls2969">company’s </span><span class="pp-class-236 pa t38693 l39268 ls572">and </span><span class="pp-class-236 pa t38693 l39269 ls651">the </span><span class="pp-class-236 pa t38693 l39270 ls630">non-controlling </span><span class="pp-class-236 pa t38693 l39271 ls556">interests’ </span><span class="pp-class-236 pa t38693 l39272 ls1780">share </span><span class="pp-class-236 pa t38478 l3 ls98">of </span><span class="pp-class-236 pa t38478 l39273 ls7832">equity.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t39274 l3 ls1465">Report </span><span class="pp-class-246 pa t39274 l14327">under </span><span class="pp-class-246 pa t39274 l32013">the </span><span class="pp-class-246 pa t39274 l39275">ESEF </span><span class="pp-class-246 pa t39274 l9196 ls247">regulation</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39276 l3 ls651">The </span><span class="pp-class-236 pa t39276 l38379 ls562">Commission </span><span class="pp-class-236 pa t39276 l39277 ls2207">Delegated </span><span class="pp-class-236 pa t39276 l39278 ls1404">Regulation </span><span class="pp-class-236 pa t39276 l21542 ls2222">(EU) </span><span class="pp-class-236 pa t39276 l39279 ls1751">2019/815 </span><span class="pp-class-236 pa t39276 l39280 ls811">on </span><span class="pp-class-236 pa t39276 l18196 ls651">the </span><span class="pp-class-236 pa t39276 l17939 ls3855">European </span><span class="pp-class-236 pa t39276 l39281 ls1764">Single </span><span class="pp-class-236 pa t39276 l39282 ls567">Electronic </span><span class="pp-class-236 pa t39276 l39283 ls681">Format </span><span class="pp-class-236 pa t39276 l39284 ls811">(ESEF </span><span class="pp-class-236 pa t39285 l3 ls1404">Regulation) </span><span class="pp-class-236 pa t39285 l39286 ls651">has </span><span class="pp-class-236 pa t39285 l34943 ls2889">introduced </span><span class="pp-class-236 pa t39285 l10675 ls184">a </span><span class="pp-class-236 pa t39285 l39287 ls1764">single </span><span class="pp-class-236 pa t39285 l34736 ls567">electronic </span><span class="pp-class-236 pa t39285 l39288 ls30">reporting </span><span class="pp-class-236 pa t39285 l39289 ls691">format </span><span class="pp-class-236 pa t39285 l39290 ls553">for </span><span class="pp-class-236 pa t39285 l39291 ls572">the </span><span class="pp-class-236 pa t39285 l39292 ls1764">annual </span><span class="pp-class-236 pa t39285 l39293 ls995">financial </span><span class="pp-class-236 pa t39285 l39294 ls558">reports </span><span class="pp-class-236 pa t39285 l39295 ls98">of </span><span class="pp-class-236 pa t39285 l39296 ls2036">issuers </span><span class="pp-class-236 pa t39285 l39297 ls967">with </span><span class="pp-class-236 pa t39298 l3 ls562">securities </span><span class="pp-class-236 pa t39298 l1650 ls747">listed </span><span class="pp-class-236 pa t39298 l36310 ls811">on </span><span class="pp-class-236 pa t39298 l39299 ls651">the </span><span class="pp-class-236 pa t39298 l39300 ls811">EU </span><span class="pp-class-236 pa t39298 l39301 ls2245">regulated </span><span class="pp-class-236 pa t39298 l39302 ls556">markets. </span><span class="pp-class-236 pa t39298 l39303 ls572">The </span><span class="pp-class-236 pa t39298 l39304 ls2848">Group’s </span><span class="pp-class-236 pa t39298 l39305 ls131">iXBRL </span><span class="pp-class-236 pa t39298 l39306 ls1780">tags </span><span class="pp-class-236 pa t39298 l39307 ls110">have </span><span class="pp-class-236 pa t39298 l39308 ls2222">been </span><span class="pp-class-236 pa t39298 l39309 ls11713">prepared </span><span class="pp-class-236 pa t39298 l39310 ls811">in </span><span class="pp-class-236 pa t39298 l39311 ls7086">accordance </span><span class="pp-class-236 pa t39298 l39312 ls967">with </span><span class="pp-class-236 pa t39313 l3 ls651">the </span><span class="pp-class-236 pa t39313 l28221 ls2222">ESEF </span><span class="pp-class-236 pa t39313 l39314 ls2846">taxonomy, </span><span class="pp-class-236 pa t39313 l39315 ls538">which </span><span class="pp-class-236 pa t39313 l39316 ls811">is </span><span class="pp-class-236 pa t39313 l39317 ls179">included </span><span class="pp-class-236 pa t39313 l39318 ls811">in </span><span class="pp-class-236 pa t39313 l39319 ls651">the </span><span class="pp-class-236 pa t39313 l39320 ls2222">ESEF </span><span class="pp-class-236 pa t39313 l39321 ls1404">Regulation </span><span class="pp-class-236 pa t39313 l39322 ls572">and </span><span class="pp-class-236 pa t39313 l39323 ls1463">developed </span><span class="pp-class-236 pa t39313 l39324 ls538">based </span><span class="pp-class-236 pa t39313 l39325 ls811">on </span><span class="pp-class-236 pa t39313 l39326 ls651">the </span><span class="pp-class-236 pa t39313 l39327 ls1369">IFRS </span><span class="pp-class-236 pa t39313 l39328 ls524">accounting </span><span class="pp-class-236 pa t39329 l3 ls4807">taxonomy </span><span class="pp-class-236 pa t39329 l39330 ls995">published </span><span class="pp-class-236 pa t39329 l39331 ls706">by </span><span class="pp-class-236 pa t39329 l39332 ls651">the </span><span class="pp-class-236 pa t39329 l39333 ls1369">IFRS </span><span class="pp-class-236 pa t39329 l39334 ls616">Foundation. </span><span class="pp-class-236 pa t39329 l39335 ls572">The </span><span class="pp-class-236 pa t39329 l39336 ls1764">Annual </span><span class="pp-class-236 pa t39329 l39337 ls811">Report </span><span class="pp-class-236 pa t39329 l39338 ls560">submitted </span><span class="pp-class-236 pa t39329 l39339 ls538">to </span><span class="pp-class-236 pa t39329 l39340 ls572">the </span><span class="pp-class-236 pa t39329 l39341 ls1764">Danish </span><span class="pp-class-236 pa t39329 l39342 ls995">Financial </span><span class="pp-class-236 pa t39329 l24377 ls587">Supervisory </span><span class="pp-class-236 pa t39343 l3 ls1404">Authority </span><span class="pp-class-236 pa t39343 l39108 ls2222">(the </span><span class="pp-class-236 pa t39343 l39344 ls2197">Officially </span><span class="pp-class-236 pa t39343 l39345 ls530">Appointed </span><span class="pp-class-236 pa t39343 l39346 ls562">Mechanism) </span><span class="pp-class-236 pa t39343 l39347 ls1751">consists </span><span class="pp-class-236 pa t39343 l39348 ls98">of </span><span class="pp-class-236 pa t39343 l39349 ls651">the </span><span class="pp-class-236 pa t39343 l39350 ls538">XHTML </span><span class="pp-class-236 pa t39343 l39351 ls4248">document </span><span class="pp-class-236 pa t39343 l39352 ls553">together </span><span class="pp-class-236 pa t39343 l39353 ls2222">with </span><span class="pp-class-236 pa t39343 l39354 ls651">the </span><span class="pp-class-236 pa t39343 l39355 ls696">technical </span><span class="pp-class-236 pa t39356 l3 ls1764">files, </span><span class="pp-class-236 pa t39356 l39357 ls651">all </span><span class="pp-class-236 pa t39356 l39358 ls98">of </span><span class="pp-class-236 pa t39356 l11342 ls538">which </span><span class="pp-class-236 pa t39356 l39359 ls2808">are </span><span class="pp-class-236 pa t39356 l39360 ls179">included </span><span class="pp-class-236 pa t39356 l39361 ls811">in </span><span class="pp-class-236 pa t39356 l39362 ls572">the </span><span class="pp-class-236 pa t39356 l39363 ls651">ZIP </span><span class="pp-class-236 pa t39356 l39364 ls2222">file </span><span class="pp-class-236 pa t39356 l39365 ls3151">DFDS-2025-12-31-en.zip.</span></p></div></div><div class="pp-class-10" id="pp-id-5232" xmlns="http://www.w3.org/1999/xhtml"><div class="w16651 h39367 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">1.2 </span><span class="pp-class-234 pa t1122 l38307 ls551">New </span><span class="pp-class-234 pa t1122 l39368 ls135">accounting </span><span class="pp-class-234 pa t1122 l39369">policies </span><span class="pp-class-234 pa t1122 l39370">and </span><span class="pp-class-234 pa t1122 l39371 ls203">disclosures</span></p></div></div><div class="pp-class-10" id="pp-id-5233" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h39107 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t283 l3 ls1815">New </span><span class="pp-class-237 pa t283 l39372 ls2207">International </span><span class="pp-class-237 pa t283 l39373 ls995">Financial </span><span class="pp-class-237 pa t283 l39374 ls1369">Reporting </span><span class="pp-class-237 pa t283 l39375 ls30">Standards </span><span class="pp-class-237 pa t283 l39376 ls572">and </span><span class="pp-class-237 pa t283 l39377 ls4787">Interpretations</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls1404">Accounting </span><span class="pp-class-236 pa t38325 l38310 ls758">pronouncements, </span><span class="pp-class-236 pa t38325 l39378 ls538">which </span><span class="pp-class-236 pa t38325 l39379 ls110">have </span><span class="pp-class-236 pa t38325 l39380 ls1764">become </span><span class="pp-class-236 pa t38325 l39381 ls706">effective </span><span class="pp-class-236 pa t38325 l39382 ls877">from </span><span class="pp-class-236 pa t38325 l39383 ls184">1 </span><span class="pp-class-236 pa t38325 l39384 ls534">January </span><span class="pp-class-236 pa t38325 l39385 ls2222">2025 </span><span class="pp-class-236 pa t38325 l39386 ls651">and </span><span class="pp-class-236 pa t38325 l39387 ls110">have </span><span class="pp-class-236 pa t38325 l39388 ls6146">therefore </span><span class="pp-class-236 pa t38325 l39389 ls967">been </span><span class="pp-class-236 pa t38337 l3 ls667">adopted </span><span class="pp-class-236 pa t38337 l38395 ls706">by </span><span class="pp-class-236 pa t38337 l14191 ls651">the </span><span class="pp-class-236 pa t38337 l38396 ls706">Group </span><span class="pp-class-236 pa t38337 l39390 ls811">do </span><span class="pp-class-236 pa t38337 l13303 ls4248">not </span><span class="pp-class-236 pa t38337 l39391 ls110">have </span><span class="pp-class-236 pa t38337 l39392 ls184">a </span><span class="pp-class-236 pa t38337 l39393 ls524">significant </span><span class="pp-class-236 pa t38337 l39394 ls1780">impact </span><span class="pp-class-236 pa t38337 l39395 ls811">on </span><span class="pp-class-236 pa t38337 l39396 ls651">the </span><span class="pp-class-236 pa t38337 l39397 ls2848">Group’s </span><span class="pp-class-236 pa t38337 l39398 ls995">financial </span><span class="pp-class-236 pa t38337 l39399 ls1815">results </span><span class="pp-class-236 pa t38337 l39400 ls811">or </span><span class="pp-class-236 pa t38337 l39401 ls2222">position. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t38370 l3 ls1815">New </span><span class="pp-class-237 pa t38370 l39372 ls30">standards </span><span class="pp-class-237 pa t38370 l39402 ls651">and </span><span class="pp-class-237 pa t38370 l39403 ls567">interpretations </span><span class="pp-class-237 pa t38370 l39404 ls670">not </span><span class="pp-class-237 pa t38370 l39405 ls4017">yet </span><span class="pp-class-237 pa t38370 l39406 ls168">adopted</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38598 l3 ls651">The </span><span class="pp-class-236 pa t38598 l38379 ls530">IASB </span><span class="pp-class-236 pa t38598 l39407 ls651">has </span><span class="pp-class-236 pa t38598 l39408 ls1764">issued </span><span class="pp-class-236 pa t38598 l39409 ls2036">amended </span><span class="pp-class-236 pa t38598 l31584 ls567">standards </span><span class="pp-class-236 pa t38598 l39410 ls651">and </span><span class="pp-class-236 pa t38598 l38846 ls1775">interpretations </span><span class="pp-class-236 pa t38598 l39411 ls2222">with </span><span class="pp-class-236 pa t38598 l39412 ls706">effective </span><span class="pp-class-236 pa t38598 l39413 ls7086">date </span><span class="pp-class-236 pa t38598 l39414 ls2222">post </span><span class="pp-class-236 pa t38598 l39415 ls811">31 </span><span class="pp-class-236 pa t38598 l39416 ls1751">December </span><span class="pp-class-236 pa t38598 l39417 ls7468">2025, </span><span class="pp-class-236 pa t38378 l3 ls2222">some </span><span class="pp-class-236 pa t38378 l5574 ls98">of </span><span class="pp-class-236 pa t38378 l14132 ls538">which </span><span class="pp-class-236 pa t38378 l39418 ls110">have </span><span class="pp-class-236 pa t38378 l39419 ls4248">not </span><span class="pp-class-236 pa t38378 l33770 ls2245">yet </span><span class="pp-class-236 pa t38378 l39420 ls2222">been </span><span class="pp-class-236 pa t38378 l39421 ls1751">endorsed </span><span class="pp-class-236 pa t38378 l39422 ls706">by </span><span class="pp-class-236 pa t38378 l39423 ls651">the </span><span class="pp-class-236 pa t38378 l39424 ls4787">EU. </span><span class="pp-class-236 pa t38378 l39425 ls651">The </span><span class="pp-class-236 pa t38378 l39426 ls556">new </span><span class="pp-class-236 pa t38378 l39427 ls572">and </span><span class="pp-class-236 pa t38378 l39428 ls2036">amended </span><span class="pp-class-236 pa t38378 l39429 ls567">standards </span><span class="pp-class-236 pa t38378 l39430 ls651">and </span><span class="pp-class-236 pa t38378 l39431 ls706">interpretations </span><span class="pp-class-236 pa t38394 l3 ls2808">are </span><span class="pp-class-236 pa t38394 l38371 ls4248">not </span><span class="pp-class-236 pa t38394 l39432 ls544">mandatory </span><span class="pp-class-236 pa t38394 l13232 ls553">for </span><span class="pp-class-236 pa t38394 l39433 ls651">the </span><span class="pp-class-236 pa t38394 l39434 ls995">financial </span><span class="pp-class-236 pa t38394 l39435 ls30">reporting </span><span class="pp-class-236 pa t38394 l39436 ls553">for </span><span class="pp-class-236 pa t38394 l39437 ls2565">2025. </span><span class="pp-class-236 pa t38394 l39438 ls651">The </span><span class="pp-class-236 pa t38394 l39439 ls706">Group </span><span class="pp-class-236 pa t38394 l39440 ls603">expects </span><span class="pp-class-236 pa t38394 l15610 ls538">to </span><span class="pp-class-236 pa t38394 l39441 ls758">adopt </span><span class="pp-class-236 pa t38394 l39442 ls651">the </span><span class="pp-class-236 pa t38394 l39443 ls567">Standards </span><span class="pp-class-236 pa t38394 l39444 ls184">and </span><span class="pp-class-236 pa t38413 l3 ls1775">Interpretations </span><span class="pp-class-236 pa t38413 l39445 ls2222">when </span><span class="pp-class-236 pa t38413 l17897 ls8048">they </span><span class="pp-class-236 pa t38413 l17553 ls1764">become </span><span class="pp-class-236 pa t38413 l39446 ls6824">mandatory. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38426 l3 ls1369">IFRS </span><span class="pp-class-236 pa t38426 l39447 ls278">18 </span><span class="pp-class-236 pa t38426 l39448 ls1687">Presentation </span><span class="pp-class-236 pa t38426 l39449 ls651">and </span><span class="pp-class-236 pa t38426 l39450 ls667">Disclosure </span><span class="pp-class-236 pa t38426 l39451 ls811">in </span><span class="pp-class-236 pa t38426 l39452 ls995">Financial </span><span class="pp-class-236 pa t38426 l39453 ls713">Statements </span><span class="pp-class-236 pa t38426 l39454 ls1764">issued </span><span class="pp-class-236 pa t38426 l39455 ls811">in </span><span class="pp-class-236 pa t38426 l39456 ls538">April </span><span class="pp-class-236 pa t38426 l39308 ls556">2024 </span><span class="pp-class-236 pa t38426 l39457 ls2565">(effective </span><span class="pp-class-236 pa t38426 l39458 ls553">for </span><span class="pp-class-236 pa t38426 l39459 ls1764">annual </span><span class="pp-class-236 pa t38426 l39460 ls651">periods </span><span class="pp-class-236 pa t38428 l3 ls995">beginning </span><span class="pp-class-236 pa t38428 l39461 ls811">on </span><span class="pp-class-236 pa t38428 l39462 ls811">or </span><span class="pp-class-236 pa t38428 l39463 ls168">after </span><span class="pp-class-236 pa t38428 l39464 ls184">1 </span><span class="pp-class-236 pa t38428 l39465 ls534">January </span><span class="pp-class-236 pa t38428 l39466 ls278">2027) </span><span class="pp-class-236 pa t38428 l39467 ls2222">will </span><span class="pp-class-236 pa t38428 l39468 ls4248">not </span><span class="pp-class-236 pa t38428 l39469 ls1780">impact </span><span class="pp-class-236 pa t38428 l39470 ls572">the </span><span class="pp-class-236 pa t38428 l39471 ls838">recognition </span><span class="pp-class-236 pa t38428 l39472 ls811">or </span><span class="pp-class-236 pa t38428 l39473 ls8048">measurement </span><span class="pp-class-236 pa t38428 l39474 ls98">of </span><span class="pp-class-236 pa t38428 l39475 ls625">items </span><span class="pp-class-236 pa t38428 l39476 ls811">in </span><span class="pp-class-236 pa t38428 l39477 ls651">the </span><span class="pp-class-236 pa t38428 l39478 ls2222">financial </span><span class="pp-class-236 pa t38439 l3 ls713">statements </span><span class="pp-class-236 pa t38439 l38338 ls33174">however, </span><span class="pp-class-236 pa t38439 l39479 ls811">it </span><span class="pp-class-236 pa t38439 l39480 ls2222">will </span><span class="pp-class-236 pa t38439 l39481 ls1780">impact </span><span class="pp-class-236 pa t38439 l17891 ls1687">presentation </span><span class="pp-class-236 pa t38439 l39482 ls572">and </span><span class="pp-class-236 pa t38439 l39483 ls667">disclosure </span><span class="pp-class-236 pa t38439 l39484 ls2222">with </span><span class="pp-class-236 pa t38439 l39485 ls657">retrospective </span><span class="pp-class-236 pa t38439 l39486 ls1592">application.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38465 l3 ls847">The </span><span class="pp-class-236 pa t38465 l39487 ls1044">standard </span><span class="pp-class-236 pa t38465 l13055 ls11722">introduces </span><span class="pp-class-236 pa t38465 l27834 ls2972">new </span><span class="pp-class-236 pa t38465 l39488 ls6255">requirements </span><span class="pp-class-236 pa t38465 l39489 ls4149">for </span><span class="pp-class-236 pa t38465 l39490 ls17679">presentation </span><span class="pp-class-236 pa t38465 l18243 ls13284">within </span><span class="pp-class-236 pa t38465 l39491 ls847">the </span><span class="pp-class-236 pa t38465 l39492 ls1017">statement </span><span class="pp-class-236 pa t38465 l39493 ls1131">of </span><span class="pp-class-236 pa t38465 l39494 ls1017">profit </span><span class="pp-class-236 pa t38465 l38853 ls1775">or </span><span class="pp-class-236 pa t38465 l39495 ls8367">loss, </span><span class="pp-class-236 pa t38465 l39496 ls2848">including </span><span class="pp-class-236 pa t38476 l3 ls3200">specified </span><span class="pp-class-236 pa t38476 l37151 ls11992">totals </span><span class="pp-class-236 pa t38476 l39497 ls847">and </span><span class="pp-class-236 pa t38476 l7822 ls9950">subtotals. </span><span class="pp-class-236 pa t38476 l39498 ls5207">Furthermore, </span><span class="pp-class-236 pa t38476 l39499 ls7959">entities </span><span class="pp-class-236 pa t38476 l39500 ls19231">are </span><span class="pp-class-236 pa t38476 l39501 ls11733">required </span><span class="pp-class-236 pa t38476 l39502 ls847">to </span><span class="pp-class-236 pa t38476 l39503 ls2258">classify </span><span class="pp-class-236 pa t38476 l39504 ls847">all </span><span class="pp-class-236 pa t38476 l39505 ls13284">income </span><span class="pp-class-236 pa t38476 l39506 ls847">and </span><span class="pp-class-236 pa t38476 l39507 ls17577">expenses </span><span class="pp-class-236 pa t38476 l39508 ls13284">within </span><span class="pp-class-236 pa t38476 l39509 ls544">the </span><span class="pp-class-236 pa t38693 l3 ls1017">statement </span><span class="pp-class-236 pa t38693 l39510 ls1131">of </span><span class="pp-class-236 pa t38693 l39511 ls1017">profit </span><span class="pp-class-236 pa t38693 l39512 ls1775">or </span><span class="pp-class-236 pa t38693 l31329 ls2081">loss </span><span class="pp-class-236 pa t38693 l39513 ls8384">into </span><span class="pp-class-236 pa t38693 l39514 ls847">one </span><span class="pp-class-236 pa t38693 l39515 ls1131">of </span><span class="pp-class-236 pa t38693 l39516 ls1848">five </span><span class="pp-class-236 pa t38693 l38964 ls5207">categories: </span><span class="pp-class-236 pa t38693 l39517 ls25295">operating, </span><span class="pp-class-236 pa t38693 l39518 ls11722">investing, </span><span class="pp-class-236 pa t38693 l39519 ls2894">financing, </span><span class="pp-class-236 pa t38693 l39520 ls13284">income </span><span class="pp-class-236 pa t38693 l39521 ls17551">taxes </span><span class="pp-class-236 pa t38693 l39522 ls544">and </span><span class="pp-class-236 pa t38478 l3 ls3076">discontinued </span><span class="pp-class-236 pa t38478 l39523 ls1075">operations, </span><span class="pp-class-236 pa t38478 l36199 ls11722">whereof </span><span class="pp-class-236 pa t38478 l33380 ls847">the </span><span class="pp-class-236 pa t38478 l39524 ls8367">first </span><span class="pp-class-236 pa t38478 l39525 ls1017">three </span><span class="pp-class-236 pa t38478 l39526 ls19231">are </span><span class="pp-class-236 pa t38478 l39527 ls24054">new. </span><span class="pp-class-236 pa t38478 l39528 ls847">The </span><span class="pp-class-236 pa t38478 l39529 ls1044">standard </span><span class="pp-class-236 pa t38478 l39530 ls2081">also </span><span class="pp-class-236 pa t38478 l39531 ls11733">requires </span><span class="pp-class-236 pa t38478 l39532 ls10811">disclosure </span><span class="pp-class-236 pa t38478 l39533 ls1131">of </span><span class="pp-class-236 pa t38478 l39534 ls20667">newly </span><span class="pp-class-236 pa t38478 l39535 ls15034">defined </span><span class="pp-class-236 pa t38491 l3 ls749">management-defined </span><span class="pp-class-236 pa t38491 l39536 ls17548">performance </span><span class="pp-class-236 pa t38491 l39537 ls10851">measures, </span><span class="pp-class-236 pa t38491 l39538 ls9950">subtotals </span><span class="pp-class-236 pa t38491 l39539 ls1131">of </span><span class="pp-class-236 pa t38491 l17385 ls13284">income </span><span class="pp-class-236 pa t38491 l39540 ls847">and </span><span class="pp-class-236 pa t38491 l39541 ls10851">expenses, </span><span class="pp-class-236 pa t38491 l39542 ls847">and </span><span class="pp-class-236 pa t38491 l39543 ls3200">adds </span><span class="pp-class-236 pa t38491 l39544 ls6255">requirements </span><span class="pp-class-236 pa t38491 l39545 ls2969">for </span><span class="pp-class-236 pa t38508 l3 ls28063">aggregation </span><span class="pp-class-236 pa t38508 l39546 ls847">and </span><span class="pp-class-236 pa t38508 l8632 ls3167">disaggregation </span><span class="pp-class-236 pa t38508 l39547 ls1131">of </span><span class="pp-class-236 pa t38508 l39548 ls3200">financial </span><span class="pp-class-236 pa t38508 l39549 ls8200">information.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38518 l3 ls1775">In </span><span class="pp-class-236 pa t38518 l39550 ls645">addition, </span><span class="pp-class-236 pa t38518 l39551 ls17551">narrow-scope </span><span class="pp-class-236 pa t38518 l39552 ls1957">amendments </span><span class="pp-class-236 pa t38518 l39553 ls17592">have </span><span class="pp-class-236 pa t38518 l5998 ls2081">been </span><span class="pp-class-236 pa t38518 l39554 ls3200">made </span><span class="pp-class-236 pa t38518 l39555 ls847">to </span><span class="pp-class-236 pa t38518 l39556 ls4284">IAS </span><span class="pp-class-236 pa t38518 l39557 ls544">7 </span><span class="pp-class-236 pa t38518 l39558 ls1017">Statement </span><span class="pp-class-236 pa t38518 l39559 ls1131">of </span><span class="pp-class-236 pa t38518 l39560 ls2081">Cash </span><span class="pp-class-236 pa t38518 l39561 ls11722">Flows, </span><span class="pp-class-236 pa t38518 l39562 ls8367">which </span><span class="pp-class-236 pa t38518 l39563 ls110">include </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38520 l3 ls4149">changing </span><span class="pp-class-236 pa t38520 l6612 ls847">the </span><span class="pp-class-236 pa t38520 l39564 ls9307">starting </span><span class="pp-class-236 pa t38520 l39565 ls13284">point </span><span class="pp-class-236 pa t38520 l39566 ls4149">for </span><span class="pp-class-236 pa t38520 l39567 ls17626">determining </span><span class="pp-class-236 pa t38520 l39568 ls2081">cash </span><span class="pp-class-236 pa t38520 l39569 ls1017">flows </span><span class="pp-class-236 pa t38520 l39570 ls1044">from </span><span class="pp-class-236 pa t38520 l39571 ls25295">operations </span><span class="pp-class-236 pa t38520 l39572 ls8367">under </span><span class="pp-class-236 pa t38520 l39573 ls847">the </span><span class="pp-class-236 pa t38520 l39574 ls19231">indirect </span><span class="pp-class-236 pa t38520 l39575 ls3141">method, </span><span class="pp-class-236 pa t38520 l39576 ls1044">from </span><span class="pp-class-236 pa t38520 l39577 ls3141">‘profit </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38530 l3 ls1775">or </span><span class="pp-class-236 pa t38530 l39578 ls2816">loss’ </span><span class="pp-class-236 pa t38530 l39579 ls847">to </span><span class="pp-class-236 pa t38530 l39580 ls29281">‘operating </span><span class="pp-class-236 pa t38530 l39581 ls1017">profit </span><span class="pp-class-236 pa t38530 l39582 ls1775">or </span><span class="pp-class-236 pa t38530 l39583 ls2816">loss’ </span><span class="pp-class-236 pa t38530 l39584 ls847">and </span><span class="pp-class-236 pa t38530 l39585 ls6255">removing </span><span class="pp-class-236 pa t38530 l31607 ls847">the </span><span class="pp-class-236 pa t38530 l39586 ls8775">optionality </span><span class="pp-class-236 pa t38530 l39587 ls11722">around </span><span class="pp-class-236 pa t38530 l39588 ls1592">classification </span><span class="pp-class-236 pa t38530 l39589 ls1131">of </span><span class="pp-class-236 pa t38530 l39220 ls2081">cash </span><span class="pp-class-236 pa t38530 l39590 ls1017">flows </span><span class="pp-class-236 pa t38530 l39591 ls4284">from </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38543 l3 ls3200">dividends </span><span class="pp-class-236 pa t38543 l39592 ls847">and </span><span class="pp-class-236 pa t38543 l39593 ls17577">interest. </span><span class="pp-class-236 pa t38543 l39594 ls1775">In </span><span class="pp-class-236 pa t38543 l39595 ls645">addition, </span><span class="pp-class-236 pa t38543 l39596 ls1017">there </span><span class="pp-class-236 pa t38543 l39597 ls19231">are </span><span class="pp-class-236 pa t38543 l8247 ls7433">consequential </span><span class="pp-class-236 pa t38543 l39598 ls1957">amendments </span><span class="pp-class-236 pa t38543 l39599 ls847">to </span><span class="pp-class-236 pa t38543 l39600 ls3579">several </span><span class="pp-class-236 pa t38543 l39601 ls3844">other </span><span class="pp-class-236 pa t38543 l39602 ls3431">standards.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38567 l3 ls847">The </span><span class="pp-class-236 pa t38567 l39487 ls1017">Group </span><span class="pp-class-236 pa t38567 l39510 ls1775">is </span><span class="pp-class-236 pa t38567 l13314 ls6291">currently </span><span class="pp-class-236 pa t38567 l1350 ls1592">working </span><span class="pp-class-236 pa t38567 l39603 ls847">to </span><span class="pp-class-236 pa t38567 l39604 ls6092">identify </span><span class="pp-class-236 pa t38567 l17319 ls847">all </span><span class="pp-class-236 pa t38567 l29943 ls1848">impacts </span><span class="pp-class-236 pa t38567 l39605 ls847">the </span><span class="pp-class-236 pa t38567 l39606 ls1957">amendments </span><span class="pp-class-236 pa t38567 l39607 ls2081">will </span><span class="pp-class-236 pa t38567 l39608 ls17592">have </span><span class="pp-class-236 pa t38567 l39609 ls1775">on </span><span class="pp-class-236 pa t38567 l39610 ls847">the </span><span class="pp-class-236 pa t38567 l39611 ls2081">primary </span><span class="pp-class-236 pa t38567 l39612 ls2081">financial </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39613 l3 ls6593">statements </span><span class="pp-class-236 pa t39613 l1060 ls847">and </span><span class="pp-class-236 pa t39613 l39614 ls3076">notes </span><span class="pp-class-236 pa t39613 l39615 ls847">to </span><span class="pp-class-236 pa t39613 l39616 ls847">the </span><span class="pp-class-236 pa t39613 l39617 ls3200">financial </span><span class="pp-class-236 pa t39613 l28786 ls11722">statements. </span><span class="pp-class-236 pa t39613 l39618 ls847">The </span><span class="pp-class-236 pa t39613 l39619 ls2855">initial </span><span class="pp-class-236 pa t39613 l39620 ls3351">expected </span><span class="pp-class-236 pa t39613 l39621 ls3170">material </span><span class="pp-class-236 pa t39613 l39622 ls1848">impacts </span><span class="pp-class-236 pa t39613 l39623 ls2260">are, </span><span class="pp-class-236 pa t39613 l39624 ls1775">as </span><span class="pp-class-236 pa t39613 l39625 ls6822">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39626 l39627 ls651">The </span><span class="pp-class-247 pa t39626 l39628 ls706">share </span><span class="pp-class-247 pa t39626 l39629 ls98">of </span><span class="pp-class-247 pa t39626 l39630 ls681">profit </span><span class="pp-class-247 pa t39626 l39631 ls811">or </span><span class="pp-class-247 pa t39626 l39632 ls2222">loss </span><span class="pp-class-247 pa t39626 l39633 ls98">of </span><span class="pp-class-247 pa t39626 l39634 ls560">associates </span><span class="pp-class-247 pa t39626 l39635 ls651">and </span><span class="pp-class-247 pa t39626 l39636 ls536">joint </span><span class="pp-class-247 pa t39626 l39637 ls299">ventures </span><span class="pp-class-247 pa t39626 l39638 ls2222">will </span><span class="pp-class-247 pa t39626 l39639 ls811">be </span><span class="pp-class-247 pa t39626 l39640 ls562">classified </span><span class="pp-class-247 pa t39626 l39641 ls1764">within </span><span class="pp-class-247 pa t39626 l39642 ls572">the </span><span class="pp-class-247 pa t39626 l39643 ls9435">investing </span><span class="pp-class-247 pa t39626 l39644 ls544">category </span><span class="pp-class-247 pa t39626 l39645 ls1547">in </span><span class="pp-class-247 pa t39646 l39627 ls651">the </span><span class="pp-class-247 pa t39646 l39647 ls556">statement </span><span class="pp-class-247 pa t39646 l39648 ls98">of </span><span class="pp-class-247 pa t39646 l39649 ls681">profit </span><span class="pp-class-247 pa t39646 l39650 ls811">or </span><span class="pp-class-247 pa t39646 l39651 ls2222">loss.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39652 l39627 ls877">Foreign </span><span class="pp-class-247 pa t39652 l39653 ls11713">exchange </span><span class="pp-class-247 pa t39652 l39654 ls4787">differences </span><span class="pp-class-247 pa t39652 l39655 ls2222">will </span><span class="pp-class-247 pa t39652 l39656 ls811">be </span><span class="pp-class-247 pa t39652 l39657 ls562">classified </span><span class="pp-class-247 pa t39652 l39658 ls811">in </span><span class="pp-class-247 pa t39652 l39659 ls651">the </span><span class="pp-class-247 pa t39652 l39660 ls2222">same </span><span class="pp-class-247 pa t39652 l39661 ls544">category </span><span class="pp-class-247 pa t39652 l39662 ls811">as </span><span class="pp-class-247 pa t39652 l39663 ls572">the </span><span class="pp-class-247 pa t39652 l39664 ls1764">income </span><span class="pp-class-247 pa t39652 l39665 ls811">or </span><span class="pp-class-247 pa t39652 l39666 ls556">expense </span><span class="pp-class-247 pa t39652 l39667 ls2036">arising </span><span class="pp-class-247 pa t39652 l39668 ls2207">from </span><span class="pp-class-247 pa t39669 l39627 ls651">the </span><span class="pp-class-247 pa t39669 l39647 ls2197">underlying </span><span class="pp-class-247 pa t39669 l39670 ls995">item </span><span class="pp-class-247 pa t39669 l39671 ls616">that </span><span class="pp-class-247 pa t39669 l39672 ls838">gives </span><span class="pp-class-247 pa t39669 l39673 ls2222">rise </span><span class="pp-class-247 pa t39669 l39674 ls538">to </span><span class="pp-class-247 pa t39669 l39675 ls651">the </span><span class="pp-class-247 pa t39669 l39676 ls4558">foreign </span><span class="pp-class-247 pa t39669 l31158 ls11713">exchange </span><span class="pp-class-247 pa t39669 l39677 ls877">difference.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39678 l39627 ls556">New </span><span class="pp-class-247 pa t39678 l39679 ls838">disclosures </span><span class="pp-class-247 pa t39678 l39680 ls2222">will </span><span class="pp-class-247 pa t39678 l39681 ls811">be </span><span class="pp-class-247 pa t39678 l39682 ls544">added: </span><span class="pp-class-247 pa t39678 l39683 ls2258">(a) </span><span class="pp-class-247 pa t39678 l39684 ls616">management-defined </span><span class="pp-class-247 pa t39678 l39685 ls724">performance </span><span class="pp-class-247 pa t39678 l39686 ls3855">measures </span><span class="pp-class-247 pa t39678 l39687 ls572">and </span><span class="pp-class-247 pa t39678 l39688 ls2258">(b) </span><span class="pp-class-247 pa t39678 l39689 ls184">a </span><span class="pp-class-247 pa t39678 l39690 ls4787">reconciliation </span><span class="pp-class-247 pa t39678 l39691 ls94">for </span><span class="pp-class-247 pa t39692 l39627 ls544">each </span><span class="pp-class-247 pa t39692 l39693 ls2222">line </span><span class="pp-class-247 pa t39692 l39694 ls995">item </span><span class="pp-class-247 pa t39692 l39695 ls811">in </span><span class="pp-class-247 pa t39692 l39696 ls572">the </span><span class="pp-class-247 pa t39692 l39697 ls556">statement </span><span class="pp-class-247 pa t39692 l39698 ls98">of </span><span class="pp-class-247 pa t39692 l39699 ls681">profit </span><span class="pp-class-247 pa t39692 l39700 ls811">or </span><span class="pp-class-247 pa t39692 l39701 ls2222">loss </span><span class="pp-class-247 pa t39692 l39702 ls713">between </span><span class="pp-class-247 pa t39692 l39703 ls651">the </span><span class="pp-class-247 pa t39692 l39704 ls3681">restated </span><span class="pp-class-247 pa t39692 l39705 ls625">amounts </span><span class="pp-class-247 pa t39692 l39706 ls7086">presented </span><span class="pp-class-247 pa t39692 l39707 ls2969">applying </span><span class="pp-class-247 pa t39692 l39708 ls1369">IFRS </span><span class="pp-class-247 pa t39692 l39709 ls587">18 </span><span class="pp-class-247 pa t39710 l39627 ls651">and </span><span class="pp-class-247 pa t39710 l39711 ls651">the </span><span class="pp-class-247 pa t39710 l39712 ls625">amounts </span><span class="pp-class-247 pa t39710 l14065 ls12546">previously </span><span class="pp-class-247 pa t39710 l39713 ls7086">presented </span><span class="pp-class-247 pa t39710 l39714 ls2969">applying </span><span class="pp-class-247 pa t39710 l39715 ls530">IAS </span><span class="pp-class-247 pa t39710 l39716 ls184">1.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39717 l39627 ls811">In </span><span class="pp-class-247 pa t39717 l39718 ls651">the </span><span class="pp-class-247 pa t39717 l4130 ls556">statement </span><span class="pp-class-247 pa t39717 l6863 ls98">of </span><span class="pp-class-247 pa t39717 l25118 ls2222">cash </span><span class="pp-class-247 pa t39717 l8996 ls2197">flows, </span><span class="pp-class-247 pa t39717 l39719 ls651">the </span><span class="pp-class-247 pa t39717 l39720 ls2222">starting </span><span class="pp-class-247 pa t39717 l6036 ls536">point </span><span class="pp-class-247 pa t39717 l39721 ls2222">will </span><span class="pp-class-247 pa t39717 l39722 ls811">be </span><span class="pp-class-247 pa t39717 l39723 ls2036">changed </span><span class="pp-class-247 pa t39717 l39724 ls538">to </span><span class="pp-class-247 pa t39717 l39725 ls1775">operating </span><span class="pp-class-247 pa t39717 l39726 ls681">profit </span><span class="pp-class-247 pa t39717 l39727 ls811">or </span><span class="pp-class-247 pa t39717 l39728 ls538">loss, </span><span class="pp-class-247 pa t39717 l39729 ls651">and </span><span class="pp-class-247 pa t39717 l39730 ls706">interest </span><span class="pp-class-247 pa t39717 l39731 ls747">re-</span><span class="pp-class-247 pa t39732 l39627 ls758">ceived </span><span class="pp-class-247 pa t39732 l39733 ls572">and </span><span class="pp-class-247 pa t39732 l39734 ls949">other </span><span class="pp-class-247 pa t39732 l39735 ls995">financial </span><span class="pp-class-247 pa t39732 l39736 ls1764">income </span><span class="pp-class-247 pa t39732 l39737 ls2222">will </span><span class="pp-class-247 pa t39732 l39738 ls811">be </span><span class="pp-class-247 pa t39732 l39739 ls562">classified </span><span class="pp-class-247 pa t39732 l39740 ls1764">within </span><span class="pp-class-247 pa t39732 l39741 ls9435">investing </span><span class="pp-class-247 pa t39732 l39742 ls1404">activities, </span><span class="pp-class-247 pa t39732 l39743 ls538">while </span><span class="pp-class-247 pa t39732 l39744 ls706">interest </span><span class="pp-class-247 pa t39732 l39745 ls2222">paid </span><span class="pp-class-247 pa t39732 l39746 ls651">and </span><span class="pp-class-247 pa t39732 l39747 ls949">other </span><span class="pp-class-247 pa t39732 l39748 ls811">fi-</span><span class="pp-class-247 pa t39749 l39627 ls2036">nancial </span><span class="pp-class-247 pa t39749 l16457 ls3855">expenses </span><span class="pp-class-247 pa t39749 l39750 ls2222">will </span><span class="pp-class-247 pa t39749 l39751 ls811">be </span><span class="pp-class-247 pa t39749 l39752 ls562">classified </span><span class="pp-class-247 pa t39749 l39753 ls1764">within </span><span class="pp-class-247 pa t39749 l39754 ls995">financing </span><span class="pp-class-247 pa t39749 l39755 ls1404">activities.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39756 l3 ls8367">Other </span><span class="pp-class-236 pa t39756 l39757 ls1957">amendments </span><span class="pp-class-236 pa t39756 l39758 ls19231">are </span><span class="pp-class-236 pa t39756 l39759 ls2258">not </span><span class="pp-class-236 pa t39756 l39760 ls3351">expected </span><span class="pp-class-236 pa t39756 l39761 ls847">to </span><span class="pp-class-236 pa t39756 l39762 ls17592">have </span><span class="pp-class-236 pa t39756 l39763 ls544">a </span><span class="pp-class-236 pa t39756 l39764 ls3170">material </span><span class="pp-class-236 pa t39756 l39765 ls11992">impact </span><span class="pp-class-236 pa t39756 l39766 ls1775">on </span><span class="pp-class-236 pa t39756 l39767 ls847">the </span><span class="pp-class-236 pa t39756 l39768 ls17859">Group’s </span><span class="pp-class-236 pa t39756 l39769 ls3200">financial </span><span class="pp-class-236 pa t39756 l39770 ls6593">statements.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5272" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h40753 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls2207">Geographical </span><span class="pp-class-236 pa t40754 l28492 ls621">information </span><span class="pp-class-236 pa t40754 l40755 ls811">is </span><span class="pp-class-236 pa t40754 l40756 ls538">based </span><span class="pp-class-236 pa t40754 l40757 ls811">on </span><span class="pp-class-236 pa t40754 l26424 ls849">seven </span><span class="pp-class-236 pa t40754 l40758 ls2207">geographical </span><span class="pp-class-236 pa t40754 l40759 ls2197">areas. </span><span class="pp-class-236 pa t40754 l40760 ls2222">When </span><span class="pp-class-236 pa t40754 l40761 ls1404">allocating </span><span class="pp-class-236 pa t40754 l40762 ls1744">non-current </span><span class="pp-class-236 pa t40763 l3 ls179">assets </span><span class="pp-class-236 pa t40763 l40764 ls538">to </span><span class="pp-class-236 pa t40763 l10685 ls2207">geographical </span><span class="pp-class-236 pa t40763 l40765 ls2197">areas, </span><span class="pp-class-236 pa t40763 l18539 ls2222">DFDS </span><span class="pp-class-236 pa t40763 l11201 ls1751">assesses </span><span class="pp-class-236 pa t40763 l40766 ls651">the </span><span class="pp-class-236 pa t40763 l38813 ls548">location </span><span class="pp-class-236 pa t40763 l40767 ls98">of </span><span class="pp-class-236 pa t40763 l24372 ls572">the </span><span class="pp-class-236 pa t40763 l40768 ls538">legal </span><span class="pp-class-236 pa t40763 l40769 ls995">entity </span><span class="pp-class-236 pa t40763 l40770 ls616">that </span><span class="pp-class-236 pa t40763 l40771 ls8048">owns </span><span class="pp-class-236 pa t40763 l40772 ls572">the </span><span class="pp-class-236 pa t40763 l40773 ls179">assets </span><span class="pp-class-236 pa t40763 l40774 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls8048">well </span><span class="pp-class-236 pa t40775 l40776 ls811">as </span><span class="pp-class-236 pa t40775 l18245 ls811">in </span><span class="pp-class-236 pa t40775 l40777 ls538">which </span><span class="pp-class-236 pa t40775 l40778 ls2207">geographical </span><span class="pp-class-236 pa t40775 l40779 ls877">area </span><span class="pp-class-236 pa t40775 l40780 ls651">the </span><span class="pp-class-236 pa t40775 l31143 ls995">entity </span><span class="pp-class-236 pa t40775 l40781 ls4017">operates </span><span class="pp-class-236 pa t40775 l40782 ls811">in.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls625">Segment </span><span class="pp-class-236 pa t40783 l31073 ls1764">income </span><span class="pp-class-236 pa t40783 l5681 ls651">and </span><span class="pp-class-236 pa t40783 l40784 ls538">costs </span><span class="pp-class-236 pa t40783 l40785 ls949">include </span><span class="pp-class-236 pa t40783 l39041 ls691">transactions </span><span class="pp-class-236 pa t40783 l40786 ls713">between </span><span class="pp-class-236 pa t40783 l40787 ls572">the </span><span class="pp-class-236 pa t40783 l40788 ls556">two </span><span class="pp-class-236 pa t40783 l40789 ls747">segments. </span><span class="pp-class-236 pa t40783 l40790 ls2222">Such </span><span class="pp-class-236 pa t40783 l40791 ls691">transactions </span><span class="pp-class-236 pa t40783 l40792 ls667">are </span><span class="pp-class-236 pa t40793 l3 ls2036">carried </span><span class="pp-class-236 pa t40793 l36299 ls651">out </span><span class="pp-class-236 pa t40793 l16856 ls811">on </span><span class="pp-class-236 pa t40793 l40794 ls691">market </span><span class="pp-class-236 pa t40793 l40795 ls747">terms. </span><span class="pp-class-236 pa t40793 l40796 ls2222">Some </span><span class="pp-class-236 pa t40793 l40797 ls299">administrative </span><span class="pp-class-236 pa t40793 l40798 ls278">functions </span><span class="pp-class-236 pa t40793 l40799 ls2222">such </span><span class="pp-class-236 pa t40793 l40131 ls811">as </span><span class="pp-class-236 pa t40793 l40800 ls1744">finance, </span><span class="pp-class-236 pa t40793 l40801 ls71">HR, </span><span class="pp-class-236 pa t40793 l40802 ls811">IT </span><span class="pp-class-236 pa t40793 l40803 ls651">and </span><span class="pp-class-236 pa t40793 l40804 ls538">legal </span><span class="pp-class-236 pa t40793 l40805 ls667">are </span><span class="pp-class-236 pa t40806 l3 ls2197">shared </span><span class="pp-class-236 pa t40806 l40807 ls706">by </span><span class="pp-class-236 pa t40806 l40808 ls572">the </span><span class="pp-class-236 pa t40806 l16000 ls747">segments. </span><span class="pp-class-236 pa t40806 l34352 ls2222">Such </span><span class="pp-class-236 pa t40806 l17381 ls2197">shared </span><span class="pp-class-236 pa t40806 l40809 ls538">costs </span><span class="pp-class-236 pa t40806 l40810 ls2808">are </span><span class="pp-class-236 pa t40806 l40811 ls2222">paid </span><span class="pp-class-236 pa t40806 l40812 ls706">by </span><span class="pp-class-236 pa t40806 l40813 ls572">the </span><span class="pp-class-236 pa t40806 l40814 ls1751">business </span><span class="pp-class-236 pa t40806 l40815 ls4248">segments </span><span class="pp-class-236 pa t40806 l38462 ls538">based </span><span class="pp-class-236 pa t40806 l40816 ls811">on </span><span class="pp-class-236 pa t40806 l40817 ls3234">revenue </span><span class="pp-class-236 pa t40818 l3 ls691">generated. </span></p></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41033 l3 ls17606 wtro3142 wtr3143 tro3144 tr3145">Revenue </span><span class="pp-class-236 pa t41033 l17720 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41034 ls3141 wtro3142 wtr3143 tro3144 tr3145">transport </span><span class="pp-class-236 pa t41033 l41035 ls2270 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41033 l41036 ls4780 wtro3142 wtr3143 tro3144 tr3145">passengers, </span><span class="pp-class-236 pa t41033 l41037 ls3170 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41033 l41038 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41039 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41040 ls9737 wtro3142 wtr3143 tro3144 tr3145">rendering </span><span class="pp-class-236 pa t41033 l41041 ls2855 wtro3142 wtr3143 tro3144 tr3145">terminal </span><span class="pp-class-236 pa t41033 l41042 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41043 ls19231 wtro3142 wtr3143 tro3144 tr3145">warehouse </span><span class="pp-class-236 pa t41033 l41044 ls11077 wtro3142 wtr3143 tro3144 tr3145">services </span><span class="pp-class-236 pa t41033 l41045 ls17626 wtro3142 wtr3143 tro3144 tr3145">etc., </span><span class="pp-class-236 pa t41033 l41046 ls587 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l3 ls3076 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t41047 l41048 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41047 l21439 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41049 ls1796 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t41047 l41050 ls17548 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t41047 l41051 ls4823 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t41047 l41052 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41053 ls6270 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41047 l41054 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l8035 ls8367 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41047 l41055 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l41056 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41057 ls4017 wtro3142 wtr3143 tro3144 tr3145">service </span><span class="pp-class-236 pa t41047 l41058 ls1131 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41047 l41059 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41060 ls24571 wtro3142 wtr3143 tro3144 tr3145">customer, </span><span class="pp-class-236 pa t41047 l41061 ls847 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t41047 l41062 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l41063 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41064 ls548 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41065 l3 ls17626 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t41065 l41066 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41067 ls3267 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t41065 l17792 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41065 l41068 ls2924 wtro3142 wtr3143 tro3144 tr3145">transferred </span><span class="pp-class-236 pa t41065 l41069 ls1815 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41065 l41070 ls6270 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t41065 l41071 ls2629 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t41065 l41072 ls8200 wtro3142 wtr3143 tro3144 tr3145">separate </span><span class="pp-class-236 pa t41065 l41073 ls4780 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41065 l41074 ls7297 wtro3142 wtr3143 tro3144 tr3145">obligation </span><span class="pp-class-236 pa t41065 l41075 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41065 l41076 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41077 ls7487 wtro3142 wtr3143 tro3144 tr3145">customer </span><span class="pp-class-236 pa t41065 l41078 ls16417 wtro3142 wtr3143 tro3144 tr3145">contract </span><span class="pp-class-236 pa t41079 l3 ls135 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41079 l41080 ls129 wtro3142 wtr3143 tro3144 tr3145">fulfilled </span><span class="pp-class-236 pa t41079 l41081 ls83 wtro3142 wtr3143 tro3144 tr3145">following </span><span class="pp-class-236 pa t41079 l41082 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41083 ls949 wtro3142 wtr3143 tro3144 tr3145">“over-time </span><span class="pp-class-236 pa t41079 l41084 ls2808 wtro3142 wtr3143 tro3144 tr3145">principle”. </span><span class="pp-class-236 pa t41079 l30205 ls1629 wtro3142 wtr3143 tro3144 tr3145">Some </span><span class="pp-class-236 pa t41079 l41085 ls814 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41079 l41086 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41087 ls814 wtro3142 wtr3143 tro3144 tr3145">ferry </span><span class="pp-class-236 pa t41079 l41088 ls1031 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41079 l41089 ls10 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41079 l41090 ls143 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41079 l41091 ls553 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41079 l41092 ls1011 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41079 l41093 ls71 wtro3142 wtr3143 tro3144 tr3145">series </span><span class="pp-class-236 pa t41079 l41094 ls177 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l3 ls724 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41095 l41096 ls630 wtro3142 wtr3143 tro3144 tr3145">obligations, </span><span class="pp-class-236 pa t41095 l17801 ls572 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t41095 l41097 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t41095 l41098 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41099 ls1131 wtro3142 wtr3143 tro3144 tr3145">duration </span><span class="pp-class-236 pa t41095 l41100 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l41101 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41095 l41102 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41095 l41103 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41095 l41104 ls558 wtro3142 wtr3143 tro3144 tr3145">short-term </span><span class="pp-class-236 pa t41095 l41105 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41106 ls1780 wtro3142 wtr3143 tro3144 tr3145">impact </span><span class="pp-class-236 pa t41095 l41107 ls2207 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41108 l3 ls1404 wtro3142 wtr3143 tro3144 tr3145">splitting </span><span class="pp-class-236 pa t41108 l41109 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41108 l41110 ls4793 wtro3142 wtr3143 tro3144 tr3145">contracts </span><span class="pp-class-236 pa t41108 l10227 ls546 wtro3142 wtr3143 tro3144 tr3145">into </span><span class="pp-class-236 pa t41108 l41111 ls1404 wtro3142 wtr3143 tro3144 tr3145">“distinct </span><span class="pp-class-236 pa t41108 l41112 ls33 wtro3142 wtr3143 tro3144 tr3145">services” </span><span class="pp-class-236 pa t41108 l41113 ls2222 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t41108 l17100 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t41108 l41114 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41108 l41115 ls838 wtro3142 wtr3143 tro3144 tr3145">material </span><span class="pp-class-236 pa t41108 l41116 ls544 wtro3142 wtr3143 tro3144 tr3145">impact. </span><span class="pp-class-236 pa t41108 l41117 ls2222 wtro3142 wtr3143 tro3144 tr3145">Most </span><span class="pp-class-236 pa t41108 l41118 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41108 l41119 ls572 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41120 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41120 l41121 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41122 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41120 l41123 ls10811 wtro3142 wtr3143 tro3144 tr3145">Ferry </span><span class="pp-class-236 pa t41120 l41124 ls3167 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41120 l41125 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l41126 ls41127 wtro3142 wtr3143 tro3144 tr3145">characterised </span><span class="pp-class-236 pa t41120 l41128 ls6255 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41129 ls3076 wtro3142 wtr3143 tro3144 tr3145">short </span><span class="pp-class-236 pa t41120 l41130 ls29281 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41120 l41131 ls2846 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41120 l41132 ls11722 wtro3142 wtr3143 tro3144 tr3145">(most </span><span class="pp-class-236 pa t41120 l41133 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41120 l41134 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l33670 ls2846 wtro3142 wtr3143 tro3144 tr3145">less </span><span class="pp-class-236 pa t41120 l41135 ls2846 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t41120 l41136 ls8367 wtro3142 wtr3143 tro3144 tr3145">30 </span><span class="pp-class-236 pa t41120 l41137 ls11722 wtro3142 wtr3143 tro3144 tr3145">hours </span><span class="pp-class-236 pa t41120 l41138 ls8367 wtro3142 wtr3143 tro3144 tr3145">while </span><span class="pp-class-236 pa t41139 l3 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41139 l41140 ls3160 wtro3142 wtr3143 tro3144 tr3145">to/from </span><span class="pp-class-236 pa t41139 l41141 ls3418 wtro3142 wtr3143 tro3144 tr3145">Türkiye </span><span class="pp-class-236 pa t41139 l41142 ls17592 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41139 l41143 ls6824 wtro3142 wtr3143 tro3144 tr3145">up </span><span class="pp-class-236 pa t41139 l41144 ls3292 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41139 l41145 ls3351 wtro3142 wtr3143 tro3144 tr3145">72 </span><span class="pp-class-236 pa t41139 l41146 ls1044 wtro3142 wtr3143 tro3144 tr3145">hours). </span><span class="pp-class-236 pa t41139 l41147 ls41148 wtro3142 wtr3143 tro3144 tr3145">Transports </span><span class="pp-class-236 pa t41139 l41149 ls5207 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41139 l41150 ls4284 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41139 l41151 ls8200 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41139 l41152 ls4284 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41139 l41153 ls17577 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t41139 l41154 ls11050 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41139 l41155 ls4284 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t41139 l41156 ls6824 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t41139 l41157 ls1151 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t41139 l41158 ls26 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41159 l3 ls9737 wtro3142 wtr3143 tro3144 tr3145">longer </span><span class="pp-class-236 pa t41159 l41160 ls9737 wtro3142 wtr3143 tro3144 tr3145">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41161 l3 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41161 l41162 ls181 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41161 l41163 ls4867 wtro3142 wtr1091 tro3144 tr1093">chartering </span><span class="pp-class-236 pa t41161 l41164 wtro3142 wtr1091 tro3144 tr1093">out </span><span class="pp-class-236 pa t41161 l41165 ls85 wtro3142 wtr1091 tro3144 tr1093">ferries </span><span class="pp-class-236 pa t41161 l41166 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41161 l41167 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41161 l41168 ls1661 wtro3142 wtr1091 tro3144 tr1093">straight </span><span class="pp-class-236 pa t41161 l41169 wtro3142 wtr1091 tro3144 tr1093">line </span><span class="pp-class-236 pa t41161 l41170 ls534 wtro3142 wtr1091 tro3144 tr1093">over </span><span class="pp-class-236 pa t41161 l41171 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41172 ls63 wtro3142 wtr1091 tro3144 tr1093">duration </span><span class="pp-class-236 pa t41161 l41173 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41161 l41174 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41175 ls203 wtro3142 wtr1091 tro3144 tr1093">agreement. </span><span class="pp-class-236 pa t41176 l3 ls1661 wtro3142 wtr1091 tro3144 tr1093">Onboard </span><span class="pp-class-236 pa t41176 l41177 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41176 l41178 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41176 l41179 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41176 l41180 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41181 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41176 l41182 ls1098 wtro3142 wtr1091 tro3144 tr1093">“point </span><span class="pp-class-236 pa t41176 l41183 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41176 l41184 ls17626 wtro3142 wtr1091 tro3144 tr1093">time”. </span><span class="pp-class-236 pa t41176 l41185 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41176 l41186 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41176 l41187 ls203 wtro3142 wtr1091 tro3144 tr1093">measured </span><span class="pp-class-236 pa t41176 l41188 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41189 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t41176 l41190 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41176 l41191 ls212 wtro3142 wtr1091 tro3144 tr1093">excluding </span><span class="pp-class-236 pa t41192 l3 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41192 l41193 ls138 wtro3142 wtr1091 tro3144 tr1093">added </span><span class="pp-class-236 pa t41192 l41194 ls21 wtro3142 wtr1091 tro3144 tr1093">tax </span><span class="pp-class-236 pa t41192 l41195 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41192 l41196 ls108 wtro3142 wtr1091 tro3144 tr1093">after </span><span class="pp-class-236 pa t41192 l41197 ls162 wtro3142 wtr1091 tro3144 tr1093">deduction </span><span class="pp-class-236 pa t41192 l41198 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41192 l41199 ls967 wtro3142 wtr1091 tro3144 tr1093">trade </span><span class="pp-class-236 pa t41192 l41200 ls118 wtro3142 wtr1091 tro3144 tr1093">discounts. </span><span class="pp-class-236 pa t41192 l41201 ls6255 wtro3142 wtr1091 tro3144 tr1093">Trade </span><span class="pp-class-236 pa t41192 l41202 ls197 wtro3142 wtr1091 tro3144 tr1093">receivables </span><span class="pp-class-236 pa t41192 l41203 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41192 l41204 ls113 wtro3142 wtr1091 tro3144 tr1093">not </span><span class="pp-class-236 pa t41192 l41205 ls138 wtro3142 wtr1091 tro3144 tr1093">adjusted </span><span class="pp-class-236 pa t41192 l41206 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41192 l41207 ls19 wtro3142 wtr1091 tro3144 tr1093">any </span><span class="pp-class-236 pa t41208 l3 wtro3142 wtr1091 tro3144 tr1093">financing </span><span class="pp-class-236 pa t41208 l41209 ls118 wtro3142 wtr1091 tro3144 tr1093">component </span><span class="pp-class-236 pa t41208 l41210 wtro3142 wtr1091 tro3144 tr1093">when </span><span class="pp-class-236 pa t41208 l41211 ls108 wtro3142 wtr1091 tro3144 tr1093">recognised. </span><span class="pp-class-236 pa t41208 l41212 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t41208 l41213 ls1661 wtro3142 wtr1091 tro3144 tr1093">general </span><span class="pp-class-236 pa t41208 l41214 ls197 wtro3142 wtr1091 tro3144 tr1093">credit </span><span class="pp-class-236 pa t41208 l41215 ls13 wtro3142 wtr1091 tro3144 tr1093">terms </span><span class="pp-class-236 pa t41208 l41216 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41208 l41217 ls203 wtro3142 wtr1091 tro3144 tr1093">following </span><span class="pp-class-236 pa t41208 l41218 ls129 wtro3142 wtr1091 tro3144 tr1093">market </span><span class="pp-class-236 pa t41208 l41219 ls13 wtro3142 wtr1091 tro3144 tr1093">terms.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41220 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41220 l41221 ls4823 wtro3142 wtr1091 tro3144 tr1093">makes </span><span class="pp-class-236 pa t41220 l41222 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41220 l41223 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41220 l41224 ls17548 wtro3142 wtr1091 tro3144 tr1093">subcontractors </span><span class="pp-class-236 pa t41220 l41225 ls3844 wtro3142 wtr1091 tro3144 tr1093">throughout </span><span class="pp-class-236 pa t41220 l41226 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41220 l41227 ls6824 wtro3142 wtr1091 tro3144 tr1093">logistics </span><span class="pp-class-236 pa t41220 l41228 ls3267 wtro3142 wtr1091 tro3144 tr1093">operations </span><span class="pp-class-236 pa t41220 l41229 ls1796 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41220 l41230 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41220 l41231 ls3154 wtro3142 wtr1091 tro3144 tr1093">transportation </span><span class="pp-class-236 pa t41220 l41232 ls696 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41233 l3 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41233 l41234 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41235 ls17569 wtro3142 wtr1091 tro3144 tr1093">products. </span><span class="pp-class-236 pa t41233 l41236 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41233 l41237 ls10269 wtro3142 wtr1091 tro3144 tr1093">making </span><span class="pp-class-236 pa t41233 l41238 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41233 l41239 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41240 ls11726 wtro3142 wtr1091 tro3144 tr1093">subcontractors, </span><span class="pp-class-236 pa t41233 l41241 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41233 l41242 ls2969 wtro3142 wtr1091 tro3144 tr1093">has </span><span class="pp-class-236 pa t41233 l41243 ls7487 wtro3142 wtr1091 tro3144 tr1093">determined </span><span class="pp-class-236 pa t41233 l41244 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41233 l41245 ls838 wtro3142 wtr1091 tro3144 tr1093">it </span><span class="pp-class-236 pa t41233 l41246 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41233 l41247 ls3292 wtro3142 wtr1091 tro3144 tr1093">acting </span><span class="pp-class-236 pa t41233 l41248 ls838 wtro3142 wtr1091 tro3144 tr1093">as </span><span class="pp-class-236 pa t41233 l41249 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41250 l3 ls6824 wtro3142 wtr1091 tro3144 tr1093">principal </span><span class="pp-class-236 pa t41250 l41251 ls9737 wtro3142 wtr1091 tro3144 tr1093">providing </span><span class="pp-class-236 pa t41250 l41252 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41250 l41253 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41250 l41254 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41250 l41255 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41250 l41256 ls3234 wtro3142 wtr1091 tro3144 tr1093">clients.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41257 l3 ls3292 wtro3142 wtr1091 tro3144 tr1093">Accounting </span><span class="pp-class-236 pa t41257 l41258 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41257 l41259 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41260 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41257 l41261 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41257 l41262 ls8486 wtro3142 wtr1091 tro3144 tr1093">made </span><span class="pp-class-236 pa t41257 l41263 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41257 l41264 ls1957 wtro3142 wtr1091 tro3144 tr1093">order </span><span class="pp-class-236 pa t41257 l41265 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41257 l41266 ls3084 wtro3142 wtr1091 tro3144 tr1093">determine </span><span class="pp-class-236 pa t41257 l41267 ls4793 wtro3142 wtr1091 tro3144 tr1093">time </span><span class="pp-class-236 pa t41257 l41268 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41257 l41269 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41257 l41270 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41271 ls2081 wtro3142 wtr1091 tro3144 tr1093">accrue </span><span class="pp-class-236 pa t41257 l41272 ls2207 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41273 l3 ls2813 wtro3142 wtr1091 tro3144 tr1093">relevant </span><span class="pp-class-236 pa t41273 l41274 ls10269 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t41273 l41275 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41273 l41276 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41273 l41277 ls11722 wtro3142 wtr1091 tro3144 tr1093">evaluation </span><span class="pp-class-236 pa t41273 l33493 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41273 l11828 ls4290 wtro3142 wtr1091 tro3144 tr1093">pricing. </span><span class="pp-class-236 pa t41273 l41278 ls7468 wtro3142 wtr1091 tro3144 tr1093">These </span><span class="pp-class-236 pa t41273 l41279 ls2848 wtro3142 wtr1091 tro3144 tr1093">accounting </span><span class="pp-class-236 pa t41273 l41280 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41273 l41281 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41273 l41282 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41273 l41283 ls847 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41284 l3 ls7468 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41284 l41285 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41286 ls3844 wtro3142 wtr1091 tro3144 tr1093">experience </span><span class="pp-class-236 pa t41284 l41287 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41284 l41288 ls4609 wtro3142 wtr1091 tro3144 tr1093">historical </span><span class="pp-class-236 pa t41284 l31557 ls7468 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41284 l41289 ls2894 wtro3142 wtr1091 tro3144 tr1093">figures </span><span class="pp-class-236 pa t41284 l41290 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41284 l41291 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41284 l41292 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41284 l41293 ls5202 wtro3142 wtr1091 tro3144 tr1093">continuous </span><span class="pp-class-236 pa t41284 l41294 ls1957 wtro3142 wtr1091 tro3144 tr1093">follow-up </span><span class="pp-class-236 pa t41284 l41295 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41296 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41284 l41297 ls9737 wtro3142 wtr1091 tro3144 tr1093">delivered.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41298 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41298 l41299 ls3292 wtro3142 wtr1091 tro3144 tr1093">allocating </span><span class="pp-class-236 pa t41298 l41300 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41301 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41298 l41302 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41298 l41303 ls1957 wtro3142 wtr1091 tro3144 tr1093">areas </span><span class="pp-class-236 pa t41298 l41304 ls10269 wtro3142 wtr1091 tro3144 tr1093">within </span><span class="pp-class-236 pa t41298 l41305 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41298 l41306 ls884 wtro3142 wtr1091 tro3144 tr1093">Ferry </span><span class="pp-class-236 pa t41298 l41307 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41298 l41308 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41298 l41309 ls1186 wtro3142 wtr1091 tro3144 tr1093">assigns </span><span class="pp-class-236 pa t41298 l41310 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41311 ls838 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41312 l3 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41312 l41313 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41314 ls7832 wtro3142 wtr1091 tro3144 tr1093">region </span><span class="pp-class-236 pa t41312 l41315 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41312 l41316 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41312 l41317 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41318 ls749 wtro3142 wtr1091 tro3144 tr1093">route. </span><span class="pp-class-236 pa t41312 l41319 ls3234 wtro3142 wtr1091 tro3144 tr1093">For </span><span class="pp-class-236 pa t41312 l41320 ls17551 wtro3142 wtr1091 tro3144 tr1093">example, </span><span class="pp-class-236 pa t41312 l41321 ls838 wtro3142 wtr1091 tro3144 tr1093">if </span><span class="pp-class-236 pa t41312 l41322 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41312 l41323 ls4793 wtro3142 wtr1091 tro3144 tr1093">unit </span><span class="pp-class-236 pa t41312 l41324 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41312 l41325 ls1186 wtro3142 wtr1091 tro3144 tr1093">shipped </span><span class="pp-class-236 pa t41312 l41326 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41312 l41327 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41328 ls2767 wtro3142 wtr1091 tro3144 tr1093">Netherlands </span><span class="pp-class-236 pa t41312 l41329 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41312 l41330 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l20472 ls2368 wtro3142 wtr1091 tro3144 tr1093">UK </span><span class="pp-class-236 pa t41331 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">via </span><span class="pp-class-236 pa t41331 l41332 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41331 l41333 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41331 l41334 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41335 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41336 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41337 ls7433 wtro3142 wtr1091 tro3144 tr1093">routes, </span><span class="pp-class-236 pa t41331 l41338 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41339 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41331 l41340 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41331 l41341 ls8775 wtro3142 wtr1091 tro3144 tr1093">attributed </span><span class="pp-class-236 pa t41331 l41342 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41331 l41343 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41344 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41345 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41346 ls7832 wtro3142 wtr1091 tro3144 tr1093">region.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41347 l3 ls41348 wtro3142 wtr1091 tro3144 tr1093">Similarly, </span><span class="pp-class-236 pa t41347 l41349 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41347 l38020 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41347 l41350 ls6824 wtro3142 wtr1091 tro3144 tr1093">Logistics </span><span class="pp-class-236 pa t41347 l41351 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41347 l31363 ls2848 wtro3142 wtr1091 tro3144 tr1093">transports </span><span class="pp-class-236 pa t41347 l41352 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41347 l41353 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41347 l41354 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41347 l41355 ls4290 wtro3142 wtr1091 tro3144 tr1093">specific </span><span class="pp-class-236 pa t41347 l41356 ls1796 wtro3142 wtr1091 tro3144 tr1093">corridors. </span><span class="pp-class-236 pa t41347 l41357 ls1764 wtro3142 wtr1091 tro3144 tr1093">A </span><span class="pp-class-236 pa t41347 l41358 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41347 l41359 ls11050 wtro3142 wtr1091 tro3144 tr1093">represents </span><span class="pp-class-236 pa t41347 l41360 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41361 l3 ls2848 wtro3142 wtr1091 tro3144 tr1093">transport </span><span class="pp-class-236 pa t41361 l41362 ls11072 wtro3142 wtr1091 tro3144 tr1093">connection </span><span class="pp-class-236 pa t41361 l41363 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41361 l41364 ls4284 wtro3142 wtr1091 tro3144 tr1093">two </span><span class="pp-class-236 pa t41361 l41365 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41361 l41366 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41361 l41367 ls110 wtro3142 wtr1091 tro3144 tr1093">includes </span><span class="pp-class-236 pa t41361 l41368 ls17548 wtro3142 wtr1091 tro3144 tr1093">traffic </span><span class="pp-class-236 pa t41361 l41369 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41361 l41370 ls847 wtro3142 wtr1091 tro3144 tr1093">both </span><span class="pp-class-236 pa t41361 l41371 ls7832 wtro3142 wtr1091 tro3144 tr1093">directions. </span><span class="pp-class-236 pa t41361 l41372 ls4780 wtro3142 wtr1091 tro3144 tr1093">Each </span><span class="pp-class-236 pa t41361 l41373 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41361 l41374 ls2368 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41375 l3 ls2767 wtro3142 wtr1091 tro3144 tr1093">managed </span><span class="pp-class-236 pa t41375 l41376 ls773 wtro3142 wtr1091 tro3144 tr1093">by </span><span class="pp-class-236 pa t41375 l35669 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41377 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41375 l41378 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l32592 ls7433 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41375 l41379 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41375 l41380 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41375 l41381 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41375 l41382 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41375 l41383 ls2838 wtro3142 wtr1091 tro3144 tr1093">involved, </span><span class="pp-class-236 pa t41375 l41384 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41375 l41385 ls4793 wtro3142 wtr1091 tro3144 tr1093">this </span><span class="pp-class-236 pa t41375 l41386 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l41387 ls1186 wtro3142 wtr1091 tro3144 tr1093">belongs </span><span class="pp-class-236 pa t41375 l41388 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41375 l41389 ls1764 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41390 ls4609 wtro3142 wtr1091 tro3144 tr1093">designated </span><span class="pp-class-236 pa t41391 l3 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41392 ls1796 wtro3142 wtr1091 tro3144 tr1093">area. </span><span class="pp-class-236 pa t41391 l41393 ls3147 wtro3142 wtr1091 tro3144 tr1093">Consequently, </span><span class="pp-class-236 pa t41391 l41394 ls11043 wtro3142 wtr1091 tro3144 tr1093">external </span><span class="pp-class-236 pa t41391 l41395 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41391 l41396 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41391 l41397 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41391 l41398 ls8775 wtro3142 wtr1091 tro3144 tr1093">according </span><span class="pp-class-236 pa t41391 l41399 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41391 l41400 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41391 l41401 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41402 ls7433 wtro3142 wtr1091 tro3144 tr1093">area </span><span class="pp-class-236 pa t41391 l41403 ls967 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41404 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41405 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41404 l41406 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41404 l41407 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41404 l41408 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41404 l41409 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41410 ls3452 wtro3142 wtr1091 tro3144 tr1093">corridor.</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5279" xmlns="http://www.w3.org/1999/xhtml"><div class="w41439 h41440 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41033 l3 ls2222">Ferry </span><span class="pp-class-236 pa t41033 l41441 ls651">and </span><span class="pp-class-236 pa t41033 l8623 ls949">other </span><span class="pp-class-236 pa t41033 l618 ls2222">ship </span><span class="pp-class-236 pa t41033 l37492 ls538">costs </span><span class="pp-class-236 pa t41033 l41442 ls1751">comprise </span><span class="pp-class-236 pa t41033 l41443 ls538">costs </span><span class="pp-class-236 pa t41033 l40595 ls98">of </span><span class="pp-class-236 pa t41033 l18391 ls538">sales </span><span class="pp-class-236 pa t41033 l41444 ls3681">related </span><span class="pp-class-236 pa t41033 l41445 ls538">to </span><span class="pp-class-236 pa t41033 l41446 ls541">maintenance </span><span class="pp-class-236 pa t41033 l41447 ls572">and </span><span class="pp-class-236 pa t41033 l41448 ls7468">daily </span><span class="pp-class-236 pa t41033 l41449 ls2036">running </span><span class="pp-class-236 pa t41033 l41450 ls538">costs </span><span class="pp-class-236 pa t41033 l41451 ls197">of </span><span class="pp-class-236 pa t41047 l3 ls551">ferries </span><span class="pp-class-236 pa t41047 l41452 ls651">and </span><span class="pp-class-236 pa t41047 l41453 ls949">other </span><span class="pp-class-236 pa t41047 l3030 ls1764">ships. </span><span class="pp-class-236 pa t41047 l31135 ls4630">Bunker </span><span class="pp-class-236 pa t41047 l41454 ls530">consumption </span><span class="pp-class-236 pa t41047 l41455 ls179">includes </span><span class="pp-class-236 pa t41047 l41456 ls1751">hedging. </span><span class="pp-class-236 pa t41047 l41457 ls838">Catering </span><span class="pp-class-236 pa t41047 l41458 ls538">costs </span><span class="pp-class-236 pa t41047 l41459 ls651">and </span><span class="pp-class-236 pa t41047 l38747 ls967">shop </span><span class="pp-class-236 pa t41065 l3 ls625">consumables </span><span class="pp-class-236 pa t41065 l37616 ls949">include </span><span class="pp-class-236 pa t41065 l41460 ls530">consumption </span><span class="pp-class-236 pa t41065 l41461 ls98">of </span><span class="pp-class-236 pa t41065 l41462 ls667">inventory </span><span class="pp-class-236 pa t41065 l41463 ls98">of </span><span class="pp-class-236 pa t41065 l41464 ls538">goods </span><span class="pp-class-236 pa t41065 l41465 ls553">for </span><span class="pp-class-236 pa t41065 l41466 ls541">sale. </span><span class="pp-class-236 pa t41065 l41467 ls616">Write-downs </span><span class="pp-class-236 pa t41065 l41468 ls651">and </span><span class="pp-class-236 pa t41065 l41469 ls3855">realised </span><span class="pp-class-236 pa t41065 l41470 ls1764">losses </span><span class="pp-class-236 pa t41065 l41471 ls1547">on </span><span class="pp-class-236 pa t41079 l3 ls849">trade </span><span class="pp-class-236 pa t41079 l41472 ls603">receivables </span><span class="pp-class-236 pa t41079 l41473 ls2808">are </span><span class="pp-class-236 pa t41079 l40283 ls179">included </span><span class="pp-class-236 pa t41079 l41474 ls811">in </span><span class="pp-class-236 pa t41079 l20224 ls608">ferry </span><span class="pp-class-236 pa t41079 l41475 ls651">and </span><span class="pp-class-236 pa t41079 l41476 ls949">other </span><span class="pp-class-236 pa t41079 l41477 ls2222">ship </span><span class="pp-class-236 pa t41079 l41478 ls1775">operation </span><span class="pp-class-236 pa t41079 l41479 ls651">and </span><span class="pp-class-236 pa t41079 l41480 ls630">maintenance. </span><span class="pp-class-236 pa t41079 l41481 ls94">Port </span><span class="pp-class-236 pa t41079 l41482 ls538">terminal </span><span class="pp-class-236 pa t41095 l3 ls2270">operations </span><span class="pp-class-236 pa t41095 l17870 ls651">and </span><span class="pp-class-236 pa t41095 l17871 ls749">Transport </span><span class="pp-class-236 pa t41095 l41483 ls651">and </span><span class="pp-class-236 pa t41095 l41484 ls4558">warehouse </span><span class="pp-class-236 pa t41095 l41485 ls546">solutions </span><span class="pp-class-236 pa t41095 l41486 ls2808">are </span><span class="pp-class-236 pa t41095 l41487 ls538">costs </span><span class="pp-class-236 pa t41095 l41488 ls3681">related </span><span class="pp-class-236 pa t41095 l41489 ls538">to </span><span class="pp-class-236 pa t41095 l41490 ls608">land-based </span><span class="pp-class-236 pa t41095 l41491 ls1404">activities </span><span class="pp-class-236 pa t41095 l41492 ls2222">such </span><span class="pp-class-236 pa t41095 l40640 ls1547">as </span><span class="pp-class-236 pa t41108 l3 ls7086">stevedoring, </span><span class="pp-class-236 pa t41108 l41493 ls949">terminal, </span><span class="pp-class-236 pa t41108 l41494 ls651">and </span><span class="pp-class-236 pa t41108 l41495 ls565">haulage </span><span class="pp-class-236 pa t41108 l29765 ls1764">costs. </span><span class="pp-class-236 pa t41108 l41496 ls556">General </span><span class="pp-class-236 pa t41108 l41497 ls572">and </span><span class="pp-class-236 pa t41108 l41498 ls603">administration </span><span class="pp-class-236 pa t41108 l41499 ls2197">external </span><span class="pp-class-236 pa t41108 l41500 ls538">costs </span><span class="pp-class-236 pa t41108 l41501 ls94">comprise </span><span class="pp-class-236 pa t41120 l3 ls2197">external </span><span class="pp-class-236 pa t41120 l41502 ls538">costs </span><span class="pp-class-236 pa t41120 l41503 ls2222">such </span><span class="pp-class-236 pa t41120 l41504 ls811">as </span><span class="pp-class-236 pa t41120 l41505 ls731">consultant </span><span class="pp-class-236 pa t41120 l16859 ls551">fees, </span><span class="pp-class-236 pa t41120 l41506 ls41348">IT-related </span><span class="pp-class-236 pa t41120 l41507 ls1764">costs, </span><span class="pp-class-236 pa t41120 l41508 ls995">utilities </span><span class="pp-class-236 pa t41120 l41509 ls572">and </span><span class="pp-class-236 pa t41120 l41510 ls30">property </span><span class="pp-class-236 pa t41120 l39560 ls541">maintenance </span><span class="pp-class-236 pa t41120 l41511 ls1792">costs, </span><span class="pp-class-236 pa t41139 l3 ls949">audit </span><span class="pp-class-236 pa t41139 l41512 ls551">fees, </span><span class="pp-class-236 pa t41139 l41513 ls3855">marketing </span><span class="pp-class-236 pa t41139 l26428 ls1764">costs, </span><span class="pp-class-236 pa t41139 l41514 ls2969">etc.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41515 l3 ls2222">Cost </span><span class="pp-class-236 pa t41515 l21481 ls4630">linked </span><span class="pp-class-236 pa t41515 l39045 ls538">to </span><span class="pp-class-236 pa t41515 l41516 ls1751">Maritime </span><span class="pp-class-236 pa t41515 l41517 ls1751">Emission </span><span class="pp-class-236 pa t41515 l41518 ls19396">Trading </span><span class="pp-class-236 pa t41515 l41519 ls1764">Scheme </span><span class="pp-class-236 pa t41515 l41520 ls614">(ETS) </span><span class="pp-class-236 pa t41515 l41521 ls811">is </span><span class="pp-class-236 pa t41515 l41522 ls667">recognised </span><span class="pp-class-236 pa t41515 l41523 ls1815">monthly </span><span class="pp-class-236 pa t41515 l41524 ls538">based </span><span class="pp-class-236 pa t41515 l41525 ls811">on </span><span class="pp-class-236 pa t41515 l41526 ls614">measured </span><span class="pp-class-236 pa t41161 l3 ls995">emissions </span><span class="pp-class-236 pa t41161 l37435 ls2197">at </span><span class="pp-class-236 pa t41161 l41527 ls1764">hedged </span><span class="pp-class-236 pa t41161 l41528 ls1764">prices </span><span class="pp-class-236 pa t41161 l41529">- </span><span class="pp-class-236 pa t41161 l41530 ls553">for </span><span class="pp-class-236 pa t41161 l41531 ls1744">certificates </span><span class="pp-class-236 pa t41161 l41532 ls3084">covered </span><span class="pp-class-236 pa t41161 l37695 ls706">by </span><span class="pp-class-236 pa t41161 l41533 ls2036">hedging </span><span class="pp-class-236 pa t41161 l41534">- </span><span class="pp-class-236 pa t41161 l41535 ls572">and </span><span class="pp-class-236 pa t41161 l41536 ls2197">at </span><span class="pp-class-236 pa t41161 l41537 ls524">spot </span><span class="pp-class-236 pa t41161 l41538 ls1764">prices </span><span class="pp-class-236 pa t41161 l41539">- </span><span class="pp-class-236 pa t41161 l41540 ls553">for </span><span class="pp-class-236 pa t41161 l41541 ls538">those </span><span class="pp-class-236 pa t41161 l41542 ls532">not </span><span class="pp-class-236 pa t41176 l3 ls3084">covered </span><span class="pp-class-236 pa t41176 l41543 ls706">by </span><span class="pp-class-236 pa t41176 l31242 ls2036">hedges, </span><span class="pp-class-236 pa t41176 l41544 ls651">and </span><span class="pp-class-236 pa t41176 l41545 ls731">reported </span><span class="pp-class-236 pa t41176 l41546 ls1764">within </span><span class="pp-class-236 pa t41176 l41547 ls608">ferry </span><span class="pp-class-236 pa t41176 l41548 ls651">and </span><span class="pp-class-236 pa t41176 l41549 ls949">other </span><span class="pp-class-236 pa t41176 l41550 ls2222">ship </span><span class="pp-class-236 pa t41176 l41551 ls538">costs </span><span class="pp-class-236 pa t41176 l41552 ls546">including </span><span class="pp-class-236 pa t41176 l9484 ls94">charter </span><span class="pp-class-236 pa t41176 l41553 ls3681">related </span><span class="pp-class-236 pa t41176 l41554 ls3852">cost.</span></p></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls2816">Wages, </span><span class="pp-class-236 pa t40754 l41629 ls995">salaries, </span><span class="pp-class-236 pa t40754 l41630 ls1764">social </span><span class="pp-class-236 pa t40754 l9691 ls1751">security </span><span class="pp-class-236 pa t40754 l41631 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41632 ls2036">pension </span><span class="pp-class-236 pa t40754 l41633 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41634 ls2222">paid </span><span class="pp-class-236 pa t40754 l41635 ls1764">annual </span><span class="pp-class-236 pa t40754 l41636 ls1186">leave </span><span class="pp-class-236 pa t40754 l41637 ls572">and </span><span class="pp-class-236 pa t40754 l41638 ls967">sick </span><span class="pp-class-236 pa t40763 l3 ls1796">leave, </span><span class="pp-class-236 pa t40763 l41639 ls1751">bonuses, </span><span class="pp-class-236 pa t40763 l41640 ls651">and </span><span class="pp-class-236 pa t40763 l41641 ls696">non-monetary </span><span class="pp-class-236 pa t40763 l41642 ls995">benefits </span><span class="pp-class-236 pa t40763 l41643 ls2808">are </span><span class="pp-class-236 pa t40763 l41644 ls544">accrued </span><span class="pp-class-236 pa t40763 l41645 ls811">in </span><span class="pp-class-236 pa t40763 l41646 ls651">the </span><span class="pp-class-236 pa t40763 l41647 ls8048">year </span><span class="pp-class-236 pa t40763 l34368 ls811">in </span><span class="pp-class-236 pa t40763 l41648 ls538">which </span><span class="pp-class-236 pa t40763 l41649 ls572">the </span><span class="pp-class-236 pa t40763 l41650 ls560">associated </span><span class="pp-class-236 pa t40763 l41651 ls80">services </span><span class="pp-class-236 pa t40775 l3 ls2808">are </span><span class="pp-class-236 pa t40775 l38371 ls11713">rendered </span><span class="pp-class-236 pa t40775 l41652 ls706">by </span><span class="pp-class-236 pa t40775 l1436 ls1463">employees </span><span class="pp-class-236 pa t40775 l41653 ls98">of </span><span class="pp-class-236 pa t40775 l41654 ls651">the </span><span class="pp-class-236 pa t40775 l41655 ls4807">Group. </span><span class="pp-class-236 pa t40775 l41656 ls706">Where </span><span class="pp-class-236 pa t40775 l41657 ls651">the </span><span class="pp-class-236 pa t40775 l41658 ls706">Group </span><span class="pp-class-236 pa t40775 l41659 ls2245">provides </span><span class="pp-class-236 pa t40775 l41660 ls696">long-term </span><span class="pp-class-236 pa t40775 l41661 ls4276">employee </span><span class="pp-class-236 pa t40775 l41662 ls562">benefits, </span><span class="pp-class-236 pa t40775 l41663 ls184">the </span><span class="pp-class-236 pa t41664 l3 ls538">costs </span><span class="pp-class-236 pa t41664 l31382 ls2808">are </span><span class="pp-class-236 pa t41664 l28865 ls544">accrued </span><span class="pp-class-236 pa t41664 l13207 ls538">to </span><span class="pp-class-236 pa t41664 l41665 ls556">match </span><span class="pp-class-236 pa t41664 l41666 ls651">the </span><span class="pp-class-236 pa t41664 l41667 ls8048">rendering </span><span class="pp-class-236 pa t41664 l41668 ls98">of </span><span class="pp-class-236 pa t41664 l41669 ls651">the </span><span class="pp-class-236 pa t41664 l17068 ls572">services </span><span class="pp-class-236 pa t41664 l41670 ls706">by </span><span class="pp-class-236 pa t41664 l41671 ls572">the </span><span class="pp-class-236 pa t41664 l41672 ls1463">employees.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5318" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h42558 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls13324">Tax </span><span class="pp-class-236 pa t40754 l42559 ls553">for </span><span class="pp-class-236 pa t40754 l40652 ls651">the </span><span class="pp-class-236 pa t40754 l42560 ls8048">year </span><span class="pp-class-236 pa t40754 l42561 ls995">comprises </span><span class="pp-class-236 pa t40754 l42562 ls1764">income </span><span class="pp-class-236 pa t40754 l4232 ls995">tax, </span><span class="pp-class-236 pa t40754 l12494 ls1404">tonnage </span><span class="pp-class-236 pa t40754 l42563 ls995">tax, </span><span class="pp-class-236 pa t40754 l39043 ls651">and </span><span class="pp-class-236 pa t40754 l42564 ls536">joint </span><span class="pp-class-236 pa t40754 l42565 ls4017">taxation </span><span class="pp-class-236 pa t40754 l42566 ls949">contribution </span><span class="pp-class-236 pa t40754 l42567 ls553">for </span><span class="pp-class-236 pa t40754 l42568 ls572">the </span><span class="pp-class-236 pa t40754 l42569 ls8048">year </span><span class="pp-class-236 pa t40754 l42570 ls197">of </span><span class="pp-class-236 pa t40763 l3 ls1764">Danish </span><span class="pp-class-236 pa t40763 l42571 ls4248">subsidiaries </span><span class="pp-class-236 pa t40763 l42572 ls811">as </span><span class="pp-class-236 pa t40763 l42573 ls8048">well </span><span class="pp-class-236 pa t40763 l42574 ls811">as </span><span class="pp-class-236 pa t40763 l42575 ls2036">changes </span><span class="pp-class-236 pa t40763 l42576 ls811">in </span><span class="pp-class-236 pa t40763 l42577 ls5781">deferred </span><span class="pp-class-236 pa t40763 l42578 ls2036">tax </span><span class="pp-class-236 pa t40763 l42579 ls553">for </span><span class="pp-class-236 pa t40763 l42580 ls651">the </span><span class="pp-class-236 pa t40763 l42581 ls853">year. </span><span class="pp-class-236 pa t40763 l42582 ls8384">Additionally, </span><span class="pp-class-236 pa t40763 l42583 ls651">the </span><span class="pp-class-236 pa t40763 l42584 ls2036">tax </span><span class="pp-class-236 pa t40763 l42585 ls553">for </span><span class="pp-class-236 pa t40763 l42586 ls572">the </span><span class="pp-class-236 pa t40763 l42587 ls546">year </span><span class="pp-class-236 pa t40775 l3 ls995">comprises </span><span class="pp-class-236 pa t40775 l34231 ls553">adjustments </span><span class="pp-class-236 pa t40775 l30738 ls538">to </span><span class="pp-class-236 pa t40775 l42588 ls538">prior </span><span class="pp-class-236 pa t40775 l42589 ls758">years' </span><span class="pp-class-236 pa t40775 l31583 ls1815">taxes </span><span class="pp-class-236 pa t40775 l42590 ls651">and </span><span class="pp-class-236 pa t40775 l28614 ls2036">changes </span><span class="pp-class-236 pa t40775 l42591 ls811">in </span><span class="pp-class-236 pa t40775 l42592 ls651">the </span><span class="pp-class-236 pa t40775 l42593 ls524">assessment </span><span class="pp-class-236 pa t40775 l42594 ls98">of </span><span class="pp-class-236 pa t40775 l42595 ls5781">provisions </span><span class="pp-class-236 pa t40775 l42596 ls94">for </span><span class="pp-class-236 pa t41664 l3 ls670">uncertain </span><span class="pp-class-236 pa t41664 l12742 ls2036">tax </span><span class="pp-class-236 pa t41664 l42597 ls562">positions. </span><span class="pp-class-236 pa t41664 l42598 ls651">The </span><span class="pp-class-236 pa t41664 l42599 ls2036">tax </span><span class="pp-class-236 pa t41664 l28812 ls553">for </span><span class="pp-class-236 pa t41664 l38383 ls651">the </span><span class="pp-class-236 pa t41664 l42600 ls8048">year </span><span class="pp-class-236 pa t41664 l13210 ls811">is </span><span class="pp-class-236 pa t41664 l42601 ls667">recognised </span><span class="pp-class-236 pa t41664 l42602 ls811">in </span><span class="pp-class-236 pa t41664 l42603 ls651">the </span><span class="pp-class-236 pa t41664 l42604 ls1764">income </span><span class="pp-class-236 pa t41664 l42605 ls556">statement </span><span class="pp-class-236 pa t41664 l42606 ls811">or </span><span class="pp-class-236 pa t41664 l42607 ls811">in </span><span class="pp-class-236 pa t41664 l42608 ls651">the </span><span class="pp-class-236 pa t41664 l42609 ls1764">equity </span><span class="pp-class-236 pa t41664 l42610 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls2969">correlation </span><span class="pp-class-236 pa t40783 l42611 ls538">to </span><span class="pp-class-236 pa t40783 l42612 ls651">the </span><span class="pp-class-236 pa t40783 l42613 ls2197">underlying </span><span class="pp-class-236 pa t40783 l42614 ls2969">transaction.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40806 l3 ls428">The </span><span class="pp-class-236 pa t40806 l42615 ls2222">current </span><span class="pp-class-236 pa t40806 l33778 ls4248">payable </span><span class="pp-class-236 pa t40806 l42616 ls106">Danish </span><span class="pp-class-236 pa t40806 l42617 ls608">corporation </span><span class="pp-class-236 pa t40806 l38443 ls184">tax </span><span class="pp-class-236 pa t40806 l40300 ls1547">is </span><span class="pp-class-236 pa t40806 l42618 ls811">allocated </span><span class="pp-class-236 pa t40806 l42619 ls747">by </span><span class="pp-class-236 pa t40806 l42620 ls428">the </span><span class="pp-class-236 pa t40806 l42621 ls592">settlement </span><span class="pp-class-236 pa t40806 l42622 ls197">of </span><span class="pp-class-236 pa t40806 l42623 ls71">a </span><span class="pp-class-236 pa t40806 l42624 ls131">joint </span><span class="pp-class-236 pa t40806 l42625 ls4248">taxation </span><span class="pp-class-236 pa t40818 l3 ls252">contribution </span><span class="pp-class-236 pa t40818 l10769 ls651">between </span><span class="pp-class-236 pa t40818 l42626 ls428">the </span><span class="pp-class-236 pa t40818 l33338 ls625">jointly </span><span class="pp-class-236 pa t40818 l42627 ls747">taxed </span><span class="pp-class-236 pa t40818 l42628 ls1133">companies </span><span class="pp-class-236 pa t40818 l42629 ls1547">in </span><span class="pp-class-236 pa t40818 l42630 ls2368">proportion </span><span class="pp-class-236 pa t40818 l42631 ls184">to </span><span class="pp-class-236 pa t40818 l42632 ls15">their </span><span class="pp-class-236 pa t40818 l42633 ls670">taxable </span><span class="pp-class-236 pa t40818 l42634 ls1747">income. </span><span class="pp-class-236 pa t40818 l42635 ls129">Companies </span><span class="pp-class-236 pa t42636 l3 ls129">with </span><span class="pp-class-236 pa t42636 l17175 ls184">tax </span><span class="pp-class-236 pa t42636 l42637 ls106">losses </span><span class="pp-class-236 pa t42636 l42638 ls541">receive </span><span class="pp-class-236 pa t42636 l42639 ls131">joint </span><span class="pp-class-236 pa t42636 l42640 ls530">taxation </span><span class="pp-class-236 pa t42636 l42641 ls252">contributions </span><span class="pp-class-236 pa t42636 l42642 ls4248">from </span><span class="pp-class-236 pa t42636 l42643 ls1645">companies </span><span class="pp-class-236 pa t42636 l42644 ls584">that </span><span class="pp-class-236 pa t42636 l42645 ls3855">have </span><span class="pp-class-236 pa t42636 l42646 ls129">been </span><span class="pp-class-236 pa t42636 l42647 ls129">able </span><span class="pp-class-236 pa t42636 l42648 ls184">to </span><span class="pp-class-236 pa t42636 l42649 ls807">utilise </span><span class="pp-class-236 pa t42636 l42650 ls71">the </span><span class="pp-class-236 pa t42651 l3 ls184">tax </span><span class="pp-class-236 pa t42651 l42652 ls106">losses </span><span class="pp-class-236 pa t42651 l42653 ls184">to </span><span class="pp-class-236 pa t42651 l42654 ls2222">reduce </span><span class="pp-class-236 pa t42651 l42655 ls15">their </span><span class="pp-class-236 pa t42651 l42656 ls670">own </span><span class="pp-class-236 pa t42651 l17116 ls670">taxable </span><span class="pp-class-236 pa t42651 l42657 ls3791">profit. </span><span class="pp-class-236 pa t42651 l42658 ls3139">Tax </span><span class="pp-class-236 pa t42651 l42659 ls184">computed </span><span class="pp-class-236 pa t42651 l42660 ls1547">on </span><span class="pp-class-236 pa t42651 l42661 ls428">the </span><span class="pp-class-236 pa t42651 l42662 ls670">taxable </span><span class="pp-class-236 pa t42651 l42663 ls106">income </span><span class="pp-class-236 pa t42651 l42664 ls428">and </span><span class="pp-class-236 pa t42651 l42665 ls10">tonnage </span><span class="pp-class-236 pa t42651 l39024 ls428">tax </span><span class="pp-class-236 pa t42666 l3 ls80">for </span><span class="pp-class-236 pa t42666 l42667 ls428">the </span><span class="pp-class-236 pa t42666 l19883 ls33">year </span><span class="pp-class-236 pa t42666 l42668 ls1547">is </span><span class="pp-class-236 pa t42666 l13544 ls592">recognised </span><span class="pp-class-236 pa t42666 l42656 ls1547">in </span><span class="pp-class-236 pa t42666 l42669 ls428">the </span><span class="pp-class-236 pa t42666 l42670 ls807">balance </span><span class="pp-class-236 pa t42666 l42671 ls2315">sheet </span><span class="pp-class-236 pa t42666 l38708 ls1547">as </span><span class="pp-class-236 pa t42666 l42672 ls4248">payable </span><span class="pp-class-236 pa t42666 l42673 ls1547">or </span><span class="pp-class-236 pa t42666 l42674 ls1764">receivable </span><span class="pp-class-236 pa t42666 l42675 ls747">corporate </span><span class="pp-class-236 pa t42666 l42676 ls184">tax </span><span class="pp-class-236 pa t42666 l42677 ls15">considering </span><span class="pp-class-236 pa t42678 l3 ls553">on-account/advance </span><span class="pp-class-236 pa t42678 l42679 ls576">payments.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42680 l33989 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42680 l42681 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42680 l42682 ls773 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t42680 l42683 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42680 l42684 ls2889 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t42680 l42685 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42686 ls1463 wtro3142 wtr3143 tro3144 tr3145">liability </span><span class="pp-class-236 pa t42680 l12340 ls2270 wtro3142 wtr3143 tro3144 tr3145">method </span><span class="pp-class-236 pa t42680 l42687 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42680 l42688 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42680 l42689 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42680 l42690 ls6146 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t42680 l42691 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42692 ls179 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42693 l3 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42693 l42694 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42695 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l13110 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42696 ls2207 wtro3142 wtr3143 tro3144 tr3145">base </span><span class="pp-class-236 pa t42693 l42697 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42693 l42698 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42699 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42693 l42700 ls168 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42701 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42693 l42702 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42693 l42703 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42704 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42693 l42705 ls1882 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t42693 l42706 ls2977 wtro3142 wtr3143 tro3144 tr3145">However, </span><span class="pp-class-236 pa t42693 l42707 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42693 l42708 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42709 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42693 l42710 ls2036 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t42711 l3 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42711 l42712 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42713 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42711 l42714 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42711 l42715 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42711 l42716 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42711 l42717 ls6146 wtro3142 wtr3143 tro3144 tr3145">non-tax-deductible </span><span class="pp-class-236 pa t42711 l42718 ls681 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t42711 l42719 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42711 l42720 ls2081 wtro3142 wtr3143 tro3144 tr3145">arose </span><span class="pp-class-236 pa t42711 l42721 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42722 ls681 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t42723 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t42723 l42724 ls4787 wtro3142 wtr3143 tro3144 tr3145">without </span><span class="pp-class-236 pa t42723 l42725 ls849 wtro3142 wtr3143 tro3144 tr3145">impacting </span><span class="pp-class-236 pa t42723 l42726 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42723 l42727 ls2855 wtro3142 wtr3143 tro3144 tr3145">result </span><span class="pp-class-236 pa t42723 l42728 ls747 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t42723 l42729 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42723 l19588 ls4558 wtro3142 wtr3143 tro3144 tr3145">income. </span><span class="pp-class-236 pa t42723 l42730 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42723 l42731 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42723 l42732 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42723 l42733 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42723 l42734 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42723 l42735 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42723 l42736 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42723 l42737 ls616 wtro3142 wtr3143 tro3144 tr3145">subject </span><span class="pp-class-236 pa t42738 l3 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42739 ls7468 wtro3142 wtr3143 tro3144 tr3145">tonnage </span><span class="pp-class-236 pa t42738 l42740 ls4149 wtro3142 wtr3143 tro3144 tr3145">taxation </span><span class="pp-class-236 pa t42738 l42741 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42742 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42738 l42743 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42744 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42738 l42745 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42738 l42746 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42738 l42747 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42738 l42748 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42738 l42749 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42750 ls8367 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t42738 l42751 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42752 ls1131 wtro3142 wtr3143 tro3144 tr3145">crystallise. </span><span class="pp-class-236 pa t42738 l42753 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42738 l42754 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42755 l3 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42755 l42756 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42755 l42757 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42755 l42758 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42755 l42759 ls168 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t42755 l8060 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42755 l42760 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42755 l42761 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42755 l42762 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42755 l42763 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42755 l19269 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42755 l42764 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42755 l42765 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42755 l36826 ls877 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t42755 l42766 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42755 l42767 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses. </span><span class="pp-class-236 pa t42768 l42769 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42768 l42770 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l42771 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42768 l42772 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42768 l42773 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42768 l42774 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42768 l42775 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42768 l42776 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42768 l42777 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42778 ls747 wtro3142 wtr3143 tro3144 tr3145">it </span><span class="pp-class-236 pa t42768 l42779 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42768 l42780 ls6824 wtro3142 wtr3143 tro3144 tr3145">probable </span><span class="pp-class-236 pa t42768 l42781 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42782 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42768 l42783 ls2565 wtro3142 wtr3143 tro3144 tr3145">profit </span><span class="pp-class-236 pa t42768 l42784 ls2207 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t42768 l42785 ls131 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42786 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">available </span><span class="pp-class-236 pa t42786 l42787 ls1815 wtro3142 wtr3143 tro3144 tr3145">against </span><span class="pp-class-236 pa t42786 l42788 ls2889 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t42786 l42789 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42790 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42786 l42791 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42786 l42792 ls110 wtro3142 wtr3143 tro3144 tr3145">differences, </span><span class="pp-class-236 pa t42786 l42793 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42786 l42794 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42795 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42786 l42796 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42786 l42797 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42786 l42798 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42786 l42799 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42800 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses, </span><span class="pp-class-236 pa t42800 l42769 ls630 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t42800 l42801 ls747 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42800 l42802 ls681 wtro3142 wtr3143 tro3144 tr3145">utilised </span><span class="pp-class-236 pa t42800 l42803 ls747 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t42800 l42804 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42800 l42805 ls4609 wtro3142 wtr3143 tro3144 tr3145">foreseeable </span><span class="pp-class-236 pa t42800 l42806 ls2848 wtro3142 wtr3143 tro3144 tr3145">future. </span><span class="pp-class-236 pa t42800 l42807 ls630 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t42800 l42808 ls560 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42800 l42809 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42800 l42810 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42800 l42811 ls8200 wtro3142 wtr3143 tro3144 tr3145">reviewed </span><span class="pp-class-236 pa t42800 l42812 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42800 l42813 ls877 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t42800 l42814 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42800 l42815 ls4780 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42816 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">Deferred </span><span class="pp-class-236 pa t42816 l42817 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42816 l42818 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42816 l35333 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured </span><span class="pp-class-236 pa t42816 l42819 ls2846 wtro3142 wtr23376 tro3144 tr23377">based </span><span class="pp-class-236 pa t42816 l42820 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42816 l42821 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42822 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42816 l42823 ls3200 wtro3142 wtr23376 tro3144 tr23377">use </span><span class="pp-class-236 pa t42816 l42824 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42825 ls4371 wtro3142 wtr23376 tro3144 tr23377">settlement </span><span class="pp-class-236 pa t42816 l42826 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42816 l42827 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42828 ls17551 wtro3142 wtr23376 tro3144 tr23377">individual </span><span class="pp-class-236 pa t42816 l42829 ls913 wtro3142 wtr23376 tro3144 tr23377">assets </span><span class="pp-class-236 pa t42816 l42830 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42831 ls2846 wtro3142 wtr23376 tro3144 tr23377">liabilities </span><span class="pp-class-236 pa t42832 l3 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l42833 ls3579 wtro3142 wtr23376 tro3144 tr23377">according </span><span class="pp-class-236 pa t42832 l42834 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42832 l42835 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42836 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42837 ls2846 wtro3142 wtr23376 tro3144 tr23377">rules </span><span class="pp-class-236 pa t42832 l42838 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l3730 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42839 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42053 ls2260 wtro3142 wtr23376 tro3144 tr23377">known </span><span class="pp-class-236 pa t42832 l42840 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42841 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42832 l42842 ls17551 wtro3142 wtr23376 tro3144 tr23377">applicable </span><span class="pp-class-236 pa t42832 l42843 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42844 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42845 ls1017 wtro3142 wtr23376 tro3144 tr23377">balance </span><span class="pp-class-236 pa t42832 l42846 ls17606 wtro3142 wtr23376 tro3144 tr23377">sheet </span><span class="pp-class-236 pa t42832 l42847 ls30681 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t42832 l42848 ls17548 wtro3142 wtr23376 tro3144 tr23377">when </span><span class="pp-class-236 pa t42832 l42849 ls556 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42850 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42851 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42852 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42850 l42853 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42850 l42854 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42850 l33920 ls25295 wtro3142 wtr23376 tro3144 tr23377">crystallise </span><span class="pp-class-236 pa t42850 l42855 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42856 ls894 wtro3142 wtr23376 tro3144 tr23377">current </span><span class="pp-class-236 pa t42850 l42857 ls3170 wtro3142 wtr23376 tro3144 tr23377">tax. </span><span class="pp-class-236 pa t42850 l42858 ls3200 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t42850 l42859 ls10811 wtro3142 wtr23376 tro3144 tr23377">change </span><span class="pp-class-236 pa t42850 l42860 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42861 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42862 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42863 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42864 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42850 l42865 ls3124 wtro3142 wtr23376 tro3144 tr23377">result </span><span class="pp-class-236 pa t42850 l42866 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42850 l42867 ls1017 wtro3142 wtr23376 tro3144 tr23377">changes </span><span class="pp-class-236 pa t42850 l42868 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42869 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l3 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42870 l42871 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42870 l42872 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42870 l42873 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42870 l42874 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42875 ls10811 wtro3142 wtr23376 tro3144 tr23377">income </span><span class="pp-class-236 pa t42870 l42876 ls23417 wtro3142 wtr23376 tro3144 tr23377">statement. </span><span class="pp-class-236 pa t42870 l42877 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42870 l42878 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l42879 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42870 l42880 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42870 l42881 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured, </span><span class="pp-class-236 pa t42870 l42882 ls15952 wtro3142 wtr23376 tro3144 tr23377">depending </span><span class="pp-class-236 pa t42870 l42883 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42870 l42884 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42885 ls2855 wtro3142 wtr23376 tro3144 tr23377">type, </span><span class="pp-class-236 pa t42886 l3 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42886 l42887 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42888 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42886 l42889 ls30818 wtro3142 wtr23376 tro3144 tr23377">probability-weighted </span><span class="pp-class-236 pa t42886 l42890 ls42891 wtro3142 wtr23376 tro3144 tr23377">average </span><span class="pp-class-236 pa t42886 l42892 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42886 l42893 ls8200 wtro3142 wtr23376 tro3144 tr23377">possible </span><span class="pp-class-236 pa t42886 l42894 ls1075 wtro3142 wtr23376 tro3144 tr23377">outcomes </span><span class="pp-class-236 pa t42886 l42895 ls2081 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t42886 l42896 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42897 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42886 l42898 ls17548 wtro3142 wtr23376 tro3144 tr23377">most </span><span class="pp-class-236 pa t42886 l42899 ls12451 wtro3142 wtr23376 tro3144 tr23377">likely </span><span class="pp-class-236 pa t42886 l42900 ls29281 wtro3142 wtr23376 tro3144 tr23377">outcome. </span><span class="pp-class-236 pa t42886 l42901 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42886 l42902 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l3 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42903 l42904 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42903 l42905 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42903 l42906 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42903 l42907 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42908 ls37533 wtro3142 wtr23376 tro3144 tr23377">payable/receivable </span><span class="pp-class-236 pa t42903 l42909 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l22646 ls16724 wtro3142 wtr23376 tro3144 tr23377">and/or </span><span class="pp-class-236 pa t42903 l42910 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42911 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42903 l42912 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l42913 ls13390 wtro3142 wtr23376 tro3144 tr23377">assets/liabilities.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5326" xmlns="http://www.w3.org/1999/xhtml"><div class="w43262 h43263 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5327" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43380 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies </span><span class="pp-class-236 pa t4556 l43381 ls833">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls179">tangible </span><span class="pp-class-237 pa t43264 l51 ls536">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls651">The </span><span class="pp-class-236 pa t43270 l38379 ls9435">following </span><span class="pp-class-236 pa t43270 l44023 ls2036">applies </span><span class="pp-class-236 pa t43270 l17125 ls1764">unless </span><span class="pp-class-236 pa t43270 l33628 ls696">otherwise </span><span class="pp-class-236 pa t43270 l44024 ls681">stated:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43295 l3 ls184">• </span><span class="pp-class-236 pa t43295 l3804 ls44025">Assets </span><span class="pp-class-236 pa t43295 l44026 ls2808">are </span><span class="pp-class-236 pa t43295 l44027 ls3855">measured </span><span class="pp-class-236 pa t43295 l44028 ls2197">at </span><span class="pp-class-236 pa t43295 l44029 ls2222">cost </span><span class="pp-class-236 pa t43295 l44030 ls2222">less </span><span class="pp-class-236 pa t43295 l44031 ls713">accumulated </span><span class="pp-class-236 pa t43295 l44032 ls691">depreciation </span><span class="pp-class-236 pa t43295 l21665 ls572">and </span><span class="pp-class-236 pa t43295 l44033 ls524">impairment </span><span class="pp-class-236 pa t43295 l44034 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43309 l3 ls184">• </span><span class="pp-class-236 pa t43309 l3804 ls44035">The </span><span class="pp-class-236 pa t43309 l44036 ls2222">cost </span><span class="pp-class-236 pa t43309 l44037 ls179">includes </span><span class="pp-class-236 pa t43309 l16010 ls538">costs </span><span class="pp-class-236 pa t43309 l44038 ls538">to </span><span class="pp-class-236 pa t43309 l44039 ls2197">external </span><span class="pp-class-236 pa t43309 l44040 ls562">suppliers, </span><span class="pp-class-236 pa t43309 l44041 ls2207">materials </span><span class="pp-class-236 pa t43309 l44042 ls651">and </span><span class="pp-class-236 pa t43309 l44043 ls524">components, </span><span class="pp-class-236 pa t43309 l44044 ls1775">direct </span><span class="pp-class-236 pa t43309 l44045 ls691">wages, </span><span class="pp-class-236 pa t43309 l44046 ls94">salaries </span><span class="pp-class-236 pa t43319 l3804 ls651">and </span><span class="pp-class-236 pa t43319 l44047 ls7086">interests </span><span class="pp-class-236 pa t43319 l44048 ls2222">paid </span><span class="pp-class-236 pa t43319 l44049 ls811">as </span><span class="pp-class-236 pa t43319 l44050 ls877">from </span><span class="pp-class-236 pa t43319 l44051 ls651">the </span><span class="pp-class-236 pa t43319 l44052 ls2222">time </span><span class="pp-class-236 pa t43319 l44053 ls98">of </span><span class="pp-class-236 pa t43319 l44054 ls3855">payment </span><span class="pp-class-236 pa t43319 l44055 ls536">until </span><span class="pp-class-236 pa t43319 l44056 ls651">the </span><span class="pp-class-236 pa t43319 l44057 ls7086">date </span><span class="pp-class-236 pa t43319 l44058 ls2222">when </span><span class="pp-class-236 pa t43319 l44059 ls572">the </span><span class="pp-class-236 pa t43319 l44060 ls949">asset </span><span class="pp-class-236 pa t43319 l44061 ls811">is </span><span class="pp-class-236 pa t43319 l44062 ls4276">available </span><span class="pp-class-236 pa t43319 l44063 ls553">for </span><span class="pp-class-236 pa t43319 l44064 ls94">use. </span><span class="pp-class-236 pa t43330 l3804 ls651">The </span><span class="pp-class-236 pa t43330 l44036 ls2222">cost </span><span class="pp-class-236 pa t43330 l44037 ls538">price </span><span class="pp-class-236 pa t43330 l44065 ls2222">also </span><span class="pp-class-236 pa t43330 l30107 ls995">comprises </span><span class="pp-class-236 pa t43330 l44052 ls538">gains </span><span class="pp-class-236 pa t43330 l44066 ls572">and </span><span class="pp-class-236 pa t43330 l44067 ls1764">losses </span><span class="pp-class-236 pa t43330 l44068 ls811">on </span><span class="pp-class-236 pa t43330 l44069 ls691">transactions </span><span class="pp-class-236 pa t43330 l44070 ls560">designated </span><span class="pp-class-236 pa t43330 l44071 ls811">as </span><span class="pp-class-236 pa t43330 l44072 ls1764">hedges.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43426 l3 ls184">• </span><span class="pp-class-236 pa t43426 l3804 ls44035">The </span><span class="pp-class-236 pa t43426 l44036 ls538">basis </span><span class="pp-class-236 pa t43426 l44073 ls553">for </span><span class="pp-class-236 pa t43426 l44074 ls691">depreciation </span><span class="pp-class-236 pa t43426 l44075 ls811">is </span><span class="pp-class-236 pa t43426 l44076 ls551">determined </span><span class="pp-class-236 pa t43426 l44077 ls811">as </span><span class="pp-class-236 pa t43426 l44078 ls651">the </span><span class="pp-class-236 pa t43426 l44079 ls2222">cost </span><span class="pp-class-236 pa t43426 l44080 ls2222">less </span><span class="pp-class-236 pa t43426 l44081 ls2207">estimated </span><span class="pp-class-236 pa t43426 l44082 ls3855">residual </span><span class="pp-class-236 pa t43426 l44083 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43333 l3 ls184">• </span><span class="pp-class-236 pa t43333 l3804 ls44035">The </span><span class="pp-class-236 pa t43333 l44036 ls179">assets </span><span class="pp-class-236 pa t43333 l44084 ls2808">are </span><span class="pp-class-236 pa t43333 l44085 ls1687">depreciated </span><span class="pp-class-236 pa t43333 l44086 ls811">on </span><span class="pp-class-236 pa t43333 l44087 ls184">a </span><span class="pp-class-236 pa t43333 l44088 ls4276">straight-line </span><span class="pp-class-236 pa t43333 l44089 ls538">basis </span><span class="pp-class-236 pa t43333 l44090 ls3234">over </span><span class="pp-class-236 pa t43333 l44091 ls651">the </span><span class="pp-class-236 pa t43333 l44092 ls2207">estimated </span><span class="pp-class-236 pa t43333 l44093 ls590">useful </span><span class="pp-class-236 pa t43333 l44094 ls553">life </span><span class="pp-class-236 pa t43333 l44095 ls538">to </span><span class="pp-class-236 pa t43333 l44096 ls572">the </span><span class="pp-class-236 pa t43333 l44097 ls553">estimated </span><span class="pp-class-236 pa t43334 l3804 ls3855">residual </span><span class="pp-class-236 pa t43334 l44098 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls184">• </span><span class="pp-class-236 pa t43348 l3804 ls44099">Estimated </span><span class="pp-class-236 pa t43348 l44100 ls590">useful </span><span class="pp-class-236 pa t43348 l44101 ls553">life </span><span class="pp-class-236 pa t43348 l44102 ls651">and </span><span class="pp-class-236 pa t43348 l44103 ls2207">estimated </span><span class="pp-class-236 pa t43348 l44104 ls3855">residual </span><span class="pp-class-236 pa t43348 l44105 ls556">values </span><span class="pp-class-236 pa t43348 l44106 ls2808">are </span><span class="pp-class-236 pa t43348 l44107 ls667">reassessed </span><span class="pp-class-236 pa t43348 l44108 ls2197">at </span><span class="pp-class-236 pa t43348 l44109 ls538">least </span><span class="pp-class-236 pa t43348 l44110 ls2222">once </span><span class="pp-class-236 pa t43348 l44111 ls184">a </span><span class="pp-class-236 pa t43348 l44112 ls853">year. </span><span class="pp-class-236 pa t43348 l44113 ls1547">In </span><span class="pp-class-236 pa t43367 l3804 ls1404">estimating </span><span class="pp-class-236 pa t43367 l44114 ls651">the </span><span class="pp-class-236 pa t43367 l44115 ls2207">estimated </span><span class="pp-class-236 pa t43367 l44116 ls590">useful </span><span class="pp-class-236 pa t43367 l44117 ls553">life </span><span class="pp-class-236 pa t43367 l44118 ls553">for </span><span class="pp-class-236 pa t43367 l44119 ls551">ferries </span><span class="pp-class-236 pa t43367 l44120 ls572">and </span><span class="pp-class-236 pa t43367 l44121 ls949">other </span><span class="pp-class-236 pa t43367 l44122 ls538">ships </span><span class="pp-class-236 pa t43367 l44123 ls811">it </span><span class="pp-class-236 pa t43367 l44124 ls811">is </span><span class="pp-class-236 pa t43367 l44125 ls706">taken </span><span class="pp-class-236 pa t43367 l44126 ls546">into </span><span class="pp-class-236 pa t43367 l44127 ls7086">consideration </span><span class="pp-class-236 pa t43367 l44128 ls524">that </span><span class="pp-class-236 pa t43461 l3804 ls2222">DFDS </span><span class="pp-class-236 pa t43461 l44129 ls621">continuously </span><span class="pp-class-236 pa t43461 l44130 ls811">is </span><span class="pp-class-236 pa t43461 l44131 ls1751">spending </span><span class="pp-class-236 pa t43461 l44132 ls541">substantial </span><span class="pp-class-236 pa t43461 l44133 ls538">funds </span><span class="pp-class-236 pa t43461 l44134 ls811">on </span><span class="pp-class-236 pa t43461 l44135 ls2036">ongoing </span><span class="pp-class-236 pa t43461 l44136 ls1404">maintenance.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43475 l3 ls184">• </span><span class="pp-class-236 pa t43475 l3804 ls44035">The </span><span class="pp-class-236 pa t43475 l44036 ls838">effect </span><span class="pp-class-236 pa t43475 l44137 ls877">from </span><span class="pp-class-236 pa t43475 l44138 ls2036">changes </span><span class="pp-class-236 pa t43475 l44139 ls811">in </span><span class="pp-class-236 pa t43475 l44140 ls691">depreciation </span><span class="pp-class-236 pa t43475 l44141 ls1764">period </span><span class="pp-class-236 pa t43475 l44142 ls811">or </span><span class="pp-class-236 pa t43475 l44143 ls651">the </span><span class="pp-class-236 pa t43475 l44144 ls3855">residual </span><span class="pp-class-236 pa t43475 l44145 ls2197">value </span><span class="pp-class-236 pa t43475 l44146 ls811">is </span><span class="pp-class-236 pa t43475 l44147 ls667">recognised </span><span class="pp-class-236 pa t43475 l44148 ls1796">prospectively </span><span class="pp-class-236 pa t43475 l44149 ls1547">as </span><span class="pp-class-236 pa t43484 l3804 ls184">a </span><span class="pp-class-236 pa t43484 l44150 ls1764">change </span><span class="pp-class-236 pa t43484 l44151 ls811">in </span><span class="pp-class-236 pa t43484 l3723 ls651">the </span><span class="pp-class-236 pa t43484 l44152 ls30">accounting </span><span class="pp-class-236 pa t43484 l44153 ls2197">estimate.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls4248">Ferries </span><span class="pp-class-237 pa t44154 l44155 ls651">and </span><span class="pp-class-237 pa t44154 l44156 ls536">other </span><span class="pp-class-237 pa t44154 l44157 ls2222">ships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls651">The </span><span class="pp-class-236 pa t44158 l38379 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l38657 ls98">of </span><span class="pp-class-236 pa t44158 l7435 ls551">ferries </span><span class="pp-class-236 pa t44158 l10388 ls651">and </span><span class="pp-class-236 pa t44158 l44159 ls949">other </span><span class="pp-class-236 pa t44158 l44160 ls538">ships </span><span class="pp-class-236 pa t44158 l44161 ls811">is </span><span class="pp-class-236 pa t44158 l40130 ls546">capitalised </span><span class="pp-class-236 pa t44158 l44162 ls811">if </span><span class="pp-class-236 pa t44158 l44163 ls572">the </span><span class="pp-class-236 pa t44158 l44164 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l44165 ls651">can </span><span class="pp-class-236 pa t44158 l44166 ls1547">be </span><span class="pp-class-236 pa t44167 l3 ls691">attributed </span><span class="pp-class-236 pa t44167 l14460 ls538">to:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44168 l3 ls184">• </span><span class="pp-class-236 pa t44168 l3804 ls44169">Safety </span><span class="pp-class-236 pa t44168 l44170 ls3855">measures.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44171 l3 ls184">• </span><span class="pp-class-236 pa t44171 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44171 l44172 ls538">to </span><span class="pp-class-236 pa t44171 l44173 ls2270">extend </span><span class="pp-class-236 pa t44171 l44174 ls651">the </span><span class="pp-class-236 pa t44171 l44175 ls590">useful </span><span class="pp-class-236 pa t44171 l43850 ls553">life </span><span class="pp-class-236 pa t44171 l44176 ls98">of </span><span class="pp-class-236 pa t44171 l44177 ls651">the </span><span class="pp-class-236 pa t44171 l44178 ls551">ferries </span><span class="pp-class-236 pa t44171 l44179 ls651">and </span><span class="pp-class-236 pa t44171 l44180 ls949">other </span><span class="pp-class-236 pa t44171 l44181 ls538">ships.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44182 l3 ls184">• </span><span class="pp-class-236 pa t44182 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44182 l44172 ls538">to </span><span class="pp-class-236 pa t44182 l44173 ls2197">reduce </span><span class="pp-class-236 pa t44182 l44183 ls667">climate </span><span class="pp-class-236 pa t44182 l44184 ls544">impact.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44185 l3 ls184">• </span><span class="pp-class-236 pa t44185 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44185 l44172 ls538">to </span><span class="pp-class-236 pa t44185 l44173 ls3084">improve </span><span class="pp-class-236 pa t44185 l44186 ls1751">earnings.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44187 l3 ls184">• </span><span class="pp-class-236 pa t44187 l3804 ls3121">Docking.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44188 l3 ls541">Maintenance </span><span class="pp-class-236 pa t44188 l44189 ls651">and </span><span class="pp-class-236 pa t44188 l44190 ls7468">daily </span><span class="pp-class-236 pa t44188 l44191 ls2036">running </span><span class="pp-class-236 pa t44188 l44192 ls538">costs </span><span class="pp-class-236 pa t44188 l44193 ls553">for </span><span class="pp-class-236 pa t44188 l44194 ls651">the </span><span class="pp-class-236 pa t44188 l44195 ls551">ferries </span><span class="pp-class-236 pa t44188 l44196 ls651">and </span><span class="pp-class-236 pa t44188 l44197 ls949">other </span><span class="pp-class-236 pa t44188 l44198 ls538">ships </span><span class="pp-class-236 pa t44188 l44199 ls2808">are </span><span class="pp-class-236 pa t44188 l44200 ls3855">expensed </span><span class="pp-class-236 pa t44188 l44201 ls811">in </span><span class="pp-class-236 pa t44188 l44202 ls572">the </span><span class="pp-class-236 pa t44188 l44203 ls1792">income </span><span class="pp-class-236 pa t44204 l3 ls556">statement </span><span class="pp-class-236 pa t44204 l1995 ls811">as </span><span class="pp-class-236 pa t44204 l44205 ls8048">incurred. </span><span class="pp-class-236 pa t44204 l44206 ls2036">Docking </span><span class="pp-class-236 pa t44204 l44207 ls538">costs </span><span class="pp-class-236 pa t44204 l44208 ls2808">are </span><span class="pp-class-236 pa t44204 l44209 ls546">capitalised </span><span class="pp-class-236 pa t44204 l44210 ls651">and </span><span class="pp-class-236 pa t44204 l44211 ls1687">depreciated </span><span class="pp-class-236 pa t44204 l44212 ls811">on </span><span class="pp-class-236 pa t44204 l44213 ls184">a </span><span class="pp-class-236 pa t44204 l43759 ls4276">straight-line </span><span class="pp-class-236 pa t44204 l44214 ls538">basis </span><span class="pp-class-236 pa t44204 l44215 ls1792">until </span><span class="pp-class-236 pa t44216 l3 ls651">the </span><span class="pp-class-236 pa t44216 l28221 ls724">ferries' </span><span class="pp-class-236 pa t44216 l44217 ls811">or </span><span class="pp-class-236 pa t44216 l44218 ls1764">ships' </span><span class="pp-class-236 pa t44216 l44219 ls877">next </span><span class="pp-class-236 pa t44216 l44220 ls1751">docking. </span><span class="pp-class-236 pa t44216 l44221 ls811">In </span><span class="pp-class-236 pa t44216 l44222 ls2222">most </span><span class="pp-class-236 pa t44216 l44223 ls1764">cases, </span><span class="pp-class-236 pa t44216 l35253 ls651">the </span><span class="pp-class-236 pa t44216 l44224 ls2036">docking </span><span class="pp-class-236 pa t44216 l44225 ls168">interval </span><span class="pp-class-236 pa t44216 l44226 ls811">is </span><span class="pp-class-236 pa t44216 l44227 ls184">2 </span><span class="pp-class-236 pa t44216 l44228 ls838">years </span><span class="pp-class-236 pa t44216 l44229 ls553">for </span><span class="pp-class-236 pa t44216 l44230 ls995">passenger </span><span class="pp-class-236 pa t44216 l44231 ls1792">cruise </span><span class="pp-class-236 pa t44232 l3 ls551">ferries </span><span class="pp-class-236 pa t44232 l41452 ls651">and </span><span class="pp-class-236 pa t44232 l41453 ls811">2½ </span><span class="pp-class-236 pa t44232 l44233 ls838">years </span><span class="pp-class-236 pa t44232 l44234 ls553">for </span><span class="pp-class-236 pa t44232 l27061 ls7086">freight </span><span class="pp-class-236 pa t44232 l44235 ls651">and </span><span class="pp-class-236 pa t44232 l32933 ls995">passenger </span><span class="pp-class-236 pa t44232 l44236 ls551">ferries </span><span class="pp-class-236 pa t44232 l44237 ls811">as </span><span class="pp-class-236 pa t44232 l44238 ls8048">well </span><span class="pp-class-236 pa t44232 l44239 ls811">as </span><span class="pp-class-236 pa t44232 l44240 ls7086">freight </span><span class="pp-class-236 pa t44232 l44241 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls811">on </span><span class="pp-class-236 pa t44242 l43106 ls651">the </span><span class="pp-class-236 pa t44242 l44246 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44247 ls98">of </span><span class="pp-class-236 pa t44242 l44248 ls551">ferries </span><span class="pp-class-236 pa t44242 l44249 ls572">and </span><span class="pp-class-236 pa t44242 l44250 ls949">other </span><span class="pp-class-236 pa t44242 l44251 ls538">ships </span><span class="pp-class-236 pa t44242 l44252 ls2808">are </span><span class="pp-class-236 pa t44242 l44253 ls560">calculated </span><span class="pp-class-236 pa t44242 l44254 ls811">as </span><span class="pp-class-236 pa t44242 l44255 ls651">the </span><span class="pp-class-236 pa t44242 l44256 ls681">difference </span><span class="pp-class-236 pa t44242 l44257 ls1404">between </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls538">sales </span><span class="pp-class-236 pa t44258 l44259 ls538">price </span><span class="pp-class-236 pa t44258 l44260 ls2222">less </span><span class="pp-class-236 pa t44258 l5819 ls538">sales </span><span class="pp-class-236 pa t44258 l5137 ls538">costs </span><span class="pp-class-236 pa t44258 l42487 ls651">and </span><span class="pp-class-236 pa t44258 l44261 ls651">the </span><span class="pp-class-236 pa t44258 l44262 ls2222">book </span><span class="pp-class-236 pa t44258 l44263 ls2197">value </span><span class="pp-class-236 pa t44258 l44264 ls2197">at </span><span class="pp-class-236 pa t44258 l44265 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44266 ls1815">date. </span><span class="pp-class-236 pa t44258 l44267 ls538">Gains </span><span class="pp-class-236 pa t44258 l44268 ls811">or </span><span class="pp-class-236 pa t44258 l44269 ls1764">losses </span><span class="pp-class-236 pa t44258 l44270 ls811">on </span><span class="pp-class-236 pa t44258 l44271 ls572">the </span><span class="pp-class-236 pa t44258 l44272 ls94">disposal </span><span class="pp-class-236 pa t44273 l3 ls98">of </span><span class="pp-class-236 pa t44273 l39273 ls551">ferries </span><span class="pp-class-236 pa t44273 l44274 ls651">and </span><span class="pp-class-236 pa t44273 l44275 ls949">other </span><span class="pp-class-236 pa t44273 l44276 ls538">ships </span><span class="pp-class-236 pa t44273 l44277 ls2808">are </span><span class="pp-class-236 pa t44273 l44278 ls667">recognised </span><span class="pp-class-236 pa t44273 l44279 ls2222">when </span><span class="pp-class-236 pa t44273 l44280 ls7086">control </span><span class="pp-class-236 pa t44273 l44281 ls110">have </span><span class="pp-class-236 pa t44273 l44282 ls6270">transferred </span><span class="pp-class-236 pa t44273 l44283 ls538">to </span><span class="pp-class-236 pa t44273 l44284 ls572">the </span><span class="pp-class-236 pa t44273 l44285 ls838">buyer </span><span class="pp-class-236 pa t44273 l44286 ls572">and </span><span class="pp-class-236 pa t44273 l44287 ls667">are </span><span class="pp-class-236 pa t44288 l3 ls7086">presented </span><span class="pp-class-236 pa t44288 l6723 ls811">in </span><span class="pp-class-236 pa t44288 l37516 ls651">the </span><span class="pp-class-236 pa t44288 l44289 ls1764">income </span><span class="pp-class-236 pa t44288 l44290 ls556">statement </span><span class="pp-class-236 pa t44288 l44291 ls811">as </span><span class="pp-class-236 pa t44288 l44292 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44293 ls811">on </span><span class="pp-class-236 pa t44288 l44294 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44295 ls98">of </span><span class="pp-class-236 pa t44288 l44296 ls548">non-current </span><span class="pp-class-236 pa t44288 l44297 ls546">assets, </span><span class="pp-class-236 pa t44288 l44298 ls6038">net’.</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5337" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h44022 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span><span class="pp-class-248 pa t860 l22193"/><span class="pp-class-249 pa t860 l43381"/><span class="pp-class-249 pa t860 l478 ls143">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls524">Passenger </span><span class="pp-class-237 pa t43264 l44299 ls1764">cruise </span><span class="pp-class-237 pa t43264 l23572 ls4248">ferries </span><span class="pp-class-237 pa t43264 l44300 ls651">and </span><span class="pp-class-237 pa t43264 l44301 ls548">freight </span><span class="pp-class-237 pa t43264 l44302 ls651">and </span><span class="pp-class-237 pa t43264 l41656 ls995">passenger </span><span class="pp-class-237 pa t43264 l44303 ls544">(RoPax) </span><span class="pp-class-237 pa t43264 l44304 ls625">ferries</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls651">Due </span><span class="pp-class-236 pa t43270 l30955 ls538">to </span><span class="pp-class-236 pa t43270 l16855 ls4787">differences </span><span class="pp-class-236 pa t43270 l44305 ls811">in </span><span class="pp-class-236 pa t43270 l21956 ls651">the </span><span class="pp-class-236 pa t43270 l44306 ls8048">wear </span><span class="pp-class-236 pa t43270 l44307 ls651">and </span><span class="pp-class-236 pa t43270 l44308 ls995">tear </span><span class="pp-class-236 pa t43270 l44309 ls98">of </span><span class="pp-class-236 pa t43270 l44310 ls94">certain </span><span class="pp-class-236 pa t43270 l44311 ls524">components </span><span class="pp-class-236 pa t43270 l140 ls98">of </span><span class="pp-class-236 pa t43270 l44312 ls995">passenger </span><span class="pp-class-236 pa t43270 l44313 ls1764">cruise </span><span class="pp-class-236 pa t43270 l44314 ls551">ferries </span><span class="pp-class-236 pa t43270 l44315 ls651">and </span><span class="pp-class-236 pa t43270 l44316 ls590">RoPax </span><span class="pp-class-236 pa t43283 l3 ls724">ferries, </span><span class="pp-class-236 pa t43283 l44317 ls651">the </span><span class="pp-class-236 pa t43283 l44318 ls2222">cost </span><span class="pp-class-236 pa t43283 l44319 ls98">of </span><span class="pp-class-236 pa t43283 l44320 ls538">these </span><span class="pp-class-236 pa t43283 l44321 ls551">ferries </span><span class="pp-class-236 pa t43283 l44322 ls811">is </span><span class="pp-class-236 pa t43283 l44323 ls2036">divided </span><span class="pp-class-236 pa t43283 l44324 ls546">into </span><span class="pp-class-236 pa t43283 l44325 ls524">components </span><span class="pp-class-236 pa t43283 l44326 ls2222">with </span><span class="pp-class-236 pa t43283 l44327 ls556">low </span><span class="pp-class-236 pa t43283 l44328 ls853">wear, </span><span class="pp-class-236 pa t43283 l44329 ls2222">such </span><span class="pp-class-236 pa t43283 l44330 ls811">as </span><span class="pp-class-236 pa t43283 l44331 ls2222">hull </span><span class="pp-class-236 pa t43283 l15289 ls651">and </span><span class="pp-class-236 pa t43283 l44332 ls664">engine, </span><span class="pp-class-236 pa t43295 l3 ls651">and </span><span class="pp-class-236 pa t43295 l17989 ls524">components </span><span class="pp-class-236 pa t43295 l44333 ls2222">with </span><span class="pp-class-236 pa t43295 l8895 ls2222">high </span><span class="pp-class-236 pa t43295 l44334 ls853">wear, </span><span class="pp-class-236 pa t43295 l41887 ls2222">such </span><span class="pp-class-236 pa t43295 l44335 ls811">as </span><span class="pp-class-236 pa t43295 l44336 ls938">parts </span><span class="pp-class-236 pa t43295 l44337 ls98">of </span><span class="pp-class-236 pa t43295 l44338 ls572">the </span><span class="pp-class-236 pa t43295 l44339 ls30">hotel, </span><span class="pp-class-236 pa t43295 l44340 ls2816">catering/restaurants, </span><span class="pp-class-236 pa t43295 l44341 ls651">and </span><span class="pp-class-236 pa t43295 l44342 ls2222">shop </span><span class="pp-class-236 pa t43295 l44343 ls706">areas.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43319 l3 ls548">Freight </span><span class="pp-class-237 pa t43319 l44344 ls4248">ferries </span><span class="pp-class-237 pa t43319 l11303 ls2687">(RoRo)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls651">The </span><span class="pp-class-236 pa t43330 l38379 ls2222">cost </span><span class="pp-class-236 pa t43330 l17201 ls98">of </span><span class="pp-class-236 pa t43330 l44345 ls7086">freight </span><span class="pp-class-236 pa t43330 l3384 ls551">ferries </span><span class="pp-class-236 pa t43330 l44346 ls811">is </span><span class="pp-class-236 pa t43330 l27859 ls4248">not </span><span class="pp-class-236 pa t43330 l44347 ls2036">divided </span><span class="pp-class-236 pa t43330 l44348 ls546">into </span><span class="pp-class-236 pa t43330 l44349 ls524">components </span><span class="pp-class-236 pa t43330 l44350 ls811">as </span><span class="pp-class-236 pa t43330 l44351 ls706">there </span><span class="pp-class-236 pa t43330 l44352 ls811">is </span><span class="pp-class-236 pa t43330 l44353 ls811">no </span><span class="pp-class-236 pa t43330 l44354 ls838">material </span><span class="pp-class-236 pa t43330 l44355 ls681">difference </span><span class="pp-class-236 pa t43330 l44356 ls811">in </span><span class="pp-class-236 pa t43330 l44357 ls572">the </span><span class="pp-class-236 pa t43330 l44358 ls546">wear </span><span class="pp-class-236 pa t43426 l3 ls98">of </span><span class="pp-class-236 pa t43426 l39273 ls651">the </span><span class="pp-class-236 pa t43426 l39799 ls1780">various </span><span class="pp-class-236 pa t43426 l44359 ls524">components </span><span class="pp-class-236 pa t43426 l26669 ls98">of </span><span class="pp-class-236 pa t43426 l44360 ls7086">freight </span><span class="pp-class-236 pa t43426 l44361 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43334 l3 ls567">Depreciation </span><span class="pp-class-237 pa t43334 l44362 ls184">– </span><span class="pp-class-237 pa t43334 l27619 ls2270">expected </span><span class="pp-class-237 pa t43334 l17262 ls1764">useful </span><span class="pp-class-237 pa t43334 l44363 ls2036">life </span><span class="pp-class-237 pa t43334 l44364 ls572">and </span><span class="pp-class-237 pa t43334 l44365 ls30">residual </span><span class="pp-class-237 pa t43334 l44366 ls1780">value </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls691">depreciation </span><span class="pp-class-236 pa t43348 l44367 ls1764">period </span><span class="pp-class-236 pa t43348 l44368 ls553">for </span><span class="pp-class-236 pa t43348 l44369 ls524">components </span><span class="pp-class-236 pa t43348 l44370 ls2222">with </span><span class="pp-class-236 pa t43348 l44371 ls556">low </span><span class="pp-class-236 pa t43348 l44372 ls8048">wear </span><span class="pp-class-236 pa t43348 l44373 ls811">is </span><span class="pp-class-236 pa t43348 l44374 ls811">35 </span><span class="pp-class-236 pa t43348 l44375 ls838">years </span><span class="pp-class-236 pa t43348 l44376 ls553">for </span><span class="pp-class-236 pa t43348 l44377 ls524">both </span><span class="pp-class-236 pa t43348 l40567 ls30">RoPax </span><span class="pp-class-236 pa t43348 l44341 ls572">and </span><span class="pp-class-236 pa t43348 l44378 ls2222">RoRo </span><span class="pp-class-236 pa t43348 l44379 ls536">ferries </span><span class="pp-class-236 pa t43367 l3 ls877">from </span><span class="pp-class-236 pa t43367 l44380 ls572">the </span><span class="pp-class-236 pa t43367 l44381 ls8048">year </span><span class="pp-class-236 pa t43367 l44382 ls811">in </span><span class="pp-class-236 pa t43367 l44383 ls538">which </span><span class="pp-class-236 pa t43367 l44384 ls651">the </span><span class="pp-class-236 pa t43367 l31581 ls608">ferry </span><span class="pp-class-236 pa t43367 l44385 ls556">was </span><span class="pp-class-236 pa t43367 l44386 ls747">built. </span><span class="pp-class-236 pa t43367 l44387 ls651">The </span><span class="pp-class-236 pa t43367 l44388 ls691">depreciation </span><span class="pp-class-236 pa t43367 l44389 ls1764">period </span><span class="pp-class-236 pa t43367 l44390 ls553">for </span><span class="pp-class-236 pa t43367 l44391 ls995">passenger </span><span class="pp-class-236 pa t43367 l44392 ls1764">cruise </span><span class="pp-class-236 pa t43367 l44393 ls551">ferries </span><span class="pp-class-236 pa t43367 l44394 ls811">is </span><span class="pp-class-236 pa t43367 l44395 ls1547">45 </span><span class="pp-class-236 pa t43461 l3 ls758">years. </span><span class="pp-class-236 pa t43461 l44396 ls651">The </span><span class="pp-class-236 pa t43461 l43034 ls3855">residual </span><span class="pp-class-236 pa t43461 l44397 ls2197">value </span><span class="pp-class-236 pa t43461 l40169 ls98">of </span><span class="pp-class-236 pa t43461 l44398 ls551">ferries </span><span class="pp-class-236 pa t43461 l44399 ls811">is </span><span class="pp-class-236 pa t43461 l44400 ls2207">estimated </span><span class="pp-class-236 pa t43461 l44401 ls811">as </span><span class="pp-class-236 pa t43461 l38578 ls651">the </span><span class="pp-class-236 pa t43461 l24853 ls5781">expected </span><span class="pp-class-236 pa t43461 l44402 ls553">fair </span><span class="pp-class-236 pa t43461 l44403 ls2197">value </span><span class="pp-class-236 pa t43461 l44404 ls2197">at </span><span class="pp-class-236 pa t43461 l44405 ls572">the </span><span class="pp-class-236 pa t43461 l44406 ls572">end </span><span class="pp-class-236 pa t43461 l44407 ls98">of </span><span class="pp-class-236 pa t43461 l44408 ls538">their </span><span class="pp-class-236 pa t43461 l44409 ls771">useful </span><span class="pp-class-236 pa t43475 l3 ls713">lifetime.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44410 l3 ls30">Management </span><span class="pp-class-236 pa t44410 l43518 ls651">has </span><span class="pp-class-236 pa t44410 l44411 ls2222">also </span><span class="pp-class-236 pa t44410 l14792 ls667">considered </span><span class="pp-class-236 pa t44410 l44412 ls651">the </span><span class="pp-class-236 pa t44410 l44413 ls1780">impact </span><span class="pp-class-236 pa t44410 l44414 ls98">of </span><span class="pp-class-236 pa t44410 l44415 ls168">decarbonisation </span><span class="pp-class-236 pa t44410 l44416 ls572">and </span><span class="pp-class-236 pa t44410 l44417 ls556">climate-related </span><span class="pp-class-236 pa t44410 l44418 ls667">risks </span><span class="pp-class-236 pa t44410 l44419 ls811">on </span><span class="pp-class-236 pa t44410 l44420 ls184">the </span><span class="pp-class-236 pa t44154 l3 ls590">useful </span><span class="pp-class-236 pa t44154 l43320 ls838">lives </span><span class="pp-class-236 pa t44154 l44421 ls98">of </span><span class="pp-class-236 pa t44154 l44422 ls3855">existing </span><span class="pp-class-236 pa t44154 l44423 ls546">assets. </span><span class="pp-class-236 pa t44154 l44424 ls2222">Such </span><span class="pp-class-236 pa t44154 l44425 ls667">risks </span><span class="pp-class-236 pa t44154 l44426 ls949">include </span><span class="pp-class-236 pa t44154 l24128 ls556">new </span><span class="pp-class-236 pa t44154 l44427 ls556">climate-related </span><span class="pp-class-236 pa t44154 l44377 ls1404">legislation </span><span class="pp-class-236 pa t44154 l44428 ls9435">restricting </span><span class="pp-class-236 pa t44154 l44429 ls651">the </span><span class="pp-class-236 pa t44154 l44430 ls572">use </span><span class="pp-class-236 pa t44154 l44431 ls197">of </span><span class="pp-class-236 pa t44158 l3 ls94">certain </span><span class="pp-class-236 pa t44158 l44432 ls546">assets, </span><span class="pp-class-236 pa t44158 l44433 ls556">new </span><span class="pp-class-236 pa t44158 l3093 ls179">technology </span><span class="pp-class-236 pa t44158 l44434 ls1751">demanded </span><span class="pp-class-236 pa t44158 l44435 ls706">by </span><span class="pp-class-236 pa t44158 l44436 ls556">climate-related </span><span class="pp-class-236 pa t44158 l44437 ls630">legislation, </span><span class="pp-class-236 pa t44158 l43779 ls572">and </span><span class="pp-class-236 pa t44158 l44438 ls651">the </span><span class="pp-class-236 pa t44158 l44439 ls3855">increase </span><span class="pp-class-236 pa t44158 l44440 ls1547">in </span><span class="pp-class-236 pa t44167 l3 ls6824">restoration </span><span class="pp-class-236 pa t44167 l44441 ls538">costs </span><span class="pp-class-236 pa t44167 l44442 ls553">for </span><span class="pp-class-236 pa t44167 l12587 ls949">terminal </span><span class="pp-class-236 pa t44167 l44443 ls625">sites </span><span class="pp-class-236 pa t44167 l27082 ls651">due </span><span class="pp-class-236 pa t44167 l31630 ls538">to </span><span class="pp-class-236 pa t44167 l44444 ls556">new </span><span class="pp-class-236 pa t44167 l9191 ls7832">and/or </span><span class="pp-class-236 pa t44167 l44445 ls877">more </span><span class="pp-class-236 pa t44167 l44446 ls681">comprehensive </span><span class="pp-class-236 pa t44167 l44447 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls538">Other </span><span class="pp-class-237 pa t44168 l44448 ls278">non-current </span><span class="pp-class-237 pa t44168 l44449 ls179">tangible </span><span class="pp-class-237 pa t44168 l44450 ls536">assets</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls538">Other </span><span class="pp-class-236 pa t44171 l44451 ls548">non-current </span><span class="pp-class-236 pa t44171 l44452 ls949">tangible </span><span class="pp-class-236 pa t44171 l41766 ls179">assets </span><span class="pp-class-236 pa t44171 l44453 ls1751">comprise </span><span class="pp-class-236 pa t44171 l33295 ls562">buildings, </span><span class="pp-class-236 pa t44171 l44454 ls949">terminals </span><span class="pp-class-236 pa t44171 l44455 ls651">and </span><span class="pp-class-236 pa t44171 l44456 ls4290">machinery, </span><span class="pp-class-236 pa t44171 l44457 ls625">tools </span><span class="pp-class-236 pa t44171 l44458 ls184">and </span><span class="pp-class-236 pa t44182 l3 ls590">equipment, </span><span class="pp-class-236 pa t44182 l44459 ls651">and </span><span class="pp-class-236 pa t44182 l44460 ls995">leasehold </span><span class="pp-class-236 pa t44182 l44461 ls4017">improvements.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44187 l3 ls651">The </span><span class="pp-class-237 pa t44187 l44462 ls616">estimated </span><span class="pp-class-237 pa t44187 l3321 ls1764">useful </span><span class="pp-class-237 pa t44187 l44463 ls278">lifetimes </span><span class="pp-class-237 pa t44187 l44464 ls548">are </span><span class="pp-class-237 pa t44187 l44465 ls811">as </span><span class="pp-class-237 pa t44187 l44466 ls6270">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44188 l3 ls184">• </span><span class="pp-class-236 pa t44188 l3804 ls18603">Buildings </span><span class="pp-class-236 pa t44188 l44467 ls811">25-50 </span><span class="pp-class-236 pa t44188 l44468 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44204 l3 ls184">• </span><span class="pp-class-236 pa t44204 l3804 ls44469">Terminals </span><span class="pp-class-236 pa t44204 l11787 ls4787">etc. </span><span class="pp-class-236 pa t44204 l44467 ls538">10-40 </span><span class="pp-class-236 pa t44204 l8948 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44216 l3 ls184">• </span><span class="pp-class-236 pa t44216 l3804 ls44470">Equipment </span><span class="pp-class-236 pa t44216 l44471 ls4787">etc. </span><span class="pp-class-236 pa t44216 l44467 ls2222">4-10 </span><span class="pp-class-236 pa t44216 l10033 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls184">• </span><span class="pp-class-236 pa t44232 l3804 ls18603">Leasehold </span><span class="pp-class-236 pa t44232 l15092 ls4017">improvements </span><span class="pp-class-236 pa t44232 l44467 ls2222">Max. </span><span class="pp-class-236 pa t44232 l44472 ls1687">depreciated </span><span class="pp-class-236 pa t44232 l44473 ls3234">over </span><span class="pp-class-236 pa t44232 l28141 ls572">the </span><span class="pp-class-236 pa t44232 l44474 ls995">term </span><span class="pp-class-236 pa t44232 l44475 ls98">of </span><span class="pp-class-236 pa t44232 l44476 ls651">the </span><span class="pp-class-236 pa t44232 l44477 ls811">lease </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls2036">arising </span><span class="pp-class-236 pa t44242 l44478 ls877">from </span><span class="pp-class-236 pa t44242 l44479 ls651">the </span><span class="pp-class-236 pa t44242 l44480 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44481 ls98">of </span><span class="pp-class-236 pa t44242 l44482 ls949">other </span><span class="pp-class-236 pa t44242 l44483 ls548">non-current </span><span class="pp-class-236 pa t44242 l44484 ls949">tangible </span><span class="pp-class-236 pa t44242 l44485 ls179">assets </span><span class="pp-class-236 pa t44242 l38894 ls2808">are </span><span class="pp-class-236 pa t44242 l44486 ls560">calculated </span><span class="pp-class-236 pa t44242 l44487 ls811">as </span><span class="pp-class-236 pa t44242 l44488 ls184">the </span><span class="pp-class-236 pa t44258 l3 ls681">difference </span><span class="pp-class-236 pa t44258 l44489 ls713">between </span><span class="pp-class-236 pa t44258 l40878 ls651">the </span><span class="pp-class-236 pa t44258 l44490 ls538">sales </span><span class="pp-class-236 pa t44258 l44491 ls538">price </span><span class="pp-class-236 pa t44258 l44492 ls2222">less </span><span class="pp-class-236 pa t44258 l44493 ls538">sales </span><span class="pp-class-236 pa t44258 l44494 ls538">costs </span><span class="pp-class-236 pa t44258 l44495 ls651">and </span><span class="pp-class-236 pa t44258 l44496 ls572">the </span><span class="pp-class-236 pa t44258 l24306 ls572">carrying </span><span class="pp-class-236 pa t44258 l44497 ls995">amount </span><span class="pp-class-236 pa t44258 l44498 ls2197">at </span><span class="pp-class-236 pa t44258 l44499 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44500 ls1815">date. </span><span class="pp-class-236 pa t44258 l44316 ls811">Gains </span><span class="pp-class-236 pa t44273 l3 ls811">or </span><span class="pp-class-236 pa t44273 l44501 ls1764">losses </span><span class="pp-class-236 pa t44273 l38519 ls811">on </span><span class="pp-class-236 pa t44273 l41790 ls651">the </span><span class="pp-class-236 pa t44273 l44502 ls1751">disposal </span><span class="pp-class-236 pa t44273 l44503 ls98">of </span><span class="pp-class-236 pa t44273 l44504 ls538">these </span><span class="pp-class-236 pa t44273 l44505 ls548">non-current </span><span class="pp-class-236 pa t44273 l12658 ls179">assets </span><span class="pp-class-236 pa t44273 l44506 ls2808">are </span><span class="pp-class-236 pa t44273 l44507 ls667">recognised </span><span class="pp-class-236 pa t44273 l44508 ls811">in </span><span class="pp-class-236 pa t44273 l44509 ls572">the </span><span class="pp-class-236 pa t44273 l44510 ls1764">income </span><span class="pp-class-236 pa t44273 l44511 ls556">statement </span><span class="pp-class-236 pa t44273 l44512 ls1547">as </span><span class="pp-class-236 pa t44288 l3 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44513 ls811">on </span><span class="pp-class-236 pa t44288 l23086 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44452 ls98">of </span><span class="pp-class-236 pa t44288 l620 ls548">non-current </span><span class="pp-class-236 pa t44288 l28838 ls546">assets, </span><span class="pp-class-236 pa t44288 l44514 ls524">net'.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5354" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h45362 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls168">Group </span><span class="pp-class-237 pa t43264 l45202 ls811">as </span><span class="pp-class-237 pa t43264 l45203 ls949">lessee </span><span class="pp-class-237 pa t43264 l45363 ls949">(lease </span><span class="pp-class-237 pa t43264 l45364 ls811">in)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls572 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t43270 l45365 ls4276 wtro3142 wtr526 tro3144 tr528">right-of-use </span><span class="pp-class-236 pa t43270 l45366 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43270 l45367 ls651 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43270 l45368 ls758 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43270 l45369 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43270 l45370 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43270 l45371 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43270 l45372 ls667 wtro3142 wtr526 tro3144 tr528">recognised </span><span class="pp-class-236 pa t43270 l45373 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43270 l45374 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43270 l45375 ls949 wtro3142 wtr526 tro3144 tr528">commencement </span><span class="pp-class-236 pa t43270 l45376 ls1815 wtro3142 wtr526 tro3144 tr528">date, </span><span class="pp-class-236 pa t43270 l45377 ls546 wtro3142 wtr526 tro3144 tr528">i.e. </span><span class="pp-class-236 pa t43283 l3 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45378 ls7086 wtro3142 wtr526 tro3144 tr528">date </span><span class="pp-class-236 pa t43283 l45379 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45380 ls2197 wtro3142 wtr526 tro3144 tr528">underlying </span><span class="pp-class-236 pa t43283 l45381 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43283 l45382 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43283 l15109 ls849 wtro3142 wtr526 tro3144 tr528">ready </span><span class="pp-class-236 pa t43283 l45383 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43283 l45384 ls530 wtro3142 wtr526 tro3144 tr528">use. </span><span class="pp-class-236 pa t43283 l45385 ls4276 wtro3142 wtr526 tro3144 tr528">Right-of-use </span><span class="pp-class-236 pa t43283 l45386 ls179 wtro3142 wtr526 tro3144 tr528">assets </span><span class="pp-class-236 pa t43283 l45387 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43283 l2934 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43283 l45388 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43283 l45389 ls2222 wtro3142 wtr526 tro3144 tr528">cost </span><span class="pp-class-236 pa t43283 l45390 ls168 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43295 l3 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43295 l45391 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43295 l45392 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45393 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43295 l45394 ls838 wtro3142 wtr526 tro3144 tr528">recognised, </span><span class="pp-class-236 pa t43295 l45395 ls630 wtro3142 wtr526 tro3144 tr528">adjusted </span><span class="pp-class-236 pa t43295 l39911 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43295 l45396 ls553 wtro3142 wtr526 tro3144 tr528">any </span><span class="pp-class-236 pa t43295 l45397 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45398 ls1775 wtro3142 wtr526 tro3144 tr528">prepayments </span><span class="pp-class-236 pa t43295 l45399 ls546 wtro3142 wtr526 tro3144 tr528">including </span><span class="pp-class-236 pa t43295 l45400 ls524 wtro3142 wtr526 tro3144 tr528">dismantling </span><span class="pp-class-236 pa t43295 l45401 ls184 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43309 l3 ls6824 wtro3142 wtr526 tro3144 tr528">restoration </span><span class="pp-class-236 pa t43309 l45402 ls1764 wtro3142 wtr526 tro3144 tr528">costs, </span><span class="pp-class-236 pa t43309 l45403 ls556 wtro3142 wtr526 tro3144 tr528">whereas </span><span class="pp-class-236 pa t43309 l45404 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45405 ls625 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t43309 l45406 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43309 l45407 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43309 l45408 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43309 l45409 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43309 l45410 ls7086 wtro3142 wtr526 tro3144 tr528">present </span><span class="pp-class-236 pa t43309 l45411 ls2197 wtro3142 wtr526 tro3144 tr528">value </span><span class="pp-class-236 pa t43309 l45412 ls98 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t43309 l45413 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45414 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43309 l45415 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43309 l45416 ls1547 wtro3142 wtr526 tro3144 tr528">be </span><span class="pp-class-236 pa t43319 l3 ls544 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t43319 l45417 ls3234 wtro3142 wtr526 tro3144 tr528">over </span><span class="pp-class-236 pa t43319 l45418 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43319 l45419 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43319 l45420 ls625 wtro3142 wtr526 tro3144 tr528">term. </span><span class="pp-class-236 pa t43319 l45421 ls538 wtro3142 wtr526 tro3144 tr528">Lease </span><span class="pp-class-236 pa t43319 l45422 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43319 l5703 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43319 l45423 ls541 wtro3142 wtr526 tro3144 tr528">discounted </span><span class="pp-class-236 pa t43319 l45424 ls538 wtro3142 wtr526 tro3144 tr528">using </span><span class="pp-class-236 pa t43319 l45425 ls538 wtro3142 wtr526 tro3144 tr528">DFDS’ </span><span class="pp-class-236 pa t43319 l45426 ls556 wtro3142 wtr526 tro3144 tr528">incremental </span><span class="pp-class-236 pa t43319 l45427 ls4558 wtro3142 wtr526 tro3144 tr528">borrowing </span><span class="pp-class-236 pa t43319 l45428 ls2767 wtro3142 wtr526 tro3144 tr528">rate. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls691">Depreciation </span><span class="pp-class-236 pa t43330 l45429 ls4558">follows </span><span class="pp-class-236 pa t43330 l45430 ls651">the </span><span class="pp-class-236 pa t43330 l45431 ls4276">straight-line </span><span class="pp-class-236 pa t43330 l45432 ls179">method </span><span class="pp-class-236 pa t43330 l45433 ls3234">over </span><span class="pp-class-236 pa t43330 l45434 ls651">the </span><span class="pp-class-236 pa t43330 l45435 ls538">lease </span><span class="pp-class-236 pa t43330 l45436 ls995">term </span><span class="pp-class-236 pa t43330 l45437 ls811">or </span><span class="pp-class-236 pa t43330 l45438 ls651">the </span><span class="pp-class-236 pa t43330 l45439 ls590">useful </span><span class="pp-class-236 pa t43330 l45440 ls553">life </span><span class="pp-class-236 pa t43330 l45441 ls98">of </span><span class="pp-class-236 pa t43330 l45442 ls572">the </span><span class="pp-class-236 pa t43330 l45443 ls621">right-of-use </span><span class="pp-class-236 pa t43426 l3 ls546">assets, </span><span class="pp-class-236 pa t43426 l14614 ls1463">whichever </span><span class="pp-class-236 pa t43426 l45444 ls811">is </span><span class="pp-class-236 pa t43426 l45445 ls572">shortest. </span><span class="pp-class-236 pa t43426 l45446 ls33174">However, </span><span class="pp-class-236 pa t43426 l45447 ls553">for </span><span class="pp-class-236 pa t43426 l28756 ls651">one </span><span class="pp-class-236 pa t43426 l45448 ls949">terminal </span><span class="pp-class-236 pa t43426 l45449 ls651">the </span><span class="pp-class-236 pa t43426 l45450 ls691">depreciation </span><span class="pp-class-236 pa t43426 l45451 ls811">is </span><span class="pp-class-236 pa t43426 l45452 ls538">based </span><span class="pp-class-236 pa t43426 l45453 ls811">on </span><span class="pp-class-236 pa t43426 l45454 ls168">volumes </span><span class="pp-class-236 pa t43333 l3 ls2036">handled </span><span class="pp-class-236 pa t43333 l31586 ls811">in </span><span class="pp-class-236 pa t43333 l45455 ls651">the </span><span class="pp-class-236 pa t43333 l45456 ls949">terminal. </span><span class="pp-class-236 pa t43333 l45457 ls115">The </span><span class="pp-class-236 pa t43333 l45458 ls138">lease </span><span class="pp-class-236 pa t43333 l17441 ls1133">payments </span><span class="pp-class-236 pa t43333 l5647 ls1078">include </span><span class="pp-class-236 pa t43333 l45459 ls967">fixed </span><span class="pp-class-236 pa t43333 l45460 ls1133">payments </span><span class="pp-class-236 pa t43333 l45461 ls297">less </span><span class="pp-class-236 pa t43333 l45462 ls570">any </span><span class="pp-class-236 pa t43333 l45463 ls138">lease </span><span class="pp-class-236 pa t43333 l45464 ls236">incentives </span><span class="pp-class-236 pa t43334 l3 ls1574">receivable </span><span class="pp-class-236 pa t43334 l2834 ls1011">and </span><span class="pp-class-236 pa t43334 l45465 ls428">variable </span><span class="pp-class-236 pa t43334 l30659 ls138">lease </span><span class="pp-class-236 pa t43334 l28271 ls1133">payments </span><span class="pp-class-236 pa t43334 l28530 ls184">that </span><span class="pp-class-236 pa t43334 l45466 ls138">depend </span><span class="pp-class-236 pa t43334 l45467 ls177">on </span><span class="pp-class-236 pa t43334 l45468 ls177">an </span><span class="pp-class-236 pa t43334 l3089 ls967">index </span><span class="pp-class-236 pa t43334 l45469 ls177">or </span><span class="pp-class-236 pa t43334 l45470 ls781">a </span><span class="pp-class-236 pa t43334 l45471 ls758">rate. </span><span class="pp-class-236 pa t43334 l45472 ls177">If </span><span class="pp-class-236 pa t43334 l45473 ls1011">the </span><span class="pp-class-236 pa t43334 l45474 ls3791">contract </span><span class="pp-class-236 pa t43334 l45475 ls138">holds </span><span class="pp-class-236 pa t43334 l45476 ls162">an </span><span class="pp-class-236 pa t43348 l3 ls1790">option </span><span class="pp-class-236 pa t43348 l45477 ls73">to </span><span class="pp-class-236 pa t43348 l31247 ls2315">purchase, </span><span class="pp-class-236 pa t43348 l45478 ls938">extend </span><span class="pp-class-236 pa t43348 l45479 ls177">or </span><span class="pp-class-236 pa t43348 l45480 ls1133">terminate </span><span class="pp-class-236 pa t43348 l45481 ls781">a </span><span class="pp-class-236 pa t43348 l45482 ls138">lease </span><span class="pp-class-236 pa t43348 l45483 ls115">and </span><span class="pp-class-236 pa t43348 l45484 ls177">it </span><span class="pp-class-236 pa t43348 l45485 ls177">is </span><span class="pp-class-236 pa t43348 l17214 ls584">reasonably </span><span class="pp-class-236 pa t43348 l45486 ls1535">certain </span><span class="pp-class-236 pa t43348 l38594 ls73">to </span><span class="pp-class-236 pa t43348 l45487 ls177">be </span><span class="pp-class-236 pa t43348 l45488 ls546">exercised </span><span class="pp-class-236 pa t43348 l45489 ls771">by </span><span class="pp-class-236 pa t43348 l45490 ls781">the </span><span class="pp-class-236 pa t43367 l3 ls811">Group, </span><span class="pp-class-236 pa t43367 l45491 ls115">the </span><span class="pp-class-236 pa t43367 l7365 ls138">lease </span><span class="pp-class-236 pa t43367 l45492 ls113">liability </span><span class="pp-class-236 pa t43367 l45493 ls297">will </span><span class="pp-class-236 pa t43367 l40252 ls1078">include </span><span class="pp-class-236 pa t43367 l45494 ls73">those. </span><span class="pp-class-236 pa t43367 l39320 ls115">The </span><span class="pp-class-236 pa t43367 l45495 ls428">variable </span><span class="pp-class-236 pa t43367 l45496 ls138">lease </span><span class="pp-class-236 pa t43367 l45497 ls1133">payments </span><span class="pp-class-236 pa t43367 l45498 ls184">that </span><span class="pp-class-236 pa t43367 l45499 ls177">do </span><span class="pp-class-236 pa t43367 l45500 ls1661">not </span><span class="pp-class-236 pa t43367 l45501 ls138">depend </span><span class="pp-class-236 pa t43367 l45502 ls177">on </span><span class="pp-class-236 pa t43367 l45503 ls162">an </span><span class="pp-class-236 pa t43461 l3 ls967">index </span><span class="pp-class-236 pa t43461 l45504 ls177">or </span><span class="pp-class-236 pa t43461 l45505 ls781">a </span><span class="pp-class-236 pa t43461 l41014 ls2207">rate </span><span class="pp-class-236 pa t43461 l45506 ls2222">are </span><span class="pp-class-236 pa t43461 l18527 ls15">recognised </span><span class="pp-class-236 pa t43461 l45507 ls177">as </span><span class="pp-class-236 pa t43461 l45508 ls131">expenses </span><span class="pp-class-236 pa t43461 l33939 ls177">in </span><span class="pp-class-236 pa t43461 l45509 ls1011">the </span><span class="pp-class-236 pa t43461 l45510 ls138">period </span><span class="pp-class-236 pa t43461 l45511 ls177">on </span><span class="pp-class-236 pa t43461 l45512 ls138">which </span><span class="pp-class-236 pa t43461 l45513 ls115">the </span><span class="pp-class-236 pa t43461 l45514 ls608">event </span><span class="pp-class-236 pa t43461 l45515 ls177">or </span><span class="pp-class-236 pa t43461 l45516 ls113">condition </span><span class="pp-class-236 pa t43461 l45517 ls1757">that </span><span class="pp-class-236 pa t43475 l3 ls113">triggers </span><span class="pp-class-236 pa t43475 l45518 ls1011">the </span><span class="pp-class-236 pa t43475 l45519 ls63">payment </span><span class="pp-class-236 pa t43475 l45520 ls113">occurs. </span><span class="pp-class-236 pa t43475 l45521 ls651">The </span><span class="pp-class-236 pa t43475 l45522 ls706">Group </span><span class="pp-class-236 pa t43475 l45523 ls2036">applies </span><span class="pp-class-236 pa t43475 l45524 ls572">the </span><span class="pp-class-236 pa t43475 l45525 ls558">short-term </span><span class="pp-class-236 pa t43475 l45526 ls538">lease </span><span class="pp-class-236 pa t43475 l45527 ls838">recognition </span><span class="pp-class-236 pa t43475 l45528 ls12490">exemption </span><span class="pp-class-236 pa t43475 l45529 ls553">for </span><span class="pp-class-236 pa t43475 l45530 ls811">lease </span><span class="pp-class-236 pa t43484 l3 ls4793">contracts </span><span class="pp-class-236 pa t43484 l45531 ls544">that, </span><span class="pp-class-236 pa t43484 l45532 ls2197">at </span><span class="pp-class-236 pa t43484 l18792 ls651">the </span><span class="pp-class-236 pa t43484 l2133 ls949">commencement </span><span class="pp-class-236 pa t43484 l38906 ls1815">date, </span><span class="pp-class-236 pa t43484 l45533 ls110">have </span><span class="pp-class-236 pa t43484 l45534 ls184">a </span><span class="pp-class-236 pa t43484 l45535 ls538">lease </span><span class="pp-class-236 pa t43484 l45536 ls995">term </span><span class="pp-class-236 pa t43484 l45537 ls98">of </span><span class="pp-class-236 pa t43484 l45538 ls811">12 </span><span class="pp-class-236 pa t43484 l45539 ls995">months </span><span class="pp-class-236 pa t43484 l45540 ls811">or </span><span class="pp-class-236 pa t43484 l45541 ls538">less, </span><span class="pp-class-236 pa t43484 l45542 ls572">and </span><span class="pp-class-236 pa t43484 l45543 ls184">the </span><span class="pp-class-236 pa t44410 l3 ls12490">exemption </span><span class="pp-class-236 pa t44410 l45544 ls553">for </span><span class="pp-class-236 pa t44410 l20470 ls538">lease </span><span class="pp-class-236 pa t44410 l45545 ls4793">contracts </span><span class="pp-class-236 pa t44410 l45546 ls553">for </span><span class="pp-class-236 pa t44410 l45547 ls538">which </span><span class="pp-class-236 pa t44410 l45548 ls651">the </span><span class="pp-class-236 pa t44410 l33224 ls2197">underlying </span><span class="pp-class-236 pa t44410 l45549 ls949">asset </span><span class="pp-class-236 pa t44410 l45550 ls811">is </span><span class="pp-class-236 pa t44410 l45551 ls98">of </span><span class="pp-class-236 pa t44410 l45552 ls556">low </span><span class="pp-class-236 pa t44410 l45553 ls1775">value. </span><span class="pp-class-236 pa t44410 l45554 ls538">Lease </span><span class="pp-class-236 pa t44410 l45555 ls4630">payments </span><span class="pp-class-236 pa t44410 l45556 ls1547">on </span><span class="pp-class-236 pa t44154 l3 ls558">short-term </span><span class="pp-class-236 pa t44154 l28296 ls1764">leases </span><span class="pp-class-236 pa t44154 l7356 ls651">and </span><span class="pp-class-236 pa t44154 l17961 ls1764">leases </span><span class="pp-class-236 pa t44154 l45557 ls98">of </span><span class="pp-class-236 pa t44154 l45558 ls4017">low-value </span><span class="pp-class-236 pa t44154 l24627 ls179">assets </span><span class="pp-class-236 pa t44154 l45559 ls2808">are </span><span class="pp-class-236 pa t44154 l40715 ls667">recognised </span><span class="pp-class-236 pa t44154 l45560 ls811">as </span><span class="pp-class-236 pa t44154 l45561 ls3855">expenses </span><span class="pp-class-236 pa t44154 l45562 ls811">on </span><span class="pp-class-236 pa t44154 l45563 ls184">a </span><span class="pp-class-236 pa t44154 l45564 ls4276">straight-line </span><span class="pp-class-236 pa t44154 l45565 ls811">basis </span><span class="pp-class-236 pa t44158 l3 ls3234">over </span><span class="pp-class-236 pa t44158 l45566 ls572">the </span><span class="pp-class-236 pa t44158 l45567 ls538">lease </span><span class="pp-class-236 pa t44158 l45568 ls625">term. </span><span class="pp-class-236 pa t44158 l19591 ls544">For </span><span class="pp-class-236 pa t44158 l45569 ls4793">contracts </span><span class="pp-class-236 pa t44158 l45570 ls2222">with </span><span class="pp-class-236 pa t44158 l45571 ls184">a </span><span class="pp-class-236 pa t44158 l45572 ls556">rolling </span><span class="pp-class-236 pa t44158 l45573 ls995">term </span><span class="pp-class-236 pa t44158 l45574 ls11050">(evergreen </span><span class="pp-class-236 pa t44158 l45575 ls1744">leases), </span><span class="pp-class-236 pa t44158 l45576 ls30">Management </span><span class="pp-class-236 pa t44158 l45577 ls110">exercises </span><span class="pp-class-236 pa t44167 l3 ls747">judgement </span><span class="pp-class-236 pa t44167 l33769 ls811">in </span><span class="pp-class-236 pa t44167 l28500 ls551">determining </span><span class="pp-class-236 pa t44167 l45578 ls590">useful </span><span class="pp-class-236 pa t44167 l18023 ls731">lifetime </span><span class="pp-class-236 pa t44167 l45579 ls98">of </span><span class="pp-class-236 pa t44167 l45580 ls651">the </span><span class="pp-class-236 pa t44167 l45581 ls2197">underlying </span><span class="pp-class-236 pa t44167 l45582 ls4276">right-of-use </span><span class="pp-class-236 pa t44167 l42313 ls538">asset.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls168">Group </span><span class="pp-class-237 pa t44168 l45202 ls811">as </span><span class="pp-class-237 pa t44168 l45203 ls949">lessor </span><span class="pp-class-237 pa t44168 l45583 ls949">(lease </span><span class="pp-class-237 pa t44168 l45584 ls651">out)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls544">For </span><span class="pp-class-236 pa t44171 l38701 ls30">accounting </span><span class="pp-class-236 pa t44171 l45585 ls995">purposes, </span><span class="pp-class-236 pa t44171 l45586 ls179">assets </span><span class="pp-class-236 pa t44171 l45587 ls1764">leased </span><span class="pp-class-236 pa t44171 l45588 ls651">out </span><span class="pp-class-236 pa t44171 l25089 ls2808">are </span><span class="pp-class-236 pa t44171 l45589 ls2036">divided </span><span class="pp-class-236 pa t44171 l45590 ls546">into </span><span class="pp-class-236 pa t44171 l45591 ls2036">finance </span><span class="pp-class-236 pa t44171 l45592 ls572">and </span><span class="pp-class-236 pa t44171 l45593 ls1775">operating </span><span class="pp-class-236 pa t44171 l45594 ls2036">leases. </span><span class="pp-class-236 pa t44171 l45595 ls811">In </span><span class="pp-class-236 pa t44171 l45596 ls8048">respect </span><span class="pp-class-236 pa t44182 l3 ls98">of </span><span class="pp-class-236 pa t44182 l39273 ls179">assets </span><span class="pp-class-236 pa t44182 l44259 ls1764">leased </span><span class="pp-class-236 pa t44182 l45597 ls651">out </span><span class="pp-class-236 pa t44182 l45598 ls811">on </span><span class="pp-class-236 pa t44182 l45599 ls184">a </span><span class="pp-class-236 pa t44182 l45600 ls2036">finance </span><span class="pp-class-236 pa t44182 l45601 ls541">lease, </span><span class="pp-class-236 pa t44182 l45602 ls811">an </span><span class="pp-class-236 pa t44182 l12537 ls995">amount </span><span class="pp-class-236 pa t44182 l45603 ls538">equal </span><span class="pp-class-236 pa t44182 l45604 ls538">to </span><span class="pp-class-236 pa t44182 l45605 ls572">the </span><span class="pp-class-236 pa t44182 l45606 ls4248">net </span><span class="pp-class-236 pa t44182 l42644 ls7086">present </span><span class="pp-class-236 pa t44182 l45607 ls2197">value </span><span class="pp-class-236 pa t44182 l45608 ls98">of </span><span class="pp-class-236 pa t44182 l45609 ls651">the </span><span class="pp-class-236 pa t44182 l45610 ls2197">future </span><span class="pp-class-236 pa t44182 l45611 ls811">lease </span><span class="pp-class-236 pa t44185 l3 ls4630">payments </span><span class="pp-class-236 pa t44185 l36228 ls811">is </span><span class="pp-class-236 pa t44185 l45612 ls667">recognised </span><span class="pp-class-236 pa t44185 l37360 ls811">in </span><span class="pp-class-236 pa t44185 l45613 ls651">the </span><span class="pp-class-236 pa t44185 l45614 ls2036">balance </span><span class="pp-class-236 pa t44185 l45615 ls949">sheet </span><span class="pp-class-236 pa t44185 l45616 ls811">as </span><span class="pp-class-236 pa t44185 l45617 ls184">a </span><span class="pp-class-236 pa t44185 l45618 ls538">lease </span><span class="pp-class-236 pa t44185 l45619 ls5781">receivable </span><span class="pp-class-236 pa t44185 l45620 ls877">from </span><span class="pp-class-236 pa t44185 l45621 ls541">lessee. </span><span class="pp-class-236 pa t44185 l45622 ls572">The </span><span class="pp-class-236 pa t44185 l45623 ls949">asset </span><span class="pp-class-236 pa t44185 l45624 ls1764">leased </span><span class="pp-class-236 pa t44185 l45625 ls184">out </span><span class="pp-class-236 pa t44187 l3 ls811">is </span><span class="pp-class-236 pa t44187 l40693 ls2207">reclassified </span><span class="pp-class-236 pa t44187 l45626 ls877">from </span><span class="pp-class-236 pa t44187 l43512 ls548">non-current </span><span class="pp-class-236 pa t44187 l17040 ls949">asset </span><span class="pp-class-236 pa t44187 l45627 ls538">to </span><span class="pp-class-236 pa t44187 l45628 ls1764">leases </span><span class="pp-class-236 pa t44187 l45629 ls603">receivables </span><span class="pp-class-236 pa t44187 l45630 ls572">and </span><span class="pp-class-236 pa t44187 l45276 ls553">any </span><span class="pp-class-236 pa t44187 l45631 ls2222">gain </span><span class="pp-class-236 pa t44187 l45632 ls811">or </span><span class="pp-class-236 pa t44187 l45633 ls2222">loss </span><span class="pp-class-236 pa t44187 l45634 ls2036">arising </span><span class="pp-class-236 pa t44187 l45635 ls877">from </span><span class="pp-class-236 pa t44187 l45636 ls2222">this </span><span class="pp-class-236 pa t44187 l45637 ls1547">is </span><span class="pp-class-236 pa t45638 l3 ls667">recognised </span><span class="pp-class-236 pa t45638 l39250 ls811">in </span><span class="pp-class-236 pa t45638 l39251 ls651">the </span><span class="pp-class-236 pa t45638 l45639 ls1764">income </span><span class="pp-class-236 pa t45638 l45640 ls758">statement. </span><span class="pp-class-236 pa t45638 l45641 ls538">Lease </span><span class="pp-class-236 pa t45638 l45642 ls1764">income </span><span class="pp-class-236 pa t45638 l45643 ls877">from </span><span class="pp-class-236 pa t45638 l45644 ls179">assets </span><span class="pp-class-236 pa t45638 l45645 ls1764">leased </span><span class="pp-class-236 pa t45638 l45646 ls572">out </span><span class="pp-class-236 pa t45638 l45647 ls811">on </span><span class="pp-class-236 pa t45638 l45648 ls811">an </span><span class="pp-class-236 pa t45638 l45649 ls1775">operating </span><span class="pp-class-236 pa t45638 l45650 ls538">lease </span><span class="pp-class-236 pa t45638 l45651 ls1547">is </span><span class="pp-class-236 pa t44188 l3 ls667">recognised </span><span class="pp-class-236 pa t44188 l39250 ls811">in </span><span class="pp-class-236 pa t44188 l39251 ls651">the </span><span class="pp-class-236 pa t44188 l45639 ls1764">income </span><span class="pp-class-236 pa t44188 l45640 ls556">statement </span><span class="pp-class-236 pa t44188 l45652 ls811">on </span><span class="pp-class-236 pa t44188 l45653 ls184">a </span><span class="pp-class-236 pa t44188 l45654 ls4276">straight-line </span><span class="pp-class-236 pa t44188 l45655 ls538">basis </span><span class="pp-class-236 pa t44188 l45656 ls3234">over </span><span class="pp-class-236 pa t44188 l45657 ls651">the </span><span class="pp-class-236 pa t44188 l45658 ls538">lease </span><span class="pp-class-236 pa t44188 l45659 ls651">term. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44216 l3 ls4248">Sale </span><span class="pp-class-237 pa t44216 l45660 ls572">and </span><span class="pp-class-237 pa t44216 l45661 ls1404">leaseback </span><span class="pp-class-237 pa t44216 l37138 ls838">transactions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls2222">Sale </span><span class="pp-class-236 pa t44232 l39447 ls572">and </span><span class="pp-class-236 pa t44232 l45662 ls544">leaseback </span><span class="pp-class-236 pa t44232 l45663 ls691">transactions </span><span class="pp-class-236 pa t44232 l45664 ls2808">are </span><span class="pp-class-236 pa t44232 l5060 ls1751">assessed </span><span class="pp-class-236 pa t44232 l45665 ls538">to </span><span class="pp-class-236 pa t44232 l45666 ls553">determine </span><span class="pp-class-236 pa t44232 l45667 ls546">whether </span><span class="pp-class-236 pa t44232 l45668 ls572">the </span><span class="pp-class-236 pa t44232 l45669 ls2270">transfer </span><span class="pp-class-236 pa t44232 l45670 ls98">of </span><span class="pp-class-236 pa t44232 l45671 ls572">the </span><span class="pp-class-236 pa t44232 l45672 ls35">asset </span><span class="pp-class-236 pa t45673 l3 ls995">qualifies </span><span class="pp-class-236 pa t45673 l45674 ls811">as </span><span class="pp-class-236 pa t45673 l6041 ls184">a </span><span class="pp-class-236 pa t45673 l45675 ls2222">true </span><span class="pp-class-236 pa t45673 l45676 ls2222">sale </span><span class="pp-class-236 pa t45673 l45677 ls811">in </span><span class="pp-class-236 pa t45673 l45678 ls7086">accordance </span><span class="pp-class-236 pa t45673 l41756 ls2222">with </span><span class="pp-class-236 pa t45673 l45679 ls1369">IFRS </span><span class="pp-class-236 pa t45673 l45680 ls811">15 </span><span class="pp-class-236 pa t45673 l45681 ls877">Revenue </span><span class="pp-class-236 pa t45673 l45682 ls877">from </span><span class="pp-class-236 pa t45673 l45683 ls4793">Contracts </span><span class="pp-class-236 pa t45673 l45684 ls2222">with </span><span class="pp-class-236 pa t45673 l45685 ls179">Customers. </span><span class="pp-class-236 pa t45673 l45686 ls811">If </span><span class="pp-class-236 pa t45673 l45687 ls758">control </span><span class="pp-class-236 pa t44242 l3 ls811">is </span><span class="pp-class-236 pa t44242 l40693 ls6270">transferred </span><span class="pp-class-236 pa t44242 l18014 ls538">to </span><span class="pp-class-236 pa t44242 l33336 ls572">the </span><span class="pp-class-236 pa t44242 l42572 ls838">buyer </span><span class="pp-class-236 pa t44242 l45688 ls651">and </span><span class="pp-class-236 pa t44242 l45689 ls651">the </span><span class="pp-class-236 pa t44242 l45690 ls2969">transaction </span><span class="pp-class-236 pa t44242 l18081 ls995">qualifies </span><span class="pp-class-236 pa t44242 l45691 ls811">as </span><span class="pp-class-236 pa t44242 l45692 ls184">a </span><span class="pp-class-236 pa t44242 l45693 ls2222">true </span><span class="pp-class-236 pa t44242 l45694 ls541">sale, </span><span class="pp-class-236 pa t44242 l45695 ls2222">DFDS </span><span class="pp-class-236 pa t44242 l45696 ls2207">derecognises </span><span class="pp-class-236 pa t44242 l45697 ls651">the </span><span class="pp-class-236 pa t44242 l45698 ls35">asset </span><span class="pp-class-236 pa t44258 l3 ls651">and </span><span class="pp-class-236 pa t44258 l17989 ls667">recognises </span><span class="pp-class-236 pa t44258 l45699 ls184">a </span><span class="pp-class-236 pa t44258 l45700 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45701 ls949">asset </span><span class="pp-class-236 pa t44258 l45702 ls572">and </span><span class="pp-class-236 pa t44258 l45703 ls184">a </span><span class="pp-class-236 pa t44258 l45704 ls538">lease </span><span class="pp-class-236 pa t44258 l18518 ls6824">liability. </span><span class="pp-class-236 pa t44258 l45705 ls651">The </span><span class="pp-class-236 pa t44258 l45706 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45707 ls949">asset </span><span class="pp-class-236 pa t44258 l45708 ls811">is </span><span class="pp-class-236 pa t44258 l45709 ls3855">measured </span><span class="pp-class-236 pa t44258 l45710 ls811">as </span><span class="pp-class-236 pa t44258 l45711 ls184">the </span><span class="pp-class-236 pa t44273 l3 ls30">proportion </span><span class="pp-class-236 pa t44273 l45712 ls98">of </span><span class="pp-class-236 pa t44273 l45713 ls651">the </span><span class="pp-class-236 pa t44273 l45714 ls2245">previous </span><span class="pp-class-236 pa t44273 l37856 ls572">carrying </span><span class="pp-class-236 pa t44273 l45715 ls995">amount </span><span class="pp-class-236 pa t44273 l29075 ls98">of </span><span class="pp-class-236 pa t44273 l45716 ls651">the </span><span class="pp-class-236 pa t44273 l17171 ls949">asset </span><span class="pp-class-236 pa t44273 l45717 ls616">that </span><span class="pp-class-236 pa t44273 l45718 ls3681">relates </span><span class="pp-class-236 pa t44273 l45719 ls538">to </span><span class="pp-class-236 pa t44273 l45720 ls572">the </span><span class="pp-class-236 pa t44273 l45721 ls5781">retained </span><span class="pp-class-236 pa t44273 l45722 ls536">right </span><span class="pp-class-236 pa t44273 l45723 ls98">of </span><span class="pp-class-236 pa t44273 l45724 ls530">use. </span><span class="pp-class-236 pa t44273 l45725 ls184">The </span><span class="pp-class-236 pa t44288 l3 ls538">lease </span><span class="pp-class-236 pa t44288 l45726 ls995">liability </span><span class="pp-class-236 pa t44288 l45727 ls811">is </span><span class="pp-class-236 pa t44288 l45728 ls3855">measured </span><span class="pp-class-236 pa t44288 l45729 ls2197">at </span><span class="pp-class-236 pa t44288 l40252 ls651">the </span><span class="pp-class-236 pa t44288 l45730 ls7086">present </span><span class="pp-class-236 pa t44288 l45731 ls2197">value </span><span class="pp-class-236 pa t44288 l45732 ls98">of </span><span class="pp-class-236 pa t44288 l45733 ls2197">future </span><span class="pp-class-236 pa t44288 l45734 ls538">lease </span><span class="pp-class-236 pa t44288 l45735 ls616">payments. </span><span class="pp-class-236 pa t44288 l45736 ls553">Any </span><span class="pp-class-236 pa t44288 l45737 ls2222">gain </span><span class="pp-class-236 pa t44288 l45738 ls811">or </span><span class="pp-class-236 pa t44288 l45739 ls2222">loss </span><span class="pp-class-236 pa t44288 l45740 ls2036">arising </span><span class="pp-class-236 pa t44288 l45741 ls1547">on </span><span class="pp-class-236 pa t45742 l3 ls651">the </span><span class="pp-class-236 pa t45742 l28221 ls2222">sale </span><span class="pp-class-236 pa t45742 l45743 ls811">is </span><span class="pp-class-236 pa t45742 l45744 ls667">recognised </span><span class="pp-class-236 pa t45742 l45745 ls811">in </span><span class="pp-class-236 pa t45742 l45746 ls651">the </span><span class="pp-class-236 pa t45742 l45747 ls1764">income </span><span class="pp-class-236 pa t45742 l45748 ls556">statement </span><span class="pp-class-236 pa t45742 l38708 ls847">only </span><span class="pp-class-236 pa t45742 l45749 ls538">to </span><span class="pp-class-236 pa t45742 l45750 ls572">the </span><span class="pp-class-236 pa t45742 l45751 ls1815">extent </span><span class="pp-class-236 pa t45742 l45752 ls616">that </span><span class="pp-class-236 pa t45742 l45753 ls811">it </span><span class="pp-class-236 pa t45742 l27472 ls3681">relates </span><span class="pp-class-236 pa t45742 l42846 ls538">to </span><span class="pp-class-236 pa t45742 l45754 ls572">the </span><span class="pp-class-236 pa t45742 l45755 ls572">rights </span><span class="pp-class-236 pa t45756 l3 ls6270">transferred </span><span class="pp-class-236 pa t45756 l45041 ls538">to </span><span class="pp-class-236 pa t45756 l27492 ls651">the </span><span class="pp-class-236 pa t45756 l45757 ls3305">buyer. </span><span class="pp-class-236 pa t45756 l39616 ls651">The </span><span class="pp-class-236 pa t45756 l45758 ls1792">portion </span><span class="pp-class-236 pa t45756 l45759 ls98">of </span><span class="pp-class-236 pa t45756 l45760 ls651">the </span><span class="pp-class-236 pa t45756 l45761 ls2222">gain </span><span class="pp-class-236 pa t45756 l31272 ls811">or </span><span class="pp-class-236 pa t45756 l45762 ls2222">loss </span><span class="pp-class-236 pa t45756 l45763 ls616">that </span><span class="pp-class-236 pa t45756 l45764 ls3681">relates </span><span class="pp-class-236 pa t45756 l45765 ls538">to </span><span class="pp-class-236 pa t45756 l45766 ls572">the </span><span class="pp-class-236 pa t45756 l45767 ls536">right </span><span class="pp-class-236 pa t45756 l45768 ls98">of </span><span class="pp-class-236 pa t45756 l45769 ls572">use </span><span class="pp-class-236 pa t45756 l45770 ls5781">retained </span><span class="pp-class-236 pa t45756 l45771 ls1547">is </span><span class="pp-class-236 pa t45772 l3 ls179">included </span><span class="pp-class-236 pa t45772 l20387 ls811">as </span><span class="pp-class-236 pa t45772 l45773 ls875">part </span><span class="pp-class-236 pa t45772 l45774 ls98">of </span><span class="pp-class-236 pa t45772 l29171 ls572">the </span><span class="pp-class-236 pa t45772 l16995 ls4276">right-of-use </span><span class="pp-class-236 pa t45772 l45775 ls1764">asset. </span><span class="pp-class-236 pa t45772 l45776 ls811">In </span><span class="pp-class-236 pa t45772 l45777 ls2222">case </span><span class="pp-class-236 pa t45772 l45778 ls651">the </span><span class="pp-class-236 pa t45772 l45779 ls2222">sale </span><span class="pp-class-236 pa t45772 l45780 ls572">and </span><span class="pp-class-236 pa t45772 l45781 ls544">leaseback </span><span class="pp-class-236 pa t45772 l45782 ls2969">transaction </span><span class="pp-class-236 pa t45772 l45783 ls2222">does </span><span class="pp-class-236 pa t45772 l45784 ls532">not </span><span class="pp-class-236 pa t45785 l3 ls33">qualify </span><span class="pp-class-236 pa t45785 l45786 ls811">as </span><span class="pp-class-236 pa t45785 l28687 ls184">a </span><span class="pp-class-236 pa t45785 l1348 ls2222">true </span><span class="pp-class-236 pa t45785 l45787 ls541">sale, </span><span class="pp-class-236 pa t45785 l45788 ls2222">then </span><span class="pp-class-236 pa t45785 l45789 ls651">the </span><span class="pp-class-236 pa t45785 l45790 ls2969">transaction </span><span class="pp-class-236 pa t45785 l45791 ls811">is </span><span class="pp-class-236 pa t45785 l13181 ls667">considered </span><span class="pp-class-236 pa t45785 l45792 ls184">a </span><span class="pp-class-236 pa t45785 l45793 ls995">financial </span><span class="pp-class-236 pa t45785 l45794 ls8048">arrangement </span><span class="pp-class-236 pa t45785 l45795 ls706">where </span><span class="pp-class-236 pa t45785 l45796 ls572">the </span><span class="pp-class-236 pa t45785 l45797 ls608">assets </span><span class="pp-class-236 pa t45798 l3 ls4248">continue </span><span class="pp-class-236 pa t45798 l28762 ls538">to </span><span class="pp-class-236 pa t45798 l16609 ls811">be </span><span class="pp-class-236 pa t45798 l28862 ls667">recognised </span><span class="pp-class-236 pa t45798 l45799 ls811">on </span><span class="pp-class-236 pa t45798 l45800 ls651">the </span><span class="pp-class-236 pa t45798 l45801 ls2036">balance </span><span class="pp-class-236 pa t45798 l45802 ls949">sheet </span><span class="pp-class-236 pa t45798 l45803 ls572">and </span><span class="pp-class-236 pa t45798 l45804 ls651">the </span><span class="pp-class-236 pa t45798 l45805 ls556">proceed </span><span class="pp-class-236 pa t45798 l45806 ls2245">received </span><span class="pp-class-236 pa t45798 l45807 ls811">is </span><span class="pp-class-236 pa t45798 l34147 ls667">recognised </span><span class="pp-class-236 pa t45798 l45808 ls811">as </span><span class="pp-class-236 pa t45798 l45809 ls26">a </span><span class="pp-class-236 pa t45810 l3 ls995">financial </span><span class="pp-class-236 pa t45810 l1599 ls110">liability.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5360" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h46771 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3">The </span><span class="pp-class-236 pa t40754 l7349 ls3422">carrying </span><span class="pp-class-236 pa t40754 l32954 ls1098">amount </span><span class="pp-class-236 pa t40754 l46772 ls118">of </span><span class="pp-class-236 pa t40754 l46773">goodwill, </span><span class="pp-class-236 pa t40754 l46774 ls1629">non-current </span><span class="pp-class-236 pa t40754 l46775 ls85">intangible, </span><span class="pp-class-236 pa t40754 l46776 ls1444">tangible </span><span class="pp-class-236 pa t40754 l46777">and </span><span class="pp-class-236 pa t40754 l46778 ls181">right-of-use </span><span class="pp-class-236 pa t40754 l46779 ls781">assets </span><span class="pp-class-236 pa t40754 l46780 ls80">are </span><span class="pp-class-236 pa t40754 l46781 ls26">con-</span><span class="pp-class-236 pa t40763 l3 ls1024">tinuously </span><span class="pp-class-236 pa t40763 l46782">assessed, </span><span class="pp-class-236 pa t40763 l28646 ls2368">at </span><span class="pp-class-236 pa t40763 l34371">least </span><span class="pp-class-236 pa t40763 l10792">once </span><span class="pp-class-236 pa t40763 l46783">a </span><span class="pp-class-236 pa t40763 l28648 ls7832">year, </span><span class="pp-class-236 pa t40763 l46784 ls138">to </span><span class="pp-class-236 pa t40763 l46785 ls21">determine </span><span class="pp-class-236 pa t40763 l46786 ls13">whether </span><span class="pp-class-236 pa t40763 l46787 ls106">there </span><span class="pp-class-236 pa t40763 l46788">is </span><span class="pp-class-236 pa t40763 l46789">an </span><span class="pp-class-236 pa t40763 l46790 ls115">indication </span><span class="pp-class-236 pa t40763 l46791 ls118">of </span><span class="pp-class-236 pa t40763 l46792 ls88">impairment. </span><span class="pp-class-236 pa t40775 l3">When </span><span class="pp-class-236 pa t40775 l10672">such </span><span class="pp-class-236 pa t40775 l46793 ls115">indication </span><span class="pp-class-236 pa t40775 l46794 ls197">exists </span><span class="pp-class-236 pa t40775 l46795">the </span><span class="pp-class-236 pa t40775 l25097 ls771">recoverable </span><span class="pp-class-236 pa t40775 l46796 ls1098">amount </span><span class="pp-class-236 pa t40775 l46797 ls118">of </span><span class="pp-class-236 pa t40775 l46798">the </span><span class="pp-class-236 pa t40775 l46799 ls67">asset </span><span class="pp-class-236 pa t40775 l46800">is </span><span class="pp-class-236 pa t40775 l46801">assessed. </span><span class="pp-class-236 pa t40775 l46802">The </span><span class="pp-class-236 pa t40775 l46803 ls771">recoverable </span><span class="pp-class-236 pa t41664 l3 ls1098">amount </span><span class="pp-class-236 pa t41664 l16039">is </span><span class="pp-class-236 pa t41664 l46804">the </span><span class="pp-class-236 pa t41664 l17678">higher </span><span class="pp-class-236 pa t41664 l8470 ls118">of </span><span class="pp-class-236 pa t41664 l46407">the </span><span class="pp-class-236 pa t41664 l34114 ls1031">fair </span><span class="pp-class-236 pa t41664 l46805 ls129">value </span><span class="pp-class-236 pa t41664 l46806">less </span><span class="pp-class-236 pa t41664 l35298">costs </span><span class="pp-class-236 pa t41664 l46807 ls118">of </span><span class="pp-class-236 pa t41664 l46808">disposal </span><span class="pp-class-236 pa t41664 l46809">and </span><span class="pp-class-236 pa t41664 l46810">the </span><span class="pp-class-236 pa t41664 l46811 ls220">value-in-use. </span><span class="pp-class-236 pa t41664 l46812 ls26">The </span><span class="pp-class-236 pa t41664 l46813 ls1098">value-in-use </span><span class="pp-class-236 pa t40783 l3">is </span><span class="pp-class-236 pa t40783 l36586 ls135">calculated </span><span class="pp-class-236 pa t40783 l46814">as </span><span class="pp-class-236 pa t40783 l46815">the </span><span class="pp-class-236 pa t40783 l46816 ls833">present </span><span class="pp-class-236 pa t40783 l46817 ls129">value </span><span class="pp-class-236 pa t40783 l29828 ls118">of </span><span class="pp-class-236 pa t40783 l46818">the </span><span class="pp-class-236 pa t40783 l46819 ls197">future </span><span class="pp-class-236 pa t40783 l46820 ls113">net </span><span class="pp-class-236 pa t40783 l46821">cash </span><span class="pp-class-236 pa t40783 l43455 ls849">flow, </span><span class="pp-class-236 pa t40783 l46822">which </span><span class="pp-class-236 pa t40783 l46823">the </span><span class="pp-class-236 pa t40783 l46824 ls67">asset </span><span class="pp-class-236 pa t40783 l46825">is </span><span class="pp-class-236 pa t40783 l46297 ls570">expected </span><span class="pp-class-236 pa t40783 l46826 ls138">to </span><span class="pp-class-236 pa t40793 l3 ls2315">generate </span><span class="pp-class-236 pa t40793 l1403">either </span><span class="pp-class-236 pa t40793 l13251 ls967">by </span><span class="pp-class-236 pa t40793 l46827 ls1467">itself </span><span class="pp-class-236 pa t40793 l46828">or </span><span class="pp-class-236 pa t40793 l46829 ls181">from </span><span class="pp-class-236 pa t40793 l46830">the </span><span class="pp-class-236 pa t40793 l46831 ls234">lowest </span><span class="pp-class-236 pa t40793 l46832 ls1790">cash-generating </span><span class="pp-class-236 pa t40793 l46833">unit </span><span class="pp-class-236 pa t40793 l46834 ls138">to </span><span class="pp-class-236 pa t40793 l46835">which </span><span class="pp-class-236 pa t40793 l46836">the </span><span class="pp-class-236 pa t40793 l46837 ls67">asset </span><span class="pp-class-236 pa t40793 l46838 ls26">is </span><span class="pp-class-236 pa t40793 l46839 ls1031">allocated.</span></p></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls614">Receivables </span><span class="pp-class-236 pa t40754 l18164 ls2808">are </span><span class="pp-class-236 pa t40754 l47335 ls667">recognised </span><span class="pp-class-236 pa t40754 l47336 ls2197">at </span><span class="pp-class-236 pa t40754 l47337 ls52">amortised </span><span class="pp-class-236 pa t40754 l47338 ls2222">cost </span><span class="pp-class-236 pa t40754 l47339 ls2222">less </span><span class="pp-class-236 pa t40754 l47340 ls5781">expected </span><span class="pp-class-236 pa t40754 l47341 ls2197">credit </span><span class="pp-class-236 pa t40754 l47342 ls2036">losses. </span><span class="pp-class-236 pa t40754 l47343 ls538">DFDS’ </span><span class="pp-class-236 pa t40754 l47344 ls667">risks </span><span class="pp-class-236 pa t40754 l38878 ls877">regarding </span><span class="pp-class-236 pa t40763 l3 ls849">trade </span><span class="pp-class-236 pa t40763 l47345 ls603">receivables </span><span class="pp-class-236 pa t40763 l47346 ls2808">are </span><span class="pp-class-236 pa t40763 l47347 ls4248">not </span><span class="pp-class-236 pa t40763 l47348 ls667">considered </span><span class="pp-class-236 pa t40763 l47349 ls2036">unusual </span><span class="pp-class-236 pa t40763 l47350 ls651">and </span><span class="pp-class-236 pa t40763 l47351 ls811">no </span><span class="pp-class-236 pa t40763 l47352 ls838">material </span><span class="pp-class-236 pa t40763 l47353 ls2222">risk </span><span class="pp-class-236 pa t40763 l47354 ls811">is </span><span class="pp-class-236 pa t40763 l47355 ls621">attributable </span><span class="pp-class-236 pa t40763 l47356 ls538">to </span><span class="pp-class-236 pa t40763 l47357 ls184">a </span><span class="pp-class-236 pa t40763 l47358 ls1764">single </span><span class="pp-class-236 pa t40763 l47359 ls538">customer </span><span class="pp-class-236 pa t40775 l3 ls811">or </span><span class="pp-class-236 pa t40775 l44501 ls706">group </span><span class="pp-class-236 pa t40775 l19667 ls98">of </span><span class="pp-class-236 pa t40775 l47360 ls179">customers. </span><span class="pp-class-236 pa t40775 l47361 ls2270">According </span><span class="pp-class-236 pa t40775 l47362 ls538">to </span><span class="pp-class-236 pa t40775 l47363 ls572">the </span><span class="pp-class-236 pa t40775 l3657 ls2848">Group’s </span><span class="pp-class-236 pa t40775 l47364 ls758">policy </span><span class="pp-class-236 pa t40775 l47365 ls98">of </span><span class="pp-class-236 pa t40775 l47366 ls1764">undertaking </span><span class="pp-class-236 pa t40775 l47367 ls2197">credit </span><span class="pp-class-236 pa t40775 l47368 ls838">risks, </span><span class="pp-class-236 pa t40775 l47369 ls524">assessment </span><span class="pp-class-236 pa t40775 l47370 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls524">significant </span><span class="pp-class-236 pa t41664 l45314 ls949">customers </span><span class="pp-class-236 pa t41664 l34427 ls811">is </span><span class="pp-class-236 pa t41664 l47371 ls724">performed. </span><span class="pp-class-236 pa t41664 l47372 ls616">Write-downs </span><span class="pp-class-236 pa t41664 l47373 ls811">on </span><span class="pp-class-236 pa t41664 l47374 ls849">trade </span><span class="pp-class-236 pa t41664 l47375 ls603">receivables </span><span class="pp-class-236 pa t41664 l47376 ls2808">are </span><span class="pp-class-236 pa t41664 l42764 ls538">based </span><span class="pp-class-236 pa t41664 l47377 ls811">on </span><span class="pp-class-236 pa t41664 l47378 ls651">the </span><span class="pp-class-236 pa t41664 l47379 ls608">simplified </span><span class="pp-class-236 pa t40783 l3 ls5781">expected </span><span class="pp-class-236 pa t40783 l47310 ls2197">credit </span><span class="pp-class-236 pa t40783 l47311 ls2222">loss </span><span class="pp-class-236 pa t40783 l47312 ls1764">model. </span><span class="pp-class-236 pa t40783 l47380 ls2197">Credit </span><span class="pp-class-236 pa t40783 l47381 ls2222">loss </span><span class="pp-class-236 pa t40783 l47382 ls7086">allowances </span><span class="pp-class-236 pa t40783 l47383 ls811">on </span><span class="pp-class-236 pa t40783 l47384 ls562">individual </span><span class="pp-class-236 pa t40783 l47385 ls603">receivables </span><span class="pp-class-236 pa t40783 l47386 ls2808">are </span><span class="pp-class-236 pa t40783 l47387 ls2245">provided </span><span class="pp-class-236 pa t40783 l47388 ls553">for </span><span class="pp-class-236 pa t40783 l47389 ls967">when </span><span class="pp-class-236 pa t40793 l3 ls667">objective </span><span class="pp-class-236 pa t40793 l47390 ls1404">indications </span><span class="pp-class-236 pa t40793 l33899 ls98">of </span><span class="pp-class-236 pa t40793 l38614 ls2197">credit </span><span class="pp-class-236 pa t40793 l47391 ls1764">losses </span><span class="pp-class-236 pa t40793 l47392 ls538">occur </span><span class="pp-class-236 pa t40793 l47393 ls2222">such </span><span class="pp-class-236 pa t40793 l46246 ls811">as </span><span class="pp-class-236 pa t40793 l47394 ls949">customer </span><span class="pp-class-236 pa t40793 l33353 ls713">bankruptcy </span><span class="pp-class-236 pa t40793 l47395 ls572">and </span><span class="pp-class-236 pa t40793 l47396 ls2036">uncertainty </span><span class="pp-class-236 pa t40793 l47397 ls538">about </span><span class="pp-class-236 pa t40793 l43397 ls184">the </span><span class="pp-class-236 pa t40806 l3 ls524">customers’ </span><span class="pp-class-236 pa t40806 l47398 ls2036">ability </span><span class="pp-class-236 pa t40806 l47399 ls7832">and/or </span><span class="pp-class-236 pa t40806 l39450 ls625">willingness </span><span class="pp-class-236 pa t40806 l47400 ls538">to </span><span class="pp-class-236 pa t40806 l28300 ls19396">pay, </span><span class="pp-class-236 pa t40806 l47401 ls4787">etc. </span><span class="pp-class-236 pa t40806 l47402 ls811">In </span><span class="pp-class-236 pa t40806 l17482 ls544">addition </span><span class="pp-class-236 pa t40806 l47403 ls538">to </span><span class="pp-class-236 pa t40806 l47404 ls538">this, </span><span class="pp-class-236 pa t40806 l47405 ls7086">allowances </span><span class="pp-class-236 pa t40806 l47406 ls553">for </span><span class="pp-class-236 pa t40806 l47407 ls5781">expected </span><span class="pp-class-236 pa t40806 l47408 ls565">credit </span><span class="pp-class-236 pa t40818 l3 ls1764">losses </span><span class="pp-class-236 pa t40818 l47409 ls2808">are </span><span class="pp-class-236 pa t40818 l4324 ls544">made </span><span class="pp-class-236 pa t40818 l47410 ls811">on </span><span class="pp-class-236 pa t40818 l47411 ls651">the </span><span class="pp-class-236 pa t40818 l47412 ls8048">remaining </span><span class="pp-class-236 pa t40818 l47413 ls849">trade </span><span class="pp-class-236 pa t40818 l28703 ls603">receivables </span><span class="pp-class-236 pa t40818 l47414 ls538">based </span><span class="pp-class-236 pa t40818 l47415 ls811">on </span><span class="pp-class-236 pa t40818 l47416 ls184">a </span><span class="pp-class-236 pa t40818 l47417 ls562">simplified </span><span class="pp-class-236 pa t40818 l47418 ls1463">approach. </span><span class="pp-class-236 pa t40818 l47419 ls2258">Work </span><span class="pp-class-236 pa t40818 l40049 ls1547">in </span><span class="pp-class-236 pa t42636 l3 ls11713">progress </span><span class="pp-class-236 pa t42636 l39185 ls572">services </span><span class="pp-class-236 pa t42636 l42873 ls811">is </span><span class="pp-class-236 pa t42636 l47420 ls3855">measured </span><span class="pp-class-236 pa t42636 l47421 ls538">based </span><span class="pp-class-236 pa t42636 l47422 ls811">on </span><span class="pp-class-236 pa t42636 l46385 ls651">the </span><span class="pp-class-236 pa t42636 l47423 ls2197">value </span><span class="pp-class-236 pa t42636 l47424 ls98">of </span><span class="pp-class-236 pa t42636 l47425 ls651">the </span><span class="pp-class-236 pa t42636 l47426 ls98">of </span><span class="pp-class-236 pa t42636 l47427 ls651">the </span><span class="pp-class-236 pa t42636 l47428 ls8048">work </span><span class="pp-class-236 pa t42636 l47429 ls724">performed </span><span class="pp-class-236 pa t42636 l47430 ls811">as </span><span class="pp-class-236 pa t42636 l34179 ls98">of </span><span class="pp-class-236 pa t42636 l47431 ls572">the </span><span class="pp-class-236 pa t42636 l47432 ls651">balance </span><span class="pp-class-236 pa t42651 l3 ls949">sheet </span><span class="pp-class-236 pa t42651 l36339 ls1815">date. </span><span class="pp-class-236 pa t42651 l34212 ls616">Write-downs </span><span class="pp-class-236 pa t42651 l21966 ls651">and </span><span class="pp-class-236 pa t42651 l47433 ls3855">realised </span><span class="pp-class-236 pa t42651 l17067 ls1764">losses </span><span class="pp-class-236 pa t42651 l47434 ls811">on </span><span class="pp-class-236 pa t42651 l41644 ls849">trade </span><span class="pp-class-236 pa t42651 l38866 ls603">receivables </span><span class="pp-class-236 pa t42651 l47435 ls651">and </span><span class="pp-class-236 pa t42651 l47436 ls8048">work </span><span class="pp-class-236 pa t42651 l47437 ls811">in </span><span class="pp-class-236 pa t42651 l47438 ls11713">progress </span><span class="pp-class-236 pa t42651 l47439 ls572">services </span><span class="pp-class-236 pa t42651 l47440 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls608">ferry </span><span class="pp-class-236 pa t42666 l47441 ls572">and </span><span class="pp-class-236 pa t42666 l47442 ls949">other </span><span class="pp-class-236 pa t42666 l47443 ls2222">ship </span><span class="pp-class-236 pa t42666 l47444 ls1775">operation </span><span class="pp-class-236 pa t42666 l3653 ls651">and </span><span class="pp-class-236 pa t42666 l47445 ls541">maintenance </span><span class="pp-class-236 pa t42666 l43290 ls538">costs </span><span class="pp-class-236 pa t42666 l47446 ls811">in </span><span class="pp-class-236 pa t42666 l44528 ls651">the </span><span class="pp-class-236 pa t42666 l47447 ls1764">income </span><span class="pp-class-236 pa t42666 l47448 ls30">statement. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47449 l3 ls2222">DFDS </span><span class="pp-class-236 pa t47449 l28172 ls2222">uses </span><span class="pp-class-236 pa t47449 l47450 ls2197">factoring </span><span class="pp-class-236 pa t47449 l18822 ls667">arrangements </span><span class="pp-class-236 pa t47449 l10713 ls811">as </span><span class="pp-class-236 pa t47449 l2313 ls572">one </span><span class="pp-class-236 pa t47449 l47451 ls98">of </span><span class="pp-class-236 pa t47449 l47452 ls572">the </span><span class="pp-class-236 pa t47449 l16270 ls1780">working </span><span class="pp-class-236 pa t47449 l47453 ls524">capital </span><span class="pp-class-236 pa t47449 l47454 ls30">management </span><span class="pp-class-236 pa t47449 l39399 ls747">tools. </span><span class="pp-class-236 pa t47449 l47455 ls2222">Sold </span><span class="pp-class-236 pa t47449 l47456 ls706">trade </span><span class="pp-class-236 pa t42680 l3 ls603">receivables </span><span class="pp-class-236 pa t42680 l47457 ls2808">are </span><span class="pp-class-236 pa t42680 l47458 ls2207">derecognised </span><span class="pp-class-236 pa t42680 l28842 ls2222">once </span><span class="pp-class-236 pa t42680 l47459 ls524">significant </span><span class="pp-class-236 pa t42680 l18895 ls3681">related </span><span class="pp-class-236 pa t42680 l47460 ls667">risks </span><span class="pp-class-236 pa t42680 l47461 ls572">and </span><span class="pp-class-236 pa t42680 l47462 ls1592">rewards </span><span class="pp-class-236 pa t42680 l47463 ls98">of </span><span class="pp-class-236 pa t42680 l47464 ls548">ownership </span><span class="pp-class-236 pa t42680 l47465 ls110">have </span><span class="pp-class-236 pa t42680 l38691 ls967">been </span><span class="pp-class-236 pa t42693 l3 ls6270">transferred </span><span class="pp-class-236 pa t42693 l45041 ls538">to </span><span class="pp-class-236 pa t42693 l27492 ls651">the </span><span class="pp-class-236 pa t42693 l45757 ls853">buyer.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls538">Other </span><span class="pp-class-236 pa t42723 l44451 ls603">receivables </span><span class="pp-class-236 pa t42723 l16885 ls1751">comprise </span><span class="pp-class-236 pa t42723 l45747 ls949">other </span><span class="pp-class-236 pa t42723 l18614 ls849">trade </span><span class="pp-class-236 pa t42723 l47466 ls1463">receivables; </span><span class="pp-class-236 pa t42723 l45804 ls8048">insurance </span><span class="pp-class-236 pa t42723 l17096 ls603">receivables </span><span class="pp-class-236 pa t42723 l47467 ls811">on </span><span class="pp-class-236 pa t42723 l47468 ls2222">loss </span><span class="pp-class-236 pa t42723 l47469 ls811">or </span><span class="pp-class-236 pa t42723 l47470 ls544">damage </span><span class="pp-class-236 pa t42723 l47471 ls197">of </span><span class="pp-class-236 pa t42738 l3 ls551">ferries </span><span class="pp-class-236 pa t42738 l41452 ls651">and </span><span class="pp-class-236 pa t42738 l41453 ls949">other </span><span class="pp-class-236 pa t42738 l3030 ls1764">ships; </span><span class="pp-class-236 pa t42738 l31135 ls995">financial </span><span class="pp-class-236 pa t42738 l47472 ls538">lease </span><span class="pp-class-236 pa t42738 l47473 ls1463">receivables; </span><span class="pp-class-236 pa t42738 l47474 ls546">outstanding </span><span class="pp-class-236 pa t42738 l47475 ls1751">balances </span><span class="pp-class-236 pa t42738 l47476 ls553">for </span><span class="pp-class-236 pa t42738 l47477 ls548">chartered </span><span class="pp-class-236 pa t42738 l47478 ls995">ferries; </span><span class="pp-class-236 pa t42755 l3 ls706">interest </span><span class="pp-class-236 pa t42755 l47479 ls4793">receivable, </span><span class="pp-class-236 pa t42755 l47480 ls2969">etc.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls4630">Bunker </span><span class="pp-class-236 pa t40754 l33270 ls811">is </span><span class="pp-class-236 pa t40754 l27448 ls3855">measured </span><span class="pp-class-236 pa t40754 l47515 ls2197">at </span><span class="pp-class-236 pa t40754 l47516 ls2222">cost </span><span class="pp-class-236 pa t40754 l17279 ls538">based </span><span class="pp-class-236 pa t40754 l47517 ls811">on </span><span class="pp-class-236 pa t40754 l47518 ls572">the </span><span class="pp-class-236 pa t40754 l8796 ls670">FIFO </span><span class="pp-class-236 pa t40754 l47519 ls179">method </span><span class="pp-class-236 pa t40754 l47520 ls811">or </span><span class="pp-class-236 pa t40754 l47521 ls572">the </span><span class="pp-class-236 pa t40754 l47522 ls4248">net </span><span class="pp-class-236 pa t40754 l40470 ls667">realisable </span><span class="pp-class-236 pa t40754 l47523 ls2197">value </span><span class="pp-class-236 pa t40754 l47524 ls706">where </span><span class="pp-class-236 pa t40754 l47525 ls2222">this </span><span class="pp-class-236 pa t40754 l47526 ls811">is </span><span class="pp-class-236 pa t40754 l47527 ls20667">lower. </span><span class="pp-class-236 pa t40763 l3 ls838">Catering </span><span class="pp-class-236 pa t40763 l17487 ls1751">supplies </span><span class="pp-class-236 pa t40763 l27857 ls651">and </span><span class="pp-class-236 pa t40763 l47528 ls949">other </span><span class="pp-class-236 pa t40763 l47529 ls4787">inventories </span><span class="pp-class-236 pa t40763 l47530 ls2808">are </span><span class="pp-class-236 pa t40763 l47531 ls3855">measured </span><span class="pp-class-236 pa t40763 l47532 ls2197">at </span><span class="pp-class-236 pa t40763 l47533 ls2222">cost </span><span class="pp-class-236 pa t40763 l47534 ls538">based </span><span class="pp-class-236 pa t40763 l47535 ls811">on </span><span class="pp-class-236 pa t40763 l47536 ls651">the </span><span class="pp-class-236 pa t40763 l47537 ls3855">weighted </span><span class="pp-class-236 pa t40763 l24176 ls2894">average </span><span class="pp-class-236 pa t40763 l47538 ls967">cost </span><span class="pp-class-236 pa t40775 l3 ls179">method </span><span class="pp-class-236 pa t40775 l29808 ls811">or </span><span class="pp-class-236 pa t40775 l17942 ls651">the </span><span class="pp-class-236 pa t40775 l47539 ls4248">net </span><span class="pp-class-236 pa t40775 l28523 ls667">realisable </span><span class="pp-class-236 pa t40775 l47540 ls2197">value </span><span class="pp-class-236 pa t40775 l21870 ls706">where </span><span class="pp-class-236 pa t40775 l24851 ls2222">this </span><span class="pp-class-236 pa t40775 l47541 ls811">is </span><span class="pp-class-236 pa t40775 l44401 ls13395">lower.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls572">All </span><span class="pp-class-236 pa t40754 l47725 ls1751">supplier </span><span class="pp-class-236 pa t40754 l13362 ls2036">finance </span><span class="pp-class-236 pa t40754 l47726 ls8048">arrangement </span><span class="pp-class-236 pa t40754 l47727 ls3681">related </span><span class="pp-class-236 pa t40754 l47728 ls625">liabilities </span><span class="pp-class-236 pa t40754 l47729 ls2808">are </span><span class="pp-class-236 pa t40754 l47730 ls7086">presented </span><span class="pp-class-236 pa t40754 l47731 ls1764">within </span><span class="pp-class-236 pa t40754 l47732 ls877">payables </span><span class="pp-class-236 pa t40754 l47733 ls811">as </span><span class="pp-class-236 pa t40754 l47734 ls538">these </span><span class="pp-class-236 pa t40754 l47735 ls667">are </span><span class="pp-class-236 pa t40763 l3 ls1764">deemed </span><span class="pp-class-236 pa t40763 l33799 ls538">to </span><span class="pp-class-236 pa t40763 l47736 ls811">be </span><span class="pp-class-236 pa t40763 l18262 ls875">part </span><span class="pp-class-236 pa t40763 l47737 ls98">of </span><span class="pp-class-236 pa t40763 l15132 ls1780">working </span><span class="pp-class-236 pa t40763 l18140 ls524">capital </span><span class="pp-class-236 pa t40763 l47738 ls811">in </span><span class="pp-class-236 pa t40763 l47466 ls651">the </span><span class="pp-class-236 pa t40763 l47739 ls877">Group's </span><span class="pp-class-236 pa t40763 l47740 ls1764">normal </span><span class="pp-class-236 pa t40763 l47741 ls1775">operating </span><span class="pp-class-236 pa t40763 l47742 ls847">cycle. </span><span class="pp-class-236 pa t40763 l47743 ls3170">Accordingly, </span><span class="pp-class-236 pa t40763 l47744 ls8048">they </span><span class="pp-class-236 pa t40763 l47745 ls667">are </span><span class="pp-class-236 pa t40775 l3 ls7086">presented </span><span class="pp-class-236 pa t40775 l6723 ls2036">outside </span><span class="pp-class-236 pa t40775 l47746 ls995">financing </span><span class="pp-class-236 pa t40775 l47747 ls2222">cash </span><span class="pp-class-236 pa t40775 l47748 ls2197">flows, </span><span class="pp-class-236 pa t40775 l47749 ls1764">within </span><span class="pp-class-236 pa t40775 l47750 ls1764">change </span><span class="pp-class-236 pa t40775 l47751 ls811">in </span><span class="pp-class-236 pa t40775 l47752 ls1780">working </span><span class="pp-class-236 pa t40775 l47753 ls524">capital.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls538">Other </span><span class="pp-class-236 pa t40754 l44451 ls877">payables </span><span class="pp-class-236 pa t40754 l47769 ls1751">comprise </span><span class="pp-class-236 pa t40754 l47770 ls625">amounts </span><span class="pp-class-236 pa t40754 l47771 ls3234">owed </span><span class="pp-class-236 pa t40754 l47772 ls538">to </span><span class="pp-class-236 pa t40754 l47773 ls8391">staff, </span><span class="pp-class-236 pa t40754 l47774 ls546">including </span><span class="pp-class-236 pa t40754 l47775 ls2270">wages </span><span class="pp-class-236 pa t40754 l47776 ls651">and </span><span class="pp-class-236 pa t40754 l47777 ls995">salaries, </span><span class="pp-class-236 pa t40754 l47778 ls616">holiday </span><span class="pp-class-236 pa t40754 l47779 ls19396">pay, </span><span class="pp-class-236 pa t40754 l47780 ls1574">salary/</span><span class="pp-class-236 pa t40763 l3 ls2270">wages </span><span class="pp-class-236 pa t40763 l47781 ls3681">related </span><span class="pp-class-236 pa t40763 l47782 ls747">items, </span><span class="pp-class-236 pa t40763 l47783 ls625">amounts </span><span class="pp-class-236 pa t40763 l47784 ls3234">owed </span><span class="pp-class-236 pa t40763 l47785 ls538">to </span><span class="pp-class-236 pa t40763 l47786 ls572">the </span><span class="pp-class-236 pa t40763 l47787 ls1764">public </span><span class="pp-class-236 pa t40763 l47788 ls530">authorities, </span><span class="pp-class-236 pa t40763 l47789 ls47790">VAT, </span><span class="pp-class-236 pa t40763 l47791 ls2081">excise </span><span class="pp-class-236 pa t40763 l47792 ls2036">duties, </span><span class="pp-class-236 pa t40763 l47793 ls877">real </span><span class="pp-class-236 pa t40763 l47794 ls30">property </span><span class="pp-class-236 pa t40763 l47795 ls713">taxes </span><span class="pp-class-236 pa t40775 l3 ls713">etc.; </span><span class="pp-class-236 pa t40775 l10979 ls625">amounts </span><span class="pp-class-236 pa t40775 l47796 ls3234">owed </span><span class="pp-class-236 pa t40775 l26077 ls811">in </span><span class="pp-class-236 pa t40775 l47797 ls278">connection </span><span class="pp-class-236 pa t40775 l47798 ls2222">with </span><span class="pp-class-236 pa t40775 l47799 ls651">the </span><span class="pp-class-236 pa t40775 l47800 ls11713">purchase/disposal </span><span class="pp-class-236 pa t40775 l47801 ls98">of </span><span class="pp-class-236 pa t40775 l47802 ls551">ferries </span><span class="pp-class-236 pa t40775 l47803 ls651">and </span><span class="pp-class-236 pa t40775 l47804 ls949">other </span><span class="pp-class-236 pa t40775 l47805 ls1764">ships, </span><span class="pp-class-236 pa t40775 l47806 ls995">buildings </span><span class="pp-class-236 pa t40775 l47807 ls184">and </span><span class="pp-class-236 pa t41664 l3 ls179">terminals; </span><span class="pp-class-236 pa t41664 l17191 ls544">accrued </span><span class="pp-class-236 pa t41664 l44562 ls706">interest </span><span class="pp-class-236 pa t41664 l47808 ls8048">expenses; </span><span class="pp-class-236 pa t41664 l47809 ls877">payables </span><span class="pp-class-236 pa t41664 l47810 ls538">to </span><span class="pp-class-236 pa t41664 l47811 ls560">associates </span><span class="pp-class-236 pa t41664 l47812 ls572">and </span><span class="pp-class-236 pa t41664 l47813 ls536">joint </span><span class="pp-class-236 pa t41664 l47814 ls1131">ventures; </span><span class="pp-class-236 pa t41664 l47815 ls625">amounts </span><span class="pp-class-236 pa t41664 l47816 ls3234">owed </span><span class="pp-class-236 pa t41664 l47817 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls1131">relation </span><span class="pp-class-236 pa t40783 l40572 ls538">to </span><span class="pp-class-236 pa t40783 l11342 ls536">defined </span><span class="pp-class-236 pa t40783 l43439 ls949">contribution </span><span class="pp-class-236 pa t40783 l43451 ls2036">pension </span><span class="pp-class-236 pa t40783 l47818 ls538">plans </span><span class="pp-class-236 pa t40783 l47819 ls2969">etc.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls949">Contributions </span><span class="pp-class-236 pa t40754 l48713 ls538">to </span><span class="pp-class-236 pa t40754 l47335 ls536">defined </span><span class="pp-class-236 pa t40754 l48714 ls949">contribution </span><span class="pp-class-236 pa t40754 l48715 ls2036">pension </span><span class="pp-class-236 pa t40754 l48716 ls538">plans </span><span class="pp-class-236 pa t40754 l17110 ls2808">are </span><span class="pp-class-236 pa t40754 l48717 ls667">recognised </span><span class="pp-class-236 pa t40754 l48718 ls811">in </span><span class="pp-class-236 pa t40754 l48719 ls651">the </span><span class="pp-class-236 pa t40754 l48720 ls1764">income </span><span class="pp-class-236 pa t40754 l48721 ls556">statement </span><span class="pp-class-236 pa t40754 l48722 ls811">in </span><span class="pp-class-236 pa t40754 l48723 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls1764">period </span><span class="pp-class-236 pa t40763 l48724 ls811">in </span><span class="pp-class-236 pa t40763 l48725 ls538">which </span><span class="pp-class-236 pa t40763 l18255 ls8048">they </span><span class="pp-class-236 pa t40763 l48726 ls2565">relate, </span><span class="pp-class-236 pa t40763 l48727 ls651">and </span><span class="pp-class-236 pa t40763 l48728 ls553">any </span><span class="pp-class-236 pa t40763 l48729 ls4793">payable </span><span class="pp-class-236 pa t40763 l48730 ls949">contributions </span><span class="pp-class-236 pa t40763 l24371 ls2808">are </span><span class="pp-class-236 pa t40763 l48731 ls544">accrued </span><span class="pp-class-236 pa t40763 l48732 ls811">in </span><span class="pp-class-236 pa t40763 l48733 ls572">the </span><span class="pp-class-236 pa t40763 l48734 ls2036">balance </span><span class="pp-class-236 pa t40763 l48735 ls949">sheet </span><span class="pp-class-236 pa t40763 l48736 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls949">other </span><span class="pp-class-236 pa t40775 l38610 ls4276">payables. </span><span class="pp-class-236 pa t40775 l48737 ls811">As </span><span class="pp-class-236 pa t40775 l45030 ls3234">regards </span><span class="pp-class-236 pa t40775 l12884 ls536">defined </span><span class="pp-class-236 pa t40775 l48738 ls536">benefit </span><span class="pp-class-236 pa t40775 l13352 ls2036">pension </span><span class="pp-class-236 pa t40775 l35642 ls1764">plans, </span><span class="pp-class-236 pa t40775 l48739 ls811">an </span><span class="pp-class-236 pa t40775 l48740 ls614">actuarial </span><span class="pp-class-236 pa t40775 l38817 ls5781">valuation </span><span class="pp-class-236 pa t40775 l48741 ls98">of </span><span class="pp-class-236 pa t40775 l48742 ls572">the </span><span class="pp-class-236 pa t40775 l48743 ls584">value-in-use </span><span class="pp-class-236 pa t41664 l3 ls98">of </span><span class="pp-class-236 pa t41664 l39273 ls2197">future </span><span class="pp-class-236 pa t41664 l39973 ls995">benefits </span><span class="pp-class-236 pa t41664 l48744 ls4793">payable </span><span class="pp-class-236 pa t41664 l11740 ls538">under </span><span class="pp-class-236 pa t41664 l48745 ls651">the </span><span class="pp-class-236 pa t41664 l48746 ls2222">plan </span><span class="pp-class-236 pa t41664 l48747 ls811">is </span><span class="pp-class-236 pa t41664 l48748 ls544">made </span><span class="pp-class-236 pa t41664 l48749 ls2222">once </span><span class="pp-class-236 pa t41664 l48750 ls184">a </span><span class="pp-class-236 pa t41664 l48751 ls853">year. </span><span class="pp-class-236 pa t41664 l48752 ls651">The </span><span class="pp-class-236 pa t41664 l48753 ls608">value-in-use </span><span class="pp-class-236 pa t41664 l48754 ls811">is </span><span class="pp-class-236 pa t41664 l48755 ls560">calculated </span><span class="pp-class-236 pa t41664 l48756 ls811">based </span><span class="pp-class-236 pa t40783 l3 ls811">on </span><span class="pp-class-236 pa t40783 l31254 ls530">assumptions </span><span class="pp-class-236 pa t40783 l48757 ls98">of </span><span class="pp-class-236 pa t40783 l48758 ls2197">future </span><span class="pp-class-236 pa t40783 l33360 ls7086">development </span><span class="pp-class-236 pa t40783 l48759 ls811">in </span><span class="pp-class-236 pa t40783 l40310 ls884">wage/salary </span><span class="pp-class-236 pa t40783 l48760 ls877">levels, </span><span class="pp-class-236 pa t40783 l48761 ls706">interest </span><span class="pp-class-236 pa t40783 l48762 ls1796">rates, </span><span class="pp-class-236 pa t40783 l48763 ls616">inflation, </span><span class="pp-class-236 pa t40783 l48764 ls10269">mortality, </span><span class="pp-class-236 pa t40783 l48765 ls553">etc. </span><span class="pp-class-236 pa t40793 l3 ls651">The </span><span class="pp-class-236 pa t40793 l38379 ls608">value-in-use </span><span class="pp-class-236 pa t40793 l48766 ls811">is </span><span class="pp-class-236 pa t40793 l48767 ls847">only </span><span class="pp-class-236 pa t40793 l48768 ls560">calculated </span><span class="pp-class-236 pa t40793 l48769 ls553">for </span><span class="pp-class-236 pa t40793 l17108 ls995">benefits </span><span class="pp-class-236 pa t40793 l48770 ls538">to </span><span class="pp-class-236 pa t40793 l48771 ls538">which </span><span class="pp-class-236 pa t40793 l48772 ls651">the </span><span class="pp-class-236 pa t40793 l48773 ls1463">employees </span><span class="pp-class-236 pa t40793 l48774 ls110">have </span><span class="pp-class-236 pa t40793 l48775 ls1764">become </span><span class="pp-class-236 pa t40793 l48776 ls4248">entitled </span><span class="pp-class-236 pa t40793 l48777 ls1792">during </span><span class="pp-class-236 pa t40806 l3 ls538">their </span><span class="pp-class-236 pa t40806 l48778 ls1780">employment </span><span class="pp-class-236 pa t40806 l48779 ls2222">with </span><span class="pp-class-236 pa t40806 l48315 ls651">the </span><span class="pp-class-236 pa t40806 l48780 ls4807">Group. </span><span class="pp-class-236 pa t40806 l48781 ls651">The </span><span class="pp-class-236 pa t40806 l48782 ls614">actuarial </span><span class="pp-class-236 pa t40806 l48783 ls1404">calculation </span><span class="pp-class-236 pa t40806 l48784 ls98">of </span><span class="pp-class-236 pa t40806 l48785 ls572">the </span><span class="pp-class-236 pa t40806 l48786 ls608">value-in-use </span><span class="pp-class-236 pa t40806 l48787 ls2222">less </span><span class="pp-class-236 pa t40806 l48788 ls572">the </span><span class="pp-class-236 pa t40806 l48789 ls553">fair </span><span class="pp-class-236 pa t40806 l48790 ls2197">value </span><span class="pp-class-236 pa t40806 l48791 ls197">of </span><span class="pp-class-236 pa t40818 l3 ls553">any </span><span class="pp-class-236 pa t40818 l42497 ls179">assets </span><span class="pp-class-236 pa t40818 l48792 ls538">under </span><span class="pp-class-236 pa t40818 l36366 ls651">the </span><span class="pp-class-236 pa t40818 l48793 ls2222">plan </span><span class="pp-class-236 pa t40818 l48794 ls811">is </span><span class="pp-class-236 pa t40818 l48795 ls667">recognised </span><span class="pp-class-236 pa t40818 l48796 ls811">in </span><span class="pp-class-236 pa t40818 l48797 ls572">the </span><span class="pp-class-236 pa t40818 l48798 ls2036">balance </span><span class="pp-class-236 pa t40818 l48799 ls949">sheet </span><span class="pp-class-236 pa t40818 l48800 ls538">under </span><span class="pp-class-236 pa t40818 l48801 ls2036">pension </span><span class="pp-class-236 pa t40818 l48802 ls630">obligations. </span><span class="pp-class-236 pa t40818 l48803 ls811">If </span><span class="pp-class-236 pa t40818 l48804 ls184">a </span><span class="pp-class-236 pa t40818 l48805 ls33">defined </span><span class="pp-class-236 pa t42636 l3 ls536">benefit </span><span class="pp-class-236 pa t42636 l27558 ls2036">pension </span><span class="pp-class-236 pa t42636 l48806 ls2222">plan </span><span class="pp-class-236 pa t42636 l42616 ls546">constitutes </span><span class="pp-class-236 pa t42636 l48807 ls184">a </span><span class="pp-class-236 pa t42636 l48808 ls4248">net </span><span class="pp-class-236 pa t42636 l48809 ls1764">asset, </span><span class="pp-class-236 pa t42636 l16987 ls651">the </span><span class="pp-class-236 pa t42636 l48810 ls949">asset </span><span class="pp-class-236 pa t42636 l48811 ls811">is </span><span class="pp-class-236 pa t42636 l48812 ls667">recognised </span><span class="pp-class-236 pa t42636 l48813 ls847">only </span><span class="pp-class-236 pa t42636 l48814 ls811">if </span><span class="pp-class-236 pa t42636 l48815 ls811">it </span><span class="pp-class-236 pa t42636 l48816 ls530">offsets </span><span class="pp-class-236 pa t42636 l48817 ls2197">future </span><span class="pp-class-236 pa t42636 l48818 ls565">refunds </span><span class="pp-class-236 pa t42651 l3 ls877">from </span><span class="pp-class-236 pa t42651 l44380 ls572">the </span><span class="pp-class-236 pa t42651 l44381 ls2222">plan </span><span class="pp-class-236 pa t42651 l27449 ls811">or </span><span class="pp-class-236 pa t42651 l48819 ls2222">will </span><span class="pp-class-236 pa t42651 l46434 ls544">lead </span><span class="pp-class-236 pa t42651 l48820 ls538">to </span><span class="pp-class-236 pa t42651 l48821 ls556">reduced </span><span class="pp-class-236 pa t42651 l48822 ls2197">future </span><span class="pp-class-236 pa t42651 l48823 ls4630">payments </span><span class="pp-class-236 pa t42651 l15295 ls538">to </span><span class="pp-class-236 pa t42651 l48824 ls651">the </span><span class="pp-class-236 pa t42651 l18020 ls538">plan. </span><span class="pp-class-236 pa t42651 l48825 ls553">Pension </span><span class="pp-class-236 pa t42651 l48826 ls538">costs </span><span class="pp-class-236 pa t42651 l48827 ls98">of </span><span class="pp-class-236 pa t42651 l48828 ls651">the </span><span class="pp-class-236 pa t42651 l48829 ls8048">year </span><span class="pp-class-236 pa t42651 l48830 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls651">the </span><span class="pp-class-236 pa t42666 l45639 ls1764">income </span><span class="pp-class-236 pa t42666 l45640 ls556">statement </span><span class="pp-class-236 pa t42666 l45652 ls538">based </span><span class="pp-class-236 pa t42666 l48831 ls811">on </span><span class="pp-class-236 pa t42666 l48832 ls614">actuarial </span><span class="pp-class-236 pa t42666 l48833 ls2207">estimates </span><span class="pp-class-236 pa t42666 l48834 ls651">and </span><span class="pp-class-236 pa t42666 l48835 ls995">financial </span><span class="pp-class-236 pa t42666 l48836 ls1815">expectations </span><span class="pp-class-236 pa t42666 l48837 ls2197">at </span><span class="pp-class-236 pa t42666 l48838 ls184">the </span><span class="pp-class-236 pa t42678 l3 ls995">beginning </span><span class="pp-class-236 pa t42678 l39461 ls98">of </span><span class="pp-class-236 pa t42678 l48839 ls651">the </span><span class="pp-class-236 pa t42678 l48840 ls3139">year.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls681">difference </span><span class="pp-class-236 pa t42680 l48841 ls713">between </span><span class="pp-class-236 pa t42680 l28735 ls651">the </span><span class="pp-class-236 pa t42680 l48842 ls560">calculated </span><span class="pp-class-236 pa t42680 l48843 ls7086">development </span><span class="pp-class-236 pa t42680 l48844 ls811">in </span><span class="pp-class-236 pa t42680 l48845 ls2036">pension </span><span class="pp-class-236 pa t42680 l48846 ls179">assets </span><span class="pp-class-236 pa t42680 l48847 ls572">and </span><span class="pp-class-236 pa t42680 l48848 ls625">liabilities </span><span class="pp-class-236 pa t42680 l48849 ls572">and </span><span class="pp-class-236 pa t42680 l48850 ls184">the </span><span class="pp-class-236 pa t42693 l3 ls3855">realised </span><span class="pp-class-236 pa t42693 l48851 ls556">values </span><span class="pp-class-236 pa t42693 l48852 ls2808">are </span><span class="pp-class-236 pa t42693 l4394 ls667">recognised </span><span class="pp-class-236 pa t42693 l48853 ls811">in </span><span class="pp-class-236 pa t42693 l48854 ls949">other </span><span class="pp-class-236 pa t42693 l48855 ls681">comprehensive </span><span class="pp-class-236 pa t42693 l48856 ls1764">income </span><span class="pp-class-236 pa t42693 l48857 ls811">as </span><span class="pp-class-236 pa t42693 l48858 ls614">actuarial </span><span class="pp-class-236 pa t42693 l48859 ls538">gains </span><span class="pp-class-236 pa t42693 l48860 ls651">and </span><span class="pp-class-236 pa t42693 l48861 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls2036">Changes </span><span class="pp-class-236 pa t42723 l17507 ls811">in </span><span class="pp-class-236 pa t42723 l48862 ls651">the </span><span class="pp-class-236 pa t42723 l48863 ls995">benefits </span><span class="pp-class-236 pa t42723 l48864 ls4793">payable </span><span class="pp-class-236 pa t42723 l48865 ls553">for </span><span class="pp-class-236 pa t42723 l31326 ls7086">employees' </span><span class="pp-class-236 pa t42723 l48866 ls2222">past </span><span class="pp-class-236 pa t42723 l48867 ls534">service </span><span class="pp-class-236 pa t42723 l48621 ls538">to </span><span class="pp-class-236 pa t42723 l48868 ls651">the </span><span class="pp-class-236 pa t42723 l48869 ls541">enterprise </span><span class="pp-class-236 pa t42723 l48870 ls2808">result </span><span class="pp-class-236 pa t42723 l48871 ls811">in </span><span class="pp-class-236 pa t42723 l48872 ls811">an </span><span class="pp-class-236 pa t42723 l48873 ls10269">adjust-</span><span class="pp-class-236 pa t42738 l3 ls664">ment </span><span class="pp-class-236 pa t42738 l48874 ls98">of </span><span class="pp-class-236 pa t42738 l8009 ls651">the </span><span class="pp-class-236 pa t42738 l44534 ls614">actuarial </span><span class="pp-class-236 pa t42738 l48875 ls1404">calculation </span><span class="pp-class-236 pa t42738 l48876 ls98">of </span><span class="pp-class-236 pa t42738 l48877 ls651">the </span><span class="pp-class-236 pa t42738 l48878 ls1751">value-in-use, </span><span class="pp-class-236 pa t42738 l48879 ls538">which </span><span class="pp-class-236 pa t42738 l48880 ls811">is </span><span class="pp-class-236 pa t42738 l48881 ls562">classified </span><span class="pp-class-236 pa t42738 l48882 ls811">as </span><span class="pp-class-236 pa t42738 l48883 ls2222">past </span><span class="pp-class-236 pa t42738 l48884 ls534">service </span><span class="pp-class-236 pa t42738 l48885 ls1764">costs. </span><span class="pp-class-236 pa t42738 l48886 ls1369">Past </span><span class="pp-class-236 pa t42755 l3 ls534">service </span><span class="pp-class-236 pa t42755 l48887 ls538">costs </span><span class="pp-class-236 pa t42755 l48888 ls2808">are </span><span class="pp-class-236 pa t42755 l27331 ls667">recognised </span><span class="pp-class-236 pa t42755 l48889 ls811">in </span><span class="pp-class-236 pa t42755 l48890 ls651">the </span><span class="pp-class-236 pa t42755 l32936 ls1764">income </span><span class="pp-class-236 pa t42755 l48891 ls556">statement </span><span class="pp-class-236 pa t42755 l48892 ls4775">immediately </span><span class="pp-class-236 pa t42755 l48893 ls811">if </span><span class="pp-class-236 pa t42755 l48894 ls572">the </span><span class="pp-class-236 pa t42755 l48895 ls1463">employees </span><span class="pp-class-236 pa t42755 l48896 ls110">have </span><span class="pp-class-236 pa t42755 l48897 ls556">already </span><span class="pp-class-236 pa t42768 l3 ls1764">earned </span><span class="pp-class-236 pa t42768 l7415 ls572">the </span><span class="pp-class-236 pa t42768 l48898 ls536">right </span><span class="pp-class-236 pa t42768 l29199 ls538">to </span><span class="pp-class-236 pa t42768 l48899 ls572">the </span><span class="pp-class-236 pa t42768 l48900 ls630">adjusted </span><span class="pp-class-236 pa t42768 l48901 ls670">benefit. </span><span class="pp-class-236 pa t42768 l48902 ls536">Otherwise, </span><span class="pp-class-236 pa t42768 l48903 ls651">the </span><span class="pp-class-236 pa t42768 l48904 ls995">benefits </span><span class="pp-class-236 pa t42768 l48905 ls2222">will </span><span class="pp-class-236 pa t42768 l48906 ls811">be </span><span class="pp-class-236 pa t42768 l48907 ls667">recognised </span><span class="pp-class-236 pa t42768 l48908 ls811">in </span><span class="pp-class-236 pa t42768 l48909 ls572">the </span><span class="pp-class-236 pa t42768 l48910 ls1792">income </span><span class="pp-class-236 pa t42786 l3 ls556">statement </span><span class="pp-class-236 pa t42786 l1995 ls3234">over </span><span class="pp-class-236 pa t42786 l48911 ls651">the </span><span class="pp-class-236 pa t42786 l48912 ls1764">period </span><span class="pp-class-236 pa t42786 l40755 ls811">in </span><span class="pp-class-236 pa t42786 l48913 ls538">which </span><span class="pp-class-236 pa t42786 l48914 ls651">the </span><span class="pp-class-236 pa t42786 l48915 ls1463">employees </span><span class="pp-class-236 pa t42786 l48916 ls2222">earn </span><span class="pp-class-236 pa t42786 l48917 ls572">the </span><span class="pp-class-236 pa t42786 l48918 ls536">right </span><span class="pp-class-236 pa t42786 l48919 ls538">to </span><span class="pp-class-236 pa t42786 l48920 ls572">the </span><span class="pp-class-236 pa t42786 l48921 ls630">adjusted </span><span class="pp-class-236 pa t42786 l48922 ls205">benefits. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48923 l3 ls538">Other </span><span class="pp-class-236 pa t48923 l44451 ls548">non-current </span><span class="pp-class-236 pa t48923 l44452 ls4276">employee </span><span class="pp-class-236 pa t48923 l47994 ls1404">obligations </span><span class="pp-class-236 pa t48923 l48924 ls949">include </span><span class="pp-class-236 pa t48923 l48925 ls2036">jubilee </span><span class="pp-class-236 pa t48923 l48926 ls562">benefits, </span><span class="pp-class-236 pa t48923 l48927 ls2969">etc.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40754 l49008 ls2808">are </span><span class="pp-class-236 pa t40754 l49009 ls667">recognised </span><span class="pp-class-236 pa t40754 l49010 ls538">when, </span><span class="pp-class-236 pa t40754 l49011 ls651">due </span><span class="pp-class-236 pa t40754 l49012 ls538">to </span><span class="pp-class-236 pa t40754 l12524 ls811">an </span><span class="pp-class-236 pa t40754 l26731 ls1186">event </span><span class="pp-class-236 pa t40754 l49013 ls995">occurring </span><span class="pp-class-236 pa t40754 l49014 ls811">on </span><span class="pp-class-236 pa t40754 l38348 ls811">or </span><span class="pp-class-236 pa t40754 l49015 ls2808">before </span><span class="pp-class-236 pa t40754 l49016 ls651">the </span><span class="pp-class-236 pa t40754 l49017 ls30">reporting </span><span class="pp-class-236 pa t40754 l49018 ls1815">date, </span><span class="pp-class-236 pa t40754 l49019 ls651">the </span><span class="pp-class-236 pa t40754 l49020 ls1780">Group </span><span class="pp-class-236 pa t40763 l3 ls651">has </span><span class="pp-class-236 pa t40763 l42497 ls184">a </span><span class="pp-class-236 pa t40763 l49021 ls538">legal </span><span class="pp-class-236 pa t40763 l19679 ls811">or </span><span class="pp-class-236 pa t40763 l49022 ls758">constructive </span><span class="pp-class-236 pa t40763 l21951 ls1404">obligation, </span><span class="pp-class-236 pa t40763 l49023 ls651">and </span><span class="pp-class-236 pa t40763 l49024 ls811">it </span><span class="pp-class-236 pa t40763 l49025 ls811">is </span><span class="pp-class-236 pa t40763 l49026 ls3855">probable </span><span class="pp-class-236 pa t40763 l49027 ls616">that </span><span class="pp-class-236 pa t40763 l49028 ls651">the </span><span class="pp-class-236 pa t40763 l49029 ls706">Group </span><span class="pp-class-236 pa t40763 l46697 ls2222">will </span><span class="pp-class-236 pa t40763 l49030 ls110">have </span><span class="pp-class-236 pa t40763 l49031 ls538">to </span><span class="pp-class-236 pa t40763 l42435 ls8048">give </span><span class="pp-class-236 pa t40763 l46657 ls811">up </span><span class="pp-class-236 pa t40763 l49032 ls565">future </span><span class="pp-class-236 pa t40775 l3 ls1751">economic </span><span class="pp-class-236 pa t40775 l49033 ls995">benefits </span><span class="pp-class-236 pa t40775 l49034 ls538">to </span><span class="pp-class-236 pa t40775 l45353 ls524">meet </span><span class="pp-class-236 pa t40775 l49035 ls651">the </span><span class="pp-class-236 pa t40775 l49036 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49037 ls651">and </span><span class="pp-class-236 pa t40775 l49038 ls616">that </span><span class="pp-class-236 pa t40775 l49039 ls572">the </span><span class="pp-class-236 pa t40775 l49040 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49041 ls651">can </span><span class="pp-class-236 pa t40775 l49042 ls811">be </span><span class="pp-class-236 pa t40775 l49043 ls5202">reliably </span><span class="pp-class-236 pa t40775 l49044 ls551">estimated. </span><span class="pp-class-236 pa t41664 l3 ls5781">Provisions </span><span class="pp-class-236 pa t41664 l49008 ls2808">are </span><span class="pp-class-236 pa t41664 l49009 ls667">recognised </span><span class="pp-class-236 pa t41664 l49010 ls538">based </span><span class="pp-class-236 pa t41664 l49045 ls811">on </span><span class="pp-class-236 pa t41664 l28193 ls731">Management’s </span><span class="pp-class-236 pa t41664 l49046 ls2222">best </span><span class="pp-class-236 pa t41664 l49047 ls838">estimate </span><span class="pp-class-236 pa t41664 l49048 ls98">of </span><span class="pp-class-236 pa t41664 l49049 ls651">the </span><span class="pp-class-236 pa t41664 l49050 ls2207">anticipated </span><span class="pp-class-236 pa t41664 l49051 ls1815">expenditure </span><span class="pp-class-236 pa t41664 l49052 ls94">for </span><span class="pp-class-236 pa t40783 l3 ls667">settling </span><span class="pp-class-236 pa t40783 l49053 ls651">the </span><span class="pp-class-236 pa t40783 l18298 ls11072">relevant </span><span class="pp-class-236 pa t40783 l13225 ls1404">obligation </span><span class="pp-class-236 pa t40783 l49054 ls651">and </span><span class="pp-class-236 pa t40783 l49055 ls2808">are </span><span class="pp-class-236 pa t40783 l49056 ls541">discounted </span><span class="pp-class-236 pa t40783 l49057 ls811">if </span><span class="pp-class-236 pa t40783 l49058 ls1764">deemed </span><span class="pp-class-236 pa t40783 l49059 ls838">material.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40806 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40806 l49008 ls553">for </span><span class="pp-class-236 pa t40806 l49060 ls1780">ETS </span><span class="pp-class-236 pa t40806 l49061 ls1751">emission </span><span class="pp-class-236 pa t40806 l49062 ls2808">are </span><span class="pp-class-236 pa t40806 l49063 ls681">initially </span><span class="pp-class-236 pa t40806 l49064 ls560">calculated </span><span class="pp-class-236 pa t40806 l38578 ls538">based </span><span class="pp-class-236 pa t40806 l49065 ls811">on </span><span class="pp-class-236 pa t40806 l49066 ls3855">measured </span><span class="pp-class-236 pa t40806 l49067 ls995">emissions </span><span class="pp-class-236 pa t40806 l49068 ls2197">at </span><span class="pp-class-236 pa t40806 l49069 ls1764">hedged </span><span class="pp-class-236 pa t40806 l48638 ls1764">prices </span><span class="pp-class-236 pa t40806 l49070">- </span><span class="pp-class-236 pa t40818 l3 ls553">for </span><span class="pp-class-236 pa t40818 l43533 ls1744">certificates </span><span class="pp-class-236 pa t40818 l49071 ls3084">covered </span><span class="pp-class-236 pa t40818 l49072 ls706">by </span><span class="pp-class-236 pa t40818 l49073 ls2036">hedging </span><span class="pp-class-236 pa t40818 l45775">- </span><span class="pp-class-236 pa t40818 l24011 ls651">and </span><span class="pp-class-236 pa t40818 l49074 ls2197">at </span><span class="pp-class-236 pa t40818 l49075 ls524">spot </span><span class="pp-class-236 pa t40818 l48110 ls1764">prices </span><span class="pp-class-236 pa t40818 l49076">- </span><span class="pp-class-236 pa t40818 l49077 ls553">for </span><span class="pp-class-236 pa t40818 l49078 ls538">those </span><span class="pp-class-236 pa t40818 l41216 ls4248">not </span><span class="pp-class-236 pa t40818 l49079 ls3084">covered </span><span class="pp-class-236 pa t40818 l49080 ls706">by </span><span class="pp-class-236 pa t40818 l49081 ls1764">hedges </span><span class="pp-class-236 pa t40818 l49082">- </span><span class="pp-class-236 pa t40818 l49083 ls651">and </span><span class="pp-class-236 pa t40818 l49084 ls184">the </span><span class="pp-class-236 pa t42636 l3 ls2222">cost </span><span class="pp-class-236 pa t42636 l39101 ls811">is </span><span class="pp-class-236 pa t42636 l49085 ls667">recognised </span><span class="pp-class-236 pa t42636 l49086 ls811">in </span><span class="pp-class-236 pa t42636 l49087 ls651">the </span><span class="pp-class-236 pa t42636 l4209 ls1764">income </span><span class="pp-class-236 pa t42636 l49088 ls556">statement </span><span class="pp-class-236 pa t42636 l36139 ls538">under </span><span class="pp-class-236 pa t42636 l49089 ls572">the </span><span class="pp-class-236 pa t42636 l49090 ls2222">line </span><span class="pp-class-236 pa t42636 l49091 ls995">item </span><span class="pp-class-236 pa t42636 l49092 ls2222">Ferry </span><span class="pp-class-236 pa t42636 l49093 ls651">and </span><span class="pp-class-236 pa t42636 l49094 ls949">other </span><span class="pp-class-236 pa t42636 l49095 ls2222">ship </span><span class="pp-class-236 pa t42636 l49096 ls1775">operation </span><span class="pp-class-236 pa t42636 l49097 ls184">and </span><span class="pp-class-236 pa t42651 l3 ls541">maintenance </span><span class="pp-class-236 pa t42651 l49098 ls651">and </span><span class="pp-class-236 pa t42651 l47130 ls651">the </span><span class="pp-class-236 pa t42651 l49099 ls758">corresponding </span><span class="pp-class-236 pa t42651 l49100 ls995">liability </span><span class="pp-class-236 pa t42651 l17031 ls811">is </span><span class="pp-class-236 pa t42651 l49101 ls667">recognised </span><span class="pp-class-236 pa t42651 l49102 ls538">under </span><span class="pp-class-236 pa t42651 l49103 ls603">provisions. </span><span class="pp-class-236 pa t42651 l49104 ls4823">At </span><span class="pp-class-236 pa t42651 l49105 ls536">month </span><span class="pp-class-236 pa t42651 l49106 ls572">end </span><span class="pp-class-236 pa t42651 l49107 ls572">the </span><span class="pp-class-236 pa t42651 l49108 ls696">ETS </span><span class="pp-class-236 pa t42666 l3 ls1751">emission </span><span class="pp-class-236 pa t42666 l49109 ls5781">provisions </span><span class="pp-class-236 pa t42666 l40357 ls616">that </span><span class="pp-class-236 pa t42666 l49110 ls2808">are </span><span class="pp-class-236 pa t42666 l40711 ls4248">not </span><span class="pp-class-236 pa t42666 l49111 ls3084">covered </span><span class="pp-class-236 pa t42666 l49112 ls706">by </span><span class="pp-class-236 pa t42666 l49113 ls1764">hedges </span><span class="pp-class-236 pa t42666 l49114 ls2808">are </span><span class="pp-class-236 pa t42666 l49115 ls884">remeasured </span><span class="pp-class-236 pa t42666 l45438 ls538">based </span><span class="pp-class-236 pa t42666 l49116 ls811">on </span><span class="pp-class-236 pa t42666 l49117 ls572">the </span><span class="pp-class-236 pa t42666 l49118 ls2889">latest </span><span class="pp-class-236 pa t42666 l49119 ls524">spot </span><span class="pp-class-236 pa t42666 l49120 ls651">prices. </span><span class="pp-class-236 pa t42678 l3 ls2036">Changes </span><span class="pp-class-236 pa t42678 l17507 ls811">in </span><span class="pp-class-236 pa t42678 l48862 ls651">the </span><span class="pp-class-236 pa t42678 l48863 ls1780">ETS </span><span class="pp-class-236 pa t42678 l3093 ls1751">emission </span><span class="pp-class-236 pa t42678 l49121 ls5781">provisions </span><span class="pp-class-236 pa t42678 l49122 ls2808">are </span><span class="pp-class-236 pa t42678 l49123 ls731">reported </span><span class="pp-class-236 pa t42678 l49124 ls538">under </span><span class="pp-class-236 pa t42678 l49125 ls1764">change </span><span class="pp-class-236 pa t42678 l49126 ls811">in </span><span class="pp-class-236 pa t42678 l49127 ls1780">working </span><span class="pp-class-236 pa t42678 l42021 ls524">capital </span><span class="pp-class-236 pa t42678 l49128 ls811">in </span><span class="pp-class-236 pa t42678 l49129 ls184">the </span><span class="pp-class-236 pa t47449 l3 ls556">statement </span><span class="pp-class-236 pa t47449 l1995 ls98">of </span><span class="pp-class-236 pa t47449 l5491 ls2222">cash </span><span class="pp-class-236 pa t47449 l16146 ls565">flows. </span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t40754 l51845 ls625">liabilities </span><span class="pp-class-236 pa t40754 l51846 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51847 ls625">amounts </span><span class="pp-class-236 pa t40754 l37635 ls3234">owed </span><span class="pp-class-236 pa t40754 l51848 ls538">to </span><span class="pp-class-236 pa t40754 l51849 ls6146">mortgage/credit </span><span class="pp-class-236 pa t40754 l51850 ls4248">institutions </span><span class="pp-class-236 pa t40754 l51851 ls651">and </span><span class="pp-class-236 pa t40754 l51852 ls667">banks </span><span class="pp-class-236 pa t40754 l51853 ls811">as </span><span class="pp-class-236 pa t40754 l51854 ls546">well </span><span class="pp-class-236 pa t40763 l3 ls811">as </span><span class="pp-class-236 pa t40763 l47173 ls625">amounts </span><span class="pp-class-236 pa t40763 l51855 ls3234">owed </span><span class="pp-class-236 pa t40763 l51856 ls538">to </span><span class="pp-class-236 pa t40763 l51857 ls758">owners </span><span class="pp-class-236 pa t40763 l51858 ls98">of </span><span class="pp-class-236 pa t40763 l51859 ls1764">issued </span><span class="pp-class-236 pa t40763 l51860 ls2245">corporate </span><span class="pp-class-236 pa t40763 l51663 ls538">bonds </span><span class="pp-class-236 pa t40763 l51861 ls546">including </span><span class="pp-class-236 pa t40763 l51862 ls625">liabilities </span><span class="pp-class-236 pa t40763 l51863 ls2036">arising </span><span class="pp-class-236 pa t40763 l51864 ls877">from </span><span class="pp-class-236 pa t40763 l51865 ls2969">derivatives </span><span class="pp-class-236 pa t40775 l3 ls1131">relating </span><span class="pp-class-236 pa t40775 l10801 ls538">to </span><span class="pp-class-236 pa t40775 l51866 ls1764">issued </span><span class="pp-class-236 pa t40775 l16970 ls2245">corporate </span><span class="pp-class-236 pa t40775 l45747 ls1764">bonds. </span><span class="pp-class-236 pa t40775 l51867 ls572">The </span><span class="pp-class-236 pa t40775 l51868 ls625">amounts </span><span class="pp-class-236 pa t40775 l51869 ls2808">are </span><span class="pp-class-236 pa t40775 l51870 ls681">initially </span><span class="pp-class-236 pa t40775 l51871 ls667">recognised </span><span class="pp-class-236 pa t40775 l48895 ls2197">at </span><span class="pp-class-236 pa t40775 l51872 ls553">fair </span><span class="pp-class-236 pa t40775 l51873 ls2197">value </span><span class="pp-class-236 pa t40775 l51874 ls4248">net </span><span class="pp-class-236 pa t40775 l51875 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls2969">transaction </span><span class="pp-class-236 pa t41664 l51876 ls8048">expenses. </span><span class="pp-class-236 pa t41664 l17903 ls1882">Subsequently, </span><span class="pp-class-236 pa t41664 l51877 ls572">the </span><span class="pp-class-236 pa t41664 l51878 ls995">financial </span><span class="pp-class-236 pa t41664 l51879 ls995">liability </span><span class="pp-class-236 pa t41664 l51880 ls811">is </span><span class="pp-class-236 pa t41664 l51881 ls3855">measured </span><span class="pp-class-236 pa t41664 l51882 ls2197">at </span><span class="pp-class-236 pa t41664 l51883 ls52">amortised </span><span class="pp-class-236 pa t41664 l51884 ls121">cost, </span><span class="pp-class-236 pa t40783 l3 ls758">corresponding </span><span class="pp-class-236 pa t40783 l34149 ls538">to </span><span class="pp-class-236 pa t40783 l51027 ls651">the </span><span class="pp-class-236 pa t40783 l51885 ls546">capitalised </span><span class="pp-class-236 pa t40783 l40336 ls2197">value </span><span class="pp-class-236 pa t40783 l51886 ls538">using </span><span class="pp-class-236 pa t40783 l51887 ls651">the </span><span class="pp-class-236 pa t40783 l51888 ls706">effective </span><span class="pp-class-236 pa t40783 l39105 ls706">interest </span><span class="pp-class-236 pa t40783 l51889 ls546">method, </span><span class="pp-class-236 pa t40783 l51890 ls811">so </span><span class="pp-class-236 pa t40783 l51891 ls616">that </span><span class="pp-class-236 pa t40783 l51892 ls651">the </span><span class="pp-class-236 pa t40783 l51893 ls4630">difference </span><span class="pp-class-236 pa t40793 l3 ls713">between </span><span class="pp-class-236 pa t40793 l26681 ls651">the </span><span class="pp-class-236 pa t40793 l51894 ls3855">proceeds </span><span class="pp-class-236 pa t40793 l51895 ls651">and </span><span class="pp-class-236 pa t40793 l25631 ls651">the </span><span class="pp-class-236 pa t40793 l51896 ls2036">nominal </span><span class="pp-class-236 pa t40793 l51897 ls2197">value </span><span class="pp-class-236 pa t40793 l45433 ls811">is </span><span class="pp-class-236 pa t40793 l51898 ls667">recognised </span><span class="pp-class-236 pa t40793 l17285 ls811">in </span><span class="pp-class-236 pa t40793 l51899 ls572">the </span><span class="pp-class-236 pa t40793 l51900 ls1764">income </span><span class="pp-class-236 pa t40793 l51901 ls556">statement </span><span class="pp-class-236 pa t40793 l51902 ls538">under </span><span class="pp-class-236 pa t40793 l51903 ls2222">financial </span><span class="pp-class-236 pa t40806 l3 ls538">costs </span><span class="pp-class-236 pa t40806 l31382 ls3234">over </span><span class="pp-class-236 pa t40806 l51904 ls651">the </span><span class="pp-class-236 pa t40806 l51905 ls995">term </span><span class="pp-class-236 pa t40806 l51906 ls98">of </span><span class="pp-class-236 pa t40806 l28374 ls651">the </span><span class="pp-class-236 pa t40806 l51907 ls811">loan. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42636 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t42636 l51845 ls625">liabilities </span><span class="pp-class-236 pa t42636 l51846 ls2222">also </span><span class="pp-class-236 pa t42636 l49829 ls949">include </span><span class="pp-class-236 pa t42636 l51908 ls546">capitalised </span><span class="pp-class-236 pa t42636 l51909 ls3855">residual </span><span class="pp-class-236 pa t42636 l51910 ls538">lease </span><span class="pp-class-236 pa t42636 l51911 ls1404">obligations </span><span class="pp-class-236 pa t42636 l51912 ls811">on </span><span class="pp-class-236 pa t42636 l51913 ls2036">leases. </span><span class="pp-class-236 pa t42636 l38626 ls811">Other </span><span class="pp-class-236 pa t42651 l3 ls625">liabilities </span><span class="pp-class-236 pa t42651 l39089 ls2808">are </span><span class="pp-class-236 pa t42651 l51914 ls667">recognised </span><span class="pp-class-236 pa t42651 l40868 ls2197">at </span><span class="pp-class-236 pa t42651 l51915 ls52">amortised </span><span class="pp-class-236 pa t42651 l51916 ls1792">cost, </span><span class="pp-class-236 pa t42651 l51917 ls538">which </span><span class="pp-class-236 pa t42651 l51918 ls838">corresponds </span><span class="pp-class-236 pa t42651 l51919 ls538">to </span><span class="pp-class-236 pa t42651 l51920 ls572">the </span><span class="pp-class-236 pa t42651 l51921 ls4248">net </span><span class="pp-class-236 pa t42651 l51922 ls667">realisable </span><span class="pp-class-236 pa t42651 l51923 ls2197">value </span><span class="pp-class-236 pa t42651 l51924 ls811">in </span><span class="pp-class-236 pa t42651 l51925 ls184">all </span><span class="pp-class-236 pa t42666 l3 ls838">material </span><span class="pp-class-236 pa t42666 l51926 ls691">respects.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls1751">Dividends</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls3855">Proposed </span><span class="pp-class-236 pa t43270 l51929 ls995">dividends </span><span class="pp-class-236 pa t43270 l51930 ls2808">are </span><span class="pp-class-236 pa t43270 l51931 ls667">recognised </span><span class="pp-class-236 pa t43270 l51932 ls811">as </span><span class="pp-class-236 pa t43270 l51933 ls625">liabilities </span><span class="pp-class-236 pa t43270 l51934 ls2197">at </span><span class="pp-class-236 pa t43270 l42067 ls651">the </span><span class="pp-class-236 pa t43270 l51935 ls7086">date </span><span class="pp-class-236 pa t43270 l51936 ls811">on </span><span class="pp-class-236 pa t43270 l51937 ls538">which </span><span class="pp-class-236 pa t43270 l51938 ls8048">they </span><span class="pp-class-236 pa t43270 l51939 ls2808">are </span><span class="pp-class-236 pa t43270 l51940 ls667">adopted </span><span class="pp-class-236 pa t43270 l51941 ls2197">at </span><span class="pp-class-236 pa t43270 l51942 ls572">the </span><span class="pp-class-236 pa t43270 l51943 ls1792">Annual </span><span class="pp-class-236 pa t43283 l3 ls556">General </span><span class="pp-class-236 pa t43283 l38427 ls546">Meeting </span><span class="pp-class-236 pa t43283 l51944 ls538">(time </span><span class="pp-class-236 pa t43283 l48356 ls98">of </span><span class="pp-class-236 pa t43283 l51945 ls691">declaration).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43309 l3 ls168">Reserve </span><span class="pp-class-237 pa t43309 l51946 ls696">for </span><span class="pp-class-237 pa t43309 l28222 ls4248">treasury </span><span class="pp-class-237 pa t43309 l17683 ls168">shares</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43319 l3 ls651">The </span><span class="pp-class-236 pa t43319 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43319 l3612 ls995">comprises </span><span class="pp-class-236 pa t43319 l51947 ls651">the </span><span class="pp-class-236 pa t43319 l51948 ls2036">nominal </span><span class="pp-class-236 pa t43319 l51949 ls2197">value </span><span class="pp-class-236 pa t43319 l51950 ls98">of </span><span class="pp-class-236 pa t43319 l51951 ls168">treasury </span><span class="pp-class-236 pa t43319 l49058 ls556">shares. </span><span class="pp-class-236 pa t43319 l42474 ls572">The </span><span class="pp-class-236 pa t43319 l51952 ls681">difference </span><span class="pp-class-236 pa t43319 l51953 ls713">between </span><span class="pp-class-236 pa t43319 l51954 ls572">the </span><span class="pp-class-236 pa t43319 l51955 ls691">market </span><span class="pp-class-236 pa t43319 l51956 ls811">price </span><span class="pp-class-236 pa t43330 l3 ls2222">paid </span><span class="pp-class-236 pa t43330 l51957 ls572">and </span><span class="pp-class-236 pa t43330 l37151 ls651">the </span><span class="pp-class-236 pa t43330 l51958 ls2036">nominal </span><span class="pp-class-236 pa t43330 l45520 ls2197">value </span><span class="pp-class-236 pa t43330 l32952 ls811">as </span><span class="pp-class-236 pa t43330 l51959 ls8048">well </span><span class="pp-class-236 pa t43330 l51960 ls811">as </span><span class="pp-class-236 pa t43330 l51961 ls995">dividends </span><span class="pp-class-236 pa t43330 l50970 ls811">on </span><span class="pp-class-236 pa t43330 l51962 ls168">treasury </span><span class="pp-class-236 pa t43330 l51963 ls2197">shares </span><span class="pp-class-236 pa t43330 l51964 ls2808">are </span><span class="pp-class-236 pa t43330 l51965 ls667">recognised </span><span class="pp-class-236 pa t43330 l51966 ls3084">directly </span><span class="pp-class-236 pa t43330 l51967 ls811">in </span><span class="pp-class-236 pa t43330 l51968 ls1792">equity </span><span class="pp-class-236 pa t43426 l3 ls538">under </span><span class="pp-class-236 pa t43426 l51969 ls5781">retained </span><span class="pp-class-236 pa t43426 l27619 ls995">earnings. </span><span class="pp-class-236 pa t43426 l17048 ls651">The </span><span class="pp-class-236 pa t43426 l51970 ls2969">reserve </span><span class="pp-class-236 pa t43426 l32250 ls811">is </span><span class="pp-class-236 pa t43426 l51971 ls184">a </span><span class="pp-class-236 pa t43426 l51972 ls546">distributable </span><span class="pp-class-236 pa t43426 l51973 ls2197">reserve. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2270">Currency </span><span class="pp-class-237 pa t43334 l49704 ls2969">translation </span><span class="pp-class-237 pa t43334 l51974 ls681">reserve</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43348 l3612 ls995">comprises </span><span class="pp-class-236 pa t43348 l51947 ls2222">DFDS </span><span class="pp-class-236 pa t43348 l28245 ls4787">A/S </span><span class="pp-class-236 pa t43348 l51975 ls1780">shareholders’ </span><span class="pp-class-236 pa t43348 l51976 ls706">share </span><span class="pp-class-236 pa t43348 l51977 ls98">of </span><span class="pp-class-236 pa t43348 l51978 ls2245">currency </span><span class="pp-class-236 pa t43348 l38388 ls2969">translation </span><span class="pp-class-236 pa t43348 l51979 ls553">adjustments </span><span class="pp-class-236 pa t43348 l51980 ls2036">arising </span><span class="pp-class-236 pa t43348 l51981 ls1547">on </span><span class="pp-class-236 pa t43367 l3 ls651">the </span><span class="pp-class-236 pa t43367 l28221 ls2969">translation </span><span class="pp-class-236 pa t43367 l51982 ls98">of </span><span class="pp-class-236 pa t43367 l29953 ls4248">net </span><span class="pp-class-236 pa t43367 l51983 ls713">investments </span><span class="pp-class-236 pa t43367 l31363 ls811">in </span><span class="pp-class-236 pa t43367 l51984 ls541">enterprises </span><span class="pp-class-236 pa t43367 l51985 ls2222">with </span><span class="pp-class-236 pa t43367 l51986 ls184">a </span><span class="pp-class-236 pa t43367 l51987 ls278">functional </span><span class="pp-class-236 pa t43367 l51988 ls2245">currency </span><span class="pp-class-236 pa t43367 l51989 ls949">other </span><span class="pp-class-236 pa t43367 l51990 ls2222">than </span><span class="pp-class-236 pa t43367 l51991 ls2222">DKK. </span><span class="pp-class-236 pa t43367 l51992 ls184">The </span><span class="pp-class-236 pa t43461 l3 ls2969">reserve </span><span class="pp-class-236 pa t43461 l51993 ls811">is </span><span class="pp-class-236 pa t43461 l51994 ls849">dissolved </span><span class="pp-class-236 pa t43461 l17016 ls2222">upon </span><span class="pp-class-236 pa t43461 l31316 ls1751">disposal </span><span class="pp-class-236 pa t43461 l51995 ls98">of </span><span class="pp-class-236 pa t43461 l51996 ls651">the </span><span class="pp-class-236 pa t43461 l51997 ls3076">entity.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43484 l3 ls168">Reserve </span><span class="pp-class-237 pa t43484 l51946 ls696">for </span><span class="pp-class-237 pa t43484 l28222 ls1764">hedging</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44410 l3 ls651">The </span><span class="pp-class-236 pa t44410 l38379 ls2036">hedging </span><span class="pp-class-236 pa t44410 l51998 ls2969">reserve </span><span class="pp-class-236 pa t44410 l51999 ls995">comprises </span><span class="pp-class-236 pa t44410 l52000 ls651">the </span><span class="pp-class-236 pa t44410 l25179 ls553">fair </span><span class="pp-class-236 pa t44410 l49056 ls2197">value </span><span class="pp-class-236 pa t44410 l38444 ls98">of </span><span class="pp-class-236 pa t44410 l52001 ls2036">hedging </span><span class="pp-class-236 pa t44410 l52002 ls691">transactions </span><span class="pp-class-236 pa t44410 l52003 ls616">that </span><span class="pp-class-236 pa t44410 l52004 ls33">qualify </span><span class="pp-class-236 pa t44410 l52005 ls553">for </span><span class="pp-class-236 pa t44410 l52006 ls838">recognition </span><span class="pp-class-236 pa t44410 l52007 ls1547">as </span><span class="pp-class-236 pa t44154 l3 ls2222">cash </span><span class="pp-class-236 pa t44154 l10078 ls8048">flow </span><span class="pp-class-236 pa t44154 l52008 ls1764">hedges </span><span class="pp-class-236 pa t44154 l42873 ls572">and </span><span class="pp-class-236 pa t44154 l52009 ls706">where </span><span class="pp-class-236 pa t44154 l28748 ls651">the </span><span class="pp-class-236 pa t44154 l52010 ls1764">hedged </span><span class="pp-class-236 pa t44154 l52011 ls691">transactions </span><span class="pp-class-236 pa t44154 l43821 ls110">have </span><span class="pp-class-236 pa t44154 l52012 ls4248">not </span><span class="pp-class-236 pa t44154 l52013 ls2222">been </span><span class="pp-class-236 pa t44154 l52014 ls8048">realised. </span><span class="pp-class-236 pa t44154 l52015 ls538">Hedge </span><span class="pp-class-236 pa t44154 l52016 ls524">accounting </span><span class="pp-class-236 pa t44158 l3 ls1764">ceases </span><span class="pp-class-236 pa t44158 l14464 ls2222">when </span><span class="pp-class-236 pa t44158 l52017 ls651">the </span><span class="pp-class-236 pa t44158 l52018 ls2036">hedging </span><span class="pp-class-236 pa t44158 l52019 ls524">instrument </span><span class="pp-class-236 pa t44158 l52020 ls7468">matures </span><span class="pp-class-236 pa t44158 l52021 ls811">or </span><span class="pp-class-236 pa t44158 l52022 ls811">if </span><span class="pp-class-236 pa t44158 l52023 ls184">a </span><span class="pp-class-236 pa t44158 l52024 ls538">hedge </span><span class="pp-class-236 pa t44158 l52025 ls811">is </span><span class="pp-class-236 pa t44158 l52026 ls811">no </span><span class="pp-class-236 pa t44158 l52027 ls1764">longer </span><span class="pp-class-236 pa t44158 l52028 ls4793">effective.</span></p><div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div><div class="pp-class-10" id="pp-id-5436" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5439"><div class="pp-class-227 pp-class-256" id="pp-id-5438"><div class="w40752 h53516 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls556">statement </span><span class="pp-class-236 pa t40754 l21262 ls98">of </span><span class="pp-class-236 pa t40754 l6171 ls2222">cash </span><span class="pp-class-236 pa t40754 l53517 ls706">flows </span><span class="pp-class-236 pa t40754 l53518 ls651">has </span><span class="pp-class-236 pa t40754 l53519 ls2222">been </span><span class="pp-class-236 pa t40754 l53520 ls11713">prepared </span><span class="pp-class-236 pa t40754 l53521 ls538">using </span><span class="pp-class-236 pa t40754 l53522 ls651">the </span><span class="pp-class-236 pa t40754 l53523 ls691">indirect </span><span class="pp-class-236 pa t40754 l53524 ls546">method, </span><span class="pp-class-236 pa t40754 l53525 ls572">and </span><span class="pp-class-236 pa t40754 l53526 ls706">shows </span><span class="pp-class-236 pa t40754 l53527 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls731">consolidated </span><span class="pp-class-236 pa t40763 l44362 ls2222">cash </span><span class="pp-class-236 pa t40763 l28518 ls706">flows </span><span class="pp-class-236 pa t40763 l53528 ls877">from </span><span class="pp-class-236 pa t40763 l53529 ls2270">operating, </span><span class="pp-class-236 pa t40763 l45523 ls2889">investing, </span><span class="pp-class-236 pa t40763 l53530 ls651">and </span><span class="pp-class-236 pa t40763 l53531 ls995">financing </span><span class="pp-class-236 pa t40763 l53532 ls1404">activities </span><span class="pp-class-236 pa t40763 l53533 ls553">for </span><span class="pp-class-236 pa t40763 l53534 ls572">the </span><span class="pp-class-236 pa t40763 l53535 ls853">year, </span><span class="pp-class-236 pa t40763 l44271 ls572">and </span><span class="pp-class-236 pa t40763 l53536 ls184">the </span><span class="pp-class-236 pa t40775 l3 ls731">consolidated </span><span class="pp-class-236 pa t40775 l44362 ls2222">cash </span><span class="pp-class-236 pa t40775 l28518 ls651">and </span><span class="pp-class-236 pa t40775 l53537 ls2222">cash </span><span class="pp-class-236 pa t40775 l53538 ls731">equivalents </span><span class="pp-class-236 pa t40775 l53539 ls2197">at </span><span class="pp-class-236 pa t40775 l13276 ls572">the </span><span class="pp-class-236 pa t40775 l26314 ls995">beginning </span><span class="pp-class-236 pa t40775 l53540 ls572">and </span><span class="pp-class-236 pa t40775 l53541 ls572">end </span><span class="pp-class-236 pa t40775 l53542 ls98">of </span><span class="pp-class-236 pa t40775 l53543 ls572">the </span><span class="pp-class-236 pa t40775 l53544 ls3139">year.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls2222">cash </span><span class="pp-class-236 pa t40783 l7751 ls8048">flow </span><span class="pp-class-236 pa t40783 l53545 ls838">effect </span><span class="pp-class-236 pa t40783 l40666 ls98">of </span><span class="pp-class-236 pa t40783 l53546 ls544">acquisition </span><span class="pp-class-236 pa t40783 l53547 ls572">and </span><span class="pp-class-236 pa t40783 l53548 ls1751">disposal </span><span class="pp-class-236 pa t40783 l45495 ls98">of </span><span class="pp-class-236 pa t40783 l39114 ls541">enterprises </span><span class="pp-class-236 pa t40783 l53549 ls811">is </span><span class="pp-class-236 pa t40783 l53550 ls838">shown </span><span class="pp-class-236 pa t40783 l53551 ls2848">separately </span><span class="pp-class-236 pa t40783 l53552 ls811">in </span><span class="pp-class-236 pa t40783 l53553 ls2222">cash </span><span class="pp-class-236 pa t40783 l53554 ls706">flows </span><span class="pp-class-236 pa t40783 l53555 ls538">to/</span><span class="pp-class-236 pa t40793 l3 ls877">from </span><span class="pp-class-236 pa t40793 l44380 ls9435">investing </span><span class="pp-class-236 pa t40793 l42406 ls1404">activities. </span><span class="pp-class-236 pa t40793 l53556 ls2222">Cash </span><span class="pp-class-236 pa t40793 l31188 ls706">flows </span><span class="pp-class-236 pa t40793 l53557 ls877">from </span><span class="pp-class-236 pa t40793 l10828 ls544">acquisitions </span><span class="pp-class-236 pa t40793 l53558 ls98">of </span><span class="pp-class-236 pa t40793 l53559 ls541">enterprises </span><span class="pp-class-236 pa t40793 l53560 ls2808">are </span><span class="pp-class-236 pa t40793 l53561 ls667">recognised </span><span class="pp-class-236 pa t40793 l48187 ls811">in </span><span class="pp-class-236 pa t40793 l53562 ls572">the </span><span class="pp-class-236 pa t40793 l53563 ls2222">Cash </span><span class="pp-class-236 pa t40793 l53564 ls546">flow </span><span class="pp-class-236 pa t40806 l3 ls556">statement </span><span class="pp-class-236 pa t40806 l1995 ls877">from </span><span class="pp-class-236 pa t40806 l53565 ls651">the </span><span class="pp-class-236 pa t40806 l10802 ls7086">date </span><span class="pp-class-236 pa t40806 l53566 ls98">of </span><span class="pp-class-236 pa t40806 l53567 ls544">acquisition. </span><span class="pp-class-236 pa t40806 l53568 ls2222">Cash </span><span class="pp-class-236 pa t40806 l53569 ls706">flows </span><span class="pp-class-236 pa t40806 l53570 ls877">from </span><span class="pp-class-236 pa t40806 l53571 ls1780">divestment </span><span class="pp-class-236 pa t40806 l53572 ls98">of </span><span class="pp-class-236 pa t40806 l53573 ls541">enterprises </span><span class="pp-class-236 pa t40806 l53574 ls2808">are </span><span class="pp-class-236 pa t40806 l53575 ls667">recognised </span><span class="pp-class-236 pa t40806 l53576 ls1547">up </span><span class="pp-class-236 pa t40818 l3 ls536">until </span><span class="pp-class-236 pa t40818 l53577 ls651">the </span><span class="pp-class-236 pa t40818 l53578 ls7086">date </span><span class="pp-class-236 pa t40818 l10695 ls98">of </span><span class="pp-class-236 pa t40818 l53579 ls995">disposal. </span><span class="pp-class-236 pa t40818 l53580 ls2222">Cash </span><span class="pp-class-236 pa t40818 l29316 ls706">flows </span><span class="pp-class-236 pa t40818 l9573 ls877">from </span><span class="pp-class-236 pa t40818 l27606 ls1775">operating </span><span class="pp-class-236 pa t40818 l53581 ls1404">activities </span><span class="pp-class-236 pa t40818 l53582 ls811">is </span><span class="pp-class-236 pa t40818 l53583 ls560">calculated </span><span class="pp-class-236 pa t40818 l53584 ls811">on </span><span class="pp-class-236 pa t40818 l53585 ls651">the </span><span class="pp-class-236 pa t40818 l53552 ls538">basis </span><span class="pp-class-236 pa t40818 l53586 ls98">of </span><span class="pp-class-236 pa t40818 l53587 ls572">the </span><span class="pp-class-236 pa t40818 l53588 ls681">profit/</span><span class="pp-class-236 pa t42636 l3 ls2222">loss </span><span class="pp-class-236 pa t42636 l53589 ls2808">before </span><span class="pp-class-236 pa t42636 l12586 ls691">depreciation </span><span class="pp-class-236 pa t42636 l53590 ls651">and </span><span class="pp-class-236 pa t42636 l53591 ls179">amortisation </span><span class="pp-class-236 pa t42636 l53592 ls560">(EBITDA) </span><span class="pp-class-236 pa t42636 l53593 ls630">adjusted </span><span class="pp-class-236 pa t42636 l53594 ls553">for </span><span class="pp-class-236 pa t42636 l21709 ls651">the </span><span class="pp-class-236 pa t42636 l53595 ls2222">cash </span><span class="pp-class-236 pa t42636 l53596 ls8048">flow </span><span class="pp-class-236 pa t42636 l53597 ls838">effect </span><span class="pp-class-236 pa t42636 l53598 ls98">of </span><span class="pp-class-236 pa t42636 l53599 ls811">non-cash </span><span class="pp-class-236 pa t42651 l3 ls1775">operating </span><span class="pp-class-236 pa t42651 l46591 ls747">items, </span><span class="pp-class-236 pa t42651 l17080 ls625">items </span><span class="pp-class-236 pa t42651 l53600 ls7086">presented </span><span class="pp-class-236 pa t42651 l39584 ls811">as </span><span class="pp-class-236 pa t42651 l53601 ls875">part </span><span class="pp-class-236 pa t42651 l17874 ls98">of </span><span class="pp-class-236 pa t42651 l53602 ls667">EBITDA </span><span class="pp-class-236 pa t42651 l33427 ls651">but </span><span class="pp-class-236 pa t42651 l53603 ls538">to </span><span class="pp-class-236 pa t42651 l3297 ls811">be </span><span class="pp-class-236 pa t42651 l53604 ls7086">presented </span><span class="pp-class-236 pa t42651 l53605 ls538">under </span><span class="pp-class-236 pa t42651 l53606 ls9435">investing </span><span class="pp-class-236 pa t42651 l53607 ls1404">activities </span><span class="pp-class-236 pa t42651 l53608 ls1547">or </span><span class="pp-class-236 pa t42666 l3 ls995">financing </span><span class="pp-class-236 pa t42666 l53609 ls1404">activities </span><span class="pp-class-236 pa t42666 l53610 ls811">in </span><span class="pp-class-236 pa t42666 l53611 ls651">the </span><span class="pp-class-236 pa t42666 l53612 ls556">statement </span><span class="pp-class-236 pa t42666 l53613 ls98">of </span><span class="pp-class-236 pa t42666 l53614 ls2222">cash </span><span class="pp-class-236 pa t42666 l53615 ls2197">flows, </span><span class="pp-class-236 pa t42666 l53616 ls2036">changes </span><span class="pp-class-236 pa t42666 l53617 ls811">in </span><span class="pp-class-236 pa t42666 l53618 ls1780">working </span><span class="pp-class-236 pa t42666 l53619 ls524">capital </span><span class="pp-class-236 pa t42666 l53620 ls541">(such </span><span class="pp-class-236 pa t42666 l53621 ls811">as </span><span class="pp-class-236 pa t42666 l53622 ls706">trade </span><span class="pp-class-236 pa t42678 l3 ls4276">payables, </span><span class="pp-class-236 pa t42678 l53623 ls5781">deferred </span><span class="pp-class-236 pa t42678 l53624 ls541">income, </span><span class="pp-class-236 pa t42678 l53625 ls1780">ETS </span><span class="pp-class-236 pa t42678 l53626 ls1751">emission </span><span class="pp-class-236 pa t42678 l53627 ls5781">provision, </span><span class="pp-class-236 pa t42678 l53628 ls7086">current </span><span class="pp-class-236 pa t42678 l53629 ls558">account </span><span class="pp-class-236 pa t42678 l53630 ls877">payables </span><span class="pp-class-236 pa t42678 l53631 ls538">to </span><span class="pp-class-236 pa t42678 l53632 ls536">joint </span><span class="pp-class-236 pa t42678 l53633 ls1131">ventures, </span><span class="pp-class-236 pa t42678 l53634 ls706">trade </span><span class="pp-class-236 pa t47449 l3 ls1463">receivables, </span><span class="pp-class-236 pa t47449 l53635 ls556">prepaid </span><span class="pp-class-236 pa t47449 l53636 ls1764">costs, </span><span class="pp-class-236 pa t47449 l53637 ls4630">etc.), </span><span class="pp-class-236 pa t47449 l51698 ls4630">payments </span><span class="pp-class-236 pa t47449 l53638 ls3681">related </span><span class="pp-class-236 pa t47449 l53639 ls538">to </span><span class="pp-class-236 pa t47449 l53640 ls1751">pensions </span><span class="pp-class-236 pa t47449 l53641 ls651">and </span><span class="pp-class-236 pa t47449 l53642 ls949">other </span><span class="pp-class-236 pa t47449 l53643 ls603">provisions, </span><span class="pp-class-236 pa t47449 l53644 ls168">payments </span><span class="pp-class-236 pa t42680 l3 ls1131">relating </span><span class="pp-class-236 pa t42680 l10801 ls538">to </span><span class="pp-class-236 pa t42680 l51866 ls995">financial </span><span class="pp-class-236 pa t42680 l21204 ls625">items </span><span class="pp-class-236 pa t42680 l53645 ls651">and </span><span class="pp-class-236 pa t42680 l53646 ls2969">corporation </span><span class="pp-class-236 pa t42680 l53647 ls2036">tax </span><span class="pp-class-236 pa t42680 l53648 ls2222">paid.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42711 l3 ls2222">Cash </span><span class="pp-class-236 pa t42711 l53649 ls706">flows </span><span class="pp-class-236 pa t42711 l53650 ls877">from </span><span class="pp-class-236 pa t42711 l14108 ls9435">investing </span><span class="pp-class-236 pa t42711 l53651 ls1404">activities </span><span class="pp-class-236 pa t42711 l53652 ls179">includes </span><span class="pp-class-236 pa t42711 l53653 ls4630">payments </span><span class="pp-class-236 pa t42711 l53654 ls811">in </span><span class="pp-class-236 pa t42711 l2946 ls278">connection </span><span class="pp-class-236 pa t42711 l51667 ls2222">with </span><span class="pp-class-236 pa t42711 l53655 ls572">the </span><span class="pp-class-236 pa t42711 l53656 ls544">acquisition </span><span class="pp-class-236 pa t42711 l53657 ls184">and </span><span class="pp-class-236 pa t42723 l3 ls1780">divestment </span><span class="pp-class-236 pa t42723 l17218 ls98">of </span><span class="pp-class-236 pa t42723 l16331 ls541">enterprises </span><span class="pp-class-236 pa t42723 l53658 ls651">and </span><span class="pp-class-236 pa t42723 l44563 ls1404">activities </span><span class="pp-class-236 pa t42723 l53659 ls651">and </span><span class="pp-class-236 pa t42723 l33295 ls98">of </span><span class="pp-class-236 pa t42723 l53660 ls548">non-current </span><span class="pp-class-236 pa t42723 l53661 ls541">intangible </span><span class="pp-class-236 pa t42723 l53662 ls546">assets, </span><span class="pp-class-236 pa t42723 l53663 ls949">tangible </span><span class="pp-class-236 pa t42723 l53664 ls179">assets </span><span class="pp-class-236 pa t42723 l53665 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls2889">investments. </span><span class="pp-class-236 pa t42738 l53666 ls731">Furthermore, </span><span class="pp-class-236 pa t42738 l53667 ls2222">cash </span><span class="pp-class-236 pa t42738 l18007 ls706">flows </span><span class="pp-class-236 pa t42738 l53668 ls877">from </span><span class="pp-class-236 pa t42738 l53669 ls9435">investing </span><span class="pp-class-236 pa t42738 l53670 ls1404">activities </span><span class="pp-class-236 pa t42738 l53671 ls2222">also </span><span class="pp-class-236 pa t42738 l53672 ls179">includes </span><span class="pp-class-236 pa t42738 l53584 ls630">compensation </span><span class="pp-class-236 pa t42738 l53673 ls706">received </span><span class="pp-class-236 pa t42755 l3 ls877">from </span><span class="pp-class-236 pa t42755 l44380 ls551">ferries </span><span class="pp-class-236 pa t42755 l53674 ls3855">declared </span><span class="pp-class-236 pa t42755 l53675 ls758">total </span><span class="pp-class-236 pa t42755 l53676 ls538">loss. </span><span class="pp-class-236 pa t42755 l14106 ls2222">Cash </span><span class="pp-class-236 pa t42755 l53677 ls706">flows </span><span class="pp-class-236 pa t42755 l17528 ls877">from </span><span class="pp-class-236 pa t42755 l53678 ls995">financing </span><span class="pp-class-236 pa t42755 l53679 ls1404">activities </span><span class="pp-class-236 pa t42755 l53680 ls179">includes </span><span class="pp-class-236 pa t42755 l53681 ls2036">changes </span><span class="pp-class-236 pa t42755 l53682 ls811">in </span><span class="pp-class-236 pa t42755 l53683 ls651">the </span><span class="pp-class-236 pa t42755 l53684 ls546">size </span><span class="pp-class-236 pa t42755 l53685 ls1547">or </span><span class="pp-class-236 pa t42768 l3 ls625">composition </span><span class="pp-class-236 pa t42768 l53686 ls98">of </span><span class="pp-class-236 pa t42768 l13446 ls651">the </span><span class="pp-class-236 pa t42768 l37236 ls2848">Group’s </span><span class="pp-class-236 pa t42768 l14411 ls706">share </span><span class="pp-class-236 pa t42768 l53687 ls949">capital, </span><span class="pp-class-236 pa t42768 l18413 ls3855">payment </span><span class="pp-class-236 pa t42768 l53688 ls98">of </span><span class="pp-class-236 pa t42768 l53689 ls995">dividends </span><span class="pp-class-236 pa t42768 l53690 ls538">to </span><span class="pp-class-236 pa t42768 l53691 ls758">shareholders, </span><span class="pp-class-236 pa t42768 l53692 ls3855">purchase </span><span class="pp-class-236 pa t42768 l53693 ls197">of </span><span class="pp-class-236 pa t42786 l3 ls168">treasury </span><span class="pp-class-236 pa t42786 l49197 ls556">shares, </span><span class="pp-class-236 pa t42786 l11232 ls2222">cash </span><span class="pp-class-236 pa t42786 l17925 ls2245">received </span><span class="pp-class-236 pa t42786 l53694 ls877">from </span><span class="pp-class-236 pa t42786 l52628 ls11592">exercise </span><span class="pp-class-236 pa t42786 l53695 ls98">of </span><span class="pp-class-236 pa t42786 l53696 ls706">share </span><span class="pp-class-236 pa t42786 l17938 ls546">options </span><span class="pp-class-236 pa t42786 l53697 ls572">and </span><span class="pp-class-236 pa t42786 l53698 ls572">the </span><span class="pp-class-236 pa t42786 l53699 ls553">obtaining </span><span class="pp-class-236 pa t42786 l53700 ls572">and </span><span class="pp-class-236 pa t42786 l53701 ls2808">repayment </span><span class="pp-class-236 pa t42786 l53702 ls197">of </span><span class="pp-class-236 pa t42800 l3 ls2222">bank </span><span class="pp-class-236 pa t42800 l48191 ls538">loans </span><span class="pp-class-236 pa t42800 l19679 ls651">and </span><span class="pp-class-236 pa t42800 l13308 ls562">mortgage </span><span class="pp-class-236 pa t42800 l53703 ls538">loans </span><span class="pp-class-236 pa t42800 l53704 ls651">and </span><span class="pp-class-236 pa t42800 l53705 ls949">other </span><span class="pp-class-236 pa t42800 l53706 ls696">long-term </span><span class="pp-class-236 pa t42800 l53707 ls572">and </span><span class="pp-class-236 pa t42800 l53708 ls558">short-term </span><span class="pp-class-236 pa t42800 l38892 ls538">debt. </span><span class="pp-class-236 pa t42800 l53709 ls877">Payment </span><span class="pp-class-236 pa t42800 l53710 ls98">of </span><span class="pp-class-236 pa t42800 l53711 ls811">lease </span><span class="pp-class-236 pa t48923 l3 ls625">liabilities </span><span class="pp-class-236 pa t48923 l39089 ls811">is </span><span class="pp-class-236 pa t48923 l53712 ls179">included </span><span class="pp-class-236 pa t48923 l53713 ls538">under </span><span class="pp-class-236 pa t48923 l53714 ls995">financing </span><span class="pp-class-236 pa t48923 l53715 ls1404">activities </span><span class="pp-class-236 pa t48923 l53716 ls651">and </span><span class="pp-class-236 pa t48923 l53717 ls572">the </span><span class="pp-class-236 pa t48923 l53718 ls3681">related </span><span class="pp-class-236 pa t48923 l53719 ls706">interest </span><span class="pp-class-236 pa t48923 l53720 ls811">is </span><span class="pp-class-236 pa t48923 l53721 ls179">included </span><span class="pp-class-236 pa t48923 l53722 ls811">as </span><span class="pp-class-236 pa t48923 l53723 ls184">a </span><span class="pp-class-236 pa t48923 l53724 ls995">financial </span><span class="pp-class-236 pa t48923 l53725 ls98">item </span><span class="pp-class-236 pa t42816 l3 ls538">under </span><span class="pp-class-236 pa t42816 l51969 ls1775">operating </span><span class="pp-class-236 pa t42816 l53726 ls1404">activities. </span><span class="pp-class-236 pa t42816 l53727 ls2222">Cash </span><span class="pp-class-236 pa t42816 l53728 ls651">and </span><span class="pp-class-236 pa t42816 l53729 ls2222">cash </span><span class="pp-class-236 pa t42816 l53730 ls731">equivalents </span><span class="pp-class-236 pa t42816 l53731 ls1751">comprise </span><span class="pp-class-236 pa t42816 l53732 ls2222">cash </span><span class="pp-class-236 pa t42816 l53733 ls2197">at </span><span class="pp-class-236 pa t42816 l53734 ls667">banks </span><span class="pp-class-236 pa t42816 l53735 ls572">and </span><span class="pp-class-236 pa t42816 l53736 ls811">on </span><span class="pp-class-236 pa t42816 l53737 ls2222">hand.</span></p></div></div></div></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54219 l3 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54219 l2325 ls3022 wtro3142 wtr23376 tro3144 tr23377">acquired </span><span class="pp-class-236 pa t54219 l54220 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54219 l54221 ls8200 wtro3142 wtr23376 tro3144 tr23377">formed </span><span class="pp-class-236 pa t54219 l54222 ls9737 wtro3142 wtr23376 tro3144 tr23377">during </span><span class="pp-class-236 pa t54219 l54223 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54224 ls3351 wtro3142 wtr23376 tro3144 tr23377">year </span><span class="pp-class-236 pa t54219 l54225 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54219 l53696 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54219 l54226 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54219 l54227 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54228 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54219 l54229 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54219 l54230 ls30681 wtro3142 wtr23376 tro3144 tr23377">statements </span><span class="pp-class-236 pa t54219 l54231 ls645 wtro3142 wtr23376 tro3144 tr23377">from </span><span class="pp-class-236 pa t54232 l3 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54233 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54232 l54234 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54232 l54235 ls1075 wtro3142 wtr23376 tro3144 tr23377">acquisition </span><span class="pp-class-236 pa t54232 l54236 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54232 l54237 ls2838 wtro3142 wtr23376 tro3144 tr23377">formation. </span><span class="pp-class-236 pa t54232 l54238 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54232 l54239 ls11050 wtro3142 wtr23376 tro3144 tr23377">disposed </span><span class="pp-class-236 pa t54232 l24493 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54232 l54240 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54232 l54241 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54232 l42355 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54242 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54232 l54243 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54232 l54244 ls17577 wtro3142 wtr23376 tro3144 tr23377">state-</span><span class="pp-class-236 pa t54245 l3 ls9737 wtro3142 wtr23376 tro3144 tr23377">ments </span><span class="pp-class-236 pa t54245 l54246 ls9737 wtro3142 wtr23376 tro3144 tr23377">until </span><span class="pp-class-236 pa t54245 l54247 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54245 l19701 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54245 l54248 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54245 l54249 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposal. </span><span class="pp-class-236 pa t54245 l42820 ls4284 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t54245 l54250 ls43360 wtro3142 wtr23376 tro3144 tr23377">comparative </span><span class="pp-class-236 pa t54245 l54251 ls3147 wtro3142 wtr23376 tro3144 tr23377">figures </span><span class="pp-class-236 pa t54245 l54252 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54245 l54253 ls645 wtro3142 wtr23376 tro3144 tr23377">not </span><span class="pp-class-236 pa t54245 l54254 ls25295 wtro3142 wtr23376 tro3144 tr23377">adjusted </span><span class="pp-class-236 pa t54245 l54255 ls2846 wtro3142 wtr23376 tro3144 tr23377">for </span><span class="pp-class-236 pa t54245 l54256 ls3351 wtro3142 wtr23376 tro3144 tr23377">acquisitions </span><span class="pp-class-236 pa t54245 l54257 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54245 l54258 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposals.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54259 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">Business </span><span class="pp-class-236 pa t54259 l54260 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54259 l54261 ls706 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t54259 l54262 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54259 l54263 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54259 l54264 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained </span><span class="pp-class-236 pa t54259 l44294 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t54259 l54265 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54266 ls706 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54259 l54267 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54259 l54268 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54259 l54269 ls538 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t54259 l54270 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54271 ls625 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54272 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">method. </span><span class="pp-class-236 pa t54272 l54273 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54272 l54274 ls949 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54272 l54275 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54272 l54276 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54272 l54277 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54272 l54278 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54272 l54279 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54272 l54280 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54272 l54281 ls13284 wtro3142 wtr3143 tro3144 tr3145">newly </span><span class="pp-class-236 pa t54272 l54282 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54272 l54283 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprises </span><span class="pp-class-236 pa t54272 l54284 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">assessed </span><span class="pp-class-236 pa t54285 l54286 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54285 l54287 ls538 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54285 l54288 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54285 l54289 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54285 l54290 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54285 l54291 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54285 l54292 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54285 l54293 ls1815 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t54285 l54294 ls949 wtro3142 wtr3143 tro3144 tr3145">Identifiable </span><span class="pp-class-236 pa t54285 l54295 ls541 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54285 l54296 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54285 l54297 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l54298 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54285 l54299 ls811 wtro3142 wtr3143 tro3144 tr3145">if </span><span class="pp-class-236 pa t54285 l54300 ls546 wtro3142 wtr3143 tro3144 tr3145">they </span><span class="pp-class-236 pa t54301 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54301 l54302 ls8048 wtro3142 wtr3143 tro3144 tr3145">separable </span><span class="pp-class-236 pa t54301 l54303 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54301 l54304 ls538 wtro3142 wtr3143 tro3144 tr3145">arise </span><span class="pp-class-236 pa t54301 l54305 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54301 l54306 ls184 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54301 l33178 ls2270 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t54301 l44054 ls2222 wtro3142 wtr3143 tro3144 tr3145">right. </span><span class="pp-class-236 pa t54301 l54307 ls5781 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t54301 l54308 ls2036 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t54301 l54309 ls3681 wtro3142 wtr3143 tro3144 tr3145">related </span><span class="pp-class-236 pa t54301 l54310 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54301 l54311 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54301 l54312 ls110 wtro3142 wtr3143 tro3144 tr3145">revaluations </span><span class="pp-class-236 pa t54301 l54313 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54301 l54314 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54315 l3 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54315 l54316 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54315 l54317 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54318 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54315 l54319 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54320 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54321 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54315 l17554 ls691 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54315 l54322 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54323 ls1882 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54315 l54324 ls1118 wtro3142 wtr3143 tro3144 tr3145">obtains </span><span class="pp-class-236 pa t54315 l54325 ls6824 wtro3142 wtr3143 tro3144 tr3145">actual </span><span class="pp-class-236 pa t54315 l54326 ls2258 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54315 l54327 ls17548 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t54315 l54328 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54329 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54315 l54330 ls4775 wtro3142 wtr3143 tro3144 tr3145">enterprise. </span><span class="pp-class-236 pa t54331 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Positive </span><span class="pp-class-236 pa t54331 l54332 ls1882 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t54331 l35108 ls3292 wtro3142 wtr3143 tro3144 tr3145">(goodwill) </span><span class="pp-class-236 pa t54331 l54333 ls11072 wtro3142 wtr3143 tro3144 tr3145">between, </span><span class="pp-class-236 pa t54331 l54334 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54331 l54335 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54336 ls2207 wtro3142 wtr3143 tro3144 tr3145">one </span><span class="pp-class-236 pa t54331 l54337 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54331 l54338 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54339 ls12546 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54331 l54340 ls7468 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54331 l54341 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54342 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54331 l54343 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54331 l54344 ls1775 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54331 l54345 ls11726 wtro3142 wtr3143 tro3144 tr3145">inter-</span><span class="pp-class-236 pa t54346 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">ests </span><span class="pp-class-236 pa t54346 l54347 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54346 l54348 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54349 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l17977 ls6270 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54346 l54350 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54346 l54351 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54352 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54346 l54353 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54346 l45079 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54346 l54354 ls2808 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t54346 l54355 ls11722 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54346 l54356 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l54357 ls110 wtro3142 wtr3143 tro3144 tr3145">shareholdings, </span><span class="pp-class-236 pa t54346 l54358 ls556 wtro3142 wtr3143 tro3144 tr3145">and, </span><span class="pp-class-236 pa t54346 l39196 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54346 l54359 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">other </span><span class="pp-class-236 pa t54360 l54361 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54360 l54362 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54363 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54360 l54364 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54360 l54365 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54360 l54366 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54367 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54360 l54368 ls299 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54360 l54369 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54360 l24371 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54370 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54360 l54371 ls7468 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54360 l54372 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54373 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54360 l54374 ls877 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54375 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54375 l54376 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54375 l54377 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54375 l54378 ls681 wtro3142 wtr3143 tro3144 tr3145">under </span><span class="pp-class-236 pa t54375 l54379 ls12490 wtro3142 wtr3143 tro3144 tr3145">non-current </span><span class="pp-class-236 pa t54375 l54380 ls6270 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54375 l54381 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets. </span><span class="pp-class-236 pa t54375 l36603 ls1775 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54375 l43896 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54382 ls2270 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54375 l54383 ls4787 wtro3142 wtr3143 tro3144 tr3145">amortised </span><span class="pp-class-236 pa t54375 l54384 ls2207 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t54375 l54385 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54386 ls849 wtro3142 wtr3143 tro3144 tr3145">tested </span><span class="pp-class-236 pa t54375 l54387 ls11077 wtro3142 wtr3143 tro3144 tr3145">annually </span><span class="pp-class-236 pa t54388 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54388 l54389 ls4558 wtro3142 wtr3143 tro3144 tr3145">impairment. </span><span class="pp-class-236 pa t54388 l54390 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54388 l54391 ls681 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54388 l54392 ls4775 wtro3142 wtr3143 tro3144 tr3145">impairment </span><span class="pp-class-236 pa t54388 l54393 ls2270 wtro3142 wtr3143 tro3144 tr3145">test </span><span class="pp-class-236 pa t54388 l54394 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54388 l54395 ls1118 wtro3142 wtr3143 tro3144 tr3145">performed </span><span class="pp-class-236 pa t54388 l54396 ls7832 wtro3142 wtr3143 tro3144 tr3145">before </span><span class="pp-class-236 pa t54388 l54397 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54398 ls2207 wtro3142 wtr3143 tro3144 tr3145">end </span><span class="pp-class-236 pa t54388 l54399 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54388 l54400 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54401 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54388 l54402 ls44099 wtro3142 wtr3143 tro3144 tr3145">year. </span><span class="pp-class-236 pa t54388 l54403 ls556 wtro3142 wtr3143 tro3144 tr3145">Upon </span><span class="pp-class-236 pa t54388 l54404 ls7468 wtro3142 wtr3143 tro3144 tr3145">acqui-</span><span class="pp-class-236 pa t54405 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">sition, </span><span class="pp-class-236 pa t54405 l54406 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54405 l54407 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54405 l54408 ls5202 wtro3142 wtr3143 tro3144 tr3145">allocated </span><span class="pp-class-236 pa t54405 l54409 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54405 l30237 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54410 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54405 l54411 ls603 wtro3142 wtr3143 tro3144 tr3145">units, </span><span class="pp-class-236 pa t54405 l54412 ls681 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54405 l54413 ls2258 wtro3142 wtr3143 tro3144 tr3145">subsequently </span><span class="pp-class-236 pa t54405 l54414 ls4017 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54405 l54415 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54416 ls681 wtro3142 wtr3143 tro3144 tr3145">basis </span><span class="pp-class-236 pa t54405 l54417 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54405 l54418 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54419 ls544 wtro3142 wtr3143 tro3144 tr3145">im-</span><span class="pp-class-236 pa t54420 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">pairment </span><span class="pp-class-236 pa t54420 l54421 ls621 wtro3142 wtr3143 tro3144 tr3145">test. </span><span class="pp-class-236 pa t54420 l54422 ls15034 wtro3142 wtr3143 tro3144 tr3145">Allocation </span><span class="pp-class-236 pa t54420 l54423 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54420 l54424 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54420 l43945 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54420 l54425 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54420 l54426 ls681 wtro3142 wtr3143 tro3144 tr3145">units </span><span class="pp-class-236 pa t54420 l54427 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54420 l54428 ls4807 wtro3142 wtr3143 tro3144 tr3145">described </span><span class="pp-class-236 pa t54420 l54429 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54420 l54430 ls6270 wtro3142 wtr3143 tro3144 tr3145">note </span><span class="pp-class-236 pa t54420 l54431 ls3298 wtro3142 wtr3143 tro3144 tr3145">3.1.4.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54432 l3 ls1133 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54432 l54433 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54432 l54434 ls10 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54432 l54435 ls608 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54432 l54436 ls2368 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54432 l54437 ls1547 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54432 l54438 ls234 wtro3142 wtr3143 tro3144 tr3145">connection </span><span class="pp-class-236 pa t54432 l54439 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l45750 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54432 l54440 ls875 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54432 l54441 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54432 l54429 ls1078 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l24349 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54432 l8544 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54432 l54442 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l54443 ls71 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l54444 ls3855 wtro3142 wtr3143 tro3144 tr3145">dif-</span><span class="pp-class-236 pa t54445 l3 ls544 wtro3142 wtr3143 tro3144 tr3145">ferent </span><span class="pp-class-236 pa t54445 l54446 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54445 l54447 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54448 ls129 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t54445 l7483 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54445 l54449 ls4787 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54445 l8265 ls1764 wtro3142 wtr3143 tro3144 tr3145">presentation </span><span class="pp-class-236 pa t54445 l54450 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54451 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54445 l54452 ls558 wtro3142 wtr3143 tro3144 tr3145">treated </span><span class="pp-class-236 pa t54445 l54453 ls1547 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54445 l54454 ls2315 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54445 l54455 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54445 l54456 ls15 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54457 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54457 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54457 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54457 l54460 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54461 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54457 l54462 ls1751 wtro3142 wtr3143 tro3144 tr3145">translated </span><span class="pp-class-236 pa t54457 l21339 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54463 ls3852 wtro3142 wtr3143 tro3144 tr3145">converted </span><span class="pp-class-236 pa t54457 l54464 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54457 l54465 ls15 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54457 l54466 ls532 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54457 l54467 ls184 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54457 l15277 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54468 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54457 l54469 ls2036 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54470 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54470 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54470 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54470 l54460 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54470 l54471 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54472 ls553 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54470 l54473 ls4793 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54470 l54474 ls1547 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54470 l54475 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54476 ls608 wtro3142 wtr3143 tro3144 tr3145">transaction </span><span class="pp-class-236 pa t54470 l54477 ls553 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54478 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54478 l18690 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54478 l54479 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54478 l54480 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54481 ls811 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t54478 l38495 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54478 l9071 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54478 l54482 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54483 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54478 l54484 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54478 l54485 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54486 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54487 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54478 l54488 ls3855 wtro3142 wtr3143 tro3144 tr3145">payment </span><span class="pp-class-236 pa t54478 l54489 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54478 l54490 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54491 ls553 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54478 l54492 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54493 ls608 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54494 l3 ls299 wtro3142 wtr3143 tro3144 tr3145">transferred, </span><span class="pp-class-236 pa t54494 l54495 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54494 l54496 ls1751 wtro3142 wtr3143 tro3144 tr3145">assumed, </span><span class="pp-class-236 pa t54494 l54497 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54494 l54498 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54494 l54499 ls524 wtro3142 wtr3143 tro3144 tr3145">instruments </span><span class="pp-class-236 pa t54494 l54500 ls1764 wtro3142 wtr3143 tro3144 tr3145">issued </span><span class="pp-class-236 pa t54494 l54501 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54494 l54502 ls3170 wtro3142 wtr3143 tro3144 tr3145">seller. </span><span class="pp-class-236 pa t54494 l54503 ls811 wtro3142 wtr3143 tro3144 tr3145">If </span><span class="pp-class-236 pa t54494 l54504 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54494 l54505 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54494 l54506 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54494 l54507 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54494 l54508 ls1547 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54509 l54510 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54509 l54511 ls2197 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t54509 l54512 ls7468 wtro3142 wtr3143 tro3144 tr3145">events </span><span class="pp-class-236 pa t54509 l54513 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54509 l54514 ls630 wtro3142 wtr3143 tro3144 tr3145">fulfilment </span><span class="pp-class-236 pa t54509 l54515 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54516 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54509 l54517 ls625 wtro3142 wtr3143 tro3144 tr3145">conditions, </span><span class="pp-class-236 pa t54509 l54518 ls2222 wtro3142 wtr3143 tro3144 tr3145">this </span><span class="pp-class-236 pa t54509 l54519 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54509 l54520 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54521 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54509 l54522 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54509 l54523 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l54524 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54525 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54525 l54526 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54527 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54525 l54528 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54525 l42613 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54529 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54525 l54530 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54525 l54531 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54525 l31296 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition. </span><span class="pp-class-236 pa t54525 l54532 ls538 wtro3142 wtr3143 tro3144 tr3145">Costs </span><span class="pp-class-236 pa t54525 l54533 ls621 wtro3142 wtr3143 tro3144 tr3145">attributable </span><span class="pp-class-236 pa t54525 l54534 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54525 l54535 ls1751 wtro3142 wtr3143 tro3144 tr3145">business </span><span class="pp-class-236 pa t54525 l54536 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54525 l54537 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54525 l54538 ls630 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54539 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54539 l9932 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54539 l54540 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54539 l54541 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54539 l11081 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54539 l54542 ls2222 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t54539 l54543 ls8048 wtro3142 wtr3143 tro3144 tr3145">incurred. </span><span class="pp-class-236 pa t54539 l54544 ls17592 wtro3142 wtr3143 tro3144 tr3145">If, </span><span class="pp-class-236 pa t54539 l2166 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54539 l54545 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54539 l54546 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54539 l54547 ls2036 wtro3142 wtr3143 tro3144 tr3145">uncertainty </span><span class="pp-class-236 pa t54539 l54548 ls706 wtro3142 wtr3143 tro3144 tr3145">exist </span><span class="pp-class-236 pa t54539 l54549 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54539 l54550 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54551 l3 ls614 wtro3142 wtr3143 tro3144 tr3145">identification </span><span class="pp-class-236 pa t54551 l54552 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54551 l51027 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54551 l54553 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54551 l54554 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54551 l54555 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54551 l54556 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54551 l54557 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54558 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54551 l54559 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54551 l54560 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54561 ls1404 wtro3142 wtr3143 tro3144 tr3145">determination </span><span class="pp-class-236 pa t54562 l3 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54562 l54563 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54562 l54564 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54562 l54565 ls541 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54562 l54566 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54562 l54567 ls838 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54562 l45760 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54562 l54568 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54562 l54569 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54562 l54570 ls2222 wtro3142 wtr3143 tro3144 tr3145">done </span><span class="pp-class-236 pa t54562 l54571 ls538 wtro3142 wtr3143 tro3144 tr3145">based </span><span class="pp-class-236 pa t54562 l54572 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54562 l54573 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54562 l54574 ls3855 wtro3142 wtr3143 tro3144 tr3145">values. </span><span class="pp-class-236 pa t54562 l54575 ls184 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54576 l3 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54576 l7240 ls556 wtro3142 wtr3143 tro3144 tr3145">values </span><span class="pp-class-236 pa t54576 l54577 ls2969 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t54576 l54578 ls811 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t54576 l54579 ls630 wtro3142 wtr3143 tro3144 tr3145">adjusted </span><span class="pp-class-236 pa t54576 l54580 ls536 wtro3142 wtr3143 tro3144 tr3145">until </span><span class="pp-class-236 pa t54576 l54581 ls811 wtro3142 wtr3143 tro3144 tr3145">12 </span><span class="pp-class-236 pa t54576 l54582 ls995 wtro3142 wtr3143 tro3144 tr3145">months </span><span class="pp-class-236 pa t54576 l54583 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54576 l54584 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54585 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54576 l54586 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54576 l54587 ls2245 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t54576 l54588 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54589 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54576 l54590 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54591 l3 ls1764 wtro3142 wtr3143 tro3144 tr3145">nition </span><span class="pp-class-236 pa t54591 l54592 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54591 l54593 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54591 l54594 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54591 l54595 ls667 wtro3142 wtr3143 tro3144 tr3145">incorrect. </span><span class="pp-class-236 pa t54591 l54596 ls2036 wtro3142 wtr3143 tro3144 tr3145">Changes </span><span class="pp-class-236 pa t54591 l54597 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54591 l54598 ls2207 wtro3142 wtr3143 tro3144 tr3145">estimates </span><span class="pp-class-236 pa t54591 l54599 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54591 l54600 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54591 l54601 ls4787 wtro3142 wtr3143 tro3144 tr3145">considerations </span><span class="pp-class-236 pa t54591 l54602 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54591 l8430 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54603 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54603 l54604 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54603 l54605 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54603 l54606 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54603 l54607 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54603 l54608 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54603 l54609 ls995 wtro3142 wtr3143 tro3144 tr3145">financial </span><span class="pp-class-236 pa t54603 l54610 ls35 wtro3142 wtr3143 tro3144 tr3145">items. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54611 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">Incremental </span><span class="pp-class-236 pa t54611 l54612 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisitions </span><span class="pp-class-236 pa t54611 l54613 ls168 wtro3142 wtr3143 tro3144 tr3145">after </span><span class="pp-class-236 pa t54611 l54614 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54611 l46634 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t54611 l54615 ls2222 wtro3142 wtr3143 tro3144 tr3145">been </span><span class="pp-class-236 pa t54611 l54616 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained, </span><span class="pp-class-236 pa t54611 l54617 ls838 wtro3142 wtr3143 tro3144 tr3145">i.e., </span><span class="pp-class-236 pa t54611 l54618 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54611 l54619 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54611 l39096 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54611 l54620 ls621 wtro3142 wtr3143 tro3144 tr3145">interests, </span><span class="pp-class-236 pa t54611 l54621 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54611 l42557 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54622 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54622 l54604 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54622 l54623 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54624 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54622 l54625 ls1751 wtro3142 wtr3143 tro3144 tr3145">Disposal </span><span class="pp-class-236 pa t54622 l54626 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54627 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54622 l54628 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54622 l54629 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54622 l54630 ls2969 wtro3142 wtr3143 tro3144 tr3145">resulting </span><span class="pp-class-236 pa t54622 l54631 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54632 ls2222 wtro3142 wtr3143 tro3144 tr3145">loss </span><span class="pp-class-236 pa t54622 l54633 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54634 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54622 l54635 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54622 l54636 ls877 wtro3142 wtr3143 tro3144 tr3145">likewise </span><span class="pp-class-236 pa t54622 l54637 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54638 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54638 l2389 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54638 l54639 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54638 l54640 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54638 l54641 ls538 wtro3142 wtr3143 tro3144 tr3145">Gains </span><span class="pp-class-236 pa t54638 l54642 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54638 l54643 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54638 l54644 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54638 l54645 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54638 l54646 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54638 l54647 ls747 wtro3142 wtr3143 tro3144 tr3145">subsidiaries, </span><span class="pp-class-236 pa t54638 l54648 ls560 wtro3142 wtr3143 tro3144 tr3145">associates </span><span class="pp-class-236 pa t54638 l54649 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54638 l54650 ls536 wtro3142 wtr3143 tro3144 tr3145">joint </span><span class="pp-class-236 pa t54638 l54651 ls299 wtro3142 wtr3143 tro3144 tr3145">ventures </span><span class="pp-class-236 pa t54638 l54652 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54653 l3 ls560 wtro3142 wtr3143 tro3144 tr3145">calculated </span><span class="pp-class-236 pa t54653 l54654 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54653 l54655 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54656 ls681 wtro3142 wtr3143 tro3144 tr3145">difference </span><span class="pp-class-236 pa t54653 l54657 ls713 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t54653 l54658 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54659 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54653 l54660 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54653 l54661 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54653 l54662 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54663 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54653 l54664 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54653 l54665 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54653 l54666 ls4248 wtro3142 wtr3143 tro3144 tr3145">net </span><span class="pp-class-236 pa t54653 l54667 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54653 l54668 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54653 l54669 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l3 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54670 l54671 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54672 ls995 wtro3142 wtr3143 tro3144 tr3145">disposal, </span><span class="pp-class-236 pa t54670 l54673 ls546 wtro3142 wtr3143 tro3144 tr3145">including </span><span class="pp-class-236 pa t54670 l54674 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l54675 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54670 l54676 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54670 l54677 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54678 ls995 wtro3142 wtr3143 tro3144 tr3145">goodwill, </span><span class="pp-class-236 pa t54670 l54679 ls713 wtro3142 wtr3143 tro3144 tr3145">accumulated </span><span class="pp-class-236 pa t54670 l54680 ls11713 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54670 l54681 ls538 wtro3142 wtr3143 tro3144 tr3145">gains </span><span class="pp-class-236 pa t54670 l54682 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54670 l54683 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54670 l54684 ls5202 wtro3142 wtr3143 tro3144 tr3145">previ-</span><span class="pp-class-236 pa t54685 l3 ls7468 wtro3142 wtr3143 tro3144 tr3145">ously </span><span class="pp-class-236 pa t54685 l54686 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54685 l54687 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54685 l54688 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54685 l54689 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54685 l54690 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54691 ls8048 wtro3142 wtr3143 tro3144 tr3145">well </span><span class="pp-class-236 pa t54685 l54692 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54693 ls2207 wtro3142 wtr3143 tro3144 tr3145">anticipated </span><span class="pp-class-236 pa t54685 l54694 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54685 l54695 ls1764 wtro3142 wtr3143 tro3144 tr3145">costs. </span><span class="pp-class-236 pa t54685 l54696 ls3855 wtro3142 wtr3143 tro3144 tr3145">Exchange </span><span class="pp-class-236 pa t54685 l54697 ls8384 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54685 l54698 ls553 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54685 l54699 ls614 wtro3142 wtr3143 tro3144 tr3145">attrib-</span><span class="pp-class-236 pa t54700 l3 ls747 wtro3142 wtr3143 tro3144 tr3145">utable </span><span class="pp-class-236 pa t54700 l54701 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54700 l54702 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54700 l54703 ls2848 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54700 l54704 ls548 wtro3142 wtr3143 tro3144 tr3145">ownership </span><span class="pp-class-236 pa t54700 l54705 ls2889 wtro3142 wtr3143 tro3144 tr3145">interest, </span><span class="pp-class-236 pa t54700 l54706 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54700 l54707 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54700 l54708 ls2816 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54700 l54709 ls2258 wtro3142 wtr3143 tro3144 tr3145">were </span><span class="pp-class-236 pa t54700 l54710 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54700 l54711 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54700 l48541 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54700 l54712 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity, </span><span class="pp-class-236 pa t54700 l54713 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l3 ls179 wtro3142 wtr3143 tro3144 tr3145">included </span><span class="pp-class-236 pa t54714 l54715 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54714 l9529 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54716 ls1404 wtro3142 wtr3143 tro3144 tr3145">calculation </span><span class="pp-class-236 pa t54714 l54717 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54714 l38739 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54718 ls538 wtro3142 wtr3143 tro3144 tr3145">gain/ </span><span class="pp-class-236 pa t54714 l54719 ls538 wtro3142 wtr3143 tro3144 tr3145">loss. </span><span class="pp-class-236 pa t54714 l54720 ls553 wtro3142 wtr3143 tro3144 tr3145">Any </span><span class="pp-class-236 pa t54714 l54721 ls5781 wtro3142 wtr3143 tro3144 tr3145">retained </span><span class="pp-class-236 pa t54714 l54722 ls179 wtro3142 wtr3143 tro3144 tr3145">participating </span><span class="pp-class-236 pa t54714 l54723 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54714 l54724 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l54725 ls3855 wtro3142 wtr3143 tro3144 tr3145">measured </span><span class="pp-class-236 pa t54714 l54726 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54714 l54727 ls811 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54728 l3 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54728 l54729 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54728 l54730 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54731 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l7463 ls2222 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t54728 l54732 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54733 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54728 l54734 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l32754 ls8048 wtro3142 wtr3143 tro3144 tr3145">controlling </span><span class="pp-class-236 pa t54728 l54735 ls558 wtro3142 wtr3143 tro3144 tr3145">influence </span><span class="pp-class-236 pa t54728 l54736 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54728 l54737 ls3852 wtro3142 wtr3143 tro3144 tr3145">lost.</span></p> DFDS A/S A/S <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls538">Basis </span><span class="pp-class-237 pa t38426 l31310 ls811">of </span><span class="pp-class-237 pa t38426 l38427 ls278">reporting</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls2222">2025 </span><span class="pp-class-236 pa t38428 l3412 ls731">consolidated </span><span class="pp-class-236 pa t38428 l1933 ls995">financial </span><span class="pp-class-236 pa t38428 l38429 ls713">statements </span><span class="pp-class-236 pa t38428 l38430 ls572">and </span><span class="pp-class-236 pa t38428 l38431 ls2687">Parent </span><span class="pp-class-236 pa t38428 l38432 ls551">company </span><span class="pp-class-236 pa t38428 l38433 ls995">financial </span><span class="pp-class-236 pa t38428 l38434 ls713">statements </span><span class="pp-class-236 pa t38428 l38435 ls98">of </span><span class="pp-class-236 pa t38428 l38436 ls2222">DFDS </span><span class="pp-class-236 pa t38428 l38437 ls4787">A/S </span><span class="pp-class-236 pa t38428 l38438 ls2245">have </span><span class="pp-class-236 pa t38439 l3 ls2222">been </span><span class="pp-class-236 pa t38439 l38440 ls11713">prepared </span><span class="pp-class-236 pa t38439 l27865 ls811">on </span><span class="pp-class-236 pa t38439 l6535 ls184">a </span><span class="pp-class-236 pa t38439 l38441 ls538">going </span><span class="pp-class-236 pa t38439 l38442 ls2036">concern </span><span class="pp-class-236 pa t38439 l28832 ls538">basis </span><span class="pp-class-236 pa t38439 l38443 ls651">and </span><span class="pp-class-236 pa t38439 l38444 ls811">in </span><span class="pp-class-236 pa t38439 l38445 ls7086">accordance </span><span class="pp-class-236 pa t38439 l38446 ls2222">with </span><span class="pp-class-236 pa t38439 l38447 ls572">the </span><span class="pp-class-236 pa t38439 l38448 ls1369">IFRS </span><span class="pp-class-236 pa t38439 l38449 ls1404">Accounting </span><span class="pp-class-236 pa t38439 l38450 ls567">Standards </span><span class="pp-class-236 pa t38439 l38451 ls811">as </span><span class="pp-class-236 pa t38439 l38452 ls553">adopted </span><span class="pp-class-236 pa t38453 l3 ls706">by </span><span class="pp-class-236 pa t38453 l38454 ls651">the </span><span class="pp-class-236 pa t38453 l27864 ls4787">EU, </span><span class="pp-class-236 pa t38453 l28179 ls651">and </span><span class="pp-class-236 pa t38453 l38455 ls544">additional </span><span class="pp-class-236 pa t38453 l38456 ls1764">Danish </span><span class="pp-class-236 pa t38453 l38457 ls667">disclosure </span><span class="pp-class-236 pa t38453 l38458 ls1815">requirements </span><span class="pp-class-236 pa t38453 l38459 ls553">for </span><span class="pp-class-236 pa t38453 l38460 ls747">listed </span><span class="pp-class-236 pa t38453 l38461 ls562">companies. </span><span class="pp-class-236 pa t38453 l38462 ls572">The </span><span class="pp-class-236 pa t38453 l38463 ls731">consolidated </span><span class="pp-class-236 pa t38453 l38464 ls2222">financial </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls2808">are </span><span class="pp-class-236 pa t38465 l38466 ls2222">also </span><span class="pp-class-236 pa t38465 l4270 ls811">in </span><span class="pp-class-236 pa t38465 l38467 ls7086">accordance </span><span class="pp-class-236 pa t38465 l37600 ls2222">with </span><span class="pp-class-236 pa t38465 l38468 ls1369">IFRS </span><span class="pp-class-236 pa t38465 l31996 ls1404">Accounting </span><span class="pp-class-236 pa t38465 l38469 ls567">Standards </span><span class="pp-class-236 pa t38465 l38470 ls811">as </span><span class="pp-class-236 pa t38465 l38471 ls1764">issued </span><span class="pp-class-236 pa t38465 l38472 ls706">by </span><span class="pp-class-236 pa t38465 l38473 ls651">the </span><span class="pp-class-236 pa t38465 l38474 ls560">International </span><span class="pp-class-236 pa t38465 l38475 ls278">Accounting </span><span class="pp-class-236 pa t38476 l3 ls567">Standards </span><span class="pp-class-236 pa t38476 l28296 ls706">Board </span><span class="pp-class-236 pa t38476 l38477 ls541">(IASB).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls811" xmlns="http://www.w3.org/1999/xhtml">On </span><span class="pp-class-236 pa t38478 l38479 ls811" xmlns="http://www.w3.org/1999/xhtml">19 </span><span class="pp-class-236 pa t38478 l20546 ls590" xmlns="http://www.w3.org/1999/xhtml">February </span><span class="pp-class-236 pa t38478 l14536 ls2565" xmlns="http://www.w3.org/1999/xhtml">2026, </span><span class="pp-class-236 pa t38478 l38480 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38481 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38482 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38478 l38483 ls2969" xmlns="http://www.w3.org/1999/xhtml">Directors </span><span class="pp-class-236 pa t38478 l27595 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38484 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38485 ls4558" xmlns="http://www.w3.org/1999/xhtml">Executive </span><span class="pp-class-236 pa t38478 l38486 ls30" xmlns="http://www.w3.org/1999/xhtml">Management </span><span class="pp-class-236 pa t38478 l38487 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38488 ls667" xmlns="http://www.w3.org/1999/xhtml">considered </span><span class="pp-class-236 pa t38478 l38489 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38490 ls11713" xmlns="http://www.w3.org/1999/xhtml">approved </span><span class="pp-class-236 pa t38491 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l28221 ls2222" xmlns="http://www.w3.org/1999/xhtml">2025 </span><span class="pp-class-236 pa t38491 l38492 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38493 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l18349 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38494 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38495 ls3855" xmlns="http://www.w3.org/1999/xhtml">A/S. </span><span class="pp-class-236 pa t38491 l38496 ls572" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38491 l38497 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38498 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l38499 ls2222" xmlns="http://www.w3.org/1999/xhtml">will </span><span class="pp-class-236 pa t38491 l38500 ls811" xmlns="http://www.w3.org/1999/xhtml">be </span><span class="pp-class-236 pa t38491 l38501 ls7086" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-236 pa t38491 l38502 ls538" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-236 pa t38491 l38503 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l38504 ls2207" xmlns="http://www.w3.org/1999/xhtml">shareholders </span><span class="pp-class-236 pa t38491 l38505 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38506 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38507 ls4787" xmlns="http://www.w3.org/1999/xhtml">A/S </span><span class="pp-class-236 pa t38491 l27345 ls94" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t38508 l3 ls110" xmlns="http://www.w3.org/1999/xhtml">approval </span><span class="pp-class-236 pa t38508 l38509 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38508 l17176 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38508 l38510 ls168" xmlns="http://www.w3.org/1999/xhtml">ordinary </span><span class="pp-class-236 pa t38508 l38511 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38508 l38512 ls556" xmlns="http://www.w3.org/1999/xhtml">General </span><span class="pp-class-236 pa t38508 l38513 ls546" xmlns="http://www.w3.org/1999/xhtml">Meeting </span><span class="pp-class-236 pa t38508 l38514 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t38508 l38515 ls811" xmlns="http://www.w3.org/1999/xhtml">25 </span><span class="pp-class-236 pa t38508 l38516 ls706" xmlns="http://www.w3.org/1999/xhtml">March </span><span class="pp-class-236 pa t38508 l38517 ls3292" xmlns="http://www.w3.org/1999/xhtml">2026.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38518 l3 ls538">Basis </span><span class="pp-class-237 pa t38518 l31310 ls696">for </span><span class="pp-class-237 pa t38518 l38519 ls4793">preparation</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38520 l3">The </span><span class="pp-class-236 pa t38520 l7349 ls138">consolidated </span><span class="pp-class-236 pa t38520 l38521">financial </span><span class="pp-class-236 pa t38520 l38522 ls1790">statements </span><span class="pp-class-236 pa t38520 l38523">and </span><span class="pp-class-236 pa t38520 l38524">the </span><span class="pp-class-236 pa t38520 l24128 ls1574">Parent </span><span class="pp-class-236 pa t38520 l30667 ls85">company </span><span class="pp-class-236 pa t38520 l38525">financial </span><span class="pp-class-236 pa t38520 l38526 ls1790">statements </span><span class="pp-class-236 pa t38520 l38527 ls80">are </span><span class="pp-class-236 pa t38520 l38528 ls76">presented </span><span class="pp-class-236 pa t38520 l38529 ls26">in </span><span class="pp-class-236 pa t38530 l3">Danish </span><span class="pp-class-236 pa t38530 l38531 ls197">Kroner </span><span class="pp-class-236 pa t38530 l38532">(DKK) </span><span class="pp-class-236 pa t38530 l38533">which </span><span class="pp-class-236 pa t38530 l38534">is </span><span class="pp-class-236 pa t38530 l38535">the </span><span class="pp-class-236 pa t38530 l38536 ls1574">Parent </span><span class="pp-class-236 pa t38530 l38537 ls428">company’s </span><span class="pp-class-236 pa t38530 l38538 ls91">functional </span><span class="pp-class-236 pa t38530 l38539 ls2207">currency. </span><span class="pp-class-236 pa t38530 l38540">The </span><span class="pp-class-236 pa t38530 l38541 ls138">consolidated </span><span class="pp-class-236 pa t38530 l38542 ls26">financial </span><span class="pp-class-236 pa t38543 l3 ls1790">statements </span><span class="pp-class-236 pa t38543 l18828">and </span><span class="pp-class-236 pa t38543 l38544">the </span><span class="pp-class-236 pa t38543 l17517 ls1574">Parent </span><span class="pp-class-236 pa t38543 l38545 ls85">company </span><span class="pp-class-236 pa t38543 l133">financial </span><span class="pp-class-236 pa t38543 l38546 ls1790">statements </span><span class="pp-class-236 pa t38543 l38547 ls80">are </span><span class="pp-class-236 pa t38543 l38548 ls212">prepared </span><span class="pp-class-236 pa t38543 l38549 ls833">according </span><span class="pp-class-236 pa t38543 l38550 ls138">to </span><span class="pp-class-236 pa t38543 l38551 ls26">the </span><span class="pp-class-236 pa t38543 l38552 ls1098">historical </span><span class="pp-class-236 pa t38543 l38553 ls26">cost </span><span class="pp-class-236 pa t38554 l3 ls203">convention </span><span class="pp-class-236 pa t38554 l38555 ls1369">except </span><span class="pp-class-236 pa t38554 l38556 ls76">that </span><span class="pp-class-236 pa t38554 l27560 ls807">derivatives </span><span class="pp-class-236 pa t38554 l38557">and </span><span class="pp-class-236 pa t38554 l38558">financial </span><span class="pp-class-236 pa t38554 l38559 ls2441">instruments </span><span class="pp-class-236 pa t38554 l38560">classified </span><span class="pp-class-236 pa t38554 l38561">as </span><span class="pp-class-236 pa t38554 l38562 ls138">“Fair </span><span class="pp-class-236 pa t38554 l38563 ls129">value </span><span class="pp-class-236 pa t38554 l38564 ls1661">through </span><span class="pp-class-236 pa t38554 l38565 ls244">profit </span><span class="pp-class-236 pa t38554 l38566 ls26">and </span><span class="pp-class-236 pa t38567 l3 ls88">loss” </span><span class="pp-class-236 pa t38567 l9694 ls2385">(FVTPL) </span><span class="pp-class-236 pa t38567 l38568 ls80">are </span><span class="pp-class-236 pa t38567 l23143 ls203">measured </span><span class="pp-class-236 pa t38567 l38569 ls2368">at </span><span class="pp-class-236 pa t38567 l38570 ls1031">fair </span><span class="pp-class-236 pa t38567 l38571 ls1747">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t283 l3 ls2036">Rounding</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38325 l3 ls811">In </span><span class="pp-class-236 pa t38325 l38573 ls3855">general, </span><span class="pp-class-236 pa t38325 l38574 ls3855">rounding </span><span class="pp-class-236 pa t38325 l38575 ls2969">may </span><span class="pp-class-236 pa t38325 l21194 ls949">cause </span><span class="pp-class-236 pa t38325 l31341 ls548">variances </span><span class="pp-class-236 pa t38325 l38576 ls811">in </span><span class="pp-class-236 pa t38325 l38577 ls2222">sums </span><span class="pp-class-236 pa t38325 l38578 ls572">and </span><span class="pp-class-236 pa t38325 l17417 ls603">percentages </span><span class="pp-class-236 pa t38325 l38579 ls811">in </span><span class="pp-class-236 pa t38325 l38580 ls572">the </span><span class="pp-class-236 pa t38325 l38581 ls1764">Annual </span><span class="pp-class-236 pa t38325 l38582 ls2368">Report.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38356 l3 ls758">Application </span><span class="pp-class-237 pa t38356 l38583 ls811">of </span><span class="pp-class-237 pa t38356 l38584 ls758">materiality </span><span class="pp-class-237 pa t38356 l16910 ls651">and </span><span class="pp-class-237 pa t38356 l38585 ls2816">relevance</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38370 l3 ls651">The </span><span class="pp-class-236 pa t38370 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38370 l38586 ls995">financial </span><span class="pp-class-236 pa t38370 l38587 ls713">statements </span><span class="pp-class-236 pa t38370 l38588 ls2848">separately </span><span class="pp-class-236 pa t38370 l38589 ls7086">present </span><span class="pp-class-236 pa t38370 l38590 ls625">items </span><span class="pp-class-236 pa t38370 l38591 ls811">or </span><span class="pp-class-236 pa t38370 l38592 ls2197">groups </span><span class="pp-class-236 pa t38370 l38593 ls98">of </span><span class="pp-class-236 pa t38370 l38594 ls625">items </span><span class="pp-class-236 pa t38370 l38595 ls616">that </span><span class="pp-class-236 pa t38370 l38596 ls2808">are </span><span class="pp-class-236 pa t38370 l38597 ls630">considered </span><span class="pp-class-236 pa t38598 l3 ls2207">material. </span><span class="pp-class-236 pa t38598 l38599 ls811">In </span><span class="pp-class-236 pa t38598 l10119 ls544">addition, </span><span class="pp-class-236 pa t38598 l38600 ls621">information </span><span class="pp-class-236 pa t38598 l38601 ls616">that </span><span class="pp-class-236 pa t38598 l38602 ls811">is </span><span class="pp-class-236 pa t38598 l28636 ls667">considered </span><span class="pp-class-236 pa t38598 l38603 ls2207">material, </span><span class="pp-class-236 pa t38598 l38604 ls1764">either </span><span class="pp-class-236 pa t38598 l38605 ls9435">individually </span><span class="pp-class-236 pa t38598 l38606 ls811">or </span><span class="pp-class-236 pa t38598 l38607 ls811">in </span><span class="pp-class-236 pa t38598 l38608 ls1404">combination </span><span class="pp-class-236 pa t38598 l38609 ls967">with </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38378 l3 ls949">other </span><span class="pp-class-236 pa t38378 l38610 ls556">information, </span><span class="pp-class-236 pa t38378 l22405 ls811">is </span><span class="pp-class-236 pa t38378 l38611 ls995">disclosed.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls1780">Materiality </span><span class="pp-class-236 pa t38413 l33358 ls811">is </span><span class="pp-class-236 pa t38413 l38612 ls1764">judged </span><span class="pp-class-236 pa t38413 l38613 ls706">by </span><span class="pp-class-236 pa t38413 l38614 ls6146">reference </span><span class="pp-class-236 pa t38413 l38615 ls538">to </span><span class="pp-class-236 pa t38413 l38616 ls651">the </span><span class="pp-class-236 pa t38413 l38617 ls546">size </span><span class="pp-class-236 pa t38413 l38618 ls572">and </span><span class="pp-class-236 pa t38413 l38619 ls11713">nature </span><span class="pp-class-236 pa t38413 l38620 ls98">of </span><span class="pp-class-236 pa t38413 l38621 ls572">the </span><span class="pp-class-236 pa t38413 l38622 ls625">item. </span><span class="pp-class-236 pa t38413 l38623 ls651">The </span><span class="pp-class-236 pa t38413 l38624 ls1751">deciding </span><span class="pp-class-236 pa t38413 l38625 ls1775">factor </span><span class="pp-class-236 pa t38413 l38626 ls811">is </span><span class="pp-class-236 pa t38413 l38627 ls546">whether </span><span class="pp-class-236 pa t38413 l38628 ls184">the </span><span class="pp-class-236 pa t38629 l3 ls1751">omission </span><span class="pp-class-236 pa t38629 l38630 ls811">or </span><span class="pp-class-236 pa t38629 l38631 ls4630">misstatement </span><span class="pp-class-236 pa t38629 l10791 ls1764">could, </span><span class="pp-class-236 pa t38629 l37285 ls9435">individually </span><span class="pp-class-236 pa t38629 l38632 ls811">or </span><span class="pp-class-236 pa t38629 l38633 ls1957">collectively, </span><span class="pp-class-236 pa t38629 l38634 ls558">influence </span><span class="pp-class-236 pa t38629 l38635 ls572">the </span><span class="pp-class-236 pa t38629 l38636 ls1751">economic </span><span class="pp-class-236 pa t38629 l38637 ls995">decisions </span><span class="pp-class-236 pa t38629 l38638 ls544">made </span><span class="pp-class-236 pa t38629 l38639 ls706">by </span><span class="pp-class-236 pa t38629 l38640 ls184">the </span><span class="pp-class-236 pa t38426 l3 ls534">primary </span><span class="pp-class-236 pa t38426 l38641 ls538">users </span><span class="pp-class-236 pa t38426 l38642 ls811">on </span><span class="pp-class-236 pa t38426 l38643 ls651">the </span><span class="pp-class-236 pa t38426 l38644 ls538">basis </span><span class="pp-class-236 pa t38426 l9091 ls98">of </span><span class="pp-class-236 pa t38426 l19927 ls651">the </span><span class="pp-class-236 pa t38426 l38645 ls731">consolidated </span><span class="pp-class-236 pa t38426 l38646 ls995">financial </span><span class="pp-class-236 pa t38426 l38647 ls2889">statements. </span><span class="pp-class-236 pa t38426 l38648 ls811">In </span><span class="pp-class-236 pa t38426 l38649 ls661">particular </span><span class="pp-class-236 pa t38426 l38650 ls616">circumstances, </span><span class="pp-class-236 pa t38426 l38651 ls1764">either </span><span class="pp-class-236 pa t38426 l38652 ls184">the </span><span class="pp-class-236 pa t38428 l3 ls11713">nature </span><span class="pp-class-236 pa t38428 l38653 ls811">or </span><span class="pp-class-236 pa t38428 l38654 ls572">the </span><span class="pp-class-236 pa t38428 l38655 ls995">amount </span><span class="pp-class-236 pa t38428 l38656 ls98">of </span><span class="pp-class-236 pa t38428 l38657 ls811">an </span><span class="pp-class-236 pa t38428 l38658 ls995">item </span><span class="pp-class-236 pa t38428 l38659 ls811">or </span><span class="pp-class-236 pa t38428 l17510 ls811">an </span><span class="pp-class-236 pa t38428 l38660 ls3681">aggregate </span><span class="pp-class-236 pa t38428 l38661 ls98">of </span><span class="pp-class-236 pa t38428 l38662 ls625">items </span><span class="pp-class-236 pa t38428 l38663 ls538">could </span><span class="pp-class-236 pa t38428 l38664 ls811">be </span><span class="pp-class-236 pa t38428 l38665 ls572">the </span><span class="pp-class-236 pa t38428 l38666 ls551">determining </span><span class="pp-class-236 pa t38428 l38667 ls3250">factor.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls538">Basis </span><span class="pp-class-237 pa t38426 l31310 ls811">of </span><span class="pp-class-237 pa t38426 l38427 ls278">reporting</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls2222">2025 </span><span class="pp-class-236 pa t38428 l3412 ls731">consolidated </span><span class="pp-class-236 pa t38428 l1933 ls995">financial </span><span class="pp-class-236 pa t38428 l38429 ls713">statements </span><span class="pp-class-236 pa t38428 l38430 ls572">and </span><span class="pp-class-236 pa t38428 l38431 ls2687">Parent </span><span class="pp-class-236 pa t38428 l38432 ls551">company </span><span class="pp-class-236 pa t38428 l38433 ls995">financial </span><span class="pp-class-236 pa t38428 l38434 ls713">statements </span><span class="pp-class-236 pa t38428 l38435 ls98">of </span><span class="pp-class-236 pa t38428 l38436 ls2222">DFDS </span><span class="pp-class-236 pa t38428 l38437 ls4787">A/S </span><span class="pp-class-236 pa t38428 l38438 ls2245">have </span><span class="pp-class-236 pa t38439 l3 ls2222">been </span><span class="pp-class-236 pa t38439 l38440 ls11713">prepared </span><span class="pp-class-236 pa t38439 l27865 ls811">on </span><span class="pp-class-236 pa t38439 l6535 ls184">a </span><span class="pp-class-236 pa t38439 l38441 ls538">going </span><span class="pp-class-236 pa t38439 l38442 ls2036">concern </span><span class="pp-class-236 pa t38439 l28832 ls538">basis </span><span class="pp-class-236 pa t38439 l38443 ls651">and </span><span class="pp-class-236 pa t38439 l38444 ls811">in </span><span class="pp-class-236 pa t38439 l38445 ls7086">accordance </span><span class="pp-class-236 pa t38439 l38446 ls2222">with </span><span class="pp-class-236 pa t38439 l38447 ls572">the </span><span class="pp-class-236 pa t38439 l38448 ls1369">IFRS </span><span class="pp-class-236 pa t38439 l38449 ls1404">Accounting </span><span class="pp-class-236 pa t38439 l38450 ls567">Standards </span><span class="pp-class-236 pa t38439 l38451 ls811">as </span><span class="pp-class-236 pa t38439 l38452 ls553">adopted </span><span class="pp-class-236 pa t38453 l3 ls706">by </span><span class="pp-class-236 pa t38453 l38454 ls651">the </span><span class="pp-class-236 pa t38453 l27864 ls4787">EU, </span><span class="pp-class-236 pa t38453 l28179 ls651">and </span><span class="pp-class-236 pa t38453 l38455 ls544">additional </span><span class="pp-class-236 pa t38453 l38456 ls1764">Danish </span><span class="pp-class-236 pa t38453 l38457 ls667">disclosure </span><span class="pp-class-236 pa t38453 l38458 ls1815">requirements </span><span class="pp-class-236 pa t38453 l38459 ls553">for </span><span class="pp-class-236 pa t38453 l38460 ls747">listed </span><span class="pp-class-236 pa t38453 l38461 ls562">companies. </span><span class="pp-class-236 pa t38453 l38462 ls572">The </span><span class="pp-class-236 pa t38453 l38463 ls731">consolidated </span><span class="pp-class-236 pa t38453 l38464 ls2222">financial </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls2808">are </span><span class="pp-class-236 pa t38465 l38466 ls2222">also </span><span class="pp-class-236 pa t38465 l4270 ls811">in </span><span class="pp-class-236 pa t38465 l38467 ls7086">accordance </span><span class="pp-class-236 pa t38465 l37600 ls2222">with </span><span class="pp-class-236 pa t38465 l38468 ls1369">IFRS </span><span class="pp-class-236 pa t38465 l31996 ls1404">Accounting </span><span class="pp-class-236 pa t38465 l38469 ls567">Standards </span><span class="pp-class-236 pa t38465 l38470 ls811">as </span><span class="pp-class-236 pa t38465 l38471 ls1764">issued </span><span class="pp-class-236 pa t38465 l38472 ls706">by </span><span class="pp-class-236 pa t38465 l38473 ls651">the </span><span class="pp-class-236 pa t38465 l38474 ls560">International </span><span class="pp-class-236 pa t38465 l38475 ls278">Accounting </span><span class="pp-class-236 pa t38476 l3 ls567">Standards </span><span class="pp-class-236 pa t38476 l28296 ls706">Board </span><span class="pp-class-236 pa t38476 l38477 ls541">(IASB).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls811" xmlns="http://www.w3.org/1999/xhtml">On </span><span class="pp-class-236 pa t38478 l38479 ls811" xmlns="http://www.w3.org/1999/xhtml">19 </span><span class="pp-class-236 pa t38478 l20546 ls590" xmlns="http://www.w3.org/1999/xhtml">February </span><span class="pp-class-236 pa t38478 l14536 ls2565" xmlns="http://www.w3.org/1999/xhtml">2026, </span><span class="pp-class-236 pa t38478 l38480 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38481 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38482 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38478 l38483 ls2969" xmlns="http://www.w3.org/1999/xhtml">Directors </span><span class="pp-class-236 pa t38478 l27595 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38484 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38485 ls4558" xmlns="http://www.w3.org/1999/xhtml">Executive </span><span class="pp-class-236 pa t38478 l38486 ls30" xmlns="http://www.w3.org/1999/xhtml">Management </span><span class="pp-class-236 pa t38478 l38487 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38488 ls667" xmlns="http://www.w3.org/1999/xhtml">considered </span><span class="pp-class-236 pa t38478 l38489 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38490 ls11713" xmlns="http://www.w3.org/1999/xhtml">approved </span><span class="pp-class-236 pa t38491 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l28221 ls2222" xmlns="http://www.w3.org/1999/xhtml">2025 </span><span class="pp-class-236 pa t38491 l38492 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38493 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l18349 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38494 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38495 ls3855" xmlns="http://www.w3.org/1999/xhtml">A/S. </span><span class="pp-class-236 pa t38491 l38496 ls572" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38491 l38497 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38498 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l38499 ls2222" xmlns="http://www.w3.org/1999/xhtml">will </span><span class="pp-class-236 pa t38491 l38500 ls811" xmlns="http://www.w3.org/1999/xhtml">be </span><span class="pp-class-236 pa t38491 l38501 ls7086" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-236 pa t38491 l38502 ls538" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-236 pa t38491 l38503 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l38504 ls2207" xmlns="http://www.w3.org/1999/xhtml">shareholders </span><span class="pp-class-236 pa t38491 l38505 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38506 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38507 ls4787" xmlns="http://www.w3.org/1999/xhtml">A/S </span><span class="pp-class-236 pa t38491 l27345 ls94" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t38508 l3 ls110" xmlns="http://www.w3.org/1999/xhtml">approval </span><span class="pp-class-236 pa t38508 l38509 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38508 l17176 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38508 l38510 ls168" xmlns="http://www.w3.org/1999/xhtml">ordinary </span><span class="pp-class-236 pa t38508 l38511 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38508 l38512 ls556" xmlns="http://www.w3.org/1999/xhtml">General </span><span class="pp-class-236 pa t38508 l38513 ls546" xmlns="http://www.w3.org/1999/xhtml">Meeting </span><span class="pp-class-236 pa t38508 l38514 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t38508 l38515 ls811" xmlns="http://www.w3.org/1999/xhtml">25 </span><span class="pp-class-236 pa t38508 l38516 ls706" xmlns="http://www.w3.org/1999/xhtml">March </span><span class="pp-class-236 pa t38508 l38517 ls3292" xmlns="http://www.w3.org/1999/xhtml">2026.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls538">Basis </span><span class="pp-class-237 pa t38426 l31310 ls811">of </span><span class="pp-class-237 pa t38426 l38427 ls278">reporting</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls2222">2025 </span><span class="pp-class-236 pa t38428 l3412 ls731">consolidated </span><span class="pp-class-236 pa t38428 l1933 ls995">financial </span><span class="pp-class-236 pa t38428 l38429 ls713">statements </span><span class="pp-class-236 pa t38428 l38430 ls572">and </span><span class="pp-class-236 pa t38428 l38431 ls2687">Parent </span><span class="pp-class-236 pa t38428 l38432 ls551">company </span><span class="pp-class-236 pa t38428 l38433 ls995">financial </span><span class="pp-class-236 pa t38428 l38434 ls713">statements </span><span class="pp-class-236 pa t38428 l38435 ls98">of </span><span class="pp-class-236 pa t38428 l38436 ls2222">DFDS </span><span class="pp-class-236 pa t38428 l38437 ls4787">A/S </span><span class="pp-class-236 pa t38428 l38438 ls2245">have </span><span class="pp-class-236 pa t38439 l3 ls2222">been </span><span class="pp-class-236 pa t38439 l38440 ls11713">prepared </span><span class="pp-class-236 pa t38439 l27865 ls811">on </span><span class="pp-class-236 pa t38439 l6535 ls184">a </span><span class="pp-class-236 pa t38439 l38441 ls538">going </span><span class="pp-class-236 pa t38439 l38442 ls2036">concern </span><span class="pp-class-236 pa t38439 l28832 ls538">basis </span><span class="pp-class-236 pa t38439 l38443 ls651">and </span><span class="pp-class-236 pa t38439 l38444 ls811">in </span><span class="pp-class-236 pa t38439 l38445 ls7086">accordance </span><span class="pp-class-236 pa t38439 l38446 ls2222">with </span><span class="pp-class-236 pa t38439 l38447 ls572">the </span><span class="pp-class-236 pa t38439 l38448 ls1369">IFRS </span><span class="pp-class-236 pa t38439 l38449 ls1404">Accounting </span><span class="pp-class-236 pa t38439 l38450 ls567">Standards </span><span class="pp-class-236 pa t38439 l38451 ls811">as </span><span class="pp-class-236 pa t38439 l38452 ls553">adopted </span><span class="pp-class-236 pa t38453 l3 ls706">by </span><span class="pp-class-236 pa t38453 l38454 ls651">the </span><span class="pp-class-236 pa t38453 l27864 ls4787">EU, </span><span class="pp-class-236 pa t38453 l28179 ls651">and </span><span class="pp-class-236 pa t38453 l38455 ls544">additional </span><span class="pp-class-236 pa t38453 l38456 ls1764">Danish </span><span class="pp-class-236 pa t38453 l38457 ls667">disclosure </span><span class="pp-class-236 pa t38453 l38458 ls1815">requirements </span><span class="pp-class-236 pa t38453 l38459 ls553">for </span><span class="pp-class-236 pa t38453 l38460 ls747">listed </span><span class="pp-class-236 pa t38453 l38461 ls562">companies. </span><span class="pp-class-236 pa t38453 l38462 ls572">The </span><span class="pp-class-236 pa t38453 l38463 ls731">consolidated </span><span class="pp-class-236 pa t38453 l38464 ls2222">financial </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls2808">are </span><span class="pp-class-236 pa t38465 l38466 ls2222">also </span><span class="pp-class-236 pa t38465 l4270 ls811">in </span><span class="pp-class-236 pa t38465 l38467 ls7086">accordance </span><span class="pp-class-236 pa t38465 l37600 ls2222">with </span><span class="pp-class-236 pa t38465 l38468 ls1369">IFRS </span><span class="pp-class-236 pa t38465 l31996 ls1404">Accounting </span><span class="pp-class-236 pa t38465 l38469 ls567">Standards </span><span class="pp-class-236 pa t38465 l38470 ls811">as </span><span class="pp-class-236 pa t38465 l38471 ls1764">issued </span><span class="pp-class-236 pa t38465 l38472 ls706">by </span><span class="pp-class-236 pa t38465 l38473 ls651">the </span><span class="pp-class-236 pa t38465 l38474 ls560">International </span><span class="pp-class-236 pa t38465 l38475 ls278">Accounting </span><span class="pp-class-236 pa t38476 l3 ls567">Standards </span><span class="pp-class-236 pa t38476 l28296 ls706">Board </span><span class="pp-class-236 pa t38476 l38477 ls541">(IASB).</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls538">Basis </span><span class="pp-class-237 pa t38426 l31310 ls811">of </span><span class="pp-class-237 pa t38426 l38427 ls278">reporting</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls2222">2025 </span><span class="pp-class-236 pa t38428 l3412 ls731">consolidated </span><span class="pp-class-236 pa t38428 l1933 ls995">financial </span><span class="pp-class-236 pa t38428 l38429 ls713">statements </span><span class="pp-class-236 pa t38428 l38430 ls572">and </span><span class="pp-class-236 pa t38428 l38431 ls2687">Parent </span><span class="pp-class-236 pa t38428 l38432 ls551">company </span><span class="pp-class-236 pa t38428 l38433 ls995">financial </span><span class="pp-class-236 pa t38428 l38434 ls713">statements </span><span class="pp-class-236 pa t38428 l38435 ls98">of </span><span class="pp-class-236 pa t38428 l38436 ls2222">DFDS </span><span class="pp-class-236 pa t38428 l38437 ls4787">A/S </span><span class="pp-class-236 pa t38428 l38438 ls2245">have </span><span class="pp-class-236 pa t38439 l3 ls2222">been </span><span class="pp-class-236 pa t38439 l38440 ls11713">prepared </span><span class="pp-class-236 pa t38439 l27865 ls811">on </span><span class="pp-class-236 pa t38439 l6535 ls184">a </span><span class="pp-class-236 pa t38439 l38441 ls538">going </span><span class="pp-class-236 pa t38439 l38442 ls2036">concern </span><span class="pp-class-236 pa t38439 l28832 ls538">basis </span><span class="pp-class-236 pa t38439 l38443 ls651">and </span><span class="pp-class-236 pa t38439 l38444 ls811">in </span><span class="pp-class-236 pa t38439 l38445 ls7086">accordance </span><span class="pp-class-236 pa t38439 l38446 ls2222">with </span><span class="pp-class-236 pa t38439 l38447 ls572">the </span><span class="pp-class-236 pa t38439 l38448 ls1369">IFRS </span><span class="pp-class-236 pa t38439 l38449 ls1404">Accounting </span><span class="pp-class-236 pa t38439 l38450 ls567">Standards </span><span class="pp-class-236 pa t38439 l38451 ls811">as </span><span class="pp-class-236 pa t38439 l38452 ls553">adopted </span><span class="pp-class-236 pa t38453 l3 ls706">by </span><span class="pp-class-236 pa t38453 l38454 ls651">the </span><span class="pp-class-236 pa t38453 l27864 ls4787">EU, </span><span class="pp-class-236 pa t38453 l28179 ls651">and </span><span class="pp-class-236 pa t38453 l38455 ls544">additional </span><span class="pp-class-236 pa t38453 l38456 ls1764">Danish </span><span class="pp-class-236 pa t38453 l38457 ls667">disclosure </span><span class="pp-class-236 pa t38453 l38458 ls1815">requirements </span><span class="pp-class-236 pa t38453 l38459 ls553">for </span><span class="pp-class-236 pa t38453 l38460 ls747">listed </span><span class="pp-class-236 pa t38453 l38461 ls562">companies. </span><span class="pp-class-236 pa t38453 l38462 ls572">The </span><span class="pp-class-236 pa t38453 l38463 ls731">consolidated </span><span class="pp-class-236 pa t38453 l38464 ls2222">financial </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls2808">are </span><span class="pp-class-236 pa t38465 l38466 ls2222">also </span><span class="pp-class-236 pa t38465 l4270 ls811">in </span><span class="pp-class-236 pa t38465 l38467 ls7086">accordance </span><span class="pp-class-236 pa t38465 l37600 ls2222">with </span><span class="pp-class-236 pa t38465 l38468 ls1369">IFRS </span><span class="pp-class-236 pa t38465 l31996 ls1404">Accounting </span><span class="pp-class-236 pa t38465 l38469 ls567">Standards </span><span class="pp-class-236 pa t38465 l38470 ls811">as </span><span class="pp-class-236 pa t38465 l38471 ls1764">issued </span><span class="pp-class-236 pa t38465 l38472 ls706">by </span><span class="pp-class-236 pa t38465 l38473 ls651">the </span><span class="pp-class-236 pa t38465 l38474 ls560">International </span><span class="pp-class-236 pa t38465 l38475 ls278">Accounting </span><span class="pp-class-236 pa t38476 l3 ls567">Standards </span><span class="pp-class-236 pa t38476 l28296 ls706">Board </span><span class="pp-class-236 pa t38476 l38477 ls541">(IASB).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls811" xmlns="http://www.w3.org/1999/xhtml">On </span><span class="pp-class-236 pa t38478 l38479 ls811" xmlns="http://www.w3.org/1999/xhtml">19 </span><span class="pp-class-236 pa t38478 l20546 ls590" xmlns="http://www.w3.org/1999/xhtml">February </span><span class="pp-class-236 pa t38478 l14536 ls2565" xmlns="http://www.w3.org/1999/xhtml">2026, </span><span class="pp-class-236 pa t38478 l38480 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38481 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38482 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38478 l38483 ls2969" xmlns="http://www.w3.org/1999/xhtml">Directors </span><span class="pp-class-236 pa t38478 l27595 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38484 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38485 ls4558" xmlns="http://www.w3.org/1999/xhtml">Executive </span><span class="pp-class-236 pa t38478 l38486 ls30" xmlns="http://www.w3.org/1999/xhtml">Management </span><span class="pp-class-236 pa t38478 l38487 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38488 ls667" xmlns="http://www.w3.org/1999/xhtml">considered </span><span class="pp-class-236 pa t38478 l38489 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38490 ls11713" xmlns="http://www.w3.org/1999/xhtml">approved </span><span class="pp-class-236 pa t38491 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l28221 ls2222" xmlns="http://www.w3.org/1999/xhtml">2025 </span><span class="pp-class-236 pa t38491 l38492 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38493 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l18349 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38494 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38495 ls3855" xmlns="http://www.w3.org/1999/xhtml">A/S. </span><span class="pp-class-236 pa t38491 l38496 ls572" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38491 l38497 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38498 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l38499 ls2222" xmlns="http://www.w3.org/1999/xhtml">will </span><span class="pp-class-236 pa t38491 l38500 ls811" xmlns="http://www.w3.org/1999/xhtml">be </span><span class="pp-class-236 pa t38491 l38501 ls7086" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-236 pa t38491 l38502 ls538" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-236 pa t38491 l38503 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l38504 ls2207" xmlns="http://www.w3.org/1999/xhtml">shareholders </span><span class="pp-class-236 pa t38491 l38505 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38506 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38507 ls4787" xmlns="http://www.w3.org/1999/xhtml">A/S </span><span class="pp-class-236 pa t38491 l27345 ls94" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t38508 l3 ls110" xmlns="http://www.w3.org/1999/xhtml">approval </span><span class="pp-class-236 pa t38508 l38509 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38508 l17176 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38508 l38510 ls168" xmlns="http://www.w3.org/1999/xhtml">ordinary </span><span class="pp-class-236 pa t38508 l38511 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38508 l38512 ls556" xmlns="http://www.w3.org/1999/xhtml">General </span><span class="pp-class-236 pa t38508 l38513 ls546" xmlns="http://www.w3.org/1999/xhtml">Meeting </span><span class="pp-class-236 pa t38508 l38514 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t38508 l38515 ls811" xmlns="http://www.w3.org/1999/xhtml">25 </span><span class="pp-class-236 pa t38508 l38516 ls706" xmlns="http://www.w3.org/1999/xhtml">March </span><span class="pp-class-236 pa t38508 l38517 ls3292" xmlns="http://www.w3.org/1999/xhtml">2026.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38518 l3 ls538">Basis </span><span class="pp-class-237 pa t38518 l31310 ls696">for </span><span class="pp-class-237 pa t38518 l38519 ls4793">preparation</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38520 l3">The </span><span class="pp-class-236 pa t38520 l7349 ls138">consolidated </span><span class="pp-class-236 pa t38520 l38521">financial </span><span class="pp-class-236 pa t38520 l38522 ls1790">statements </span><span class="pp-class-236 pa t38520 l38523">and </span><span class="pp-class-236 pa t38520 l38524">the </span><span class="pp-class-236 pa t38520 l24128 ls1574">Parent </span><span class="pp-class-236 pa t38520 l30667 ls85">company </span><span class="pp-class-236 pa t38520 l38525">financial </span><span class="pp-class-236 pa t38520 l38526 ls1790">statements </span><span class="pp-class-236 pa t38520 l38527 ls80">are </span><span class="pp-class-236 pa t38520 l38528 ls76">presented </span><span class="pp-class-236 pa t38520 l38529 ls26">in </span><span class="pp-class-236 pa t38530 l3">Danish </span><span class="pp-class-236 pa t38530 l38531 ls197">Kroner </span><span class="pp-class-236 pa t38530 l38532">(DKK) </span><span class="pp-class-236 pa t38530 l38533">which </span><span class="pp-class-236 pa t38530 l38534">is </span><span class="pp-class-236 pa t38530 l38535">the </span><span class="pp-class-236 pa t38530 l38536 ls1574">Parent </span><span class="pp-class-236 pa t38530 l38537 ls428">company’s </span><span class="pp-class-236 pa t38530 l38538 ls91">functional </span><span class="pp-class-236 pa t38530 l38539 ls2207">currency. </span><span class="pp-class-236 pa t38530 l38540">The </span><span class="pp-class-236 pa t38530 l38541 ls138">consolidated </span><span class="pp-class-236 pa t38530 l38542 ls26">financial </span><span class="pp-class-236 pa t38543 l3 ls1790">statements </span><span class="pp-class-236 pa t38543 l18828">and </span><span class="pp-class-236 pa t38543 l38544">the </span><span class="pp-class-236 pa t38543 l17517 ls1574">Parent </span><span class="pp-class-236 pa t38543 l38545 ls85">company </span><span class="pp-class-236 pa t38543 l133">financial </span><span class="pp-class-236 pa t38543 l38546 ls1790">statements </span><span class="pp-class-236 pa t38543 l38547 ls80">are </span><span class="pp-class-236 pa t38543 l38548 ls212">prepared </span><span class="pp-class-236 pa t38543 l38549 ls833">according </span><span class="pp-class-236 pa t38543 l38550 ls138">to </span><span class="pp-class-236 pa t38543 l38551 ls26">the </span><span class="pp-class-236 pa t38543 l38552 ls1098">historical </span><span class="pp-class-236 pa t38543 l38553 ls26">cost </span><span class="pp-class-236 pa t38554 l3 ls203">convention </span><span class="pp-class-236 pa t38554 l38555 ls1369">except </span><span class="pp-class-236 pa t38554 l38556 ls76">that </span><span class="pp-class-236 pa t38554 l27560 ls807">derivatives </span><span class="pp-class-236 pa t38554 l38557">and </span><span class="pp-class-236 pa t38554 l38558">financial </span><span class="pp-class-236 pa t38554 l38559 ls2441">instruments </span><span class="pp-class-236 pa t38554 l38560">classified </span><span class="pp-class-236 pa t38554 l38561">as </span><span class="pp-class-236 pa t38554 l38562 ls138">“Fair </span><span class="pp-class-236 pa t38554 l38563 ls129">value </span><span class="pp-class-236 pa t38554 l38564 ls1661">through </span><span class="pp-class-236 pa t38554 l38565 ls244">profit </span><span class="pp-class-236 pa t38554 l38566 ls26">and </span><span class="pp-class-236 pa t38567 l3 ls88">loss” </span><span class="pp-class-236 pa t38567 l9694 ls2385">(FVTPL) </span><span class="pp-class-236 pa t38567 l38568 ls80">are </span><span class="pp-class-236 pa t38567 l23143 ls203">measured </span><span class="pp-class-236 pa t38567 l38569 ls2368">at </span><span class="pp-class-236 pa t38567 l38570 ls1031">fair </span><span class="pp-class-236 pa t38567 l38571 ls1747">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t283 l3 ls2036">Rounding</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38325 l3 ls811">In </span><span class="pp-class-236 pa t38325 l38573 ls3855">general, </span><span class="pp-class-236 pa t38325 l38574 ls3855">rounding </span><span class="pp-class-236 pa t38325 l38575 ls2969">may </span><span class="pp-class-236 pa t38325 l21194 ls949">cause </span><span class="pp-class-236 pa t38325 l31341 ls548">variances </span><span class="pp-class-236 pa t38325 l38576 ls811">in </span><span class="pp-class-236 pa t38325 l38577 ls2222">sums </span><span class="pp-class-236 pa t38325 l38578 ls572">and </span><span class="pp-class-236 pa t38325 l17417 ls603">percentages </span><span class="pp-class-236 pa t38325 l38579 ls811">in </span><span class="pp-class-236 pa t38325 l38580 ls572">the </span><span class="pp-class-236 pa t38325 l38581 ls1764">Annual </span><span class="pp-class-236 pa t38325 l38582 ls2368">Report.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38356 l3 ls758">Application </span><span class="pp-class-237 pa t38356 l38583 ls811">of </span><span class="pp-class-237 pa t38356 l38584 ls758">materiality </span><span class="pp-class-237 pa t38356 l16910 ls651">and </span><span class="pp-class-237 pa t38356 l38585 ls2816">relevance</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38370 l3 ls651">The </span><span class="pp-class-236 pa t38370 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38370 l38586 ls995">financial </span><span class="pp-class-236 pa t38370 l38587 ls713">statements </span><span class="pp-class-236 pa t38370 l38588 ls2848">separately </span><span class="pp-class-236 pa t38370 l38589 ls7086">present </span><span class="pp-class-236 pa t38370 l38590 ls625">items </span><span class="pp-class-236 pa t38370 l38591 ls811">or </span><span class="pp-class-236 pa t38370 l38592 ls2197">groups </span><span class="pp-class-236 pa t38370 l38593 ls98">of </span><span class="pp-class-236 pa t38370 l38594 ls625">items </span><span class="pp-class-236 pa t38370 l38595 ls616">that </span><span class="pp-class-236 pa t38370 l38596 ls2808">are </span><span class="pp-class-236 pa t38370 l38597 ls630">considered </span><span class="pp-class-236 pa t38598 l3 ls2207">material. </span><span class="pp-class-236 pa t38598 l38599 ls811">In </span><span class="pp-class-236 pa t38598 l10119 ls544">addition, </span><span class="pp-class-236 pa t38598 l38600 ls621">information </span><span class="pp-class-236 pa t38598 l38601 ls616">that </span><span class="pp-class-236 pa t38598 l38602 ls811">is </span><span class="pp-class-236 pa t38598 l28636 ls667">considered </span><span class="pp-class-236 pa t38598 l38603 ls2207">material, </span><span class="pp-class-236 pa t38598 l38604 ls1764">either </span><span class="pp-class-236 pa t38598 l38605 ls9435">individually </span><span class="pp-class-236 pa t38598 l38606 ls811">or </span><span class="pp-class-236 pa t38598 l38607 ls811">in </span><span class="pp-class-236 pa t38598 l38608 ls1404">combination </span><span class="pp-class-236 pa t38598 l38609 ls967">with </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38378 l3 ls949">other </span><span class="pp-class-236 pa t38378 l38610 ls556">information, </span><span class="pp-class-236 pa t38378 l22405 ls811">is </span><span class="pp-class-236 pa t38378 l38611 ls995">disclosed.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls1780">Materiality </span><span class="pp-class-236 pa t38413 l33358 ls811">is </span><span class="pp-class-236 pa t38413 l38612 ls1764">judged </span><span class="pp-class-236 pa t38413 l38613 ls706">by </span><span class="pp-class-236 pa t38413 l38614 ls6146">reference </span><span class="pp-class-236 pa t38413 l38615 ls538">to </span><span class="pp-class-236 pa t38413 l38616 ls651">the </span><span class="pp-class-236 pa t38413 l38617 ls546">size </span><span class="pp-class-236 pa t38413 l38618 ls572">and </span><span class="pp-class-236 pa t38413 l38619 ls11713">nature </span><span class="pp-class-236 pa t38413 l38620 ls98">of </span><span class="pp-class-236 pa t38413 l38621 ls572">the </span><span class="pp-class-236 pa t38413 l38622 ls625">item. </span><span class="pp-class-236 pa t38413 l38623 ls651">The </span><span class="pp-class-236 pa t38413 l38624 ls1751">deciding </span><span class="pp-class-236 pa t38413 l38625 ls1775">factor </span><span class="pp-class-236 pa t38413 l38626 ls811">is </span><span class="pp-class-236 pa t38413 l38627 ls546">whether </span><span class="pp-class-236 pa t38413 l38628 ls184">the </span><span class="pp-class-236 pa t38629 l3 ls1751">omission </span><span class="pp-class-236 pa t38629 l38630 ls811">or </span><span class="pp-class-236 pa t38629 l38631 ls4630">misstatement </span><span class="pp-class-236 pa t38629 l10791 ls1764">could, </span><span class="pp-class-236 pa t38629 l37285 ls9435">individually </span><span class="pp-class-236 pa t38629 l38632 ls811">or </span><span class="pp-class-236 pa t38629 l38633 ls1957">collectively, </span><span class="pp-class-236 pa t38629 l38634 ls558">influence </span><span class="pp-class-236 pa t38629 l38635 ls572">the </span><span class="pp-class-236 pa t38629 l38636 ls1751">economic </span><span class="pp-class-236 pa t38629 l38637 ls995">decisions </span><span class="pp-class-236 pa t38629 l38638 ls544">made </span><span class="pp-class-236 pa t38629 l38639 ls706">by </span><span class="pp-class-236 pa t38629 l38640 ls184">the </span><span class="pp-class-236 pa t38426 l3 ls534">primary </span><span class="pp-class-236 pa t38426 l38641 ls538">users </span><span class="pp-class-236 pa t38426 l38642 ls811">on </span><span class="pp-class-236 pa t38426 l38643 ls651">the </span><span class="pp-class-236 pa t38426 l38644 ls538">basis </span><span class="pp-class-236 pa t38426 l9091 ls98">of </span><span class="pp-class-236 pa t38426 l19927 ls651">the </span><span class="pp-class-236 pa t38426 l38645 ls731">consolidated </span><span class="pp-class-236 pa t38426 l38646 ls995">financial </span><span class="pp-class-236 pa t38426 l38647 ls2889">statements. </span><span class="pp-class-236 pa t38426 l38648 ls811">In </span><span class="pp-class-236 pa t38426 l38649 ls661">particular </span><span class="pp-class-236 pa t38426 l38650 ls616">circumstances, </span><span class="pp-class-236 pa t38426 l38651 ls1764">either </span><span class="pp-class-236 pa t38426 l38652 ls184">the </span><span class="pp-class-236 pa t38428 l3 ls11713">nature </span><span class="pp-class-236 pa t38428 l38653 ls811">or </span><span class="pp-class-236 pa t38428 l38654 ls572">the </span><span class="pp-class-236 pa t38428 l38655 ls995">amount </span><span class="pp-class-236 pa t38428 l38656 ls98">of </span><span class="pp-class-236 pa t38428 l38657 ls811">an </span><span class="pp-class-236 pa t38428 l38658 ls995">item </span><span class="pp-class-236 pa t38428 l38659 ls811">or </span><span class="pp-class-236 pa t38428 l17510 ls811">an </span><span class="pp-class-236 pa t38428 l38660 ls3681">aggregate </span><span class="pp-class-236 pa t38428 l38661 ls98">of </span><span class="pp-class-236 pa t38428 l38662 ls625">items </span><span class="pp-class-236 pa t38428 l38663 ls538">could </span><span class="pp-class-236 pa t38428 l38664 ls811">be </span><span class="pp-class-236 pa t38428 l38665 ls572">the </span><span class="pp-class-236 pa t38428 l38666 ls551">determining </span><span class="pp-class-236 pa t38428 l38667 ls3250">factor.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38453 l3 ls15034">Alternative </span><span class="pp-class-237 pa t38453 l10119 ls949">performance </span><span class="pp-class-237 pa t38453 l38668 ls558">measures</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38465 l3 ls811">In </span><span class="pp-class-236 pa t38465 l38573 ls651">the </span><span class="pp-class-236 pa t38465 l17996 ls1764">Annual </span><span class="pp-class-236 pa t38465 l16040 ls811">Report </span><span class="pp-class-236 pa t38465 l38669 ls2222">DFDS </span><span class="pp-class-236 pa t38465 l38670 ls567">presents </span><span class="pp-class-236 pa t38465 l38671 ls94">certain </span><span class="pp-class-236 pa t38465 l38672 ls995">financial </span><span class="pp-class-236 pa t38465 l38673 ls724">performance </span><span class="pp-class-236 pa t38465 l38674 ls3855">measures </span><span class="pp-class-236 pa t38465 l38675 ls2222">such </span><span class="pp-class-236 pa t38465 l38676 ls811">as </span><span class="pp-class-236 pa t38465 l38677 ls616">subtotals </span><span class="pp-class-236 pa t38465 l38678 ls651">and </span><span class="pp-class-236 pa t38465 l38679 ls3681">key </span><span class="pp-class-236 pa t38476 l3 ls556">figures </span><span class="pp-class-236 pa t38476 l38680 ls538">which </span><span class="pp-class-236 pa t38476 l38681 ls2808">are </span><span class="pp-class-236 pa t38476 l38682 ls4248">not </span><span class="pp-class-236 pa t38476 l38683 ls11713">required </span><span class="pp-class-236 pa t38476 l38684 ls811">or </span><span class="pp-class-236 pa t38476 l38685 ls536">defined </span><span class="pp-class-236 pa t38476 l38686 ls538">under </span><span class="pp-class-236 pa t38476 l13504 ls1369">IFRS </span><span class="pp-class-236 pa t38476 l38687 ls30">accounting </span><span class="pp-class-236 pa t38476 l38688 ls9435">standards. </span><span class="pp-class-236 pa t38476 l38689 ls811">It </span><span class="pp-class-236 pa t38476 l38690 ls811">is </span><span class="pp-class-236 pa t38476 l30044 ls667">considered </span><span class="pp-class-236 pa t38476 l38691 ls616">that </span><span class="pp-class-236 pa t38476 l38692 ls811">these </span><span class="pp-class-236 pa t38693 l3 ls1815">alternative </span><span class="pp-class-236 pa t38693 l14133 ls3855">measures </span><span class="pp-class-236 pa t38693 l38694 ls4017">provide </span><span class="pp-class-236 pa t38693 l7406 ls11072">relevant </span><span class="pp-class-236 pa t38693 l14194 ls995">supplementary </span><span class="pp-class-236 pa t38693 l38695 ls621">information </span><span class="pp-class-236 pa t38693 l38696 ls553">for </span><span class="pp-class-236 pa t38693 l38697 ls572">the </span><span class="pp-class-236 pa t38693 l38698 ls2207">stakeholders </span><span class="pp-class-236 pa t38693 l38699 ls98">of </span><span class="pp-class-236 pa t38693 l38700 ls2222">DFDS.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38491 l3 ls544">For </span><span class="pp-class-236 pa t38491 l38701 ls4248">definitions </span><span class="pp-class-236 pa t38491 l38702 ls98">of </span><span class="pp-class-236 pa t38491 l38703 ls4284">key </span><span class="pp-class-236 pa t38491 l18822 ls556">figures </span><span class="pp-class-236 pa t38491 l38704 ls1764">please </span><span class="pp-class-236 pa t38491 l38705 ls11713">refer </span><span class="pp-class-236 pa t38491 l38706 ls538">to </span><span class="pp-class-236 pa t38491 l38707 ls572">the </span><span class="pp-class-236 pa t38491 l38708 ls546">section </span><span class="pp-class-236 pa t38491 l38709 ls562">‘Financial </span><span class="pp-class-236 pa t38491 l38710 ls11992">definitions’.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38711 l3 ls3855">Climate </span><span class="pp-class-237 pa t38711 l38712 ls7468">related </span><span class="pp-class-237 pa t38711 l38713 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38518 l3 ls2222">When </span><span class="pp-class-236 pa t38518 l10815 ls8048">preparing </span><span class="pp-class-236 pa t38518 l38714 ls651">the </span><span class="pp-class-236 pa t38518 l38715 ls731">consolidated </span><span class="pp-class-236 pa t38518 l38716 ls995">financial </span><span class="pp-class-236 pa t38518 l38717 ls2889">statements, </span><span class="pp-class-236 pa t38518 l38718 ls30">Management </span><span class="pp-class-236 pa t38518 l38719 ls995">considers </span><span class="pp-class-236 pa t38518 l38720 ls556">climate-related </span><span class="pp-class-236 pa t38518 l38721 ls838">risks, </span><span class="pp-class-236 pa t38518 l38722 ls1780">where </span><span class="pp-class-236 pa t38520 l3 ls538">these </span><span class="pp-class-236 pa t38520 l38723 ls538">could </span><span class="pp-class-236 pa t38520 l38724 ls1775">potentially </span><span class="pp-class-236 pa t38520 l38725 ls1780">impact </span><span class="pp-class-236 pa t38520 l38726 ls731">reported </span><span class="pp-class-236 pa t38520 l38727 ls625">amounts </span><span class="pp-class-236 pa t38520 l38728 ls1848">materially. </span><span class="pp-class-236 pa t38520 l38729 ls572">The </span><span class="pp-class-236 pa t38520 l38730 ls706">areas </span><span class="pp-class-236 pa t38520 l38731 ls811">in </span><span class="pp-class-236 pa t38520 l38732 ls538">which </span><span class="pp-class-236 pa t38520 l38733 ls556">climate-related </span><span class="pp-class-236 pa t38520 l38734 ls667">risks </span><span class="pp-class-236 pa t38520 l37721 ls2245">have </span><span class="pp-class-236 pa t38530 l3 ls2222">been </span><span class="pp-class-236 pa t38530 l38440 ls1751">assessed </span><span class="pp-class-236 pa t38530 l38735 ls2197">at </span><span class="pp-class-236 pa t38530 l38736 ls572">the </span><span class="pp-class-236 pa t38530 l38737 ls651">end </span><span class="pp-class-236 pa t38530 l38738 ls98">of </span><span class="pp-class-236 pa t38530 l38739 ls2222">2025 </span><span class="pp-class-236 pa t38530 l38740 ls2808">are </span><span class="pp-class-236 pa t38530 l38741 ls179">included </span><span class="pp-class-236 pa t38530 l38742 ls1764">within </span><span class="pp-class-236 pa t38530 l38743 ls651">the </span><span class="pp-class-236 pa t38530 l38744 ls562">individual </span><span class="pp-class-236 pa t38530 l38745 ls30">notes </span><span class="pp-class-236 pa t38530 l38746 ls1751">outlined </span><span class="pp-class-236 pa t38530 l38747 ls278">below: </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38543 l3 ls558">Note </span><span class="pp-class-236 pa t38543 l38748 ls7468">3.1.2 </span><span class="pp-class-236 pa t38543 l38295 ls548">Non-current </span><span class="pp-class-236 pa t38543 l38749 ls949">tangible </span><span class="pp-class-236 pa t38543 l38750 ls949">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38554 l3 ls558">Note </span><span class="pp-class-236 pa t38554 l38748 ls3038">3.1.3 </span><span class="pp-class-236 pa t38554 l38295 ls4276">Right-of-use </span><span class="pp-class-236 pa t38554 l38751 ls179">assets </span><span class="pp-class-236 pa t38554 l38752 ls651">and </span><span class="pp-class-236 pa t38554 l38753 ls538">lease </span><span class="pp-class-236 pa t38554 l38754 ls538">liabilities </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38567 l3 ls558">Note </span><span class="pp-class-236 pa t38567 l38748 ls8391">3.1.4 </span><span class="pp-class-236 pa t38567 l38295 ls524">Impairment </span><span class="pp-class-236 pa t38567 l34660 ls747">testing</span></p> <span class="pp-class-236 pa t38478 l3 ls811" xmlns="http://www.w3.org/1999/xhtml">On </span><span class="pp-class-236 pa t38478 l38479 ls811" xmlns="http://www.w3.org/1999/xhtml">19 </span><span class="pp-class-236 pa t38478 l20546 ls590" xmlns="http://www.w3.org/1999/xhtml">February </span><span class="pp-class-236 pa t38478 l14536 ls2565" xmlns="http://www.w3.org/1999/xhtml">2026, </span><span class="pp-class-236 pa t38478 l38480 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38481 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38482 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38478 l38483 ls2969" xmlns="http://www.w3.org/1999/xhtml">Directors </span><span class="pp-class-236 pa t38478 l27595 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38484 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38478 l38485 ls4558" xmlns="http://www.w3.org/1999/xhtml">Executive </span><span class="pp-class-236 pa t38478 l38486 ls30" xmlns="http://www.w3.org/1999/xhtml">Management </span><span class="pp-class-236 pa t38478 l38487 ls706" xmlns="http://www.w3.org/1999/xhtml">Board </span><span class="pp-class-236 pa t38478 l38488 ls667" xmlns="http://www.w3.org/1999/xhtml">considered </span><span class="pp-class-236 pa t38478 l38489 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38478 l38490 ls11713" xmlns="http://www.w3.org/1999/xhtml">approved </span><span class="pp-class-236 pa t38491 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l28221 ls2222" xmlns="http://www.w3.org/1999/xhtml">2025 </span><span class="pp-class-236 pa t38491 l38492 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38493 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l18349 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38494 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38495 ls3855" xmlns="http://www.w3.org/1999/xhtml">A/S. </span><span class="pp-class-236 pa t38491 l38496 ls572" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38491 l38497 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38491 l38498 ls811" xmlns="http://www.w3.org/1999/xhtml">Report </span><span class="pp-class-236 pa t38491 l38499 ls2222" xmlns="http://www.w3.org/1999/xhtml">will </span><span class="pp-class-236 pa t38491 l38500 ls811" xmlns="http://www.w3.org/1999/xhtml">be </span><span class="pp-class-236 pa t38491 l38501 ls7086" xmlns="http://www.w3.org/1999/xhtml">presented </span><span class="pp-class-236 pa t38491 l38502 ls538" xmlns="http://www.w3.org/1999/xhtml">to </span><span class="pp-class-236 pa t38491 l38503 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38491 l38504 ls2207" xmlns="http://www.w3.org/1999/xhtml">shareholders </span><span class="pp-class-236 pa t38491 l38505 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38491 l38506 ls2222" xmlns="http://www.w3.org/1999/xhtml">DFDS </span><span class="pp-class-236 pa t38491 l38507 ls4787" xmlns="http://www.w3.org/1999/xhtml">A/S </span><span class="pp-class-236 pa t38491 l27345 ls94" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t38508 l3 ls110" xmlns="http://www.w3.org/1999/xhtml">approval </span><span class="pp-class-236 pa t38508 l38509 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38508 l17176 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38508 l38510 ls168" xmlns="http://www.w3.org/1999/xhtml">ordinary </span><span class="pp-class-236 pa t38508 l38511 ls1764" xmlns="http://www.w3.org/1999/xhtml">Annual </span><span class="pp-class-236 pa t38508 l38512 ls556" xmlns="http://www.w3.org/1999/xhtml">General </span><span class="pp-class-236 pa t38508 l38513 ls546" xmlns="http://www.w3.org/1999/xhtml">Meeting </span><span class="pp-class-236 pa t38508 l38514 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t38508 l38515 ls811" xmlns="http://www.w3.org/1999/xhtml">25 </span><span class="pp-class-236 pa t38508 l38516 ls706" xmlns="http://www.w3.org/1999/xhtml">March </span><span class="pp-class-236 pa t38508 l38517 ls3292" xmlns="http://www.w3.org/1999/xhtml">2026.</span> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38711 l3 ls3855">Climate </span><span class="pp-class-237 pa t38711 l38712 ls7468">related </span><span class="pp-class-237 pa t38711 l38713 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38518 l3 ls2222">When </span><span class="pp-class-236 pa t38518 l10815 ls8048">preparing </span><span class="pp-class-236 pa t38518 l38714 ls651">the </span><span class="pp-class-236 pa t38518 l38715 ls731">consolidated </span><span class="pp-class-236 pa t38518 l38716 ls995">financial </span><span class="pp-class-236 pa t38518 l38717 ls2889">statements, </span><span class="pp-class-236 pa t38518 l38718 ls30">Management </span><span class="pp-class-236 pa t38518 l38719 ls995">considers </span><span class="pp-class-236 pa t38518 l38720 ls556">climate-related </span><span class="pp-class-236 pa t38518 l38721 ls838">risks, </span><span class="pp-class-236 pa t38518 l38722 ls1780">where </span><span class="pp-class-236 pa t38520 l3 ls538">these </span><span class="pp-class-236 pa t38520 l38723 ls538">could </span><span class="pp-class-236 pa t38520 l38724 ls1775">potentially </span><span class="pp-class-236 pa t38520 l38725 ls1780">impact </span><span class="pp-class-236 pa t38520 l38726 ls731">reported </span><span class="pp-class-236 pa t38520 l38727 ls625">amounts </span><span class="pp-class-236 pa t38520 l38728 ls1848">materially. </span><span class="pp-class-236 pa t38520 l38729 ls572">The </span><span class="pp-class-236 pa t38520 l38730 ls706">areas </span><span class="pp-class-236 pa t38520 l38731 ls811">in </span><span class="pp-class-236 pa t38520 l38732 ls538">which </span><span class="pp-class-236 pa t38520 l38733 ls556">climate-related </span><span class="pp-class-236 pa t38520 l38734 ls667">risks </span><span class="pp-class-236 pa t38520 l37721 ls2245">have </span><span class="pp-class-236 pa t38530 l3 ls2222">been </span><span class="pp-class-236 pa t38530 l38440 ls1751">assessed </span><span class="pp-class-236 pa t38530 l38735 ls2197">at </span><span class="pp-class-236 pa t38530 l38736 ls572">the </span><span class="pp-class-236 pa t38530 l38737 ls651">end </span><span class="pp-class-236 pa t38530 l38738 ls98">of </span><span class="pp-class-236 pa t38530 l38739 ls2222">2025 </span><span class="pp-class-236 pa t38530 l38740 ls2808">are </span><span class="pp-class-236 pa t38530 l38741 ls179">included </span><span class="pp-class-236 pa t38530 l38742 ls1764">within </span><span class="pp-class-236 pa t38530 l38743 ls651">the </span><span class="pp-class-236 pa t38530 l38744 ls562">individual </span><span class="pp-class-236 pa t38530 l38745 ls30">notes </span><span class="pp-class-236 pa t38530 l38746 ls1751">outlined </span><span class="pp-class-236 pa t38530 l38747 ls278">below: </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38543 l3 ls558">Note </span><span class="pp-class-236 pa t38543 l38748 ls7468">3.1.2 </span><span class="pp-class-236 pa t38543 l38295 ls548">Non-current </span><span class="pp-class-236 pa t38543 l38749 ls949">tangible </span><span class="pp-class-236 pa t38543 l38750 ls949">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38554 l3 ls558">Note </span><span class="pp-class-236 pa t38554 l38748 ls3038">3.1.3 </span><span class="pp-class-236 pa t38554 l38295 ls4276">Right-of-use </span><span class="pp-class-236 pa t38554 l38751 ls179">assets </span><span class="pp-class-236 pa t38554 l38752 ls651">and </span><span class="pp-class-236 pa t38554 l38753 ls538">lease </span><span class="pp-class-236 pa t38554 l38754 ls538">liabilities </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38567 l3 ls558">Note </span><span class="pp-class-236 pa t38567 l38748 ls8391">3.1.4 </span><span class="pp-class-236 pa t38567 l38295 ls524">Impairment </span><span class="pp-class-236 pa t38567 l34660 ls747">testing</span></p><div class="pp-class-10" id="pp-id-5234" xmlns="http://www.w3.org/1999/xhtml"><div class="w38041 h39367 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2222">1.3 </span><span class="pp-class-234 pa t1122 l38307 ls1465">Significant </span><span class="pp-class-234 pa t1122 l39771 ls135">accounting </span><span class="pp-class-234 pa t1122 l39772 ls1741">estimates </span><span class="pp-class-234 pa t1122 l39773">and </span><span class="pp-class-234 pa t1122 l39774 ls1444">judgements</span></p></div></div><div class="pp-class-10" id="pp-id-5259" xmlns="http://www.w3.org/1999/xhtml"><div class="w39775 h39776 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t283 l3 ls1764">Significant </span><span class="pp-class-237 pa t283 l39777 ls616">estimates </span><span class="pp-class-237 pa t283 l39778 ls651">and </span><span class="pp-class-237 pa t283 l39779 ls747">judgements</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls811">In </span><span class="pp-class-236 pa t38325 l38573 ls651">the </span><span class="pp-class-236 pa t38325 l17996 ls12490">preparation </span><span class="pp-class-236 pa t38325 l39780 ls98">of </span><span class="pp-class-236 pa t38325 l39781 ls651">the </span><span class="pp-class-236 pa t38325 l39782 ls731">consolidated </span><span class="pp-class-236 pa t38325 l39783 ls995">financial </span><span class="pp-class-236 pa t38325 l39784 ls2889">statements, </span><span class="pp-class-236 pa t38325 l37696 ls30">Management </span><span class="pp-class-236 pa t38325 l39785 ls30">undertakes </span><span class="pp-class-236 pa t38325 l39786 ls3084">several </span><span class="pp-class-236 pa t38325 l39787 ls524">accounting </span><span class="pp-class-236 pa t38337 l3 ls2207">estimates </span><span class="pp-class-236 pa t38337 l3616 ls572">and </span><span class="pp-class-236 pa t38337 l21908 ls524">judgements </span><span class="pp-class-236 pa t38337 l39788 ls651">and </span><span class="pp-class-236 pa t38337 l39789 ls713">makes </span><span class="pp-class-236 pa t38337 l39790 ls530">assumptions </span><span class="pp-class-236 pa t38337 l39791 ls538">which </span><span class="pp-class-236 pa t38337 l39792 ls4017">provide </span><span class="pp-class-236 pa t38337 l39793 ls572">the </span><span class="pp-class-236 pa t38337 l39794 ls538">basis </span><span class="pp-class-236 pa t38337 l39795 ls553">for </span><span class="pp-class-236 pa t38337 l39796 ls838">recognition </span><span class="pp-class-236 pa t38337 l39797 ls572">and </span><span class="pp-class-236 pa t38337 l39798 ls548">measurement </span><span class="pp-class-236 pa t38356 l3 ls98">of </span><span class="pp-class-236 pa t38356 l39273 ls651">the </span><span class="pp-class-236 pa t38356 l39799 ls546">assets, </span><span class="pp-class-236 pa t38356 l39800 ls4248">liabilities, </span><span class="pp-class-236 pa t38356 l39801 ls110">revenues </span><span class="pp-class-236 pa t38356 l39802 ls651">and </span><span class="pp-class-236 pa t38356 l17413 ls3855">expenses </span><span class="pp-class-236 pa t38356 l39803 ls98">of </span><span class="pp-class-236 pa t38356 l39804 ls651">the </span><span class="pp-class-236 pa t38356 l39805 ls706">Group </span><span class="pp-class-236 pa t38356 l39806 ls651">and </span><span class="pp-class-236 pa t38356 l39807 ls572">the </span><span class="pp-class-236 pa t38356 l39808 ls2687">Parent </span><span class="pp-class-236 pa t38356 l39809 ls4823">company. </span><span class="pp-class-236 pa t38356 l39810 ls538">These </span><span class="pp-class-236 pa t38356 l39811 ls530">assumptions </span><span class="pp-class-236 pa t38356 l39812 ls667">are </span><span class="pp-class-236 pa t38370 l3 ls538">based </span><span class="pp-class-236 pa t38370 l17149 ls811">on </span><span class="pp-class-236 pa t38370 l18446 ls179">historical </span><span class="pp-class-236 pa t38370 l39813 ls667">experience </span><span class="pp-class-236 pa t38370 l39814 ls651">and </span><span class="pp-class-236 pa t38370 l39815 ls949">other </span><span class="pp-class-236 pa t38370 l34186 ls603">factors </span><span class="pp-class-236 pa t38370 l39816 ls2222">such </span><span class="pp-class-236 pa t38370 l39817 ls811">as </span><span class="pp-class-236 pa t38370 l39818 ls651">the </span><span class="pp-class-236 pa t38370 l39819 ls7086">current </span><span class="pp-class-236 pa t38370 l39820 ls603">state </span><span class="pp-class-236 pa t38370 l39821 ls98">of </span><span class="pp-class-236 pa t38370 l39822 ls651">the </span><span class="pp-class-236 pa t38370 l39823 ls838">world </span><span class="pp-class-236 pa t38370 l39824 ls551">economy </span><span class="pp-class-236 pa t38370 l39825 ls651">and </span><span class="pp-class-236 pa t38370 l39826 ls4248">climate-</span><span class="pp-class-236 pa t38598 l3 ls3681">related </span><span class="pp-class-236 pa t38598 l36299 ls1815">matters </span><span class="pp-class-236 pa t38598 l39827 ls538">which </span><span class="pp-class-236 pa t38598 l39828 ls847">are, </span><span class="pp-class-236 pa t38598 l39829 ls706">by </span><span class="pp-class-236 pa t38598 l31614 ls538">their </span><span class="pp-class-236 pa t38598 l18426 ls3234">nature, </span><span class="pp-class-236 pa t38598 l9962 ls670">uncertain </span><span class="pp-class-236 pa t38598 l39104 ls572">and </span><span class="pp-class-236 pa t38598 l39830 ls1463">unpredictable.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38394 l3 ls847">The </span><span class="pp-class-236 pa t38394 l39487 ls8775">assumptions </span><span class="pp-class-236 pa t38394 l28740 ls3170">may </span><span class="pp-class-236 pa t38394 l39831 ls1775">be </span><span class="pp-class-236 pa t38394 l39040 ls17626">incomplete </span><span class="pp-class-236 pa t38394 l39832 ls1775">or </span><span class="pp-class-236 pa t38394 l12663 ls2838">inaccurate </span><span class="pp-class-236 pa t38394 l39833 ls847">and </span><span class="pp-class-236 pa t38394 l39834 ls9950">unanticipated </span><span class="pp-class-236 pa t38394 l39835 ls6255">events </span><span class="pp-class-236 pa t38394 l39836 ls1775">or </span><span class="pp-class-236 pa t38394 l39837 ls17589">circumstances </span><span class="pp-class-236 pa t38394 l39838 ls3170">may </span><span class="pp-class-236 pa t38394 l39839 ls16724">occur, </span><span class="pp-class-236 pa t38394 l39840 ls2969">for </span><span class="pp-class-236 pa t38413 l3 ls8367">which </span><span class="pp-class-236 pa t38413 l39841 ls11722">reason </span><span class="pp-class-236 pa t38413 l39842 ls847">the </span><span class="pp-class-236 pa t38413 l39843 ls11992">actual </span><span class="pp-class-236 pa t38413 l39844 ls3167">results </span><span class="pp-class-236 pa t38413 l31219 ls3170">may </span><span class="pp-class-236 pa t38413 l39845 ls1039">deviate </span><span class="pp-class-236 pa t38413 l39846 ls1044">from </span><span class="pp-class-236 pa t38413 l39847 ls847">the </span><span class="pp-class-236 pa t38413 l39848 ls11592">applied </span><span class="pp-class-236 pa t38413 l39849 ls3170">estimates </span><span class="pp-class-236 pa t38413 l39850 ls847">and </span><span class="pp-class-236 pa t38413 l39851 ls17569">judgements. </span><span class="pp-class-236 pa t38413 l39852 ls1775">In </span><span class="pp-class-236 pa t38413 l39853 ls847">the </span><span class="pp-class-236 pa t38413 l39854 ls11592">opinion </span><span class="pp-class-236 pa t38413 l39855 ls98">of </span><span class="pp-class-236 pa t38629 l3 ls3038">Management, </span><span class="pp-class-236 pa t38629 l39856 ls847">the </span><span class="pp-class-236 pa t38629 l34746 ls6593">following </span><span class="pp-class-236 pa t38629 l39857 ls3267">accounting </span><span class="pp-class-236 pa t38629 l39858 ls3170">estimates </span><span class="pp-class-236 pa t38629 l39859 ls847">and </span><span class="pp-class-236 pa t38629 l39619 ls1957">judgements </span><span class="pp-class-236 pa t38629 l39860 ls19231">are </span><span class="pp-class-236 pa t38629 l39861 ls17569">significant </span><span class="pp-class-236 pa t38629 l39862 ls1775">in </span><span class="pp-class-236 pa t38629 l39863 ls847">the </span><span class="pp-class-236 pa t38629 l39864 ls10898">preparation </span><span class="pp-class-236 pa t38629 l39865 ls1131">of </span><span class="pp-class-236 pa t38629 l39866 ls544">the </span><span class="pp-class-236 pa t38426 l3 ls13284">Annual </span><span class="pp-class-236 pa t38426 l39867 ls6824">Report:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t39868 l39869 ls1535">Note</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t39868 l39870 ls3084">Key </span><span class="pp-class-237 pa t39868 l39871 ls67">accounting </span><span class="pp-class-237 pa t39868 l16766 ls1629">estimates </span><span class="pp-class-237 pa t39868 l11680">and </span><span class="pp-class-237 pa t39868 l39872 ls118">judgements</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t39868 l39873 ls1790">Estimate </span><span class="pp-class-237 pa t39868 l39874">/ </span><span class="pp-class-237 pa t39868 l39875 ls118">Judgement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t39868 l39876 ls108">Impact</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39877 l39869 ls847">2.6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39877 l39870 ls11987">Deferred </span><span class="pp-class-236 pa t39877 l39878 ls21">tax </span><span class="pp-class-236 pa t39877 l39879 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39877 l39873 ls19">Estimate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39877 l39880"/><span class="pp-class-236 pa t39877 l39881"/></p><div class="pp-class-9 pp-class-256" id="pp-id-5235" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" 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id="pp-id-5236" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5237" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39882 l39869 ls98">3.1.2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39882 l39870 ls11726">Assessment </span><span class="pp-class-236 pa t39882 l39883 ls118">of </span><span class="pp-class-236 pa t39882 l39884 ls1583">useful </span><span class="pp-class-236 pa t39882 l39885 ls1031">life </span><span class="pp-class-236 pa t39882 l39886">and </span><span class="pp-class-236 pa t39882 l39887 ls203">residual </span><span class="pp-class-236 pa t39882 l39888 ls129">values</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39882 l39873 ls19">Estimate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39882 l39880"/><span class="pp-class-236 pa t39882 l39881"/></p><div class="pp-class-9 pp-class-256" id="pp-id-5238" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5239" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5240" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39889 l39869 ls1463">3.1.3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39889 l39870 ls39890">Lease </span><span class="pp-class-236 pa t39889 l39891 ls241">extension </span><span class="pp-class-236 pa t39889 l39892 ls781">options</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39889 l39873 ls85">Estimate/Judgement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39889 l39880"/><span class="pp-class-236 pa t39889 l39881"/></p><div class="pp-class-9 pp-class-256" id="pp-id-5241" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5242" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5243" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39893 l39869 ls2245">3.1.4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39894 l39870 ls11726">Impairment </span><span class="pp-class-236 pa t39894 l39895 ls91">testing </span><span class="pp-class-236 pa t39894 l39896 ls118">of </span><span class="pp-class-236 pa t39894 l39897">goodwill </span><span class="pp-class-236 pa t39894 l39898">and </span><span class="pp-class-236 pa t39894 l39899 ls1629">non-current </span><span class="pp-class-236 pa t39894 l39900 ls13">assets, </span><span class="pp-class-236 pa t39893 l39870 ls3337">definition </span><span class="pp-class-236 pa t39893 l39901 ls118">of </span><span class="pp-class-236 pa t39893 l39902 ls1790">cash-generating </span><span class="pp-class-236 pa t39893 l39903">units </span><span class="pp-class-236 pa t39893 l39904 ls2315">(CGUs) </span><span class="pp-class-236 pa t39893 l39905">and </span><span class="pp-class-236 pa t39893 l39906 ls118">assessment </span><span class="pp-class-236 pa t39907 l39870">inputs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39893 l39873 ls85">Estimate/Judgement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39893 l39880"/><span class="pp-class-236 pa t39893 l39881"/></p><div class="pp-class-9 pp-class-256" id="pp-id-5244" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5245" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5246" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAsAAAALCAYAAACprHcmAAAACXBIWXMAABcRAAAXEQHKJvM/AAAAoElEQVQYV43Ruw3CQBBF0eNNkBwRkuMCQCKgE2qwY0oBRwQUQg9QgANEB0hgicRLsEYi4OMbv6uZN5PFGEFRtTNssMAIVxywbur8DFmMUVG1FbY+88CyqfNTNi3vMxy/BN+FSZBG/2OEMkg7DmEVJGsQQWo9hFuQzvOPDruAtdT2F5emzvehP/jyi9DhjDn9U6Co2jFKrPrgDbumzvcv8wl1Vi9zT0g+uwAAAABJRU5ErkJggg=="/></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39908 l39869 ls13001">5.5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39908 l39870 ls3452">Purchase </span><span class="pp-class-236 pa t39908 l39909">price </span><span class="pp-class-236 pa t39908 l39910 ls115">allocation </span><span class="pp-class-236 pa t39908 l31673">in </span><span class="pp-class-236 pa t39908 l39911 ls91">connection </span><span class="pp-class-236 pa t39908 l39912">with </span><span class="pp-class-236 pa t39908 l39913 ls13">acquisitions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t39908 l39873 ls85">Estimate/Judgement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39908 l39880"/><span class="pp-class-236 pa t39908 l39881"/></p><div class="pp-class-9 pp-class-256" id="pp-id-5247" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABYAAAAaCAYAAACzdqxAAAAACXBIWXMAAC4jAAAuIwF4pT92AAABTElEQVRIS7WVvW2DQBiGH59SIcXyAlFcMEA2CJ4gzgQhLU2sLGA2iN1cTTZAmcDZgPQUtrJAREFLCo4/g4HD8EhI3N37vRzw6b1ZkiRMgegSDOXm0oLpxAtgra4FsASOajkA/FAah6ZagNn5p1CGG+AduG0qKnEC7KYHVIxNJ34AfOD+XNjBPpTGpjyRGyvTb2DeUNiHz1AadjYQkL/+F8NNAV5MJ3azQdYVLnDXpNZkazrxEkCom7dWuR4upDtet+u0eYZpjOemE1uCtPHHxhLo92wvJssKAfx0iQZwFBTBMiaBIM2GMTmF0ghEKA0PiLrUGnhQ/LztZZ0Wv8AOqunmA08tRX1YZdlcbjeb6zrktRz4uXEojT/AAvb1mlYi0p165cna0QRgOrFFmlKPtcWCCPgAdmpTFRqNM1SkWtTz5NB2kEKH8TVMlhX/Qy5km9fVYVsAAAAASUVORK5CYII="/></div><div class="pp-class-9 pp-class-256" id="pp-id-5248" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5249" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAsAAAALCAYAAACprHcmAAAACXBIWXMAABcRAAAXEQHKJvM/AAAAoElEQVQYV43Ruw3CQBBF0eNNkBwRkuMCQCKgE2qwY0oBRwQUQg9QgANEB0hgicRLsEYi4OMbv6uZN5PFGEFRtTNssMAIVxywbur8DFmMUVG1FbY+88CyqfNTNi3vMxy/BN+FSZBG/2OEMkg7DmEVJGsQQWo9hFuQzvOPDruAtdT2F5emzvehP/jyi9DhjDn9U6Co2jFKrPrgDbumzvcv8wl1Vi9zT0g+uwAAAABJRU5ErkJggg=="/></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t39914 l3">L</span><span class="pp-class-237 pa t39914 l39915 ls546">evel </span><span class="pp-class-237 pa t39914 l30945">or </span><span class="pp-class-237 pa t39914 l39916 ls91">potential </span><span class="pp-class-237 pa t39914 l39917 ls1467">impact </span><span class="pp-class-237 pa t39914 l39918">to </span><span class="pp-class-237 pa t39914 l39919">the </span><span class="pp-class-237 pa t39914 l39920 ls1467">consolidated </span><span class="pp-class-237 pa t39914 l39921 ls1107">financial </span><span class="pp-class-237 pa t39914 l39922 ls1078">statements:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39923 l39924"/><span class="pp-class-236 pa t39923 l39925"/><span class="pp-class-236 pa t39923 l490"/><span class="pp-class-236 pa t39923 l39926 ls967">Low</span></p><div class="pp-class-9 pp-class-256" id="pp-id-5250" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39927 l39928"/><span class="pp-class-236 pa t39927 l39929"/><span class="pp-class-236 pa t39927 l39930"/><span class="pp-class-236 pa t39927 l39931">Medium</span></p><div class="pp-class-9 pp-class-256" id="pp-id-5251" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39932 l39928"/><span class="pp-class-236 pa t39932 l39929"/><span class="pp-class-236 pa t39932 l39930"/><span class="pp-class-236 pa t39932 l39931">High</span></p><div class="pp-class-9 pp-class-256" id="pp-id-5252" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5253" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,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"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5254" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs+9AAAACXBIWXMAABcRAAAXEQHKJvM/AAAAh0lEQVQYV4XQMQrCQBCF4S9bScDaC6TIEYRcxDPEysvkEJa2tmKvlUUOoLUSEIS12AQsIvvDdD/z3kwRYwRVO+ywxQIfBJz7rtxAEWNUtcMJjXkeqMO46Z8EK+yDFJdjHaROOZZBKp4ljJPjHXDIWbhN77lL183xQjPF1jji+SO8cUHTd+X1C4DdI6ITddgAAAAAAElFTkSuQmCC"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5255" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs+9AAAACXBIWXMAABcRAAAXEQHKJvM/AAAAh0lEQVQYV4XQMQrCQBCF4S9bScDaC6TIEYRcxDPEysvkEJa2tmKvlUUOoLUSEIS12AQsIvvDdD/z3kwRYwRVO+ywxQIfBJz7rtxAEWNUtcMJjXkeqMO46Z8EK+yDFJdjHaROOZZBKp4ljJPjHXDIWbhN77lL183xQjPF1jji+SO8cUHTd+X1C4DdI6ITddgAAAAAAElFTkSuQmCC"/></div><div class="pp-class-9 pp-class-256" id="pp-id-5256" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAsAAAALCAYAAACprHcmAAAACXBIWXMAABcRAAAXEQHKJvM/AAAAwUlEQVQYV33RsXHCQBCF4U8KL8EleMYUIHdACSpBqYkoAXfg6OIrgRLowCpAAXSgxKRHcKcxYzP64ze7++9rcs5gu791OGKHDa444zjFcIG2Bgd8Y0Q3xdCgVxjrIM3bx09Xg+9TDKM/1EFfeG2V1Z/PgjDFkJSNQ6vcmJ4FH0joW2wWgRUuFMHrIrBCh7lV3nNYzzrgtAj21fof2/0tYZ5iSE3OeSnkrFgn5cZOmThjN8UwNw8NvmDwW8aMU30duANzc0g8EzGN8gAAAABJRU5ErkJggg=="/></div><div class="pp-class-9 pp-class-256" id="pp-id-5257" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAsAAAALCAYAAACprHcmAAAACXBIWXMAABcRAAAXEQHKJvM/AAAAoElEQVQYV43Ruw3CQBBF0eNNkBwRkuMCQCKgE2qwY0oBRwQUQg9QgANEB0hgicRLsEYi4OMbv6uZN5PFGEFRtTNssMAIVxywbur8DFmMUVG1FbY+88CyqfNTNi3vMxy/BN+FSZBG/2OEMkg7DmEVJGsQQWo9hFuQzvOPDruAtdT2F5emzvehP/jyi9DhjDn9U6Co2jFKrPrgDbumzvcv8wl1Vi9zT0g+uwAAAABJRU5ErkJggg=="/></div><div class="pp-class-9 pp-class-256" id="pp-id-5258" xmlns="http://www.w3.org/1999/xhtml"><img alt="" class="pp-class-254 pp-class-255" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAsAAAALCAYAAACprHcmAAAACXBIWXMAABcRAAAXEQHKJvM/AAAAwUlEQVQYV33RsXHCQBCF4U8KL8EleMYUIHdACSpBqYkoAXfg6OIrgRLowCpAAXSgxKRHcKcxYzP64ze7++9rcs5gu791OGKHDa444zjFcIG2Bgd8Y0Q3xdCgVxjrIM3bx09Xg+9TDKM/1EFfeG2V1Z/PgjDFkJSNQ6vcmJ4FH0joW2wWgRUuFMHrIrBCh7lV3nNYzzrgtAj21fof2/0tYZ5iSE3OeSnkrFgn5cZOmThjN8UwNw8NvmDwW8aMU30duANzc0g8EzGN8gAAAABJRU5ErkJggg=="/></div></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39933 l3 ls691 wtro3142 wtr3143 tro3144 tr3145">Descriptions </span><span class="pp-class-236 pa t39933 l39934 ls995 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t39933 l13941 ls530 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t39933 l39935 ls621 wtro3142 wtr3143 tro3144 tr3145">significant </span><span class="pp-class-236 pa t39933 l39936 ls2270 wtro3142 wtr3143 tro3144 tr3145">accounting </span><span class="pp-class-236 pa t39933 l39937 ls4775 wtro3142 wtr3143 tro3144 tr3145">estimates </span><span class="pp-class-236 pa t39933 l39938 ls530 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t39933 l39939 ls567 wtro3142 wtr3143 tro3144 tr3145">judgements </span><span class="pp-class-236 pa t39933 l39940 ls12546 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t39933 l39941 ls4787 wtro3142 wtr3143 tro3144 tr3145">included </span><span class="pp-class-236 pa t39933 l39942 ls590 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t39933 l39943 ls530 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t39933 l39944 ls603 wtro3142 wtr3143 tro3144 tr3145">notes </span><span class="pp-class-236 pa t39933 l39945 ls30 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t39933 l39946 ls565 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t39933 l39947 ls2808 wtro3142 wtr3143 tro3144 tr3145">they </span><span class="pp-class-236 pa t39933 l39948 ls17626 wtro3142 wtr3143 tro3144 tr3145">relate.</span></p></div></div><div class="pp-class-10 pp-class-256" id="pp-id-5317" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h42501 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3 ls884">!</span><span class="pp-class-248 pa t42503 l42504"/><span class="pp-class-248 pa t42503 l42505 ls625">Significant </span><span class="pp-class-248 pa t42503 l42506 ls560">accounting </span><span class="pp-class-248 pa t42503 l42507 ls681">estimates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42508 l3 ls967">Deferred </span><span class="pp-class-236 pa t42508 l42509 ls19">tax </span><span class="pp-class-236 pa t42508 l42510 ls227">assets, </span><span class="pp-class-236 pa t42508 l42511 ls1629">including </span><span class="pp-class-236 pa t42508 l42512 ls115">the </span><span class="pp-class-236 pa t42508 l21870 ls19">tax </span><span class="pp-class-236 pa t42508 l25434 ls2368">value </span><span class="pp-class-236 pa t42508 l42513 ls138">of </span><span class="pp-class-236 pa t42508 l42514 ls19">tax </span><span class="pp-class-236 pa t42508 l42515 ls138">losses </span><span class="pp-class-236 pa t42508 l39191 ls113">carried </span><span class="pp-class-236 pa t42508 l42516 ls574">forward, </span><span class="pp-class-236 pa t42508 l42517 ls2222">are </span><span class="pp-class-236 pa t42508 l42518 ls15">recognised </span><span class="pp-class-236 pa t42508 l42519 ls73">to </span><span class="pp-class-236 pa t42508 l42520 ls781">the </span><span class="pp-class-236 pa t42521 l3 ls574">extent </span><span class="pp-class-236 pa t42521 l42522 ls184">that </span><span class="pp-class-236 pa t42521 l34077 ls73">Management </span><span class="pp-class-236 pa t42521 l42523 ls113">assesses </span><span class="pp-class-236 pa t42521 l42524 ls184">that </span><span class="pp-class-236 pa t42521 l42525 ls115">the </span><span class="pp-class-236 pa t42521 l42526 ls19">tax </span><span class="pp-class-236 pa t42521 l42527 ls685">asset </span><span class="pp-class-236 pa t42521 l42528 ls115">can </span><span class="pp-class-236 pa t42521 l42529 ls177">be </span><span class="pp-class-236 pa t42521 l42530 ls113">utilised </span><span class="pp-class-236 pa t42521 l42531 ls184">through </span><span class="pp-class-236 pa t42521 l42532 ls428">positive </span><span class="pp-class-236 pa t42521 l42533 ls875">taxable </span><span class="pp-class-236 pa t42534 l3 ls138">income </span><span class="pp-class-236 pa t42534 l3359 ls177">in </span><span class="pp-class-236 pa t42534 l42535 ls1011">the </span><span class="pp-class-236 pa t42534 l13544 ls800">foreseeable </span><span class="pp-class-236 pa t42534 l32167 ls1747">future </span><span class="pp-class-236 pa t42534 l42536 ls138">which </span><span class="pp-class-236 pa t42534 l42537 ls938">usually </span><span class="pp-class-236 pa t42534 l42538 ls177">is </span><span class="pp-class-236 pa t42534 l42539 ls138">within </span><span class="pp-class-236 pa t42534 l42540 ls781">3-5 </span><span class="pp-class-236 pa t42534 l42541 ls106">years. </span><span class="pp-class-236 pa t42534 l42542 ls129">Estimates </span><span class="pp-class-236 pa t42534 l42543 ls2222">are </span><span class="pp-class-236 pa t42534 l42544 ls1790">performed </span><span class="pp-class-236 pa t42545 l3 ls2368">annually </span><span class="pp-class-236 pa t42545 l42546 ls138">based </span><span class="pp-class-236 pa t42545 l19454 ls177">on </span><span class="pp-class-236 pa t42545 l42547 ls234">forecasts, </span><span class="pp-class-236 pa t42545 l42548 ls113">business </span><span class="pp-class-236 pa t42545 l42549 ls63">initiatives </span><span class="pp-class-236 pa t42545 l42550 ls115">and </span><span class="pp-class-236 pa t42545 l42551 ls278">likely </span><span class="pp-class-236 pa t42545 l42552 ls252">structural </span><span class="pp-class-236 pa t42545 l42553 ls113">changes </span><span class="pp-class-236 pa t42545 l42554 ls570">for </span><span class="pp-class-236 pa t42545 l42555 ls115">the </span><span class="pp-class-236 pa t42545 l42556 ls138">coming </span><span class="pp-class-236 pa t42545 l42557 ls131">years.</span></p></div></div><div class="pp-class-228 pp-class-256" id="pp-id-5331" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43787 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177">accounting </span><span class="pp-class-248 pa t42503 l43791 ls685">estimates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43792 l3 ls541">Assessment </span><span class="pp-class-237 pa t43792 l43793 ls811">of </span><span class="pp-class-237 pa t43792 l43794 ls1764">useful </span><span class="pp-class-237 pa t43792 l43795 ls2036">life </span><span class="pp-class-237 pa t43792 l43796 ls651">and </span><span class="pp-class-237 pa t43792 l43797 ls30">residual </span><span class="pp-class-237 pa t43792 l40901 ls565">values </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43798 l3 ls1404">Estimation </span><span class="pp-class-236 pa t43798 l41893 ls98">of </span><span class="pp-class-236 pa t43798 l43799 ls590">useful </span><span class="pp-class-236 pa t43798 l43800 ls838">lives </span><span class="pp-class-236 pa t43798 l43801 ls811">is </span><span class="pp-class-236 pa t43798 l43802 ls538">based </span><span class="pp-class-236 pa t43798 l43803 ls811">on </span><span class="pp-class-236 pa t43798 l43804 ls567">experience. </span><span class="pp-class-236 pa t43798 l17434 ls2222">When </span><span class="pp-class-236 pa t43798 l43805 ls706">there </span><span class="pp-class-236 pa t43798 l43806 ls811">is </span><span class="pp-class-236 pa t43798 l43807 ls811">an </span><span class="pp-class-236 pa t43798 l43808 ls1404">indication </span><span class="pp-class-236 pa t43798 l43809 ls98">of </span><span class="pp-class-236 pa t43798 l43810 ls184">a </span><span class="pp-class-236 pa t43798 l43811 ls1764">change </span><span class="pp-class-236 pa t43798 l43812 ls811">in </span><span class="pp-class-236 pa t43798 l43813 ls1547">an </span><span class="pp-class-236 pa t43814 l3 ls548">asset’s </span><span class="pp-class-236 pa t43814 l43815 ls590">useful </span><span class="pp-class-236 pa t43814 l43816 ls2889">life, </span><span class="pp-class-236 pa t43814 l43817 ls30">Management </span><span class="pp-class-236 pa t43814 l43818 ls4017">revises </span><span class="pp-class-236 pa t43814 l43819 ls651">the </span><span class="pp-class-236 pa t43814 l43820 ls2207">estimates </span><span class="pp-class-236 pa t43814 l43821 ls553">for </span><span class="pp-class-236 pa t43814 l43822 ls562">individual </span><span class="pp-class-236 pa t43814 l43823 ls179">assets </span><span class="pp-class-236 pa t43814 l43824 ls811">or </span><span class="pp-class-236 pa t43814 l43825 ls2197">groups </span><span class="pp-class-236 pa t43814 l43826 ls98">of </span><span class="pp-class-236 pa t43814 l43827 ls179">assets </span><span class="pp-class-236 pa t43814 l43828 ls967">with </span><span class="pp-class-236 pa t43829 l3 ls2036">similar </span><span class="pp-class-236 pa t43829 l43830 ls7086">characteristics </span><span class="pp-class-236 pa t43829 l43831 ls651">due </span><span class="pp-class-236 pa t43829 l43832 ls538">to </span><span class="pp-class-236 pa t43829 l43833 ls603">factors </span><span class="pp-class-236 pa t43829 l43834 ls2222">such </span><span class="pp-class-236 pa t43829 l43835 ls811">as </span><span class="pp-class-236 pa t43829 l43836 ls2036">quality </span><span class="pp-class-236 pa t43829 l43837 ls98">of </span><span class="pp-class-236 pa t43829 l43838 ls541">maintenance </span><span class="pp-class-236 pa t43829 l43839 ls651">and </span><span class="pp-class-236 pa t43829 l40851 ls2838">repair, </span><span class="pp-class-236 pa t43829 l43840 ls696">technical </span><span class="pp-class-236 pa t43841 l3 ls2889">development, </span><span class="pp-class-236 pa t43841 l43285 ls811">or </span><span class="pp-class-236 pa t43841 l43842 ls681">environmental </span><span class="pp-class-236 pa t43841 l43843 ls1815">requirements.</span></p></div></div><div class="pp-class-228 pp-class-256" id="pp-id-5332" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43844 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177">accounting </span><span class="pp-class-248 pa t42503 l43791 ls227">estimates </span><span class="pp-class-249 pa t42503 l43845 ls143">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43846 l3 ls1186 wtro3142 wtr3143 tro3144 tr3145">Management </span><span class="pp-class-236 pa t43846 l43847 ls2207 wtro3142 wtr3143 tro3144 tr3145">has </span><span class="pp-class-236 pa t43846 l43848 ls556 wtro3142 wtr3143 tro3144 tr3145">also </span><span class="pp-class-236 pa t43846 l43849 ls2081 wtro3142 wtr3143 tro3144 tr3145">considered </span><span class="pp-class-236 pa t43846 l43850 ls6146 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t43846 l7534 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43846 l43851 ls6824 wtro3142 wtr3143 tro3144 tr3145">impact </span><span class="pp-class-236 pa t43846 l43852 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43846 l43853 ls2629 wtro3142 wtr3143 tro3144 tr3145">climate-related </span><span class="pp-class-236 pa t43846 l43854 ls3292 wtro3142 wtr3143 tro3144 tr3145">factors, </span><span class="pp-class-236 pa t43846 l43855 ls299 wtro3142 wtr3143 tro3144 tr3145">including </span><span class="pp-class-236 pa t43846 l43856 ls11077 wtro3142 wtr3143 tro3144 tr3145">regulatory </span><span class="pp-class-236 pa t43857 l3 ls1775 wtro3142 wtr3143 tro3144 tr3145">changes, </span><span class="pp-class-236 pa t43857 l43858 ls849 wtro3142 wtr3143 tro3144 tr3145">technological </span><span class="pp-class-236 pa t43857 l43859 ls2767 wtro3142 wtr3143 tro3144 tr3145">advancements, </span><span class="pp-class-236 pa t43857 l43860 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43857 l43861 ls681 wtro3142 wtr3143 tro3144 tr3145">DFDS’ </span><span class="pp-class-236 pa t43857 l43862 ls110 wtro3142 wtr3143 tro3144 tr3145">own </span><span class="pp-class-236 pa t43857 l43863 ls1775 wtro3142 wtr3143 tro3144 tr3145">emission </span><span class="pp-class-236 pa t43857 l43864 ls2258 wtro3142 wtr3143 tro3144 tr3145">reduction </span><span class="pp-class-236 pa t43857 l43865 ls4793 wtro3142 wtr3143 tro3144 tr3145">ambitions, </span><span class="pp-class-236 pa t43857 l43866 ls3084 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t43857 l43867 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t43857 l43868 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43857 l43869 ls2687 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t43870 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">affect </span><span class="pp-class-236 pa t43870 l43871 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43870 l43872 ls5202 wtro3142 wtr3143 tro3144 tr3145">estimated </span><span class="pp-class-236 pa t43870 l2718 ls2270 wtro3142 wtr3143 tro3144 tr3145">useful </span><span class="pp-class-236 pa t43870 l43873 ls4017 wtro3142 wtr3143 tro3144 tr3145">life </span><span class="pp-class-236 pa t43870 l43874 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43870 l43875 ls6824 wtro3142 wtr3143 tro3144 tr3145">vessels. </span><span class="pp-class-236 pa t43870 l43876 ls544 wtro3142 wtr3143 tro3144 tr3145">As </span><span class="pp-class-236 pa t43870 l43877 ls651 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t43870 l43878 ls3292 wtro3142 wtr3143 tro3144 tr3145">result, </span><span class="pp-class-236 pa t43870 l43879 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43870 l43880 ls11592 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t43870 l43881 ls603 wtro3142 wtr3143 tro3144 tr3145">timing </span><span class="pp-class-236 pa t43870 l43882 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t43870 l43883 ls6092 wtro3142 wtr3143 tro3144 tr3145">replacing </span><span class="pp-class-236 pa t43870 l43884 ls12546 wtro3142 wtr3143 tro3144 tr3145">existing </span><span class="pp-class-236 pa t43870 l43885 ls1815 wtro3142 wtr3143 tro3144 tr3145">vessels </span><span class="pp-class-236 pa t43886 l3 ls691 wtro3142 wtr3143 tro3144 tr3145">could </span><span class="pp-class-236 pa t43886 l43887 ls17626 wtro3142 wtr3143 tro3144 tr3145">accelerate. </span><span class="pp-class-236 pa t43886 l43888 ls28280 wtro3142 wtr3143 tro3144 tr3145">To </span><span class="pp-class-236 pa t43886 l43889 ls110 wtro3142 wtr3143 tro3144 tr3145">mitigate </span><span class="pp-class-236 pa t43886 l43890 ls691 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t43886 l43891 ls11077 wtro3142 wtr3143 tro3144 tr3145">risks, </span><span class="pp-class-236 pa t43886 l43892 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43886 l43893 ls1882 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t43886 l43894 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t43886 l43895 ls11043 wtro3142 wtr3143 tro3144 tr3145">increasingly </span><span class="pp-class-236 pa t43886 l43896 ls3234 wtro3142 wtr3143 tro3144 tr3145">adopting </span><span class="pp-class-236 pa t43886 l43897 ls7959 wtro3142 wtr3143 tro3144 tr3145">alternative </span><span class="pp-class-236 pa t43886 l43898 ls556 wtro3142 wtr3143 tro3144 tr3145">fuel </span><span class="pp-class-236 pa t43886 l43899 ls10269 wtro3142 wtr3143 tro3144 tr3145">sources, </span><span class="pp-class-236 pa t43900 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">such </span><span class="pp-class-236 pa t43900 l43901 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t43900 l43902 ls4793 wtro3142 wtr3143 tro3144 tr3145">biofuels, </span><span class="pp-class-236 pa t43900 l33102 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43900 l43903 ls299 wtro3142 wtr3143 tro3144 tr3145">implementing </span><span class="pp-class-236 pa t43900 l43904 ls651 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t43900 l43905 ls1882 wtro3142 wtr3143 tro3144 tr3145">range </span><span class="pp-class-236 pa t43900 l43906 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43900 l43907 ls773 wtro3142 wtr3143 tro3144 tr3145">operational </span><span class="pp-class-236 pa t43900 l43908 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43900 l43909 ls2808 wtro3142 wtr3143 tro3144 tr3145">technical </span><span class="pp-class-236 pa t43900 l43910 ls12546 wtro3142 wtr3143 tro3144 tr3145">measures </span><span class="pp-class-236 pa t43900 l43911 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t43900 l43912 ls1687 wtro3142 wtr3143 tro3144 tr3145">enhance </span><span class="pp-class-236 pa t43900 l43913 ls2687 wtro3142 wtr3143 tro3144 tr3145">energy </span><span class="pp-class-236 pa t43914 l3 ls1017 wtro3142 wtr3143 tro3144 tr3145">efficiency. </span><span class="pp-class-236 pa t43914 l43915 ls691 wtro3142 wtr3143 tro3144 tr3145">These </span><span class="pp-class-236 pa t43914 l43916 ls7487 wtro3142 wtr3143 tro3144 tr3145">initiatives, </span><span class="pp-class-236 pa t43914 l43917 ls11713 wtro3142 wtr3143 tro3144 tr3145">together </span><span class="pp-class-236 pa t43914 l43918 ls556 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t43914 l43919 ls681 wtro3142 wtr3143 tro3144 tr3145">DFDS’ </span><span class="pp-class-236 pa t43914 l43920 ls2848 wtro3142 wtr3143 tro3144 tr3145">structured </span><span class="pp-class-236 pa t43914 l43921 ls773 wtro3142 wtr3143 tro3144 tr3145">approach </span><span class="pp-class-236 pa t43914 l43922 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t43914 l43923 ls2816 wtro3142 wtr3143 tro3144 tr3145">achieving </span><span class="pp-class-236 pa t43914 l43924 ls1815 wtro3142 wtr3143 tro3144 tr3145">emissions </span><span class="pp-class-236 pa t43914 l43925 ls6824 wtro3142 wtr3143 tro3144 tr3145">reduction, </span><span class="pp-class-236 pa t43926 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t43926 l43927 ls556 wtro3142 wtr3143 tro3144 tr3145">help </span><span class="pp-class-236 pa t43926 l43928 ls7487 wtro3142 wtr3143 tro3144 tr3145">reduce </span><span class="pp-class-236 pa t43926 l43929 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43926 l12806 ls556 wtro3142 wtr3143 tro3144 tr3145">risk </span><span class="pp-class-236 pa t43926 l33707 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43926 l43930 ls884 wtro3142 wtr3143 tro3144 tr3145">obsolescence </span><span class="pp-class-236 pa t43926 l43931 ls603 wtro3142 wtr3143 tro3144 tr3145">within </span><span class="pp-class-236 pa t43926 l43932 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43926 l43933 ls2258 wtro3142 wtr3143 tro3144 tr3145">current </span><span class="pp-class-236 pa t43926 l43934 ls603 wtro3142 wtr3143 tro3144 tr3145">fleet. </span><span class="pp-class-236 pa t43926 l43935 ls1186 wtro3142 wtr3143 tro3144 tr3145">Management </span><span class="pp-class-236 pa t43926 l43936 ls2207 wtro3142 wtr3143 tro3144 tr3145">has </span><span class="pp-class-236 pa t43926 l43937 ls1775 wtro3142 wtr3143 tro3144 tr3145">assessed </span><span class="pp-class-236 pa t43926 l43938 ls544 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t43939 l3 ls4284 wtro3142 wtr3143 tro3144 tr3145">factors </span><span class="pp-class-236 pa t43939 l43940 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43939 l16444 ls299 wtro3142 wtr3143 tro3144 tr3145">concluded </span><span class="pp-class-236 pa t43939 l43941 ls7468 wtro3142 wtr3143 tro3144 tr3145">that, </span><span class="pp-class-236 pa t43939 l43942 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t43939 l43943 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43939 l43944 ls544 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-236 pa t43939 l43945 ls1775 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-236 pa t43939 l43946 ls2846 wtro3142 wtr3143 tro3144 tr3145">2025, </span><span class="pp-class-236 pa t43939 l43947 ls544 wtro3142 wtr3143 tro3144 tr3145">no </span><span class="pp-class-236 pa t43939 l43948 ls1687 wtro3142 wtr3143 tro3144 tr3145">changes </span><span class="pp-class-236 pa t43939 l43949 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t43939 l43950 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43939 l43951 ls11072 wtro3142 wtr3143 tro3144 tr3145">remaining </span><span class="pp-class-236 pa t43939 l43952 ls2270 wtro3142 wtr3143 tro3144 tr3145">useful </span><span class="pp-class-236 pa t43939 l43953 ls4017 wtro3142 wtr3143 tro3144 tr3145">life </span><span class="pp-class-236 pa t43939 l43954 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43939 l43955 ls1815 wtro3142 wtr3143 tro3144 tr3145">vessels </span><span class="pp-class-236 pa t43956 l3 ls544 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t43956 l43957 ls1131 wtro3142 wtr3143 tro3144 tr3145">other </span><span class="pp-class-236 pa t43956 l43958 ls4775 wtro3142 wtr3143 tro3144 tr3145">tangible </span><span class="pp-class-236 pa t43956 l43959 ls884 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t43956 l43960 ls17589 wtro3142 wtr3143 tro3144 tr3145">were </span><span class="pp-class-236 pa t43956 l43961 ls16417 wtro3142 wtr3143 tro3144 tr3145">required.</span></p></div></div><span class="pp-class-248 pa t42503 l43789 ls4867" xmlns="http://www.w3.org/1999/xhtml">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177" xmlns="http://www.w3.org/1999/xhtml">accounting </span><span class="pp-class-248 pa t42503 l43791 ls227" xmlns="http://www.w3.org/1999/xhtml">estimates </span><span class="pp-class-248 pa t42503 l43845" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-248 pa t42503 l45306 ls118" xmlns="http://www.w3.org/1999/xhtml">judgements</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43792 l3 ls995">Extension </span><span class="pp-class-237 pa t43792 l8540 ls995">options</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43798 l3 ls651">The </span><span class="pp-class-236 pa t43798 l38379 ls706">Group </span><span class="pp-class-236 pa t43798 l1995 ls651">has </span><span class="pp-class-236 pa t43798 l44520 ls2270">entered </span><span class="pp-class-236 pa t43798 l31464 ls546">into </span><span class="pp-class-236 pa t43798 l45307 ls538">lease </span><span class="pp-class-236 pa t43798 l45308 ls1463">agreements </span><span class="pp-class-236 pa t43798 l45309 ls2222">with </span><span class="pp-class-236 pa t43798 l45310 ls567">extension </span><span class="pp-class-236 pa t43798 l45311 ls278">options. </span><span class="pp-class-236 pa t43798 l45312 ls30">Management </span><span class="pp-class-236 pa t43798 l45313 ls110">exercises </span><span class="pp-class-236 pa t43814 l3 ls524">significant </span><span class="pp-class-236 pa t43814 l45314 ls747">judgement </span><span class="pp-class-236 pa t43814 l3272 ls811">in </span><span class="pp-class-236 pa t43814 l17509 ls551">determining </span><span class="pp-class-236 pa t43814 l43804 ls546">whether </span><span class="pp-class-236 pa t43814 l45315 ls538">these </span><span class="pp-class-236 pa t43814 l45316 ls567">extension </span><span class="pp-class-236 pa t43814 l45317 ls546">options </span><span class="pp-class-236 pa t43814 l45318 ls2808">are </span><span class="pp-class-236 pa t43814 l45319 ls1118">reasonably </span><span class="pp-class-236 pa t43814 l45320 ls94">certain </span><span class="pp-class-236 pa t43814 l45321 ls538">to </span><span class="pp-class-236 pa t43814 l45322 ls1547">be </span><span class="pp-class-236 pa t43829 l3 ls2258">exercised </span><span class="pp-class-236 pa t43829 l10721 ls2222">and, </span><span class="pp-class-236 pa t43829 l45323 ls811">in </span><span class="pp-class-236 pa t43829 l45324 ls616">that </span><span class="pp-class-236 pa t43829 l45325 ls530">connection, </span><span class="pp-class-236 pa t43829 l45326 ls995">considers </span><span class="pp-class-236 pa t43829 l45327 ls651">all </span><span class="pp-class-236 pa t43829 l45328 ls11072">relevant </span><span class="pp-class-236 pa t43829 l45329 ls603">factors </span><span class="pp-class-236 pa t43829 l45330 ls616">that </span><span class="pp-class-236 pa t43829 l45331 ls1796">create </span><span class="pp-class-236 pa t43829 l45332 ls811">an </span><span class="pp-class-236 pa t43829 l45333 ls1751">economic </span><span class="pp-class-236 pa t43829 l45334 ls184">and </span><span class="pp-class-236 pa t43841 l3 ls2245">strategic </span><span class="pp-class-236 pa t43841 l45335 ls560">incentive </span><span class="pp-class-236 pa t43841 l3344 ls538">to </span><span class="pp-class-236 pa t43841 l45336 ls11592">exercise </span><span class="pp-class-236 pa t43841 l45337 ls651">the </span><span class="pp-class-236 pa t43841 l45338 ls567">extension </span><span class="pp-class-236 pa t43841 l45339 ls179">option.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t45340 l3 ls30">Management </span><span class="pp-class-236 pa t45340 l43518 ls651">has </span><span class="pp-class-236 pa t45340 l44411 ls2222">also </span><span class="pp-class-236 pa t45340 l14792 ls667">considered </span><span class="pp-class-236 pa t45340 l44412 ls651">the </span><span class="pp-class-236 pa t45340 l44413 ls1780">impact </span><span class="pp-class-236 pa t45340 l44414 ls98">of </span><span class="pp-class-236 pa t45340 l44415 ls168">decarbonisation </span><span class="pp-class-236 pa t45340 l44416 ls572">and </span><span class="pp-class-236 pa t45340 l44417 ls556">climate-related </span><span class="pp-class-236 pa t45340 l44418 ls667">risks </span><span class="pp-class-236 pa t45340 l44419 ls1547">on </span><span class="pp-class-236 pa t45341 l3 ls995">assessing </span><span class="pp-class-236 pa t45341 l45342 ls572">the </span><span class="pp-class-236 pa t45341 l38009 ls1780">likelihood </span><span class="pp-class-236 pa t45341 l45343 ls98">of </span><span class="pp-class-236 pa t45341 l45344 ls567">extending </span><span class="pp-class-236 pa t45341 l45345 ls538">lease </span><span class="pp-class-236 pa t45341 l45346 ls7086">agreements. </span><span class="pp-class-236 pa t45341 l45347 ls2222">Such </span><span class="pp-class-236 pa t45341 l45348 ls667">risks </span><span class="pp-class-236 pa t45341 l45349 ls949">include </span><span class="pp-class-236 pa t45341 l45350 ls556">new </span><span class="pp-class-236 pa t45341 l45351 ls616">climate-related </span><span class="pp-class-236 pa t45352 l3 ls1404">legislation </span><span class="pp-class-236 pa t45352 l40101 ls9435">restricting </span><span class="pp-class-236 pa t45352 l45353 ls651">the </span><span class="pp-class-236 pa t45352 l13033 ls651">use </span><span class="pp-class-236 pa t45352 l45354 ls98">of </span><span class="pp-class-236 pa t45352 l45355 ls94">certain </span><span class="pp-class-236 pa t45352 l23275 ls179">assets </span><span class="pp-class-236 pa t45352 l45356 ls572">and </span><span class="pp-class-236 pa t45352 l45357 ls556">new </span><span class="pp-class-236 pa t45352 l44496 ls179">technology </span><span class="pp-class-236 pa t45352 l45358 ls1751">demanded </span><span class="pp-class-236 pa t45352 l45359 ls706">by </span><span class="pp-class-236 pa t45352 l45360 ls616">climate-related </span><span class="pp-class-236 pa t45361 l3 ls1404">legislation.</span></p><div class="pp-class-228 pp-class-256" id="pp-id-5361" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h46840 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177">accounting </span><span class="pp-class-248 pa t42503 l43791 ls227">estimates </span><span class="pp-class-248 pa t42503 l43845">and </span><span class="pp-class-248 pa t42503 l45306 ls118">judgements</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43792 l3 ls3855">Climate </span><span class="pp-class-237 pa t43792 l38712 ls7468">related </span><span class="pp-class-237 pa t43792 l38713 ls1131">matters</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43798 l3 ls30 wtro3142 wtr1091 tro3144 tr1093">Management </span><span class="pp-class-236 pa t43798 l46841 ls621 wtro3142 wtr1091 tro3144 tr1093">continuously </span><span class="pp-class-236 pa t43798 l46842 ls949 wtro3142 wtr1091 tro3144 tr1093">monitors </span><span class="pp-class-236 pa t43798 l46843 ls667 wtro3142 wtr1091 tro3144 tr1093">climate </span><span class="pp-class-236 pa t43798 l46844 ls3681 wtro3142 wtr1091 tro3144 tr1093">related </span><span class="pp-class-236 pa t43798 l46845 ls667 wtro3142 wtr1091 tro3144 tr1093">risks </span><span class="pp-class-236 pa t43798 l46846 ls2222 wtro3142 wtr1091 tro3144 tr1093">when </span><span class="pp-class-236 pa t43798 l46847 ls995 wtro3142 wtr1091 tro3144 tr1093">measuring </span><span class="pp-class-236 pa t43798 l46848 ls572 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43798 l46849 ls3084 wtro3142 wtr1091 tro3144 tr1093">recoverable </span><span class="pp-class-236 pa t43798 l46850 ls98 wtro3142 wtr1091 tro3144 tr1093">amount. </span><span class="pp-class-236 pa t43814 l3 ls538 wtro3142 wtr1091 tro3144 tr1093">While </span><span class="pp-class-236 pa t43814 l46851 ls651 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43814 l46852 ls556 wtro3142 wtr1091 tro3144 tr1093">Groups' </span><span class="pp-class-236 pa t43814 l46853 ls2270 wtro3142 wtr1091 tro3144 tr1093">operations </span><span class="pp-class-236 pa t43814 l46854 ls2808 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t43814 l46855 ls4248 wtro3142 wtr1091 tro3144 tr1093">not </span><span class="pp-class-236 pa t43814 l46856 ls6146 wtro3142 wtr1091 tro3144 tr1093">currently </span><span class="pp-class-236 pa t43814 l46857 ls556 wtro3142 wtr1091 tro3144 tr1093">exposed </span><span class="pp-class-236 pa t43814 l46858 ls538 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t43814 l46859 ls524 wtro3142 wtr1091 tro3144 tr1093">significant </span><span class="pp-class-236 pa t43814 l46860 ls1780 wtro3142 wtr1091 tro3144 tr1093">physical </span><span class="pp-class-236 pa t43814 l46861 ls538 wtro3142 wtr1091 tro3144 tr1093">risk, </span><span class="pp-class-236 pa t43814 l46862 ls572 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43814 l46863 ls584 wtro3142 wtr1091 tro3144 tr1093">value-in-use </span><span class="pp-class-236 pa t43829 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">may </span><span class="pp-class-236 pa t43829 l46864 ls811 wtro3142 wtr1091 tro3144 tr1093">be </span><span class="pp-class-236 pa t43829 l19430 ls838 wtro3142 wtr1091 tro3144 tr1093">impacted </span><span class="pp-class-236 pa t43829 l46865 ls706 wtro3142 wtr1091 tro3144 tr1093">by </span><span class="pp-class-236 pa t43829 l46866 ls667 wtro3142 wtr1091 tro3144 tr1093">transition </span><span class="pp-class-236 pa t43829 l46867 ls538 wtro3142 wtr1091 tro3144 tr1093">risk, </span><span class="pp-class-236 pa t43829 l46868 ls2222 wtro3142 wtr1091 tro3144 tr1093">such </span><span class="pp-class-236 pa t43829 l46869 ls811 wtro3142 wtr1091 tro3144 tr1093">as </span><span class="pp-class-236 pa t43829 l46870 ls630 wtro3142 wtr1091 tro3144 tr1093">legislation, </span><span class="pp-class-236 pa t43829 l46871 ls691 wtro3142 wtr1091 tro3144 tr1093">regulations, </span><span class="pp-class-236 pa t43829 l46872 ls572 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t43829 l46873 ls2036 wtro3142 wtr1091 tro3144 tr1093">changes </span><span class="pp-class-236 pa t43829 l43446 ls811 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t43829 l46874 ls1764 wtro3142 wtr1091 tro3144 tr1093">demand </span><span class="pp-class-236 pa t43829 l46875 ls553 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t43829 l46876 ls184 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43841 l3 ls877 wtro3142 wtr1091 tro3144 tr1093">Group's </span><span class="pp-class-236 pa t43841 l46877 ls94 wtro3142 wtr1091 tro3144 tr1093">services. </span><span class="pp-class-236 pa t43841 l46878 ls667 wtro3142 wtr1091 tro3144 tr1093">Expectations </span><span class="pp-class-236 pa t43841 l46879 ls553 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t43841 l46880 ls651 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43841 l46881 ls9435 wtro3142 wtr1091 tro3144 tr1093">following </span><span class="pp-class-236 pa t43841 l46882 ls838 wtro3142 wtr1091 tro3144 tr1093">years </span><span class="pp-class-236 pa t43841 l46883 ls110 wtro3142 wtr1091 tro3144 tr1093">have </span><span class="pp-class-236 pa t43841 l46884 ls2222 wtro3142 wtr1091 tro3144 tr1093">been </span><span class="pp-class-236 pa t43841 l46885 ls4276 wtro3142 wtr1091 tro3144 tr1093">incorporated </span><span class="pp-class-236 pa t43841 l46886 ls546 wtro3142 wtr1091 tro3144 tr1093">into </span><span class="pp-class-236 pa t43841 l46887 ls2969 wtro3142 wtr1091 tro3144 tr1093">projected </span><span class="pp-class-236 pa t43841 l46888 ls967 wtro3142 wtr1091 tro3144 tr1093">cash </span><span class="pp-class-236 pa t46889 l3 ls2197 wtro3142 wtr1091 tro3144 tr1093">flows: </span><span class="pp-class-236 pa t46889 l46890 ls8048 wtro3142 wtr1091 tro3144 tr1093">increased </span><span class="pp-class-236 pa t46889 l46891 ls1775 wtro3142 wtr1091 tro3144 tr1093">operating </span><span class="pp-class-236 pa t46889 l46892 ls538 wtro3142 wtr1091 tro3144 tr1093">costs </span><span class="pp-class-236 pa t46889 l46893 ls553 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t46889 l46894 ls661 wtro3142 wtr1091 tro3144 tr1093">e-trucks </span><span class="pp-class-236 pa t46889 l46895 ls572 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t46889 l46896 ls713 wtro3142 wtr1091 tro3144 tr1093">investments </span><span class="pp-class-236 pa t46889 l46897 ls538 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t46889 l46898 ls3084 wtro3142 wtr1091 tro3144 tr1093">improve </span><span class="pp-class-236 pa t46889 l46899 ls2222 wtro3142 wtr1091 tro3144 tr1093">fuel </span><span class="pp-class-236 pa t46889 l46900 ls565 wtro3142 wtr1091 tro3144 tr1093">efficiency </span><span class="pp-class-236 pa t46889 l46901 ls184 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t45340 l3 ls2889 wtro3142 wtr1091 tro3144 tr1093">conversion </span><span class="pp-class-236 pa t45340 l46902 ls538 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t45340 l46903 ls706 wtro3142 wtr1091 tro3144 tr1093">green </span><span class="pp-class-236 pa t45340 l46904 ls538 wtro3142 wtr1091 tro3144 tr1093">fuels.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t45352 l3 ls2207">Determination </span><span class="pp-class-237 pa t45352 l46905 ls811">of </span><span class="pp-class-237 pa t45352 l46906 ls2222">CGUs </span><span class="pp-class-237 pa t45352 l46907 ls651">and </span><span class="pp-class-237 pa t45352 l46908 ls524">assessment </span><span class="pp-class-237 pa t45352 l46909 ls1764">inputs </span><span class="pp-class-237 pa t45352 l46910 ls811">of </span><span class="pp-class-237 pa t45352 l46911 ls28063">key </span><span class="pp-class-237 pa t45352 l46912 ls1404">parameters</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46913 l3 ls3852 wtro3142 wtr526 tro3144 tr528">Judgement </span><span class="pp-class-236 pa t46913 l46914 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46913 l46915 ls696 wtro3142 wtr526 tro3144 tr528">estimates </span><span class="pp-class-236 pa t46913 l46312 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t46913 l46916 ls938 wtro3142 wtr526 tro3144 tr528">applied </span><span class="pp-class-236 pa t46913 l46917 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46913 l46918 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46913 l46919 ls1764 wtro3142 wtr526 tro3144 tr528">determination </span><span class="pp-class-236 pa t46913 l46920 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46913 l46921 ls83 wtro3142 wtr526 tro3144 tr528">CGUs </span><span class="pp-class-236 pa t46913 l46922 ls587 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t46913 l46923 ls1574 wtro3142 wtr526 tro3144 tr528">which </span><span class="pp-class-236 pa t46913 l46924 ls10 wtro3142 wtr526 tro3144 tr528">goodwill </span><span class="pp-class-236 pa t46913 l46925 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t46913 l46926 ls696 wtro3142 wtr526 tro3144 tr528">allocated </span><span class="pp-class-236 pa t46913 l46927 ls10 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t46928 l3 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t46928 l46929 ls532 wtro3142 wtr526 tro3144 tr528">testing </span><span class="pp-class-236 pa t46928 l46930 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t46928 l46931 ls4248 wtro3142 wtr526 tro3144 tr528">well </span><span class="pp-class-236 pa t46928 l46932 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t46928 l28362 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46928 l46933 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46928 l46934 ls98 wtro3142 wtr526 tro3144 tr528">selection </span><span class="pp-class-236 pa t46928 l46935 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46928 l46936 ls98 wtro3142 wtr526 tro3144 tr528">methodologies </span><span class="pp-class-236 pa t46928 l46937 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46928 l46938 ls98 wtro3142 wtr526 tro3144 tr528">assumptions </span><span class="pp-class-236 pa t46928 l46939 ls938 wtro3142 wtr526 tro3144 tr528">applied </span><span class="pp-class-236 pa t46928 l46940 ls814 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46941 l3 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t46941 l46929 ls811 wtro3142 wtr526 tro3144 tr528">tests. </span><span class="pp-class-236 pa t46941 l46942 ls181 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t46941 l46943 ls1764 wtro3142 wtr526 tro3144 tr528">determination </span><span class="pp-class-236 pa t46941 l46944 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46941 l46945 ls83 wtro3142 wtr526 tro3144 tr528">CGUs </span><span class="pp-class-236 pa t46941 l46946 ls651 wtro3142 wtr526 tro3144 tr528">differs </span><span class="pp-class-236 pa t46941 l46947 ls1574 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t46941 l46948 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t46941 l46949 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46941 l46950 ls10 wtro3142 wtr526 tro3144 tr528">business </span><span class="pp-class-236 pa t46941 l46951 ls1792 wtro3142 wtr526 tro3144 tr528">area. </span><span class="pp-class-236 pa t46941 l46952 ls83 wtro3142 wtr526 tro3144 tr528">Most </span><span class="pp-class-236 pa t46941 l46953 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46941 l46954 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46941 l43913 ls536 wtro3142 wtr526 tro3144 tr528">freight </span><span class="pp-class-236 pa t46955 l3 ls651 wtro3142 wtr526 tro3144 tr528">ferries </span><span class="pp-class-236 pa t46955 l46956 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46955 l46957 ls197 wtro3142 wtr526 tro3144 tr528">North </span><span class="pp-class-236 pa t46955 l46958 ls135 wtro3142 wtr526 tro3144 tr528">Sea, </span><span class="pp-class-236 pa t46955 l46959 ls52 wtro3142 wtr526 tro3144 tr528">Baltic </span><span class="pp-class-236 pa t46955 l46960 ls181 wtro3142 wtr526 tro3144 tr528">Sea </span><span class="pp-class-236 pa t46955 l46961 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46955 l46962 ls590 wtro3142 wtr526 tro3144 tr528">Mediterranean </span><span class="pp-class-236 pa t46955 l46963 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t46955 l46964 ls590 wtro3142 wtr526 tro3144 tr528">interchangeable </span><span class="pp-class-236 pa t46955 l46965 ls83 wtro3142 wtr526 tro3144 tr528">with </span><span class="pp-class-236 pa t46955 l46966 ls33 wtro3142 wtr526 tro3144 tr528">each </span><span class="pp-class-236 pa t46955 l38625 ls98 wtro3142 wtr526 tro3144 tr528">other </span><span class="pp-class-236 pa t46955 l46967 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46955 l46968 ls995 wtro3142 wtr526 tro3144 tr528">where </span><span class="pp-class-236 pa t46969 l3 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46969 l46970 ls530 wtro3142 wtr526 tro3144 tr528">how </span><span class="pp-class-236 pa t46969 l46971 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46969 l46972 ls98 wtro3142 wtr526 tro3144 tr528">fleet </span><span class="pp-class-236 pa t46969 l46973 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46969 l46974 ls651 wtro3142 wtr526 tro3144 tr528">ferries </span><span class="pp-class-236 pa t46969 l46975 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t46969 l46976 ls553 wtro3142 wtr526 tro3144 tr528">deployed </span><span class="pp-class-236 pa t46969 l46977 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t46969 l46978 ls706 wtro3142 wtr526 tro3144 tr528">centrally </span><span class="pp-class-236 pa t46969 l46979 ls10 wtro3142 wtr526 tro3144 tr528">decided. </span><span class="pp-class-236 pa t46969 l46980 ls299 wtro3142 wtr526 tro3144 tr528">Consequently, </span><span class="pp-class-236 pa t46969 l46981 ls1574 wtro3142 wtr526 tro3144 tr528">these </span><span class="pp-class-236 pa t46969 l46982 ls551 wtro3142 wtr526 tro3144 tr528">areas </span><span class="pp-class-236 pa t46969 l46983 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t46969 l46984 ls651 wtro3142 wtr526 tro3144 tr528">tested </span><span class="pp-class-236 pa t46969 l46985 ls10 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t46986 l3 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t46986 l46929 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t46986 l21030 ls1024 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t46986 l46987 ls967 wtro3142 wtr526 tro3144 tr528">single </span><span class="pp-class-236 pa t46986 l46988 ls524 wtro3142 wtr526 tro3144 tr528">CGU. </span><span class="pp-class-236 pa t46986 l46989 ls4780 wtro3142 wtr526 tro3144 tr528">Conversely, </span><span class="pp-class-236 pa t46986 l46990 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46986 l46991 ls1369 wtro3142 wtr526 tro3144 tr528">vessels </span><span class="pp-class-236 pa t46986 l46992 ls1618 wtro3142 wtr526 tro3144 tr528">servicing </span><span class="pp-class-236 pa t46986 l46993 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46986 l46994 ls10 wtro3142 wtr526 tro3144 tr528">Channel, </span><span class="pp-class-236 pa t46986 l46995 ls278 wtro3142 wtr526 tro3144 tr528">Strait </span><span class="pp-class-236 pa t46986 l46996 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46986 l46997 ls3200 wtro3142 wtr526 tro3144 tr528">Gibraltar, </span><span class="pp-class-236 pa t46998 l3 ls546 wtro3142 wtr526 tro3144 tr528">Amsterdam-Newcastle </span><span class="pp-class-236 pa t46998 l46999 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46998 l47000 ls1764 wtro3142 wtr526 tro3144 tr528">Jersey </span><span class="pp-class-236 pa t46998 l47001 ls168 wtro3142 wtr526 tro3144 tr528">routes </span><span class="pp-class-236 pa t46998 l47002 ls181 wtro3142 wtr526 tro3144 tr528">can </span><span class="pp-class-236 pa t46998 l47003 ls131 wtro3142 wtr526 tro3144 tr528">be </span><span class="pp-class-236 pa t46998 l47004 ls83 wtro3142 wtr526 tro3144 tr528">used </span><span class="pp-class-236 pa t46998 l47005 ls5202 wtro3142 wtr526 tro3144 tr528">exclusively </span><span class="pp-class-236 pa t46998 l47006 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46998 l47007 ls33 wtro3142 wtr526 tro3144 tr528">each </span><span class="pp-class-236 pa t46998 l47008 ls10 wtro3142 wtr526 tro3144 tr528">specific </span><span class="pp-class-236 pa t46998 l47009 ls1687 wtro3142 wtr526 tro3144 tr528">itinerary. </span><span class="pp-class-236 pa t47010 l3 ls299 wtro3142 wtr526 tro3144 tr528">Consequently, </span><span class="pp-class-236 pa t47010 l47011 ls1574 wtro3142 wtr526 tro3144 tr528">these </span><span class="pp-class-236 pa t47010 l46816 ls551 wtro3142 wtr526 tro3144 tr528">areas </span><span class="pp-class-236 pa t47010 l47012 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47010 l47013 ls625 wtro3142 wtr526 tro3144 tr528">individually </span><span class="pp-class-236 pa t47010 l47014 ls651 wtro3142 wtr526 tro3144 tr528">tested </span><span class="pp-class-236 pa t47010 l47015 ls2222 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47010 l47016 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t47010 l47017 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t47010 l47018 ls1024 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t47010 l47019 ls4630 wtro3142 wtr526 tro3144 tr528">separate </span><span class="pp-class-236 pa t47010 l47020 ls1574 wtro3142 wtr526 tro3144 tr528">CGUs. </span><span class="pp-class-236 pa t47010 l47021 ls131 wtro3142 wtr526 tro3144 tr528">In </span><span class="pp-class-236 pa t47010 l47022 ls2368 wtro3142 wtr526 tro3144 tr528">logistics, </span><span class="pp-class-236 pa t47023 l3 ls572 wtro3142 wtr526 tro3144 tr528">Management </span><span class="pp-class-236 pa t47023 l47024 ls181 wtro3142 wtr526 tro3144 tr528">has </span><span class="pp-class-236 pa t47023 l47025 ls651 wtro3142 wtr526 tro3144 tr528">determined </span><span class="pp-class-236 pa t47023 l47026 ls995 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47023 l47027 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47023 l47028 ls758 wtro3142 wtr526 tro3144 tr528">lowest </span><span class="pp-class-236 pa t47023 l47029 ls713 wtro3142 wtr526 tro3144 tr528">level </span><span class="pp-class-236 pa t47023 l47030 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47023 l47031 ls811 wtro3142 wtr526 tro3144 tr528">identifiable </span><span class="pp-class-236 pa t47023 l15635 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47023 l47032 ls558 wtro3142 wtr526 tro3144 tr528">inflows </span><span class="pp-class-236 pa t47023 l47033 wtro3142 wtr526 tro3144 tr528">- </span><span class="pp-class-236 pa t47023 l10503 ls995 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47023 l47034 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47023 l47035 ls603 wtro3142 wtr526 tro3144 tr528">largely </span><span class="pp-class-236 pa t47036 l3 ls811 wtro3142 wtr526 tro3144 tr528">independent </span><span class="pp-class-236 pa t47036 l47037 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47036 l47038 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47036 l47039 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47036 l47040 ls558 wtro3142 wtr526 tro3144 tr528">inflows </span><span class="pp-class-236 pa t47036 l47041 ls548 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47036 l47042 ls98 wtro3142 wtr526 tro3144 tr528">other </span><span class="pp-class-236 pa t47036 l47043 ls98 wtro3142 wtr526 tro3144 tr528">assets </span><span class="pp-class-236 pa t47036 l47044 wtro3142 wtr526 tro3144 tr528">- </span><span class="pp-class-236 pa t47036 l47045 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t47036 l47046 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47036 l47047 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47036 l47048 ls558 wtro3142 wtr526 tro3144 tr528">inflows </span><span class="pp-class-236 pa t47036 l47049 ls560 wtro3142 wtr526 tro3144 tr528">generated </span><span class="pp-class-236 pa t47036 l47050 ls614 wtro3142 wtr526 tro3144 tr528">by </span><span class="pp-class-236 pa t47036 l47051 ls181 wtro3142 wtr526 tro3144 tr528">all </span><span class="pp-class-236 pa t47036 l47052 ls587 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t47036 l47053 ls949 wtro3142 wtr526 tro3144 tr528">routes </span><span class="pp-class-236 pa t47054 l3 ls8367 wtro3142 wtr526 tro3144 tr528">together. </span><span class="pp-class-236 pa t47054 l47055 ls83 wtro3142 wtr526 tro3144 tr528">This </span><span class="pp-class-236 pa t47054 l47056 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t47054 l47057 ls1574 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t47054 l47058 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t47054 l47059 ls1751 wtro3142 wtr526 tro3144 tr528">increased </span><span class="pp-class-236 pa t47054 l47060 ls558 wtro3142 wtr526 tro3144 tr528">integration, </span><span class="pp-class-236 pa t47054 l47061 ls1780 wtro3142 wtr526 tro3144 tr528">creation </span><span class="pp-class-236 pa t47054 l47062 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47054 l47063 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47054 l47064 ls3852 wtro3142 wtr526 tro3144 tr528">equipment </span><span class="pp-class-236 pa t47054 l47065 ls1574 wtro3142 wtr526 tro3144 tr528">pool, </span><span class="pp-class-236 pa t47054 l47066 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47054 l47067 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47054 l47068 ls2207 wtro3142 wtr526 tro3144 tr528">fact </span><span class="pp-class-236 pa t47054 l47069 ls995 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47054 l47070 ls1024 wtro3142 wtr526 tro3144 tr528">our </span><span class="pp-class-236 pa t47071 l3 ls587 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t47071 l4749 ls168 wtro3142 wtr526 tro3144 tr528">routes </span><span class="pp-class-236 pa t47071 l47038 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47071 l47072 ls2245 wtro3142 wtr526 tro3144 tr528">largely </span><span class="pp-class-236 pa t47071 l47073 ls995 wtro3142 wtr526 tro3144 tr528">interdependent </span><span class="pp-class-236 pa t47071 l9252 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47071 l47074 ls584 wtro3142 wtr526 tro3144 tr528">managed </span><span class="pp-class-236 pa t47071 l47075 ls83 wtro3142 wtr526 tro3144 tr528">with </span><span class="pp-class-236 pa t47071 l47076 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47071 l47077 ls967 wtro3142 wtr526 tro3144 tr528">common </span><span class="pp-class-236 pa t47071 l47078 ls2036 wtro3142 wtr526 tro3144 tr528">objective </span><span class="pp-class-236 pa t47071 l47079 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47071 l47080 ls234 wtro3142 wtr526 tro3144 tr528">supporting </span><span class="pp-class-236 pa t47071 l47081 ls1024 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47082 l3 ls1404 wtro3142 wtr526 tro3144 tr528">Group's </span><span class="pp-class-236 pa t47082 l47083 ls2368 wtro3142 wtr526 tro3144 tr528">ferry </span><span class="pp-class-236 pa t47082 l47084 ls10 wtro3142 wtr526 tro3144 tr528">business </span><span class="pp-class-236 pa t47082 l4930 ls758 wtro3142 wtr526 tro3144 tr528">across </span><span class="pp-class-236 pa t47082 l47085 ls538 wtro3142 wtr526 tro3144 tr528">regions. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47086 l3 ls3084">Key </span><span class="pp-class-237 pa t47086 l3085 ls118">assumptions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47087 l3 ls35 wtro3142 wtr526 tro3144 tr528">Value-in-use </span><span class="pp-class-236 pa t47087 l47088 ls94 wtro3142 wtr526 tro3144 tr528">calculations </span><span class="pp-class-236 pa t47087 l28353 ls4149 wtro3142 wtr526 tro3144 tr528">rely </span><span class="pp-class-236 pa t47087 l47089 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t47087 l47090 ls608 wtro3142 wtr526 tro3144 tr528">Management’s </span><span class="pp-class-236 pa t47087 l47091 ls614 wtro3142 wtr526 tro3144 tr528">expectations </span><span class="pp-class-236 pa t47087 l47092 ls2222 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47087 l47093 ls278 wtro3142 wtr526 tro3144 tr528">future </span><span class="pp-class-236 pa t47087 l47094 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47087 l47095 ls551 wtro3142 wtr526 tro3144 tr528">flows </span><span class="pp-class-236 pa t47087 l47096 ls1574 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t47087 l47097 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t47087 l47098 ls938 wtro3142 wtr526 tro3144 tr528">budgets </span><span class="pp-class-236 pa t47099 l3 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47099 l46970 ls278 wtro3142 wtr526 tro3144 tr528">forecasts, </span><span class="pp-class-236 pa t47099 l47100 ls179 wtro3142 wtr526 tro3144 tr528">incorporating </span><span class="pp-class-236 pa t47099 l47101 ls884 wtro3142 wtr526 tro3144 tr528">several </span><span class="pp-class-236 pa t47099 l47102 ls98 wtro3142 wtr526 tro3144 tr528">assumptions </span><span class="pp-class-236 pa t47099 l47103 ls83 wtro3142 wtr526 tro3144 tr528">such </span><span class="pp-class-236 pa t47099 l47104 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t47099 l47105 ls544 wtro3142 wtr526 tro3144 tr528">market </span><span class="pp-class-236 pa t47099 l47106 ls164 wtro3142 wtr526 tro3144 tr528">conditions, </span><span class="pp-class-236 pa t47099 l47107 ls664 wtro3142 wtr526 tro3144 tr528">inflation, </span><span class="pp-class-236 pa t47099 l47108 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47099 l47109 ls212 wtro3142 wtr526 tro3144 tr528">discount </span><span class="pp-class-236 pa t47110 l3 ls603 wtro3142 wtr526 tro3144 tr528">rates. </span><span class="pp-class-236 pa t47110 l47111 ls1574 wtro3142 wtr526 tro3144 tr528">While </span><span class="pp-class-236 pa t47110 l12289 ls1574 wtro3142 wtr526 tro3144 tr528">these </span><span class="pp-class-236 pa t47110 l47112 ls98 wtro3142 wtr526 tro3144 tr528">assumptions </span><span class="pp-class-236 pa t47110 l47113 ls2629 wtro3142 wtr526 tro3144 tr528">involve </span><span class="pp-class-236 pa t47110 l47114 ls838 wtro3142 wtr526 tro3144 tr528">uncertainty, </span><span class="pp-class-236 pa t47110 l47115 ls4248 wtro3142 wtr526 tro3144 tr528">they </span><span class="pp-class-236 pa t47110 l47116 ls3855 wtro3142 wtr526 tro3144 tr528">represent </span><span class="pp-class-236 pa t47110 l47117 ls608 wtro3142 wtr526 tro3144 tr528">Management’s </span><span class="pp-class-236 pa t47110 l47118 ls83 wtro3142 wtr526 tro3144 tr528">best </span><span class="pp-class-236 pa t47110 l47119 ls696 wtro3142 wtr526 tro3144 tr528">estimates.</span></p></div></div><span class="pp-class-248 pa t42503 l43789 ls4867" xmlns="http://www.w3.org/1999/xhtml">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177" xmlns="http://www.w3.org/1999/xhtml">accounting </span><span class="pp-class-248 pa t42503 l43791 ls685" xmlns="http://www.w3.org/1999/xhtml">estimates</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43846 l3 ls811">In </span><span class="pp-class-236 pa t43846 l38573 ls2969">applying </span><span class="pp-class-236 pa t43846 l54153 ls651">the </span><span class="pp-class-236 pa t43846 l54154 ls544">acquisition </span><span class="pp-class-236 pa t43846 l53727 ls179">method </span><span class="pp-class-236 pa t43846 l17144 ls98">of </span><span class="pp-class-236 pa t43846 l54155 ls553">accounting, </span><span class="pp-class-236 pa t43846 l54156 ls2207">estimates </span><span class="pp-class-236 pa t43846 l54157 ls2808">are </span><span class="pp-class-236 pa t43846 l54158 ls811">an </span><span class="pp-class-236 pa t43846 l54159 ls7468">integrated </span><span class="pp-class-236 pa t43846 l54160 ls875">part </span><span class="pp-class-236 pa t43846 l54161 ls98">of </span><span class="pp-class-236 pa t43846 l54162 ls995">assessing </span><span class="pp-class-236 pa t43846 l46299 ls670">fair </span><span class="pp-class-236 pa t43857 l3 ls556">values </span><span class="pp-class-236 pa t43857 l16343 ls98">of </span><span class="pp-class-236 pa t43857 l54163 ls3084">several </span><span class="pp-class-236 pa t43857 l54164 ls949">identifiable </span><span class="pp-class-236 pa t43857 l16509 ls179">assets </span><span class="pp-class-236 pa t43857 l54165 ls4276">acquired </span><span class="pp-class-236 pa t43857 l54166 ls572">and </span><span class="pp-class-236 pa t43857 l54167 ls625">liabilities </span><span class="pp-class-236 pa t43857 l54168 ls1751">assumed, </span><span class="pp-class-236 pa t43857 l54169 ls811">as </span><span class="pp-class-236 pa t43857 l54170 ls546">observable </span><span class="pp-class-236 pa t43857 l54171 ls691">market </span><span class="pp-class-236 pa t43857 l54172 ls1792">prices </span><span class="pp-class-236 pa t43870 l3 ls2808">are </span><span class="pp-class-236 pa t43870 l38371 ls681">typically </span><span class="pp-class-236 pa t43870 l38022 ls4248">not </span><span class="pp-class-236 pa t43870 l54173 ls2245">available.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43900 l3 ls5202">Valuation </span><span class="pp-class-236 pa t43900 l54174 ls179">techniques </span><span class="pp-class-236 pa t43900 l54175 ls706">where </span><span class="pp-class-236 pa t43900 l16759 ls2207">estimates </span><span class="pp-class-236 pa t43900 l42442 ls2808">are </span><span class="pp-class-236 pa t43900 l54176 ls2036">applied </span><span class="pp-class-236 pa t43900 l47681 ls681">typically </span><span class="pp-class-236 pa t43900 l54177 ls1796">relate </span><span class="pp-class-236 pa t43900 l54178 ls538">to </span><span class="pp-class-236 pa t43900 l54179 ls551">determining </span><span class="pp-class-236 pa t43900 l54180 ls651">the </span><span class="pp-class-236 pa t43900 l54181 ls7086">present </span><span class="pp-class-236 pa t43900 l54182 ls2197">value </span><span class="pp-class-236 pa t43900 l54183 ls197">of </span><span class="pp-class-236 pa t43914 l3 ls2197">future </span><span class="pp-class-236 pa t43914 l49642 ls670">uncertain </span><span class="pp-class-236 pa t43914 l54184 ls2222">cash </span><span class="pp-class-236 pa t43914 l54185 ls706">flows </span><span class="pp-class-236 pa t43914 l39202 ls811">or </span><span class="pp-class-236 pa t43914 l13191 ls995">assessing </span><span class="pp-class-236 pa t43914 l12333 ls949">other </span><span class="pp-class-236 pa t43914 l54186 ls7468">events </span><span class="pp-class-236 pa t43914 l54187 ls811">in </span><span class="pp-class-236 pa t43914 l54188 ls538">which </span><span class="pp-class-236 pa t43914 l54189 ls651">the </span><span class="pp-class-236 pa t43914 l54190 ls524">outcome </span><span class="pp-class-236 pa t43914 l54191 ls811">is </span><span class="pp-class-236 pa t43914 l54192 ls670">uncertain </span><span class="pp-class-236 pa t43914 l54193 ls2197">at </span><span class="pp-class-236 pa t43914 l43726 ls651">the </span><span class="pp-class-236 pa t43914 l54194 ls7086">date </span><span class="pp-class-236 pa t43914 l54195 ls197">of </span><span class="pp-class-236 pa t43926 l3 ls544">acquisition. </span><span class="pp-class-236 pa t43926 l39154 ls524">Significant </span><span class="pp-class-236 pa t43926 l54196 ls2207">estimates </span><span class="pp-class-236 pa t43926 l54197 ls2808">are </span><span class="pp-class-236 pa t43926 l54198 ls681">typically </span><span class="pp-class-236 pa t43926 l28258 ls2036">applied </span><span class="pp-class-236 pa t43926 l54199 ls811">in </span><span class="pp-class-236 pa t43926 l54200 ls30">accounting </span><span class="pp-class-236 pa t43926 l54201 ls553">for </span><span class="pp-class-236 pa t43926 l24311 ls6092">property, </span><span class="pp-class-236 pa t43926 l54202 ls536">plant </span><span class="pp-class-236 pa t43926 l54203 ls184">and </span><span class="pp-class-236 pa t43939 l3 ls747">equipment </span><span class="pp-class-236 pa t43939 l54204 ls651">and </span><span class="pp-class-236 pa t43939 l54205 ls949">customer </span><span class="pp-class-236 pa t43939 l54206 ls4787">relationships. </span><span class="pp-class-236 pa t43939 l7344 ls811">As </span><span class="pp-class-236 pa t43939 l17414 ls184">a </span><span class="pp-class-236 pa t43939 l54207 ls2808">result </span><span class="pp-class-236 pa t43939 l54208 ls98">of </span><span class="pp-class-236 pa t43939 l54209 ls651">the </span><span class="pp-class-236 pa t43939 l49491 ls1751">uncertainties </span><span class="pp-class-236 pa t43939 l54210 ls811">in </span><span class="pp-class-236 pa t43939 l54211 ls553">fair </span><span class="pp-class-236 pa t43939 l54212 ls2197">value </span><span class="pp-class-236 pa t43939 l54213 ls530">estimation, </span><span class="pp-class-236 pa t43956 l3 ls8048">measurement </span><span class="pp-class-236 pa t43956 l25042 ls1764">period </span><span class="pp-class-236 pa t43956 l4054 ls553">adjustments </span><span class="pp-class-236 pa t43956 l41994 ls2969">may </span><span class="pp-class-236 pa t43956 l4490 ls811">be </span><span class="pp-class-236 pa t43956 l54214 ls2036">applied.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l50496"/></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38764 l3 ls538">Basis </span><span class="pp-class-237 pa t38764 l31310 ls811">of </span><span class="pp-class-237 pa t38764 l38427 ls560">consolidation</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38765 l3 ls651">The </span><span class="pp-class-236 pa t38765 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38765 l38586 ls995">financial </span><span class="pp-class-236 pa t38765 l38587 ls713">statements </span><span class="pp-class-236 pa t38765 l38588 ls949">include </span><span class="pp-class-236 pa t38765 l38766 ls651">the </span><span class="pp-class-236 pa t38765 l38767 ls2687">Parent </span><span class="pp-class-236 pa t38765 l38768 ls551">company </span><span class="pp-class-236 pa t38765 l38769 ls2222">DFDS </span><span class="pp-class-236 pa t38765 l38770 ls4787">A/S </span><span class="pp-class-236 pa t38765 l38771 ls572">and </span><span class="pp-class-236 pa t38765 l38772 ls572">the </span><span class="pp-class-236 pa t38765 l38773 ls4248">subsidiaries </span><span class="pp-class-236 pa t38765 l38774 ls811">in </span><span class="pp-class-236 pa t38765 l38775 ls811">which </span><span class="pp-class-236 pa t38776 l3 ls651">the </span><span class="pp-class-236 pa t38776 l28221 ls2687">Parent </span><span class="pp-class-236 pa t38776 l38777 ls551">company </span><span class="pp-class-236 pa t38776 l18475 ls567">controls </span><span class="pp-class-236 pa t38776 l38778 ls651">the </span><span class="pp-class-236 pa t38776 l23952 ls995">financial </span><span class="pp-class-236 pa t38776 l6924 ls572">and </span><span class="pp-class-236 pa t38776 l38779 ls2969">operational </span><span class="pp-class-236 pa t38776 l38780 ls995">policies. </span><span class="pp-class-236 pa t38776 l38781 ls7086">Control </span><span class="pp-class-236 pa t38776 l38782 ls811">is </span><span class="pp-class-236 pa t38776 l38783 ls553">obtained </span><span class="pp-class-236 pa t38776 l38784 ls2222">when </span><span class="pp-class-236 pa t38776 l38785 ls651">the </span><span class="pp-class-236 pa t38776 l38464 ls1780">Group </span><span class="pp-class-236 pa t38786 l3 ls3084">directly </span><span class="pp-class-236 pa t38786 l38787 ls811">or </span><span class="pp-class-236 pa t38786 l38788 ls3234">indirectly </span><span class="pp-class-236 pa t38786 l38789 ls538">holds </span><span class="pp-class-236 pa t38786 l38790 ls877">more </span><span class="pp-class-236 pa t38786 l38791 ls2222">than </span><span class="pp-class-236 pa t38786 l38792 ls651">50% </span><span class="pp-class-236 pa t38786 l38793 ls98">of </span><span class="pp-class-236 pa t38786 l38794 ls651">the </span><span class="pp-class-236 pa t38786 l38795 ls621">voting </span><span class="pp-class-236 pa t38786 l38796 ls995">rights </span><span class="pp-class-236 pa t38786 l38797 ls811">in </span><span class="pp-class-236 pa t38786 l38798 ls572">the </span><span class="pp-class-236 pa t38786 l38799 ls541">enterprise </span><span class="pp-class-236 pa t38786 l38800 ls1024">(i.e. </span><span class="pp-class-236 pa t38786 l38801 ls608">subsidiary) </span><span class="pp-class-236 pa t38786 l38802 ls811">or </span><span class="pp-class-236 pa t38786 l38803 ls811">if </span><span class="pp-class-236 pa t38786 l38804 ls212">it, </span><span class="pp-class-236 pa t38786 l38805 ls811">in </span><span class="pp-class-236 pa t38786 l38806 ls967">some </span><span class="pp-class-236 pa t38807 l3 ls949">other </span><span class="pp-class-236 pa t38807 l38610 ls11194">way, </span><span class="pp-class-236 pa t38807 l38808 ls567">controls </span><span class="pp-class-236 pa t38807 l38809 ls572">the </span><span class="pp-class-236 pa t38807 l38810 ls1404">enterprise. </span><span class="pp-class-236 pa t38807 l38811 ls4823">Further, </span><span class="pp-class-236 pa t38807 l38812 ls7086">control </span><span class="pp-class-236 pa t38807 l38813 ls2222">also </span><span class="pp-class-236 pa t38807 l38814 ls2036">implies </span><span class="pp-class-236 pa t38807 l38815 ls616">that </span><span class="pp-class-236 pa t38807 l38816 ls651">the </span><span class="pp-class-236 pa t38807 l38817 ls706">Group </span><span class="pp-class-236 pa t38807 l38818 ls811">is </span><span class="pp-class-236 pa t38807 l38819 ls3855">exposed, </span><span class="pp-class-236 pa t38807 l38820 ls811">or </span><span class="pp-class-236 pa t38807 l38821 ls651">has </span><span class="pp-class-236 pa t38807 l38822 ls625">rights, </span><span class="pp-class-236 pa t38807 l38823 ls184">to </span><span class="pp-class-236 pa t38824 l3 ls731">variable </span><span class="pp-class-236 pa t38824 l38825 ls603">returns </span><span class="pp-class-236 pa t38824 l38826 ls877">from </span><span class="pp-class-236 pa t38824 l38827 ls651">its </span><span class="pp-class-236 pa t38824 l38828 ls12546">involvement </span><span class="pp-class-236 pa t38824 l38829 ls2222">with </span><span class="pp-class-236 pa t38824 l34186 ls572">the </span><span class="pp-class-236 pa t38824 l38830 ls706">investee </span><span class="pp-class-236 pa t38824 l38831 ls572">and </span><span class="pp-class-236 pa t38824 l38832 ls572">has </span><span class="pp-class-236 pa t38824 l38833 ls651">the </span><span class="pp-class-236 pa t38824 l38834 ls2036">ability </span><span class="pp-class-236 pa t38824 l38835 ls538">to </span><span class="pp-class-236 pa t38824 l38836 ls7086">affect </span><span class="pp-class-236 pa t38824 l38837 ls538">those </span><span class="pp-class-236 pa t38824 l38838 ls603">returns </span><span class="pp-class-236 pa t38824 l38839 ls556">through </span><span class="pp-class-236 pa t38824 l38840 ls184">its </span><span class="pp-class-236 pa t38841 l3 ls849">power </span><span class="pp-class-236 pa t38841 l3237 ls3234">over </span><span class="pp-class-236 pa t38841 l28773 ls651">the </span><span class="pp-class-236 pa t38841 l38842 ls1775">investee. </span><span class="pp-class-236 pa t38841 l38843 ls651">The </span><span class="pp-class-236 pa t38841 l38844 ls2687">Parent </span><span class="pp-class-236 pa t38841 l38845 ls551">company </span><span class="pp-class-236 pa t38841 l38846 ls651">and </span><span class="pp-class-236 pa t38841 l38847 ls572">its </span><span class="pp-class-236 pa t38841 l38848 ls4248">subsidiaries </span><span class="pp-class-236 pa t38841 l27510 ls2808">are </span><span class="pp-class-236 pa t38841 l38849 ls2081">referred </span><span class="pp-class-236 pa t38841 l38850 ls538">to </span><span class="pp-class-236 pa t38841 l38851 ls811">as </span><span class="pp-class-236 pa t38841 l38852 ls572">the </span><span class="pp-class-236 pa t38841 l38853 ls7468">Group.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38854 l3 ls651">The </span><span class="pp-class-236 pa t38854 l38379 ls731">consolidated </span><span class="pp-class-236 pa t38854 l38586 ls995">financial </span><span class="pp-class-236 pa t38854 l38587 ls713">statements </span><span class="pp-class-236 pa t38854 l38588 ls2808">are </span><span class="pp-class-236 pa t38854 l38855 ls538">based </span><span class="pp-class-236 pa t38854 l38856 ls811">on </span><span class="pp-class-236 pa t38854 l34025 ls651">the </span><span class="pp-class-236 pa t38854 l38857 ls2687">Parent </span><span class="pp-class-236 pa t38854 l27616 ls551">company </span><span class="pp-class-236 pa t38854 l38858 ls651">and </span><span class="pp-class-236 pa t38854 l38859 ls572">the </span><span class="pp-class-236 pa t38854 l38860 ls4248">subsidiaries </span><span class="pp-class-236 pa t38854 l38861 ls651">and </span><span class="pp-class-236 pa t38854 l38862 ls667">are </span><span class="pp-class-236 pa t38863 l3 ls11713">prepared </span><span class="pp-class-236 pa t38863 l6612 ls706">by </span><span class="pp-class-236 pa t38863 l13307 ls995">combining </span><span class="pp-class-236 pa t38863 l13309 ls625">items </span><span class="pp-class-236 pa t38863 l23383 ls98">of </span><span class="pp-class-236 pa t38863 l27523 ls184">a </span><span class="pp-class-236 pa t38863 l38716 ls551">uniform </span><span class="pp-class-236 pa t38863 l38864 ls11713">nature </span><span class="pp-class-236 pa t38863 l38865 ls572">and </span><span class="pp-class-236 pa t38863 l38866 ls1404">eliminating </span><span class="pp-class-236 pa t38863 l38867 ls706">intercompany </span><span class="pp-class-236 pa t38863 l38868 ls7086">transactions, </span><span class="pp-class-236 pa t38863 l38869 ls558">shareholdings, </span><span class="pp-class-236 pa t38870 l3 ls995">balances, </span><span class="pp-class-236 pa t38870 l18845 ls572">and </span><span class="pp-class-236 pa t38870 l38871 ls706">intercompany </span><span class="pp-class-236 pa t38870 l38872 ls538">gains </span><span class="pp-class-236 pa t38870 l33278 ls651">and </span><span class="pp-class-236 pa t38870 l38873 ls2036">losses. </span><span class="pp-class-236 pa t38870 l38874 ls651">The </span><span class="pp-class-236 pa t38870 l38875 ls731">consolidated </span><span class="pp-class-236 pa t38870 l38876 ls995">financial </span><span class="pp-class-236 pa t38870 l38877 ls713">statements </span><span class="pp-class-236 pa t38870 l38878 ls2808">are </span><span class="pp-class-236 pa t38870 l38879 ls11713">prepared </span><span class="pp-class-236 pa t38870 l38880 ls747">by </span><span class="pp-class-236 pa t38881 l3 ls2969">applying </span><span class="pp-class-236 pa t38881 l38882 ls651">the </span><span class="pp-class-236 pa t38881 l38883 ls2848">Group’s </span><span class="pp-class-236 pa t38881 l38884 ls30">accounting </span><span class="pp-class-236 pa t38881 l38885 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38886 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">Investments </span><span class="pp-class-236 pa t38886 l38887 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38886 l37186 ls4248" xmlns="http://www.w3.org/1999/xhtml">subsidiaries </span><span class="pp-class-236 pa t38886 l31348 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38886 l38888 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38886 l38889 ls544" xmlns="http://www.w3.org/1999/xhtml">against </span><span class="pp-class-236 pa t38886 l38890 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38886 l38891 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38886 l38892 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38886 l38893 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38886 l38894 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38886 l38895 ls625" xmlns="http://www.w3.org/1999/xhtml">subsidiaries’ </span><span class="pp-class-236 pa t38886 l38896 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38886 l38897 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38886 l38898 ls614" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t38899 l3 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38899 l38900 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38899 l38901 ls544" xmlns="http://www.w3.org/1999/xhtml">acquisition </span><span class="pp-class-236 pa t38899 l38902 ls713" xmlns="http://www.w3.org/1999/xhtml">date. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38903 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38903 l38379 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38903 l29180 ls713" xmlns="http://www.w3.org/1999/xhtml">investments </span><span class="pp-class-236 pa t38903 l38904 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38905 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38903 l38906 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38903 l17528 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38903 l38907 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38903 l38908 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38903 l38909 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t38903 l38910 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38911 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38903 l38912 ls731" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-236 pa t38903 l38913 ls2222" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t38914 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-236 pa t38914 l38338 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38914 l38915 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l11469 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38914 l38916 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38914 l38917 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38914 l28906 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38914 l38918 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l38919 ls4276" xmlns="http://www.w3.org/1999/xhtml">associate’s/joint </span><span class="pp-class-236 pa t38914 l38920 ls4780" xmlns="http://www.w3.org/1999/xhtml">venture’s </span><span class="pp-class-236 pa t38914 l38921 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38914 l38922 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38914 l38923 ls1775" xmlns="http://www.w3.org/1999/xhtml">value. </span><span class="pp-class-236 pa t38914 l38924 ls630" xmlns="http://www.w3.org/1999/xhtml">Unrealised </span><span class="pp-class-236 pa t38925 l3 ls706" xmlns="http://www.w3.org/1999/xhtml">intercompany </span><span class="pp-class-236 pa t38925 l38926 ls538" xmlns="http://www.w3.org/1999/xhtml">gains </span><span class="pp-class-236 pa t38925 l38927 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38928 ls1764" xmlns="http://www.w3.org/1999/xhtml">losses </span><span class="pp-class-236 pa t38925 l31196 ls877" xmlns="http://www.w3.org/1999/xhtml">from </span><span class="pp-class-236 pa t38925 l38929 ls691" xmlns="http://www.w3.org/1999/xhtml">transactions </span><span class="pp-class-236 pa t38925 l38930 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t38925 l38931 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38925 l38932 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38933 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38925 l38934 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38925 l38935 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38925 l38936 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38925 l38937 ls706" xmlns="http://www.w3.org/1999/xhtml">by </span><span class="pp-class-236 pa t38925 l38938 ls184" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l3 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38939 l38940 ls706" xmlns="http://www.w3.org/1999/xhtml">interest </span><span class="pp-class-236 pa t38939 l38941 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38939 l38942 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l38943 ls1131" xmlns="http://www.w3.org/1999/xhtml">respective </span><span class="pp-class-236 pa t38939 l38944 ls2969" xmlns="http://www.w3.org/1999/xhtml">associate/jointly </span><span class="pp-class-236 pa t38939 l38945 ls2889" xmlns="http://www.w3.org/1999/xhtml">controlled </span><span class="pp-class-236 pa t38939 l38946 ls1404" xmlns="http://www.w3.org/1999/xhtml">enterprise.</span></p> <span class="pp-class-236 pa t38886 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">Investments </span><span class="pp-class-236 pa t38886 l38887 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38886 l37186 ls4248" xmlns="http://www.w3.org/1999/xhtml">subsidiaries </span><span class="pp-class-236 pa t38886 l31348 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38886 l38888 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38886 l38889 ls544" xmlns="http://www.w3.org/1999/xhtml">against </span><span class="pp-class-236 pa t38886 l38890 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38886 l38891 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38886 l38892 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38886 l38893 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38886 l38894 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38886 l38895 ls625" xmlns="http://www.w3.org/1999/xhtml">subsidiaries’ </span><span class="pp-class-236 pa t38886 l38896 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38886 l38897 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38886 l38898 ls614" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t38899 l3 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38899 l38900 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38899 l38901 ls544" xmlns="http://www.w3.org/1999/xhtml">acquisition </span><span class="pp-class-236 pa t38899 l38902 ls713" xmlns="http://www.w3.org/1999/xhtml">date. </span> <span class="pp-class-236 pa t38903 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38903 l38379 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38903 l29180 ls713" xmlns="http://www.w3.org/1999/xhtml">investments </span><span class="pp-class-236 pa t38903 l38904 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38905 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38903 l38906 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38903 l17528 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38903 l38907 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38903 l38908 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38903 l38909 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t38903 l38910 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38911 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38903 l38912 ls731" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-236 pa t38903 l38913 ls2222" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t38914 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-236 pa t38914 l38338 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38914 l38915 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l11469 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38914 l38916 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38914 l38917 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38914 l28906 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38914 l38918 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l38919 ls4276" xmlns="http://www.w3.org/1999/xhtml">associate’s/joint </span><span class="pp-class-236 pa t38914 l38920 ls4780" xmlns="http://www.w3.org/1999/xhtml">venture’s </span><span class="pp-class-236 pa t38914 l38921 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38914 l38922 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38914 l38923 ls1775" xmlns="http://www.w3.org/1999/xhtml">value. </span><span class="pp-class-236 pa t38914 l38924 ls630" xmlns="http://www.w3.org/1999/xhtml">Unrealised </span><span class="pp-class-236 pa t38925 l3 ls706" xmlns="http://www.w3.org/1999/xhtml">intercompany </span><span class="pp-class-236 pa t38925 l38926 ls538" xmlns="http://www.w3.org/1999/xhtml">gains </span><span class="pp-class-236 pa t38925 l38927 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38928 ls1764" xmlns="http://www.w3.org/1999/xhtml">losses </span><span class="pp-class-236 pa t38925 l31196 ls877" xmlns="http://www.w3.org/1999/xhtml">from </span><span class="pp-class-236 pa t38925 l38929 ls691" xmlns="http://www.w3.org/1999/xhtml">transactions </span><span class="pp-class-236 pa t38925 l38930 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t38925 l38931 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38925 l38932 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38933 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38925 l38934 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38925 l38935 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38925 l38936 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38925 l38937 ls706" xmlns="http://www.w3.org/1999/xhtml">by </span><span class="pp-class-236 pa t38925 l38938 ls184" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l3 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38939 l38940 ls706" xmlns="http://www.w3.org/1999/xhtml">interest </span><span class="pp-class-236 pa t38939 l38941 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38939 l38942 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l38943 ls1131" xmlns="http://www.w3.org/1999/xhtml">respective </span><span class="pp-class-236 pa t38939 l38944 ls2969" xmlns="http://www.w3.org/1999/xhtml">associate/jointly </span><span class="pp-class-236 pa t38939 l38945 ls2889" xmlns="http://www.w3.org/1999/xhtml">controlled </span><span class="pp-class-236 pa t38939 l38946 ls1404" xmlns="http://www.w3.org/1999/xhtml">enterprise.</span> <span class="pp-class-236 pa t38903 l3 ls651" xmlns="http://www.w3.org/1999/xhtml">The </span><span class="pp-class-236 pa t38903 l38379 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38903 l29180 ls713" xmlns="http://www.w3.org/1999/xhtml">investments </span><span class="pp-class-236 pa t38903 l38904 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38905 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38903 l38906 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38903 l17528 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38903 l38907 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38903 l38908 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38903 l38909 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t38903 l38910 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38903 l38911 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38903 l38912 ls731" xmlns="http://www.w3.org/1999/xhtml">consolidated </span><span class="pp-class-236 pa t38903 l38913 ls2222" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t38914 l3 ls713" xmlns="http://www.w3.org/1999/xhtml">statements </span><span class="pp-class-236 pa t38914 l38338 ls2197" xmlns="http://www.w3.org/1999/xhtml">at </span><span class="pp-class-236 pa t38914 l38915 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l11469 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38914 l38916 ls3855" xmlns="http://www.w3.org/1999/xhtml">proportionate </span><span class="pp-class-236 pa t38914 l38917 ls706" xmlns="http://www.w3.org/1999/xhtml">share </span><span class="pp-class-236 pa t38914 l28906 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t38914 l38918 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38914 l38919 ls4276" xmlns="http://www.w3.org/1999/xhtml">associate’s/joint </span><span class="pp-class-236 pa t38914 l38920 ls4780" xmlns="http://www.w3.org/1999/xhtml">venture’s </span><span class="pp-class-236 pa t38914 l38921 ls4248" xmlns="http://www.w3.org/1999/xhtml">net </span><span class="pp-class-236 pa t38914 l38922 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t38914 l38923 ls1775" xmlns="http://www.w3.org/1999/xhtml">value. </span><span class="pp-class-236 pa t38914 l38924 ls630" xmlns="http://www.w3.org/1999/xhtml">Unrealised </span><span class="pp-class-236 pa t38925 l3 ls706" xmlns="http://www.w3.org/1999/xhtml">intercompany </span><span class="pp-class-236 pa t38925 l38926 ls538" xmlns="http://www.w3.org/1999/xhtml">gains </span><span class="pp-class-236 pa t38925 l38927 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38928 ls1764" xmlns="http://www.w3.org/1999/xhtml">losses </span><span class="pp-class-236 pa t38925 l31196 ls877" xmlns="http://www.w3.org/1999/xhtml">from </span><span class="pp-class-236 pa t38925 l38929 ls691" xmlns="http://www.w3.org/1999/xhtml">transactions </span><span class="pp-class-236 pa t38925 l38930 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t38925 l38931 ls560" xmlns="http://www.w3.org/1999/xhtml">associates </span><span class="pp-class-236 pa t38925 l38932 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t38925 l38933 ls536" xmlns="http://www.w3.org/1999/xhtml">joint </span><span class="pp-class-236 pa t38925 l38934 ls299" xmlns="http://www.w3.org/1999/xhtml">ventures </span><span class="pp-class-236 pa t38925 l38935 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t38925 l38936 ls560" xmlns="http://www.w3.org/1999/xhtml">eliminated </span><span class="pp-class-236 pa t38925 l38937 ls706" xmlns="http://www.w3.org/1999/xhtml">by </span><span class="pp-class-236 pa t38925 l38938 ls184" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l3 ls2848" xmlns="http://www.w3.org/1999/xhtml">Group’s </span><span class="pp-class-236 pa t38939 l38940 ls706" xmlns="http://www.w3.org/1999/xhtml">interest </span><span class="pp-class-236 pa t38939 l38941 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t38939 l38942 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t38939 l38943 ls1131" xmlns="http://www.w3.org/1999/xhtml">respective </span><span class="pp-class-236 pa t38939 l38944 ls2969" xmlns="http://www.w3.org/1999/xhtml">associate/jointly </span><span class="pp-class-236 pa t38939 l38945 ls2889" xmlns="http://www.w3.org/1999/xhtml">controlled </span><span class="pp-class-236 pa t38939 l38946 ls1404" xmlns="http://www.w3.org/1999/xhtml">enterprise.</span> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38947 l3 ls530">Non-controlling </span><span class="pp-class-237 pa t38947 l27501 ls614">interests</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38948 l3 ls811">In </span><span class="pp-class-236 pa t38948 l38573 ls651">the </span><span class="pp-class-236 pa t38948 l17996 ls731">consolidated </span><span class="pp-class-236 pa t38948 l38949 ls995">financial </span><span class="pp-class-236 pa t38948 l31385 ls2889">statements, </span><span class="pp-class-236 pa t38948 l38950 ls651">the </span><span class="pp-class-236 pa t38948 l38951 ls562">individual </span><span class="pp-class-236 pa t38948 l38952 ls995">financial </span><span class="pp-class-236 pa t38948 l24622 ls2222">line </span><span class="pp-class-236 pa t38948 l38953 ls625">items </span><span class="pp-class-236 pa t38948 l38954 ls98">of </span><span class="pp-class-236 pa t38948 l38955 ls4248">subsidiaries </span><span class="pp-class-236 pa t38948 l38956 ls2808">are </span><span class="pp-class-236 pa t38948 l38957 ls667">recognised </span><span class="pp-class-236 pa t38948 l38958 ls1547">in </span><span class="pp-class-236 pa t38959 l3 ls538">full. </span><span class="pp-class-236 pa t38959 l38960 ls651">The </span><span class="pp-class-236 pa t38959 l38961 ls630">non-controlling </span><span class="pp-class-236 pa t38959 l38962 ls556">interests’ </span><span class="pp-class-236 pa t38959 l38963 ls706">share </span><span class="pp-class-236 pa t38959 l38964 ls98">of </span><span class="pp-class-236 pa t38959 l28732 ls651">the </span><span class="pp-class-236 pa t38959 l38965 ls1815">results </span><span class="pp-class-236 pa t38959 l38966 ls553">for </span><span class="pp-class-236 pa t38959 l38967 ls572">the </span><span class="pp-class-236 pa t38959 l38968 ls8048">year </span><span class="pp-class-236 pa t38959 l38969 ls651">and </span><span class="pp-class-236 pa t38959 l38970 ls98">of </span><span class="pp-class-236 pa t38959 l38971 ls651">the </span><span class="pp-class-236 pa t38959 l38972 ls1764">equity </span><span class="pp-class-236 pa t38959 l38973 ls98">of </span><span class="pp-class-236 pa t38959 l38974 ls4248">subsidiaries </span><span class="pp-class-236 pa t38959 l38975 ls538">which </span><span class="pp-class-236 pa t38959 l38976 ls667">are </span><span class="pp-class-236 pa t38977 l3 ls4248">not </span><span class="pp-class-236 pa t38977 l38978 ls4807">wholly </span><span class="pp-class-236 pa t38977 l38979 ls838">owned </span><span class="pp-class-236 pa t38977 l38980 ls2808">are </span><span class="pp-class-236 pa t38977 l38981 ls179">included </span><span class="pp-class-236 pa t38977 l38982 ls811">in </span><span class="pp-class-236 pa t38977 l17272 ls651">the </span><span class="pp-class-236 pa t38977 l38983 ls2848">Group’s </span><span class="pp-class-236 pa t38977 l38984 ls1815">results </span><span class="pp-class-236 pa t38977 l38985 ls651">and </span><span class="pp-class-236 pa t38977 l38986 ls4284">equity, </span><span class="pp-class-236 pa t38977 l38987 ls749">respectively, </span><span class="pp-class-236 pa t38977 l38988 ls572">but </span><span class="pp-class-236 pa t38977 l38989 ls2808">are </span><span class="pp-class-236 pa t38977 l38990 ls7086">presented </span><span class="pp-class-236 pa t38977 l38991 ls2848">separately </span><span class="pp-class-236 pa t38977 l38992 ls1547">in </span><span class="pp-class-236 pa t38993 l3 ls651">the </span><span class="pp-class-236 pa t38993 l28221 ls3855">proposed </span><span class="pp-class-236 pa t38993 l38994 ls681">profit </span><span class="pp-class-236 pa t38993 l17472 ls7086">appropriation </span><span class="pp-class-236 pa t38993 l38995 ls651">and </span><span class="pp-class-236 pa t38993 l38996 ls651">the </span><span class="pp-class-236 pa t38993 l38997 ls556">statement </span><span class="pp-class-236 pa t38993 l38998 ls98">of </span><span class="pp-class-236 pa t38993 l38332 ls1764">change </span><span class="pp-class-236 pa t38993 l38999 ls811">in </span><span class="pp-class-236 pa t38993 l39000 ls7832">equity.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t39001 l3 ls4284">Translation </span><span class="pp-class-237 pa t39001 l39002 ls811">of </span><span class="pp-class-237 pa t39001 l39003 ls565">foreign </span><span class="pp-class-237 pa t39001 l39004 ls30">currencies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t39005 l3 ls278">Functional </span><span class="pp-class-239 pa t39005 l39006 ls651">and </span><span class="pp-class-239 pa t39005 l39007 ls1687">presentation </span><span class="pp-class-239 pa t39005 l39008 ls4017">currency</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39009 l3 ls625">Items </span><span class="pp-class-236 pa t39009 l39010 ls179">included </span><span class="pp-class-236 pa t39009 l39011 ls811">in </span><span class="pp-class-236 pa t39009 l39012 ls572">the </span><span class="pp-class-236 pa t39009 l39013 ls995">financial </span><span class="pp-class-236 pa t39009 l39014 ls713">statements </span><span class="pp-class-236 pa t39009 l39015 ls98">of </span><span class="pp-class-236 pa t39009 l39016 ls544">each </span><span class="pp-class-236 pa t39009 l39017 ls98">of </span><span class="pp-class-236 pa t39009 l39018 ls572">the </span><span class="pp-class-236 pa t39009 l39019 ls2848">Group’s </span><span class="pp-class-236 pa t39009 l39020 ls541">enterprises </span><span class="pp-class-236 pa t39009 l39021 ls2808">are </span><span class="pp-class-236 pa t39009 l39022 ls3855">measured </span><span class="pp-class-236 pa t39009 l39023 ls538">using </span><span class="pp-class-236 pa t39009 l39024 ls184">the </span><span class="pp-class-236 pa t39025 l3 ls278">functional </span><span class="pp-class-236 pa t39025 l19171 ls2245">currency </span><span class="pp-class-236 pa t39025 l39026 ls98">of </span><span class="pp-class-236 pa t39025 l39027 ls651">the </span><span class="pp-class-236 pa t39025 l39028 ls534">primary </span><span class="pp-class-236 pa t39025 l39029 ls1751">economic </span><span class="pp-class-236 pa t39025 l39030 ls681">environment </span><span class="pp-class-236 pa t39025 l39031 ls811">in </span><span class="pp-class-236 pa t39025 l39032 ls538">which </span><span class="pp-class-236 pa t39025 l39033 ls651">the </span><span class="pp-class-236 pa t39025 l39034 ls541">enterprise </span><span class="pp-class-236 pa t39025 l39035 ls2245">operates. </span><span class="pp-class-236 pa t39025 l39036 ls572">The </span><span class="pp-class-236 pa t39025 l39037 ls551">consolidated </span><span class="pp-class-236 pa t39038 l3 ls995">financial </span><span class="pp-class-236 pa t39038 l1599 ls713">statements </span><span class="pp-class-236 pa t39038 l39039 ls2808">are </span><span class="pp-class-236 pa t39038 l39040 ls7086">presented </span><span class="pp-class-236 pa t39038 l39041 ls811">in </span><span class="pp-class-236 pa t39038 l16922 ls1764">Danish </span><span class="pp-class-236 pa t39038 l39042 ls2197">Kroner </span><span class="pp-class-236 pa t39038 l39043 ls538">(DKK).</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t39001 l3 ls4284">Translation </span><span class="pp-class-237 pa t39001 l39002 ls811">of </span><span class="pp-class-237 pa t39001 l39003 ls565">foreign </span><span class="pp-class-237 pa t39001 l39004 ls30">currencies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t39005 l3 ls278">Functional </span><span class="pp-class-239 pa t39005 l39006 ls651">and </span><span class="pp-class-239 pa t39005 l39007 ls1687">presentation </span><span class="pp-class-239 pa t39005 l39008 ls4017">currency</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39009 l3 ls625">Items </span><span class="pp-class-236 pa t39009 l39010 ls179">included </span><span class="pp-class-236 pa t39009 l39011 ls811">in </span><span class="pp-class-236 pa t39009 l39012 ls572">the </span><span class="pp-class-236 pa t39009 l39013 ls995">financial </span><span class="pp-class-236 pa t39009 l39014 ls713">statements </span><span class="pp-class-236 pa t39009 l39015 ls98">of </span><span class="pp-class-236 pa t39009 l39016 ls544">each </span><span class="pp-class-236 pa t39009 l39017 ls98">of </span><span class="pp-class-236 pa t39009 l39018 ls572">the </span><span class="pp-class-236 pa t39009 l39019 ls2848">Group’s </span><span class="pp-class-236 pa t39009 l39020 ls541">enterprises </span><span class="pp-class-236 pa t39009 l39021 ls2808">are </span><span class="pp-class-236 pa t39009 l39022 ls3855">measured </span><span class="pp-class-236 pa t39009 l39023 ls538">using </span><span class="pp-class-236 pa t39009 l39024 ls184">the </span><span class="pp-class-236 pa t39025 l3 ls278">functional </span><span class="pp-class-236 pa t39025 l19171 ls2245">currency </span><span class="pp-class-236 pa t39025 l39026 ls98">of </span><span class="pp-class-236 pa t39025 l39027 ls651">the </span><span class="pp-class-236 pa t39025 l39028 ls534">primary </span><span class="pp-class-236 pa t39025 l39029 ls1751">economic </span><span class="pp-class-236 pa t39025 l39030 ls681">environment </span><span class="pp-class-236 pa t39025 l39031 ls811">in </span><span class="pp-class-236 pa t39025 l39032 ls538">which </span><span class="pp-class-236 pa t39025 l39033 ls651">the </span><span class="pp-class-236 pa t39025 l39034 ls541">enterprise </span><span class="pp-class-236 pa t39025 l39035 ls2245">operates. </span><span class="pp-class-236 pa t39025 l39036 ls572">The </span><span class="pp-class-236 pa t39025 l39037 ls551">consolidated </span><span class="pp-class-236 pa t39038 l3 ls995">financial </span><span class="pp-class-236 pa t39038 l1599 ls713">statements </span><span class="pp-class-236 pa t39038 l39039 ls2808">are </span><span class="pp-class-236 pa t39038 l39040 ls7086">presented </span><span class="pp-class-236 pa t39038 l39041 ls811">in </span><span class="pp-class-236 pa t39038 l16922 ls1764">Danish </span><span class="pp-class-236 pa t39038 l39042 ls2197">Kroner </span><span class="pp-class-236 pa t39038 l39043 ls538">(DKK).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t39044 l3 ls3431">Translation </span><span class="pp-class-239 pa t39044 l39045 ls98">of </span><span class="pp-class-239 pa t39044 l39046 ls691">transactions </span><span class="pp-class-239 pa t39044 l39047 ls651">and </span><span class="pp-class-239 pa t39044 l39048 ls2036">balances</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39049 l3 ls811">On </span><span class="pp-class-236 pa t39049 l38479 ls2036">initial </span><span class="pp-class-236 pa t39049 l39050 ls2207">recognition, </span><span class="pp-class-236 pa t39049 l9083 ls4558">foreign </span><span class="pp-class-236 pa t39049 l39051 ls2245">currency </span><span class="pp-class-236 pa t39049 l39052 ls691">transactions </span><span class="pp-class-236 pa t39049 l39053 ls2808">are </span><span class="pp-class-236 pa t39049 l39054 ls1815">translated </span><span class="pp-class-236 pa t39049 l39055 ls546">into </span><span class="pp-class-236 pa t39049 l39056 ls572">the </span><span class="pp-class-236 pa t39049 l39057 ls278">functional </span><span class="pp-class-236 pa t39049 l39058 ls2245">currency </span><span class="pp-class-236 pa t39049 l39059 ls538">using </span><span class="pp-class-236 pa t39049 l39060 ls184">the </span><span class="pp-class-236 pa t39061 l3 ls11713">exchange </span><span class="pp-class-236 pa t39061 l35099 ls8384">rate </span><span class="pp-class-236 pa t39061 l39062 ls11713">prevailing </span><span class="pp-class-236 pa t39061 l39063 ls2197">at </span><span class="pp-class-236 pa t39061 l39064 ls651">the </span><span class="pp-class-236 pa t39061 l39065 ls7086">date </span><span class="pp-class-236 pa t39061 l39066 ls98">of </span><span class="pp-class-236 pa t39061 l18368 ls691">transaction. </span><span class="pp-class-236 pa t39061 l39067 ls2245">Currency </span><span class="pp-class-236 pa t39061 l39068 ls538">gains </span><span class="pp-class-236 pa t39061 l39069 ls572">and </span><span class="pp-class-236 pa t39061 l39070 ls1764">losses </span><span class="pp-class-236 pa t39061 l39071 ls2969">resulting </span><span class="pp-class-236 pa t39061 l39072 ls877">from </span><span class="pp-class-236 pa t39061 l39073 ls572">the </span><span class="pp-class-236 pa t39061 l39074 ls667">settlement </span><span class="pp-class-236 pa t39061 l39075 ls197">of </span><span class="pp-class-236 pa t39076 l3 ls538">these </span><span class="pp-class-236 pa t39076 l38723 ls691">transactions </span><span class="pp-class-236 pa t39076 l2060 ls811">as </span><span class="pp-class-236 pa t39076 l28418 ls8048">well </span><span class="pp-class-236 pa t39076 l3043 ls811">as </span><span class="pp-class-236 pa t39076 l39077 ls877">from </span><span class="pp-class-236 pa t39076 l39078 ls651">the </span><span class="pp-class-236 pa t39076 l39079 ls2969">translation </span><span class="pp-class-236 pa t39076 l39080 ls2197">at </span><span class="pp-class-236 pa t39076 l39081 ls1775">year-end </span><span class="pp-class-236 pa t39076 l39082 ls11713">exchange </span><span class="pp-class-236 pa t39076 l39083 ls2816">rates </span><span class="pp-class-236 pa t39076 l39084 ls98">of </span><span class="pp-class-236 pa t39076 l39085 ls1751">monetary </span><span class="pp-class-236 pa t39076 l39086 ls179">assets </span><span class="pp-class-236 pa t39076 l39087 ls184">and </span><span class="pp-class-236 pa t39088 l3 ls625">liabilities </span><span class="pp-class-236 pa t39088 l39089 ls1780">denominated </span><span class="pp-class-236 pa t39088 l28456 ls811">in </span><span class="pp-class-236 pa t39088 l17278 ls4558">foreign </span><span class="pp-class-236 pa t39088 l39090 ls667">currencies </span><span class="pp-class-236 pa t39088 l39091 ls2808">are </span><span class="pp-class-236 pa t39088 l39092 ls667">recognised </span><span class="pp-class-236 pa t39088 l39093 ls811">in </span><span class="pp-class-236 pa t39088 l39094 ls651">the </span><span class="pp-class-236 pa t39088 l39095 ls1764">income </span><span class="pp-class-236 pa t39088 l39096 ls556">statement </span><span class="pp-class-236 pa t39088 l39097 ls811">as </span><span class="pp-class-236 pa t39088 l38564 ls995">financial </span><span class="pp-class-236 pa t39088 l39098 ls1764">income </span><span class="pp-class-236 pa t39088 l39099 ls1547">or </span><span class="pp-class-236 pa t39100 l3 ls2222">cost </span><span class="pp-class-236 pa t39100 l39101 ls3292">except </span><span class="pp-class-236 pa t39100 l13278 ls2222">when </span><span class="pp-class-236 pa t39100 l28555 ls5781">deferred </span><span class="pp-class-236 pa t39100 l27369 ls811">in </span><span class="pp-class-236 pa t39100 l29172 ls1764">equity </span><span class="pp-class-236 pa t39100 l39102 ls811">as </span><span class="pp-class-236 pa t39100 l39103 ls538">qualifying </span><span class="pp-class-236 pa t39100 l5218 ls553">for </span><span class="pp-class-236 pa t39100 l39104 ls2222">cash </span><span class="pp-class-236 pa t39100 l39105 ls8048">flow </span><span class="pp-class-236 pa t39100 l39106 ls1764">hedges.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l3 ls2245">Currency </span><span class="pp-class-236 pa t283 l39108 ls538">gains </span><span class="pp-class-236 pa t283 l39109 ls651">and </span><span class="pp-class-236 pa t283 l39110 ls1764">losses </span><span class="pp-class-236 pa t283 l39111 ls811">on </span><span class="pp-class-236 pa t283 l39112 ls696">non-monetary </span><span class="pp-class-236 pa t283 l39113 ls625">items </span><span class="pp-class-236 pa t283 l39114 ls667">recognised </span><span class="pp-class-236 pa t283 l39115 ls2197">at </span><span class="pp-class-236 pa t283 l39116 ls553">fair </span><span class="pp-class-236 pa t283 l39117 ls1775">value, </span><span class="pp-class-236 pa t283 l39118 ls2222">such </span><span class="pp-class-236 pa t283 l39119 ls811">as </span><span class="pp-class-236 pa t283 l39120 ls562">securities </span><span class="pp-class-236 pa t283 l39121 ls3855">measured </span><span class="pp-class-236 pa t283 l39122 ls995">at </span><span class="pp-class-236 pa t38325 l3 ls544">Fair </span><span class="pp-class-236 pa t38325 l39123 ls2197">value </span><span class="pp-class-236 pa t38325 l39124 ls556">through </span><span class="pp-class-236 pa t38325 l14099 ls681">profit </span><span class="pp-class-236 pa t38325 l28952 ls651">and </span><span class="pp-class-236 pa t38325 l28285 ls2222">loss </span><span class="pp-class-236 pa t38325 l39125 ls94">(FVTPL), </span><span class="pp-class-236 pa t38325 l39126 ls2808">are </span><span class="pp-class-236 pa t38325 l39127 ls667">recognised </span><span class="pp-class-236 pa t38325 l39128 ls811">in </span><span class="pp-class-236 pa t38325 l39129 ls572">the </span><span class="pp-class-236 pa t38325 l39130 ls2222">same </span><span class="pp-class-236 pa t38325 l39131 ls2222">line </span><span class="pp-class-236 pa t38325 l39132 ls995">item </span><span class="pp-class-236 pa t38325 l39133 ls811">as </span><span class="pp-class-236 pa t38325 l39134 ls651">the </span><span class="pp-class-236 pa t38325 l39135 ls553">fair </span><span class="pp-class-236 pa t38325 l39136 ls2197">value </span><span class="pp-class-236 pa t38325 l39137 ls2222">gain </span><span class="pp-class-236 pa t38325 l39138 ls811">or </span><span class="pp-class-236 pa t38325 l39139 ls2222">loss.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38356 l3 ls548">Non-current </span><span class="pp-class-236 pa t38356 l21955 ls179">assets </span><span class="pp-class-236 pa t38356 l39140 ls4276">acquired </span><span class="pp-class-236 pa t38356 l39141 ls811">in </span><span class="pp-class-236 pa t38356 l39142 ls4558">foreign </span><span class="pp-class-236 pa t38356 l39143 ls2245">currency </span><span class="pp-class-236 pa t38356 l39144 ls2808">are </span><span class="pp-class-236 pa t38356 l39145 ls1815">translated </span><span class="pp-class-236 pa t38356 l24234 ls2197">at </span><span class="pp-class-236 pa t38356 l39146 ls572">the </span><span class="pp-class-236 pa t38356 l39147 ls11713">exchange </span><span class="pp-class-236 pa t38356 l39148 ls8384">rate </span><span class="pp-class-236 pa t38356 l39149 ls11713">prevailing </span><span class="pp-class-236 pa t38356 l39150 ls2197">at </span><span class="pp-class-236 pa t38356 l39151 ls572">the </span><span class="pp-class-236 pa t38356 l39152 ls7086">date </span><span class="pp-class-236 pa t38356 l39153 ls197">of </span><span class="pp-class-236 pa t38370 l3 ls544">acquisition. </span><span class="pp-class-236 pa t38370 l39154 ls538">Gains </span><span class="pp-class-236 pa t38370 l39155 ls651">and </span><span class="pp-class-236 pa t38370 l39156 ls1764">losses </span><span class="pp-class-236 pa t38370 l39157 ls811">on </span><span class="pp-class-236 pa t38370 l39158 ls1764">hedges </span><span class="pp-class-236 pa t38370 l39159 ls1131">relating </span><span class="pp-class-236 pa t38370 l39160 ls538">to </span><span class="pp-class-236 pa t38370 l39161 ls651">the </span><span class="pp-class-236 pa t38370 l39162 ls544">acquisition </span><span class="pp-class-236 pa t38370 l39163 ls98">of </span><span class="pp-class-236 pa t38370 l39164 ls548">non-current </span><span class="pp-class-236 pa t38370 l39165 ls179">assets </span><span class="pp-class-236 pa t38370 l39166 ls2808">are </span><span class="pp-class-236 pa t38370 l39167 ls667">recognised </span><span class="pp-class-236 pa t38370 l39168 ls1547">as </span><span class="pp-class-236 pa t38598 l3 ls875">part </span><span class="pp-class-236 pa t38598 l39169 ls98">of </span><span class="pp-class-236 pa t38598 l39170 ls651">the </span><span class="pp-class-236 pa t38598 l39171 ls2197">value </span><span class="pp-class-236 pa t38598 l31599 ls98">of </span><span class="pp-class-236 pa t38598 l39172 ls651">the </span><span class="pp-class-236 pa t38598 l39173 ls548">non-current </span><span class="pp-class-236 pa t38598 l39174 ls949">asset </span><span class="pp-class-236 pa t38598 l39175 ls2197">at </span><span class="pp-class-236 pa t38598 l39176 ls651">its </span><span class="pp-class-236 pa t38598 l39177 ls2036">initial </span><span class="pp-class-236 pa t38598 l39178 ls838">recognition.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t38394 l3 ls3431">Translation </span><span class="pp-class-239 pa t38394 l39045 ls98">of </span><span class="pp-class-239 pa t38394 l39046 ls625">subsidiaries</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls811">In </span><span class="pp-class-236 pa t38413 l38573 ls651">the </span><span class="pp-class-236 pa t38413 l17996 ls731">consolidated </span><span class="pp-class-236 pa t38413 l38949 ls995">financial </span><span class="pp-class-236 pa t38413 l31385 ls2889">statements, </span><span class="pp-class-236 pa t38413 l38950 ls651">the </span><span class="pp-class-236 pa t38413 l38951 ls1764">Income </span><span class="pp-class-236 pa t38413 l39179 ls556">statement </span><span class="pp-class-236 pa t38413 l39180 ls625">items </span><span class="pp-class-236 pa t38413 l39181 ls98">of </span><span class="pp-class-236 pa t38413 l33590 ls4248">subsidiaries </span><span class="pp-class-236 pa t38413 l39182 ls2222">with </span><span class="pp-class-236 pa t38413 l39183 ls184">a </span><span class="pp-class-236 pa t38413 l39184 ls536">functional </span><span class="pp-class-236 pa t38629 l3 ls2245">currency </span><span class="pp-class-236 pa t38629 l39185 ls2270">different </span><span class="pp-class-236 pa t38629 l31149 ls877">from </span><span class="pp-class-236 pa t38629 l39186 ls651">DKK </span><span class="pp-class-236 pa t38629 l39187 ls2808">are </span><span class="pp-class-236 pa t38629 l39188 ls1815">translated </span><span class="pp-class-236 pa t38629 l28558 ls2197">at </span><span class="pp-class-236 pa t38629 l39189 ls651">the </span><span class="pp-class-236 pa t38629 l39190 ls2894">average </span><span class="pp-class-236 pa t38629 l39191 ls11713">exchange </span><span class="pp-class-236 pa t38629 l39192 ls3844">rate, </span><span class="pp-class-236 pa t38629 l39193 ls538">while </span><span class="pp-class-236 pa t38629 l39194 ls572">the </span><span class="pp-class-236 pa t38629 l39195 ls2036">balance </span><span class="pp-class-236 pa t38629 l39196 ls949">sheet </span><span class="pp-class-236 pa t38629 l39197 ls625">items </span><span class="pp-class-236 pa t38629 l39198 ls667">are </span><span class="pp-class-236 pa t38426 l3 ls1815">translated </span><span class="pp-class-236 pa t38426 l39199 ls2197">at </span><span class="pp-class-236 pa t38426 l39200 ls651">the </span><span class="pp-class-236 pa t38426 l39201 ls11713">exchange </span><span class="pp-class-236 pa t38426 l39202 ls2816">rates </span><span class="pp-class-236 pa t38426 l39203 ls2197">at </span><span class="pp-class-236 pa t38426 l39204 ls572">the </span><span class="pp-class-236 pa t38426 l39205 ls651">end </span><span class="pp-class-236 pa t38426 l39206 ls98">of </span><span class="pp-class-236 pa t38426 l39207 ls572">the </span><span class="pp-class-236 pa t38426 l39208 ls30">reporting </span><span class="pp-class-236 pa t38426 l39209 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38439 l3 ls877">Foreign </span><span class="pp-class-236 pa t38439 l39210 ls11713">exchange </span><span class="pp-class-236 pa t38439 l31618 ls4787">differences </span><span class="pp-class-236 pa t38439 l39211 ls2036">arising </span><span class="pp-class-236 pa t38439 l39212 ls811">on </span><span class="pp-class-236 pa t38439 l39213 ls2969">translation </span><span class="pp-class-236 pa t38439 l39214 ls98">of </span><span class="pp-class-236 pa t38439 l39215 ls2222">such </span><span class="pp-class-236 pa t38439 l39216 ls625">subsidiaries’ </span><span class="pp-class-236 pa t38439 l39217 ls1764">equity </span><span class="pp-class-236 pa t38439 l39218 ls2197">at </span><span class="pp-class-236 pa t38439 l39219 ls572">the </span><span class="pp-class-236 pa t38439 l39220 ls995">beginning </span><span class="pp-class-236 pa t38439 l39221 ls98">of </span><span class="pp-class-236 pa t38439 l39222 ls184">the </span><span class="pp-class-236 pa t38453 l3 ls30">reporting </span><span class="pp-class-236 pa t38453 l39223 ls1764">period </span><span class="pp-class-236 pa t38453 l39224 ls538">to </span><span class="pp-class-236 pa t38453 l28841 ls572">the </span><span class="pp-class-236 pa t38453 l39225 ls11713">exchange </span><span class="pp-class-236 pa t38453 l39226 ls2816">rates </span><span class="pp-class-236 pa t38453 l39227 ls2197">at </span><span class="pp-class-236 pa t38453 l39228 ls651">the </span><span class="pp-class-236 pa t38453 l39229 ls651">end </span><span class="pp-class-236 pa t38453 l17171 ls98">of </span><span class="pp-class-236 pa t38453 l39230 ls651">the </span><span class="pp-class-236 pa t38453 l39231 ls30">reporting </span><span class="pp-class-236 pa t38453 l39232 ls1764">period </span><span class="pp-class-236 pa t38453 l39233 ls572">and </span><span class="pp-class-236 pa t38453 l39234 ls811">on </span><span class="pp-class-236 pa t38453 l39235 ls2969">translation </span><span class="pp-class-236 pa t38453 l39236 ls98">of </span><span class="pp-class-236 pa t38453 l39237 ls651">the </span><span class="pp-class-236 pa t38453 l39238 ls1792">income </span><span class="pp-class-236 pa t38465 l3 ls713">statements </span><span class="pp-class-236 pa t38465 l38338 ls877">from </span><span class="pp-class-236 pa t38465 l39239 ls2894">average </span><span class="pp-class-236 pa t38465 l39240 ls11713">exchange </span><span class="pp-class-236 pa t38465 l39241 ls2816">rates </span><span class="pp-class-236 pa t38465 l17247 ls538">to </span><span class="pp-class-236 pa t38465 l39242 ls572">the </span><span class="pp-class-236 pa t38465 l26866 ls11713">exchange </span><span class="pp-class-236 pa t38465 l35446 ls2816">rates </span><span class="pp-class-236 pa t38465 l39243 ls2197">at </span><span class="pp-class-236 pa t38465 l39244 ls651">the </span><span class="pp-class-236 pa t38465 l39245 ls572">end </span><span class="pp-class-236 pa t38465 l39246 ls98">of </span><span class="pp-class-236 pa t38465 l39247 ls572">the </span><span class="pp-class-236 pa t38465 l39248 ls30">reporting </span><span class="pp-class-236 pa t38465 l39249 ls1764">period </span><span class="pp-class-236 pa t38465 l35505 ls667">are </span><span class="pp-class-236 pa t38476 l3 ls667">recognised </span><span class="pp-class-236 pa t38476 l39250 ls811">in </span><span class="pp-class-236 pa t38476 l39251 ls949">other </span><span class="pp-class-236 pa t38476 l39252 ls681">comprehensive </span><span class="pp-class-236 pa t38476 l6001 ls1764">income </span><span class="pp-class-236 pa t38476 l39253 ls572">and </span><span class="pp-class-236 pa t38476 l39254 ls691">attributed </span><span class="pp-class-236 pa t38476 l39255 ls538">to </span><span class="pp-class-236 pa t38476 l39256 ls184">a </span><span class="pp-class-236 pa t38476 l39257 ls4017">separate </span><span class="pp-class-236 pa t38476 l39258 ls2969">translation </span><span class="pp-class-236 pa t38476 l39259 ls2969">reserve </span><span class="pp-class-236 pa t38476 l39260 ls538">under </span><span class="pp-class-236 pa t38476 l39261 ls4284">equity. </span><span class="pp-class-236 pa t38476 l39262 ls184">The </span><span class="pp-class-236 pa t38693 l3 ls11713">exchange </span><span class="pp-class-236 pa t38693 l35099 ls8384">rate </span><span class="pp-class-236 pa t38693 l39062 ls30">adjustment </span><span class="pp-class-236 pa t38693 l39263 ls811">is </span><span class="pp-class-236 pa t38693 l27393 ls2207">allocated </span><span class="pp-class-236 pa t38693 l39264 ls713">between </span><span class="pp-class-236 pa t38693 l39265 ls651">the </span><span class="pp-class-236 pa t38693 l39266 ls2687">Parent </span><span class="pp-class-236 pa t38693 l39267 ls2969">company’s </span><span class="pp-class-236 pa t38693 l39268 ls572">and </span><span class="pp-class-236 pa t38693 l39269 ls651">the </span><span class="pp-class-236 pa t38693 l39270 ls630">non-controlling </span><span class="pp-class-236 pa t38693 l39271 ls556">interests’ </span><span class="pp-class-236 pa t38693 l39272 ls1780">share </span><span class="pp-class-236 pa t38478 l3 ls98">of </span><span class="pp-class-236 pa t38478 l39273 ls7832">equity.</span></p> <div class="pp-class-10" id="pp-id-5232" xmlns="http://www.w3.org/1999/xhtml"><div class="w16651 h39367 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">1.2 </span><span class="pp-class-234 pa t1122 l38307 ls551">New </span><span class="pp-class-234 pa t1122 l39368 ls135">accounting </span><span class="pp-class-234 pa t1122 l39369">policies </span><span class="pp-class-234 pa t1122 l39370">and </span><span class="pp-class-234 pa t1122 l39371 ls203">disclosures</span></p></div></div><div class="pp-class-10" id="pp-id-5233" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h39107 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t283 l3 ls1815">New </span><span class="pp-class-237 pa t283 l39372 ls2207">International </span><span class="pp-class-237 pa t283 l39373 ls995">Financial </span><span class="pp-class-237 pa t283 l39374 ls1369">Reporting </span><span class="pp-class-237 pa t283 l39375 ls30">Standards </span><span class="pp-class-237 pa t283 l39376 ls572">and </span><span class="pp-class-237 pa t283 l39377 ls4787">Interpretations</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls1404">Accounting </span><span class="pp-class-236 pa t38325 l38310 ls758">pronouncements, </span><span class="pp-class-236 pa t38325 l39378 ls538">which </span><span class="pp-class-236 pa t38325 l39379 ls110">have </span><span class="pp-class-236 pa t38325 l39380 ls1764">become </span><span class="pp-class-236 pa t38325 l39381 ls706">effective </span><span class="pp-class-236 pa t38325 l39382 ls877">from </span><span class="pp-class-236 pa t38325 l39383 ls184">1 </span><span class="pp-class-236 pa t38325 l39384 ls534">January </span><span class="pp-class-236 pa t38325 l39385 ls2222">2025 </span><span class="pp-class-236 pa t38325 l39386 ls651">and </span><span class="pp-class-236 pa t38325 l39387 ls110">have </span><span class="pp-class-236 pa t38325 l39388 ls6146">therefore </span><span class="pp-class-236 pa t38325 l39389 ls967">been </span><span class="pp-class-236 pa t38337 l3 ls667">adopted </span><span class="pp-class-236 pa t38337 l38395 ls706">by </span><span class="pp-class-236 pa t38337 l14191 ls651">the </span><span class="pp-class-236 pa t38337 l38396 ls706">Group </span><span class="pp-class-236 pa t38337 l39390 ls811">do </span><span class="pp-class-236 pa t38337 l13303 ls4248">not </span><span class="pp-class-236 pa t38337 l39391 ls110">have </span><span class="pp-class-236 pa t38337 l39392 ls184">a </span><span class="pp-class-236 pa t38337 l39393 ls524">significant </span><span class="pp-class-236 pa t38337 l39394 ls1780">impact </span><span class="pp-class-236 pa t38337 l39395 ls811">on </span><span class="pp-class-236 pa t38337 l39396 ls651">the </span><span class="pp-class-236 pa t38337 l39397 ls2848">Group’s </span><span class="pp-class-236 pa t38337 l39398 ls995">financial </span><span class="pp-class-236 pa t38337 l39399 ls1815">results </span><span class="pp-class-236 pa t38337 l39400 ls811">or </span><span class="pp-class-236 pa t38337 l39401 ls2222">position. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t38370 l3 ls1815">New </span><span class="pp-class-237 pa t38370 l39372 ls30">standards </span><span class="pp-class-237 pa t38370 l39402 ls651">and </span><span class="pp-class-237 pa t38370 l39403 ls567">interpretations </span><span class="pp-class-237 pa t38370 l39404 ls670">not </span><span class="pp-class-237 pa t38370 l39405 ls4017">yet </span><span class="pp-class-237 pa t38370 l39406 ls168">adopted</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38598 l3 ls651">The </span><span class="pp-class-236 pa t38598 l38379 ls530">IASB </span><span class="pp-class-236 pa t38598 l39407 ls651">has </span><span class="pp-class-236 pa t38598 l39408 ls1764">issued </span><span class="pp-class-236 pa t38598 l39409 ls2036">amended </span><span class="pp-class-236 pa t38598 l31584 ls567">standards </span><span class="pp-class-236 pa t38598 l39410 ls651">and </span><span class="pp-class-236 pa t38598 l38846 ls1775">interpretations </span><span class="pp-class-236 pa t38598 l39411 ls2222">with </span><span class="pp-class-236 pa t38598 l39412 ls706">effective </span><span class="pp-class-236 pa t38598 l39413 ls7086">date </span><span class="pp-class-236 pa t38598 l39414 ls2222">post </span><span class="pp-class-236 pa t38598 l39415 ls811">31 </span><span class="pp-class-236 pa t38598 l39416 ls1751">December </span><span class="pp-class-236 pa t38598 l39417 ls7468">2025, </span><span class="pp-class-236 pa t38378 l3 ls2222">some </span><span class="pp-class-236 pa t38378 l5574 ls98">of </span><span class="pp-class-236 pa t38378 l14132 ls538">which </span><span class="pp-class-236 pa t38378 l39418 ls110">have </span><span class="pp-class-236 pa t38378 l39419 ls4248">not </span><span class="pp-class-236 pa t38378 l33770 ls2245">yet </span><span class="pp-class-236 pa t38378 l39420 ls2222">been </span><span class="pp-class-236 pa t38378 l39421 ls1751">endorsed </span><span class="pp-class-236 pa t38378 l39422 ls706">by </span><span class="pp-class-236 pa t38378 l39423 ls651">the </span><span class="pp-class-236 pa t38378 l39424 ls4787">EU. </span><span class="pp-class-236 pa t38378 l39425 ls651">The </span><span class="pp-class-236 pa t38378 l39426 ls556">new </span><span class="pp-class-236 pa t38378 l39427 ls572">and </span><span class="pp-class-236 pa t38378 l39428 ls2036">amended </span><span class="pp-class-236 pa t38378 l39429 ls567">standards </span><span class="pp-class-236 pa t38378 l39430 ls651">and </span><span class="pp-class-236 pa t38378 l39431 ls706">interpretations </span><span class="pp-class-236 pa t38394 l3 ls2808">are </span><span class="pp-class-236 pa t38394 l38371 ls4248">not </span><span class="pp-class-236 pa t38394 l39432 ls544">mandatory </span><span class="pp-class-236 pa t38394 l13232 ls553">for </span><span class="pp-class-236 pa t38394 l39433 ls651">the </span><span class="pp-class-236 pa t38394 l39434 ls995">financial </span><span class="pp-class-236 pa t38394 l39435 ls30">reporting </span><span class="pp-class-236 pa t38394 l39436 ls553">for </span><span class="pp-class-236 pa t38394 l39437 ls2565">2025. </span><span class="pp-class-236 pa t38394 l39438 ls651">The </span><span class="pp-class-236 pa t38394 l39439 ls706">Group </span><span class="pp-class-236 pa t38394 l39440 ls603">expects </span><span class="pp-class-236 pa t38394 l15610 ls538">to </span><span class="pp-class-236 pa t38394 l39441 ls758">adopt </span><span class="pp-class-236 pa t38394 l39442 ls651">the </span><span class="pp-class-236 pa t38394 l39443 ls567">Standards </span><span class="pp-class-236 pa t38394 l39444 ls184">and </span><span class="pp-class-236 pa t38413 l3 ls1775">Interpretations </span><span class="pp-class-236 pa t38413 l39445 ls2222">when </span><span class="pp-class-236 pa t38413 l17897 ls8048">they </span><span class="pp-class-236 pa t38413 l17553 ls1764">become </span><span class="pp-class-236 pa t38413 l39446 ls6824">mandatory. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38426 l3 ls1369">IFRS </span><span class="pp-class-236 pa t38426 l39447 ls278">18 </span><span class="pp-class-236 pa t38426 l39448 ls1687">Presentation </span><span class="pp-class-236 pa t38426 l39449 ls651">and </span><span class="pp-class-236 pa t38426 l39450 ls667">Disclosure </span><span class="pp-class-236 pa t38426 l39451 ls811">in </span><span class="pp-class-236 pa t38426 l39452 ls995">Financial </span><span class="pp-class-236 pa t38426 l39453 ls713">Statements </span><span class="pp-class-236 pa t38426 l39454 ls1764">issued </span><span class="pp-class-236 pa t38426 l39455 ls811">in </span><span class="pp-class-236 pa t38426 l39456 ls538">April </span><span class="pp-class-236 pa t38426 l39308 ls556">2024 </span><span class="pp-class-236 pa t38426 l39457 ls2565">(effective </span><span class="pp-class-236 pa t38426 l39458 ls553">for </span><span class="pp-class-236 pa t38426 l39459 ls1764">annual </span><span class="pp-class-236 pa t38426 l39460 ls651">periods </span><span class="pp-class-236 pa t38428 l3 ls995">beginning </span><span class="pp-class-236 pa t38428 l39461 ls811">on </span><span class="pp-class-236 pa t38428 l39462 ls811">or </span><span class="pp-class-236 pa t38428 l39463 ls168">after </span><span class="pp-class-236 pa t38428 l39464 ls184">1 </span><span class="pp-class-236 pa t38428 l39465 ls534">January </span><span class="pp-class-236 pa t38428 l39466 ls278">2027) </span><span class="pp-class-236 pa t38428 l39467 ls2222">will </span><span class="pp-class-236 pa t38428 l39468 ls4248">not </span><span class="pp-class-236 pa t38428 l39469 ls1780">impact </span><span class="pp-class-236 pa t38428 l39470 ls572">the </span><span class="pp-class-236 pa t38428 l39471 ls838">recognition </span><span class="pp-class-236 pa t38428 l39472 ls811">or </span><span class="pp-class-236 pa t38428 l39473 ls8048">measurement </span><span class="pp-class-236 pa t38428 l39474 ls98">of </span><span class="pp-class-236 pa t38428 l39475 ls625">items </span><span class="pp-class-236 pa t38428 l39476 ls811">in </span><span class="pp-class-236 pa t38428 l39477 ls651">the </span><span class="pp-class-236 pa t38428 l39478 ls2222">financial </span><span class="pp-class-236 pa t38439 l3 ls713">statements </span><span class="pp-class-236 pa t38439 l38338 ls33174">however, </span><span class="pp-class-236 pa t38439 l39479 ls811">it </span><span class="pp-class-236 pa t38439 l39480 ls2222">will </span><span class="pp-class-236 pa t38439 l39481 ls1780">impact </span><span class="pp-class-236 pa t38439 l17891 ls1687">presentation </span><span class="pp-class-236 pa t38439 l39482 ls572">and </span><span class="pp-class-236 pa t38439 l39483 ls667">disclosure </span><span class="pp-class-236 pa t38439 l39484 ls2222">with </span><span class="pp-class-236 pa t38439 l39485 ls657">retrospective </span><span class="pp-class-236 pa t38439 l39486 ls1592">application.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38465 l3 ls847">The </span><span class="pp-class-236 pa t38465 l39487 ls1044">standard </span><span class="pp-class-236 pa t38465 l13055 ls11722">introduces </span><span class="pp-class-236 pa t38465 l27834 ls2972">new </span><span class="pp-class-236 pa t38465 l39488 ls6255">requirements </span><span class="pp-class-236 pa t38465 l39489 ls4149">for </span><span class="pp-class-236 pa t38465 l39490 ls17679">presentation </span><span class="pp-class-236 pa t38465 l18243 ls13284">within </span><span class="pp-class-236 pa t38465 l39491 ls847">the </span><span class="pp-class-236 pa t38465 l39492 ls1017">statement </span><span class="pp-class-236 pa t38465 l39493 ls1131">of </span><span class="pp-class-236 pa t38465 l39494 ls1017">profit </span><span class="pp-class-236 pa t38465 l38853 ls1775">or </span><span class="pp-class-236 pa t38465 l39495 ls8367">loss, </span><span class="pp-class-236 pa t38465 l39496 ls2848">including </span><span class="pp-class-236 pa t38476 l3 ls3200">specified </span><span class="pp-class-236 pa t38476 l37151 ls11992">totals </span><span class="pp-class-236 pa t38476 l39497 ls847">and </span><span class="pp-class-236 pa t38476 l7822 ls9950">subtotals. </span><span class="pp-class-236 pa t38476 l39498 ls5207">Furthermore, </span><span class="pp-class-236 pa t38476 l39499 ls7959">entities </span><span class="pp-class-236 pa t38476 l39500 ls19231">are </span><span class="pp-class-236 pa t38476 l39501 ls11733">required </span><span class="pp-class-236 pa t38476 l39502 ls847">to </span><span class="pp-class-236 pa t38476 l39503 ls2258">classify </span><span class="pp-class-236 pa t38476 l39504 ls847">all </span><span class="pp-class-236 pa t38476 l39505 ls13284">income </span><span class="pp-class-236 pa t38476 l39506 ls847">and </span><span class="pp-class-236 pa t38476 l39507 ls17577">expenses </span><span class="pp-class-236 pa t38476 l39508 ls13284">within </span><span class="pp-class-236 pa t38476 l39509 ls544">the </span><span class="pp-class-236 pa t38693 l3 ls1017">statement </span><span class="pp-class-236 pa t38693 l39510 ls1131">of </span><span class="pp-class-236 pa t38693 l39511 ls1017">profit </span><span class="pp-class-236 pa t38693 l39512 ls1775">or </span><span class="pp-class-236 pa t38693 l31329 ls2081">loss </span><span class="pp-class-236 pa t38693 l39513 ls8384">into </span><span class="pp-class-236 pa t38693 l39514 ls847">one </span><span class="pp-class-236 pa t38693 l39515 ls1131">of </span><span class="pp-class-236 pa t38693 l39516 ls1848">five </span><span class="pp-class-236 pa t38693 l38964 ls5207">categories: </span><span class="pp-class-236 pa t38693 l39517 ls25295">operating, </span><span class="pp-class-236 pa t38693 l39518 ls11722">investing, </span><span class="pp-class-236 pa t38693 l39519 ls2894">financing, </span><span class="pp-class-236 pa t38693 l39520 ls13284">income </span><span class="pp-class-236 pa t38693 l39521 ls17551">taxes </span><span class="pp-class-236 pa t38693 l39522 ls544">and </span><span class="pp-class-236 pa t38478 l3 ls3076">discontinued </span><span class="pp-class-236 pa t38478 l39523 ls1075">operations, </span><span class="pp-class-236 pa t38478 l36199 ls11722">whereof </span><span class="pp-class-236 pa t38478 l33380 ls847">the </span><span class="pp-class-236 pa t38478 l39524 ls8367">first </span><span class="pp-class-236 pa t38478 l39525 ls1017">three </span><span class="pp-class-236 pa t38478 l39526 ls19231">are </span><span class="pp-class-236 pa t38478 l39527 ls24054">new. </span><span class="pp-class-236 pa t38478 l39528 ls847">The </span><span class="pp-class-236 pa t38478 l39529 ls1044">standard </span><span class="pp-class-236 pa t38478 l39530 ls2081">also </span><span class="pp-class-236 pa t38478 l39531 ls11733">requires </span><span class="pp-class-236 pa t38478 l39532 ls10811">disclosure </span><span class="pp-class-236 pa t38478 l39533 ls1131">of </span><span class="pp-class-236 pa t38478 l39534 ls20667">newly </span><span class="pp-class-236 pa t38478 l39535 ls15034">defined </span><span class="pp-class-236 pa t38491 l3 ls749">management-defined </span><span class="pp-class-236 pa t38491 l39536 ls17548">performance </span><span class="pp-class-236 pa t38491 l39537 ls10851">measures, </span><span class="pp-class-236 pa t38491 l39538 ls9950">subtotals </span><span class="pp-class-236 pa t38491 l39539 ls1131">of </span><span class="pp-class-236 pa t38491 l17385 ls13284">income </span><span class="pp-class-236 pa t38491 l39540 ls847">and </span><span class="pp-class-236 pa t38491 l39541 ls10851">expenses, </span><span class="pp-class-236 pa t38491 l39542 ls847">and </span><span class="pp-class-236 pa t38491 l39543 ls3200">adds </span><span class="pp-class-236 pa t38491 l39544 ls6255">requirements </span><span class="pp-class-236 pa t38491 l39545 ls2969">for </span><span class="pp-class-236 pa t38508 l3 ls28063">aggregation </span><span class="pp-class-236 pa t38508 l39546 ls847">and </span><span class="pp-class-236 pa t38508 l8632 ls3167">disaggregation </span><span class="pp-class-236 pa t38508 l39547 ls1131">of </span><span class="pp-class-236 pa t38508 l39548 ls3200">financial </span><span class="pp-class-236 pa t38508 l39549 ls8200">information.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38518 l3 ls1775">In </span><span class="pp-class-236 pa t38518 l39550 ls645">addition, </span><span class="pp-class-236 pa t38518 l39551 ls17551">narrow-scope </span><span class="pp-class-236 pa t38518 l39552 ls1957">amendments </span><span class="pp-class-236 pa t38518 l39553 ls17592">have </span><span class="pp-class-236 pa t38518 l5998 ls2081">been </span><span class="pp-class-236 pa t38518 l39554 ls3200">made </span><span class="pp-class-236 pa t38518 l39555 ls847">to </span><span class="pp-class-236 pa t38518 l39556 ls4284">IAS </span><span class="pp-class-236 pa t38518 l39557 ls544">7 </span><span class="pp-class-236 pa t38518 l39558 ls1017">Statement </span><span class="pp-class-236 pa t38518 l39559 ls1131">of </span><span class="pp-class-236 pa t38518 l39560 ls2081">Cash </span><span class="pp-class-236 pa t38518 l39561 ls11722">Flows, </span><span class="pp-class-236 pa t38518 l39562 ls8367">which </span><span class="pp-class-236 pa t38518 l39563 ls110">include </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38520 l3 ls4149">changing </span><span class="pp-class-236 pa t38520 l6612 ls847">the </span><span class="pp-class-236 pa t38520 l39564 ls9307">starting </span><span class="pp-class-236 pa t38520 l39565 ls13284">point </span><span class="pp-class-236 pa t38520 l39566 ls4149">for </span><span class="pp-class-236 pa t38520 l39567 ls17626">determining </span><span class="pp-class-236 pa t38520 l39568 ls2081">cash </span><span class="pp-class-236 pa t38520 l39569 ls1017">flows </span><span class="pp-class-236 pa t38520 l39570 ls1044">from </span><span class="pp-class-236 pa t38520 l39571 ls25295">operations </span><span class="pp-class-236 pa t38520 l39572 ls8367">under </span><span class="pp-class-236 pa t38520 l39573 ls847">the </span><span class="pp-class-236 pa t38520 l39574 ls19231">indirect </span><span class="pp-class-236 pa t38520 l39575 ls3141">method, </span><span class="pp-class-236 pa t38520 l39576 ls1044">from </span><span class="pp-class-236 pa t38520 l39577 ls3141">‘profit </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38530 l3 ls1775">or </span><span class="pp-class-236 pa t38530 l39578 ls2816">loss’ </span><span class="pp-class-236 pa t38530 l39579 ls847">to </span><span class="pp-class-236 pa t38530 l39580 ls29281">‘operating </span><span class="pp-class-236 pa t38530 l39581 ls1017">profit </span><span class="pp-class-236 pa t38530 l39582 ls1775">or </span><span class="pp-class-236 pa t38530 l39583 ls2816">loss’ </span><span class="pp-class-236 pa t38530 l39584 ls847">and </span><span class="pp-class-236 pa t38530 l39585 ls6255">removing </span><span class="pp-class-236 pa t38530 l31607 ls847">the </span><span class="pp-class-236 pa t38530 l39586 ls8775">optionality </span><span class="pp-class-236 pa t38530 l39587 ls11722">around </span><span class="pp-class-236 pa t38530 l39588 ls1592">classification </span><span class="pp-class-236 pa t38530 l39589 ls1131">of </span><span class="pp-class-236 pa t38530 l39220 ls2081">cash </span><span class="pp-class-236 pa t38530 l39590 ls1017">flows </span><span class="pp-class-236 pa t38530 l39591 ls4284">from </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38543 l3 ls3200">dividends </span><span class="pp-class-236 pa t38543 l39592 ls847">and </span><span class="pp-class-236 pa t38543 l39593 ls17577">interest. </span><span class="pp-class-236 pa t38543 l39594 ls1775">In </span><span class="pp-class-236 pa t38543 l39595 ls645">addition, </span><span class="pp-class-236 pa t38543 l39596 ls1017">there </span><span class="pp-class-236 pa t38543 l39597 ls19231">are </span><span class="pp-class-236 pa t38543 l8247 ls7433">consequential </span><span class="pp-class-236 pa t38543 l39598 ls1957">amendments </span><span class="pp-class-236 pa t38543 l39599 ls847">to </span><span class="pp-class-236 pa t38543 l39600 ls3579">several </span><span class="pp-class-236 pa t38543 l39601 ls3844">other </span><span class="pp-class-236 pa t38543 l39602 ls3431">standards.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38567 l3 ls847">The </span><span class="pp-class-236 pa t38567 l39487 ls1017">Group </span><span class="pp-class-236 pa t38567 l39510 ls1775">is </span><span class="pp-class-236 pa t38567 l13314 ls6291">currently </span><span class="pp-class-236 pa t38567 l1350 ls1592">working </span><span class="pp-class-236 pa t38567 l39603 ls847">to </span><span class="pp-class-236 pa t38567 l39604 ls6092">identify </span><span class="pp-class-236 pa t38567 l17319 ls847">all </span><span class="pp-class-236 pa t38567 l29943 ls1848">impacts </span><span class="pp-class-236 pa t38567 l39605 ls847">the </span><span class="pp-class-236 pa t38567 l39606 ls1957">amendments </span><span class="pp-class-236 pa t38567 l39607 ls2081">will </span><span class="pp-class-236 pa t38567 l39608 ls17592">have </span><span class="pp-class-236 pa t38567 l39609 ls1775">on </span><span class="pp-class-236 pa t38567 l39610 ls847">the </span><span class="pp-class-236 pa t38567 l39611 ls2081">primary </span><span class="pp-class-236 pa t38567 l39612 ls2081">financial </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39613 l3 ls6593">statements </span><span class="pp-class-236 pa t39613 l1060 ls847">and </span><span class="pp-class-236 pa t39613 l39614 ls3076">notes </span><span class="pp-class-236 pa t39613 l39615 ls847">to </span><span class="pp-class-236 pa t39613 l39616 ls847">the </span><span class="pp-class-236 pa t39613 l39617 ls3200">financial </span><span class="pp-class-236 pa t39613 l28786 ls11722">statements. </span><span class="pp-class-236 pa t39613 l39618 ls847">The </span><span class="pp-class-236 pa t39613 l39619 ls2855">initial </span><span class="pp-class-236 pa t39613 l39620 ls3351">expected </span><span class="pp-class-236 pa t39613 l39621 ls3170">material </span><span class="pp-class-236 pa t39613 l39622 ls1848">impacts </span><span class="pp-class-236 pa t39613 l39623 ls2260">are, </span><span class="pp-class-236 pa t39613 l39624 ls1775">as </span><span class="pp-class-236 pa t39613 l39625 ls6822">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39626 l39627 ls651">The </span><span class="pp-class-247 pa t39626 l39628 ls706">share </span><span class="pp-class-247 pa t39626 l39629 ls98">of </span><span class="pp-class-247 pa t39626 l39630 ls681">profit </span><span class="pp-class-247 pa t39626 l39631 ls811">or </span><span class="pp-class-247 pa t39626 l39632 ls2222">loss </span><span class="pp-class-247 pa t39626 l39633 ls98">of </span><span class="pp-class-247 pa t39626 l39634 ls560">associates </span><span class="pp-class-247 pa t39626 l39635 ls651">and </span><span class="pp-class-247 pa t39626 l39636 ls536">joint </span><span class="pp-class-247 pa t39626 l39637 ls299">ventures </span><span class="pp-class-247 pa t39626 l39638 ls2222">will </span><span class="pp-class-247 pa t39626 l39639 ls811">be </span><span class="pp-class-247 pa t39626 l39640 ls562">classified </span><span class="pp-class-247 pa t39626 l39641 ls1764">within </span><span class="pp-class-247 pa t39626 l39642 ls572">the </span><span class="pp-class-247 pa t39626 l39643 ls9435">investing </span><span class="pp-class-247 pa t39626 l39644 ls544">category </span><span class="pp-class-247 pa t39626 l39645 ls1547">in </span><span class="pp-class-247 pa t39646 l39627 ls651">the </span><span class="pp-class-247 pa t39646 l39647 ls556">statement </span><span class="pp-class-247 pa t39646 l39648 ls98">of </span><span class="pp-class-247 pa t39646 l39649 ls681">profit </span><span class="pp-class-247 pa t39646 l39650 ls811">or </span><span class="pp-class-247 pa t39646 l39651 ls2222">loss.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39652 l39627 ls877">Foreign </span><span class="pp-class-247 pa t39652 l39653 ls11713">exchange </span><span class="pp-class-247 pa t39652 l39654 ls4787">differences </span><span class="pp-class-247 pa t39652 l39655 ls2222">will </span><span class="pp-class-247 pa t39652 l39656 ls811">be </span><span class="pp-class-247 pa t39652 l39657 ls562">classified </span><span class="pp-class-247 pa t39652 l39658 ls811">in </span><span class="pp-class-247 pa t39652 l39659 ls651">the </span><span class="pp-class-247 pa t39652 l39660 ls2222">same </span><span class="pp-class-247 pa t39652 l39661 ls544">category </span><span class="pp-class-247 pa t39652 l39662 ls811">as </span><span class="pp-class-247 pa t39652 l39663 ls572">the </span><span class="pp-class-247 pa t39652 l39664 ls1764">income </span><span class="pp-class-247 pa t39652 l39665 ls811">or </span><span class="pp-class-247 pa t39652 l39666 ls556">expense </span><span class="pp-class-247 pa t39652 l39667 ls2036">arising </span><span class="pp-class-247 pa t39652 l39668 ls2207">from </span><span class="pp-class-247 pa t39669 l39627 ls651">the </span><span class="pp-class-247 pa t39669 l39647 ls2197">underlying </span><span class="pp-class-247 pa t39669 l39670 ls995">item </span><span class="pp-class-247 pa t39669 l39671 ls616">that </span><span class="pp-class-247 pa t39669 l39672 ls838">gives </span><span class="pp-class-247 pa t39669 l39673 ls2222">rise </span><span class="pp-class-247 pa t39669 l39674 ls538">to </span><span class="pp-class-247 pa t39669 l39675 ls651">the </span><span class="pp-class-247 pa t39669 l39676 ls4558">foreign </span><span class="pp-class-247 pa t39669 l31158 ls11713">exchange </span><span class="pp-class-247 pa t39669 l39677 ls877">difference.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39678 l39627 ls556">New </span><span class="pp-class-247 pa t39678 l39679 ls838">disclosures </span><span class="pp-class-247 pa t39678 l39680 ls2222">will </span><span class="pp-class-247 pa t39678 l39681 ls811">be </span><span class="pp-class-247 pa t39678 l39682 ls544">added: </span><span class="pp-class-247 pa t39678 l39683 ls2258">(a) </span><span class="pp-class-247 pa t39678 l39684 ls616">management-defined </span><span class="pp-class-247 pa t39678 l39685 ls724">performance </span><span class="pp-class-247 pa t39678 l39686 ls3855">measures </span><span class="pp-class-247 pa t39678 l39687 ls572">and </span><span class="pp-class-247 pa t39678 l39688 ls2258">(b) </span><span class="pp-class-247 pa t39678 l39689 ls184">a </span><span class="pp-class-247 pa t39678 l39690 ls4787">reconciliation </span><span class="pp-class-247 pa t39678 l39691 ls94">for </span><span class="pp-class-247 pa t39692 l39627 ls544">each </span><span class="pp-class-247 pa t39692 l39693 ls2222">line </span><span class="pp-class-247 pa t39692 l39694 ls995">item </span><span class="pp-class-247 pa t39692 l39695 ls811">in </span><span class="pp-class-247 pa t39692 l39696 ls572">the </span><span class="pp-class-247 pa t39692 l39697 ls556">statement </span><span class="pp-class-247 pa t39692 l39698 ls98">of </span><span class="pp-class-247 pa t39692 l39699 ls681">profit </span><span class="pp-class-247 pa t39692 l39700 ls811">or </span><span class="pp-class-247 pa t39692 l39701 ls2222">loss </span><span class="pp-class-247 pa t39692 l39702 ls713">between </span><span class="pp-class-247 pa t39692 l39703 ls651">the </span><span class="pp-class-247 pa t39692 l39704 ls3681">restated </span><span class="pp-class-247 pa t39692 l39705 ls625">amounts </span><span class="pp-class-247 pa t39692 l39706 ls7086">presented </span><span class="pp-class-247 pa t39692 l39707 ls2969">applying </span><span class="pp-class-247 pa t39692 l39708 ls1369">IFRS </span><span class="pp-class-247 pa t39692 l39709 ls587">18 </span><span class="pp-class-247 pa t39710 l39627 ls651">and </span><span class="pp-class-247 pa t39710 l39711 ls651">the </span><span class="pp-class-247 pa t39710 l39712 ls625">amounts </span><span class="pp-class-247 pa t39710 l14065 ls12546">previously </span><span class="pp-class-247 pa t39710 l39713 ls7086">presented </span><span class="pp-class-247 pa t39710 l39714 ls2969">applying </span><span class="pp-class-247 pa t39710 l39715 ls530">IAS </span><span class="pp-class-247 pa t39710 l39716 ls184">1.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39717 l39627 ls811">In </span><span class="pp-class-247 pa t39717 l39718 ls651">the </span><span class="pp-class-247 pa t39717 l4130 ls556">statement </span><span class="pp-class-247 pa t39717 l6863 ls98">of </span><span class="pp-class-247 pa t39717 l25118 ls2222">cash </span><span class="pp-class-247 pa t39717 l8996 ls2197">flows, </span><span class="pp-class-247 pa t39717 l39719 ls651">the </span><span class="pp-class-247 pa t39717 l39720 ls2222">starting </span><span class="pp-class-247 pa t39717 l6036 ls536">point </span><span class="pp-class-247 pa t39717 l39721 ls2222">will </span><span class="pp-class-247 pa t39717 l39722 ls811">be </span><span class="pp-class-247 pa t39717 l39723 ls2036">changed </span><span class="pp-class-247 pa t39717 l39724 ls538">to </span><span class="pp-class-247 pa t39717 l39725 ls1775">operating </span><span class="pp-class-247 pa t39717 l39726 ls681">profit </span><span class="pp-class-247 pa t39717 l39727 ls811">or </span><span class="pp-class-247 pa t39717 l39728 ls538">loss, </span><span class="pp-class-247 pa t39717 l39729 ls651">and </span><span class="pp-class-247 pa t39717 l39730 ls706">interest </span><span class="pp-class-247 pa t39717 l39731 ls747">re-</span><span class="pp-class-247 pa t39732 l39627 ls758">ceived </span><span class="pp-class-247 pa t39732 l39733 ls572">and </span><span class="pp-class-247 pa t39732 l39734 ls949">other </span><span class="pp-class-247 pa t39732 l39735 ls995">financial </span><span class="pp-class-247 pa t39732 l39736 ls1764">income </span><span class="pp-class-247 pa t39732 l39737 ls2222">will </span><span class="pp-class-247 pa t39732 l39738 ls811">be </span><span class="pp-class-247 pa t39732 l39739 ls562">classified </span><span class="pp-class-247 pa t39732 l39740 ls1764">within </span><span class="pp-class-247 pa t39732 l39741 ls9435">investing </span><span class="pp-class-247 pa t39732 l39742 ls1404">activities, </span><span class="pp-class-247 pa t39732 l39743 ls538">while </span><span class="pp-class-247 pa t39732 l39744 ls706">interest </span><span class="pp-class-247 pa t39732 l39745 ls2222">paid </span><span class="pp-class-247 pa t39732 l39746 ls651">and </span><span class="pp-class-247 pa t39732 l39747 ls949">other </span><span class="pp-class-247 pa t39732 l39748 ls811">fi-</span><span class="pp-class-247 pa t39749 l39627 ls2036">nancial </span><span class="pp-class-247 pa t39749 l16457 ls3855">expenses </span><span class="pp-class-247 pa t39749 l39750 ls2222">will </span><span class="pp-class-247 pa t39749 l39751 ls811">be </span><span class="pp-class-247 pa t39749 l39752 ls562">classified </span><span class="pp-class-247 pa t39749 l39753 ls1764">within </span><span class="pp-class-247 pa t39749 l39754 ls995">financing </span><span class="pp-class-247 pa t39749 l39755 ls1404">activities.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39756 l3 ls8367">Other </span><span class="pp-class-236 pa t39756 l39757 ls1957">amendments </span><span class="pp-class-236 pa t39756 l39758 ls19231">are </span><span class="pp-class-236 pa t39756 l39759 ls2258">not </span><span class="pp-class-236 pa t39756 l39760 ls3351">expected </span><span class="pp-class-236 pa t39756 l39761 ls847">to </span><span class="pp-class-236 pa t39756 l39762 ls17592">have </span><span class="pp-class-236 pa t39756 l39763 ls544">a </span><span class="pp-class-236 pa t39756 l39764 ls3170">material </span><span class="pp-class-236 pa t39756 l39765 ls11992">impact </span><span class="pp-class-236 pa t39756 l39766 ls1775">on </span><span class="pp-class-236 pa t39756 l39767 ls847">the </span><span class="pp-class-236 pa t39756 l39768 ls17859">Group’s </span><span class="pp-class-236 pa t39756 l39769 ls3200">financial </span><span class="pp-class-236 pa t39756 l39770 ls6593">statements.</span></p></div></div> <div class="pp-class-10" id="pp-id-5232" xmlns="http://www.w3.org/1999/xhtml"><div class="w16651 h39367 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">1.2 </span><span class="pp-class-234 pa t1122 l38307 ls551">New </span><span class="pp-class-234 pa t1122 l39368 ls135">accounting </span><span class="pp-class-234 pa t1122 l39369">policies </span><span class="pp-class-234 pa t1122 l39370">and </span><span class="pp-class-234 pa t1122 l39371 ls203">disclosures</span></p></div></div><div class="pp-class-10" id="pp-id-5233" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h39107 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t283 l3 ls1815">New </span><span class="pp-class-237 pa t283 l39372 ls2207">International </span><span class="pp-class-237 pa t283 l39373 ls995">Financial </span><span class="pp-class-237 pa t283 l39374 ls1369">Reporting </span><span class="pp-class-237 pa t283 l39375 ls30">Standards </span><span class="pp-class-237 pa t283 l39376 ls572">and </span><span class="pp-class-237 pa t283 l39377 ls4787">Interpretations</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls1404">Accounting </span><span class="pp-class-236 pa t38325 l38310 ls758">pronouncements, </span><span class="pp-class-236 pa t38325 l39378 ls538">which </span><span class="pp-class-236 pa t38325 l39379 ls110">have </span><span class="pp-class-236 pa t38325 l39380 ls1764">become </span><span class="pp-class-236 pa t38325 l39381 ls706">effective </span><span class="pp-class-236 pa t38325 l39382 ls877">from </span><span class="pp-class-236 pa t38325 l39383 ls184">1 </span><span class="pp-class-236 pa t38325 l39384 ls534">January </span><span class="pp-class-236 pa t38325 l39385 ls2222">2025 </span><span class="pp-class-236 pa t38325 l39386 ls651">and </span><span class="pp-class-236 pa t38325 l39387 ls110">have </span><span class="pp-class-236 pa t38325 l39388 ls6146">therefore </span><span class="pp-class-236 pa t38325 l39389 ls967">been </span><span class="pp-class-236 pa t38337 l3 ls667">adopted </span><span class="pp-class-236 pa t38337 l38395 ls706">by </span><span class="pp-class-236 pa t38337 l14191 ls651">the </span><span class="pp-class-236 pa t38337 l38396 ls706">Group </span><span class="pp-class-236 pa t38337 l39390 ls811">do </span><span class="pp-class-236 pa t38337 l13303 ls4248">not </span><span class="pp-class-236 pa t38337 l39391 ls110">have </span><span class="pp-class-236 pa t38337 l39392 ls184">a </span><span class="pp-class-236 pa t38337 l39393 ls524">significant </span><span class="pp-class-236 pa t38337 l39394 ls1780">impact </span><span class="pp-class-236 pa t38337 l39395 ls811">on </span><span class="pp-class-236 pa t38337 l39396 ls651">the </span><span class="pp-class-236 pa t38337 l39397 ls2848">Group’s </span><span class="pp-class-236 pa t38337 l39398 ls995">financial </span><span class="pp-class-236 pa t38337 l39399 ls1815">results </span><span class="pp-class-236 pa t38337 l39400 ls811">or </span><span class="pp-class-236 pa t38337 l39401 ls2222">position. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t38370 l3 ls1815">New </span><span class="pp-class-237 pa t38370 l39372 ls30">standards </span><span class="pp-class-237 pa t38370 l39402 ls651">and </span><span class="pp-class-237 pa t38370 l39403 ls567">interpretations </span><span class="pp-class-237 pa t38370 l39404 ls670">not </span><span class="pp-class-237 pa t38370 l39405 ls4017">yet </span><span class="pp-class-237 pa t38370 l39406 ls168">adopted</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38598 l3 ls651">The </span><span class="pp-class-236 pa t38598 l38379 ls530">IASB </span><span class="pp-class-236 pa t38598 l39407 ls651">has </span><span class="pp-class-236 pa t38598 l39408 ls1764">issued </span><span class="pp-class-236 pa t38598 l39409 ls2036">amended </span><span class="pp-class-236 pa t38598 l31584 ls567">standards </span><span class="pp-class-236 pa t38598 l39410 ls651">and </span><span class="pp-class-236 pa t38598 l38846 ls1775">interpretations </span><span class="pp-class-236 pa t38598 l39411 ls2222">with </span><span class="pp-class-236 pa t38598 l39412 ls706">effective </span><span class="pp-class-236 pa t38598 l39413 ls7086">date </span><span class="pp-class-236 pa t38598 l39414 ls2222">post </span><span class="pp-class-236 pa t38598 l39415 ls811">31 </span><span class="pp-class-236 pa t38598 l39416 ls1751">December </span><span class="pp-class-236 pa t38598 l39417 ls7468">2025, </span><span class="pp-class-236 pa t38378 l3 ls2222">some </span><span class="pp-class-236 pa t38378 l5574 ls98">of </span><span class="pp-class-236 pa t38378 l14132 ls538">which </span><span class="pp-class-236 pa t38378 l39418 ls110">have </span><span class="pp-class-236 pa t38378 l39419 ls4248">not </span><span class="pp-class-236 pa t38378 l33770 ls2245">yet </span><span class="pp-class-236 pa t38378 l39420 ls2222">been </span><span class="pp-class-236 pa t38378 l39421 ls1751">endorsed </span><span class="pp-class-236 pa t38378 l39422 ls706">by </span><span class="pp-class-236 pa t38378 l39423 ls651">the </span><span class="pp-class-236 pa t38378 l39424 ls4787">EU. </span><span class="pp-class-236 pa t38378 l39425 ls651">The </span><span class="pp-class-236 pa t38378 l39426 ls556">new </span><span class="pp-class-236 pa t38378 l39427 ls572">and </span><span class="pp-class-236 pa t38378 l39428 ls2036">amended </span><span class="pp-class-236 pa t38378 l39429 ls567">standards </span><span class="pp-class-236 pa t38378 l39430 ls651">and </span><span class="pp-class-236 pa t38378 l39431 ls706">interpretations </span><span class="pp-class-236 pa t38394 l3 ls2808">are </span><span class="pp-class-236 pa t38394 l38371 ls4248">not </span><span class="pp-class-236 pa t38394 l39432 ls544">mandatory </span><span class="pp-class-236 pa t38394 l13232 ls553">for </span><span class="pp-class-236 pa t38394 l39433 ls651">the </span><span class="pp-class-236 pa t38394 l39434 ls995">financial </span><span class="pp-class-236 pa t38394 l39435 ls30">reporting </span><span class="pp-class-236 pa t38394 l39436 ls553">for </span><span class="pp-class-236 pa t38394 l39437 ls2565">2025. </span><span class="pp-class-236 pa t38394 l39438 ls651">The </span><span class="pp-class-236 pa t38394 l39439 ls706">Group </span><span class="pp-class-236 pa t38394 l39440 ls603">expects </span><span class="pp-class-236 pa t38394 l15610 ls538">to </span><span class="pp-class-236 pa t38394 l39441 ls758">adopt </span><span class="pp-class-236 pa t38394 l39442 ls651">the </span><span class="pp-class-236 pa t38394 l39443 ls567">Standards </span><span class="pp-class-236 pa t38394 l39444 ls184">and </span><span class="pp-class-236 pa t38413 l3 ls1775">Interpretations </span><span class="pp-class-236 pa t38413 l39445 ls2222">when </span><span class="pp-class-236 pa t38413 l17897 ls8048">they </span><span class="pp-class-236 pa t38413 l17553 ls1764">become </span><span class="pp-class-236 pa t38413 l39446 ls6824">mandatory. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38426 l3 ls1369">IFRS </span><span class="pp-class-236 pa t38426 l39447 ls278">18 </span><span class="pp-class-236 pa t38426 l39448 ls1687">Presentation </span><span class="pp-class-236 pa t38426 l39449 ls651">and </span><span class="pp-class-236 pa t38426 l39450 ls667">Disclosure </span><span class="pp-class-236 pa t38426 l39451 ls811">in </span><span class="pp-class-236 pa t38426 l39452 ls995">Financial </span><span class="pp-class-236 pa t38426 l39453 ls713">Statements </span><span class="pp-class-236 pa t38426 l39454 ls1764">issued </span><span class="pp-class-236 pa t38426 l39455 ls811">in </span><span class="pp-class-236 pa t38426 l39456 ls538">April </span><span class="pp-class-236 pa t38426 l39308 ls556">2024 </span><span class="pp-class-236 pa t38426 l39457 ls2565">(effective </span><span class="pp-class-236 pa t38426 l39458 ls553">for </span><span class="pp-class-236 pa t38426 l39459 ls1764">annual </span><span class="pp-class-236 pa t38426 l39460 ls651">periods </span><span class="pp-class-236 pa t38428 l3 ls995">beginning </span><span class="pp-class-236 pa t38428 l39461 ls811">on </span><span class="pp-class-236 pa t38428 l39462 ls811">or </span><span class="pp-class-236 pa t38428 l39463 ls168">after </span><span class="pp-class-236 pa t38428 l39464 ls184">1 </span><span class="pp-class-236 pa t38428 l39465 ls534">January </span><span class="pp-class-236 pa t38428 l39466 ls278">2027) </span><span class="pp-class-236 pa t38428 l39467 ls2222">will </span><span class="pp-class-236 pa t38428 l39468 ls4248">not </span><span class="pp-class-236 pa t38428 l39469 ls1780">impact </span><span class="pp-class-236 pa t38428 l39470 ls572">the </span><span class="pp-class-236 pa t38428 l39471 ls838">recognition </span><span class="pp-class-236 pa t38428 l39472 ls811">or </span><span class="pp-class-236 pa t38428 l39473 ls8048">measurement </span><span class="pp-class-236 pa t38428 l39474 ls98">of </span><span class="pp-class-236 pa t38428 l39475 ls625">items </span><span class="pp-class-236 pa t38428 l39476 ls811">in </span><span class="pp-class-236 pa t38428 l39477 ls651">the </span><span class="pp-class-236 pa t38428 l39478 ls2222">financial </span><span class="pp-class-236 pa t38439 l3 ls713">statements </span><span class="pp-class-236 pa t38439 l38338 ls33174">however, </span><span class="pp-class-236 pa t38439 l39479 ls811">it </span><span class="pp-class-236 pa t38439 l39480 ls2222">will </span><span class="pp-class-236 pa t38439 l39481 ls1780">impact </span><span class="pp-class-236 pa t38439 l17891 ls1687">presentation </span><span class="pp-class-236 pa t38439 l39482 ls572">and </span><span class="pp-class-236 pa t38439 l39483 ls667">disclosure </span><span class="pp-class-236 pa t38439 l39484 ls2222">with </span><span class="pp-class-236 pa t38439 l39485 ls657">retrospective </span><span class="pp-class-236 pa t38439 l39486 ls1592">application.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38465 l3 ls847">The </span><span class="pp-class-236 pa t38465 l39487 ls1044">standard </span><span class="pp-class-236 pa t38465 l13055 ls11722">introduces </span><span class="pp-class-236 pa t38465 l27834 ls2972">new </span><span class="pp-class-236 pa t38465 l39488 ls6255">requirements </span><span class="pp-class-236 pa t38465 l39489 ls4149">for </span><span class="pp-class-236 pa t38465 l39490 ls17679">presentation </span><span class="pp-class-236 pa t38465 l18243 ls13284">within </span><span class="pp-class-236 pa t38465 l39491 ls847">the </span><span class="pp-class-236 pa t38465 l39492 ls1017">statement </span><span class="pp-class-236 pa t38465 l39493 ls1131">of </span><span class="pp-class-236 pa t38465 l39494 ls1017">profit </span><span class="pp-class-236 pa t38465 l38853 ls1775">or </span><span class="pp-class-236 pa t38465 l39495 ls8367">loss, </span><span class="pp-class-236 pa t38465 l39496 ls2848">including </span><span class="pp-class-236 pa t38476 l3 ls3200">specified </span><span class="pp-class-236 pa t38476 l37151 ls11992">totals </span><span class="pp-class-236 pa t38476 l39497 ls847">and </span><span class="pp-class-236 pa t38476 l7822 ls9950">subtotals. </span><span class="pp-class-236 pa t38476 l39498 ls5207">Furthermore, </span><span class="pp-class-236 pa t38476 l39499 ls7959">entities </span><span class="pp-class-236 pa t38476 l39500 ls19231">are </span><span class="pp-class-236 pa t38476 l39501 ls11733">required </span><span class="pp-class-236 pa t38476 l39502 ls847">to </span><span class="pp-class-236 pa t38476 l39503 ls2258">classify </span><span class="pp-class-236 pa t38476 l39504 ls847">all </span><span class="pp-class-236 pa t38476 l39505 ls13284">income </span><span class="pp-class-236 pa t38476 l39506 ls847">and </span><span class="pp-class-236 pa t38476 l39507 ls17577">expenses </span><span class="pp-class-236 pa t38476 l39508 ls13284">within </span><span class="pp-class-236 pa t38476 l39509 ls544">the </span><span class="pp-class-236 pa t38693 l3 ls1017">statement </span><span class="pp-class-236 pa t38693 l39510 ls1131">of </span><span class="pp-class-236 pa t38693 l39511 ls1017">profit </span><span class="pp-class-236 pa t38693 l39512 ls1775">or </span><span class="pp-class-236 pa t38693 l31329 ls2081">loss </span><span class="pp-class-236 pa t38693 l39513 ls8384">into </span><span class="pp-class-236 pa t38693 l39514 ls847">one </span><span class="pp-class-236 pa t38693 l39515 ls1131">of </span><span class="pp-class-236 pa t38693 l39516 ls1848">five </span><span class="pp-class-236 pa t38693 l38964 ls5207">categories: </span><span class="pp-class-236 pa t38693 l39517 ls25295">operating, </span><span class="pp-class-236 pa t38693 l39518 ls11722">investing, </span><span class="pp-class-236 pa t38693 l39519 ls2894">financing, </span><span class="pp-class-236 pa t38693 l39520 ls13284">income </span><span class="pp-class-236 pa t38693 l39521 ls17551">taxes </span><span class="pp-class-236 pa t38693 l39522 ls544">and </span><span class="pp-class-236 pa t38478 l3 ls3076">discontinued </span><span class="pp-class-236 pa t38478 l39523 ls1075">operations, </span><span class="pp-class-236 pa t38478 l36199 ls11722">whereof </span><span class="pp-class-236 pa t38478 l33380 ls847">the </span><span class="pp-class-236 pa t38478 l39524 ls8367">first </span><span class="pp-class-236 pa t38478 l39525 ls1017">three </span><span class="pp-class-236 pa t38478 l39526 ls19231">are </span><span class="pp-class-236 pa t38478 l39527 ls24054">new. </span><span class="pp-class-236 pa t38478 l39528 ls847">The </span><span class="pp-class-236 pa t38478 l39529 ls1044">standard </span><span class="pp-class-236 pa t38478 l39530 ls2081">also </span><span class="pp-class-236 pa t38478 l39531 ls11733">requires </span><span class="pp-class-236 pa t38478 l39532 ls10811">disclosure </span><span class="pp-class-236 pa t38478 l39533 ls1131">of </span><span class="pp-class-236 pa t38478 l39534 ls20667">newly </span><span class="pp-class-236 pa t38478 l39535 ls15034">defined </span><span class="pp-class-236 pa t38491 l3 ls749">management-defined </span><span class="pp-class-236 pa t38491 l39536 ls17548">performance </span><span class="pp-class-236 pa t38491 l39537 ls10851">measures, </span><span class="pp-class-236 pa t38491 l39538 ls9950">subtotals </span><span class="pp-class-236 pa t38491 l39539 ls1131">of </span><span class="pp-class-236 pa t38491 l17385 ls13284">income </span><span class="pp-class-236 pa t38491 l39540 ls847">and </span><span class="pp-class-236 pa t38491 l39541 ls10851">expenses, </span><span class="pp-class-236 pa t38491 l39542 ls847">and </span><span class="pp-class-236 pa t38491 l39543 ls3200">adds </span><span class="pp-class-236 pa t38491 l39544 ls6255">requirements </span><span class="pp-class-236 pa t38491 l39545 ls2969">for </span><span class="pp-class-236 pa t38508 l3 ls28063">aggregation </span><span class="pp-class-236 pa t38508 l39546 ls847">and </span><span class="pp-class-236 pa t38508 l8632 ls3167">disaggregation </span><span class="pp-class-236 pa t38508 l39547 ls1131">of </span><span class="pp-class-236 pa t38508 l39548 ls3200">financial </span><span class="pp-class-236 pa t38508 l39549 ls8200">information.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38518 l3 ls1775">In </span><span class="pp-class-236 pa t38518 l39550 ls645">addition, </span><span class="pp-class-236 pa t38518 l39551 ls17551">narrow-scope </span><span class="pp-class-236 pa t38518 l39552 ls1957">amendments </span><span class="pp-class-236 pa t38518 l39553 ls17592">have </span><span class="pp-class-236 pa t38518 l5998 ls2081">been </span><span class="pp-class-236 pa t38518 l39554 ls3200">made </span><span class="pp-class-236 pa t38518 l39555 ls847">to </span><span class="pp-class-236 pa t38518 l39556 ls4284">IAS </span><span class="pp-class-236 pa t38518 l39557 ls544">7 </span><span class="pp-class-236 pa t38518 l39558 ls1017">Statement </span><span class="pp-class-236 pa t38518 l39559 ls1131">of </span><span class="pp-class-236 pa t38518 l39560 ls2081">Cash </span><span class="pp-class-236 pa t38518 l39561 ls11722">Flows, </span><span class="pp-class-236 pa t38518 l39562 ls8367">which </span><span class="pp-class-236 pa t38518 l39563 ls110">include </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38520 l3 ls4149">changing </span><span class="pp-class-236 pa t38520 l6612 ls847">the </span><span class="pp-class-236 pa t38520 l39564 ls9307">starting </span><span class="pp-class-236 pa t38520 l39565 ls13284">point </span><span class="pp-class-236 pa t38520 l39566 ls4149">for </span><span class="pp-class-236 pa t38520 l39567 ls17626">determining </span><span class="pp-class-236 pa t38520 l39568 ls2081">cash </span><span class="pp-class-236 pa t38520 l39569 ls1017">flows </span><span class="pp-class-236 pa t38520 l39570 ls1044">from </span><span class="pp-class-236 pa t38520 l39571 ls25295">operations </span><span class="pp-class-236 pa t38520 l39572 ls8367">under </span><span class="pp-class-236 pa t38520 l39573 ls847">the </span><span class="pp-class-236 pa t38520 l39574 ls19231">indirect </span><span class="pp-class-236 pa t38520 l39575 ls3141">method, </span><span class="pp-class-236 pa t38520 l39576 ls1044">from </span><span class="pp-class-236 pa t38520 l39577 ls3141">‘profit </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38530 l3 ls1775">or </span><span class="pp-class-236 pa t38530 l39578 ls2816">loss’ </span><span class="pp-class-236 pa t38530 l39579 ls847">to </span><span class="pp-class-236 pa t38530 l39580 ls29281">‘operating </span><span class="pp-class-236 pa t38530 l39581 ls1017">profit </span><span class="pp-class-236 pa t38530 l39582 ls1775">or </span><span class="pp-class-236 pa t38530 l39583 ls2816">loss’ </span><span class="pp-class-236 pa t38530 l39584 ls847">and </span><span class="pp-class-236 pa t38530 l39585 ls6255">removing </span><span class="pp-class-236 pa t38530 l31607 ls847">the </span><span class="pp-class-236 pa t38530 l39586 ls8775">optionality </span><span class="pp-class-236 pa t38530 l39587 ls11722">around </span><span class="pp-class-236 pa t38530 l39588 ls1592">classification </span><span class="pp-class-236 pa t38530 l39589 ls1131">of </span><span class="pp-class-236 pa t38530 l39220 ls2081">cash </span><span class="pp-class-236 pa t38530 l39590 ls1017">flows </span><span class="pp-class-236 pa t38530 l39591 ls4284">from </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38543 l3 ls3200">dividends </span><span class="pp-class-236 pa t38543 l39592 ls847">and </span><span class="pp-class-236 pa t38543 l39593 ls17577">interest. </span><span class="pp-class-236 pa t38543 l39594 ls1775">In </span><span class="pp-class-236 pa t38543 l39595 ls645">addition, </span><span class="pp-class-236 pa t38543 l39596 ls1017">there </span><span class="pp-class-236 pa t38543 l39597 ls19231">are </span><span class="pp-class-236 pa t38543 l8247 ls7433">consequential </span><span class="pp-class-236 pa t38543 l39598 ls1957">amendments </span><span class="pp-class-236 pa t38543 l39599 ls847">to </span><span class="pp-class-236 pa t38543 l39600 ls3579">several </span><span class="pp-class-236 pa t38543 l39601 ls3844">other </span><span class="pp-class-236 pa t38543 l39602 ls3431">standards.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38567 l3 ls847">The </span><span class="pp-class-236 pa t38567 l39487 ls1017">Group </span><span class="pp-class-236 pa t38567 l39510 ls1775">is </span><span class="pp-class-236 pa t38567 l13314 ls6291">currently </span><span class="pp-class-236 pa t38567 l1350 ls1592">working </span><span class="pp-class-236 pa t38567 l39603 ls847">to </span><span class="pp-class-236 pa t38567 l39604 ls6092">identify </span><span class="pp-class-236 pa t38567 l17319 ls847">all </span><span class="pp-class-236 pa t38567 l29943 ls1848">impacts </span><span class="pp-class-236 pa t38567 l39605 ls847">the </span><span class="pp-class-236 pa t38567 l39606 ls1957">amendments </span><span class="pp-class-236 pa t38567 l39607 ls2081">will </span><span class="pp-class-236 pa t38567 l39608 ls17592">have </span><span class="pp-class-236 pa t38567 l39609 ls1775">on </span><span class="pp-class-236 pa t38567 l39610 ls847">the </span><span class="pp-class-236 pa t38567 l39611 ls2081">primary </span><span class="pp-class-236 pa t38567 l39612 ls2081">financial </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39613 l3 ls6593">statements </span><span class="pp-class-236 pa t39613 l1060 ls847">and </span><span class="pp-class-236 pa t39613 l39614 ls3076">notes </span><span class="pp-class-236 pa t39613 l39615 ls847">to </span><span class="pp-class-236 pa t39613 l39616 ls847">the </span><span class="pp-class-236 pa t39613 l39617 ls3200">financial </span><span class="pp-class-236 pa t39613 l28786 ls11722">statements. </span><span class="pp-class-236 pa t39613 l39618 ls847">The </span><span class="pp-class-236 pa t39613 l39619 ls2855">initial </span><span class="pp-class-236 pa t39613 l39620 ls3351">expected </span><span class="pp-class-236 pa t39613 l39621 ls3170">material </span><span class="pp-class-236 pa t39613 l39622 ls1848">impacts </span><span class="pp-class-236 pa t39613 l39623 ls2260">are, </span><span class="pp-class-236 pa t39613 l39624 ls1775">as </span><span class="pp-class-236 pa t39613 l39625 ls6822">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39626 l39627 ls651">The </span><span class="pp-class-247 pa t39626 l39628 ls706">share </span><span class="pp-class-247 pa t39626 l39629 ls98">of </span><span class="pp-class-247 pa t39626 l39630 ls681">profit </span><span class="pp-class-247 pa t39626 l39631 ls811">or </span><span class="pp-class-247 pa t39626 l39632 ls2222">loss </span><span class="pp-class-247 pa t39626 l39633 ls98">of </span><span class="pp-class-247 pa t39626 l39634 ls560">associates </span><span class="pp-class-247 pa t39626 l39635 ls651">and </span><span class="pp-class-247 pa t39626 l39636 ls536">joint </span><span class="pp-class-247 pa t39626 l39637 ls299">ventures </span><span class="pp-class-247 pa t39626 l39638 ls2222">will </span><span class="pp-class-247 pa t39626 l39639 ls811">be </span><span class="pp-class-247 pa t39626 l39640 ls562">classified </span><span class="pp-class-247 pa t39626 l39641 ls1764">within </span><span class="pp-class-247 pa t39626 l39642 ls572">the </span><span class="pp-class-247 pa t39626 l39643 ls9435">investing </span><span class="pp-class-247 pa t39626 l39644 ls544">category </span><span class="pp-class-247 pa t39626 l39645 ls1547">in </span><span class="pp-class-247 pa t39646 l39627 ls651">the </span><span class="pp-class-247 pa t39646 l39647 ls556">statement </span><span class="pp-class-247 pa t39646 l39648 ls98">of </span><span class="pp-class-247 pa t39646 l39649 ls681">profit </span><span class="pp-class-247 pa t39646 l39650 ls811">or </span><span class="pp-class-247 pa t39646 l39651 ls2222">loss.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39652 l39627 ls877">Foreign </span><span class="pp-class-247 pa t39652 l39653 ls11713">exchange </span><span class="pp-class-247 pa t39652 l39654 ls4787">differences </span><span class="pp-class-247 pa t39652 l39655 ls2222">will </span><span class="pp-class-247 pa t39652 l39656 ls811">be </span><span class="pp-class-247 pa t39652 l39657 ls562">classified </span><span class="pp-class-247 pa t39652 l39658 ls811">in </span><span class="pp-class-247 pa t39652 l39659 ls651">the </span><span class="pp-class-247 pa t39652 l39660 ls2222">same </span><span class="pp-class-247 pa t39652 l39661 ls544">category </span><span class="pp-class-247 pa t39652 l39662 ls811">as </span><span class="pp-class-247 pa t39652 l39663 ls572">the </span><span class="pp-class-247 pa t39652 l39664 ls1764">income </span><span class="pp-class-247 pa t39652 l39665 ls811">or </span><span class="pp-class-247 pa t39652 l39666 ls556">expense </span><span class="pp-class-247 pa t39652 l39667 ls2036">arising </span><span class="pp-class-247 pa t39652 l39668 ls2207">from </span><span class="pp-class-247 pa t39669 l39627 ls651">the </span><span class="pp-class-247 pa t39669 l39647 ls2197">underlying </span><span class="pp-class-247 pa t39669 l39670 ls995">item </span><span class="pp-class-247 pa t39669 l39671 ls616">that </span><span class="pp-class-247 pa t39669 l39672 ls838">gives </span><span class="pp-class-247 pa t39669 l39673 ls2222">rise </span><span class="pp-class-247 pa t39669 l39674 ls538">to </span><span class="pp-class-247 pa t39669 l39675 ls651">the </span><span class="pp-class-247 pa t39669 l39676 ls4558">foreign </span><span class="pp-class-247 pa t39669 l31158 ls11713">exchange </span><span class="pp-class-247 pa t39669 l39677 ls877">difference.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39678 l39627 ls556">New </span><span class="pp-class-247 pa t39678 l39679 ls838">disclosures </span><span class="pp-class-247 pa t39678 l39680 ls2222">will </span><span class="pp-class-247 pa t39678 l39681 ls811">be </span><span class="pp-class-247 pa t39678 l39682 ls544">added: </span><span class="pp-class-247 pa t39678 l39683 ls2258">(a) </span><span class="pp-class-247 pa t39678 l39684 ls616">management-defined </span><span class="pp-class-247 pa t39678 l39685 ls724">performance </span><span class="pp-class-247 pa t39678 l39686 ls3855">measures </span><span class="pp-class-247 pa t39678 l39687 ls572">and </span><span class="pp-class-247 pa t39678 l39688 ls2258">(b) </span><span class="pp-class-247 pa t39678 l39689 ls184">a </span><span class="pp-class-247 pa t39678 l39690 ls4787">reconciliation </span><span class="pp-class-247 pa t39678 l39691 ls94">for </span><span class="pp-class-247 pa t39692 l39627 ls544">each </span><span class="pp-class-247 pa t39692 l39693 ls2222">line </span><span class="pp-class-247 pa t39692 l39694 ls995">item </span><span class="pp-class-247 pa t39692 l39695 ls811">in </span><span class="pp-class-247 pa t39692 l39696 ls572">the </span><span class="pp-class-247 pa t39692 l39697 ls556">statement </span><span class="pp-class-247 pa t39692 l39698 ls98">of </span><span class="pp-class-247 pa t39692 l39699 ls681">profit </span><span class="pp-class-247 pa t39692 l39700 ls811">or </span><span class="pp-class-247 pa t39692 l39701 ls2222">loss </span><span class="pp-class-247 pa t39692 l39702 ls713">between </span><span class="pp-class-247 pa t39692 l39703 ls651">the </span><span class="pp-class-247 pa t39692 l39704 ls3681">restated </span><span class="pp-class-247 pa t39692 l39705 ls625">amounts </span><span class="pp-class-247 pa t39692 l39706 ls7086">presented </span><span class="pp-class-247 pa t39692 l39707 ls2969">applying </span><span class="pp-class-247 pa t39692 l39708 ls1369">IFRS </span><span class="pp-class-247 pa t39692 l39709 ls587">18 </span><span class="pp-class-247 pa t39710 l39627 ls651">and </span><span class="pp-class-247 pa t39710 l39711 ls651">the </span><span class="pp-class-247 pa t39710 l39712 ls625">amounts </span><span class="pp-class-247 pa t39710 l14065 ls12546">previously </span><span class="pp-class-247 pa t39710 l39713 ls7086">presented </span><span class="pp-class-247 pa t39710 l39714 ls2969">applying </span><span class="pp-class-247 pa t39710 l39715 ls530">IAS </span><span class="pp-class-247 pa t39710 l39716 ls184">1.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t39717 l39627 ls811">In </span><span class="pp-class-247 pa t39717 l39718 ls651">the </span><span class="pp-class-247 pa t39717 l4130 ls556">statement </span><span class="pp-class-247 pa t39717 l6863 ls98">of </span><span class="pp-class-247 pa t39717 l25118 ls2222">cash </span><span class="pp-class-247 pa t39717 l8996 ls2197">flows, </span><span class="pp-class-247 pa t39717 l39719 ls651">the </span><span class="pp-class-247 pa t39717 l39720 ls2222">starting </span><span class="pp-class-247 pa t39717 l6036 ls536">point </span><span class="pp-class-247 pa t39717 l39721 ls2222">will </span><span class="pp-class-247 pa t39717 l39722 ls811">be </span><span class="pp-class-247 pa t39717 l39723 ls2036">changed </span><span class="pp-class-247 pa t39717 l39724 ls538">to </span><span class="pp-class-247 pa t39717 l39725 ls1775">operating </span><span class="pp-class-247 pa t39717 l39726 ls681">profit </span><span class="pp-class-247 pa t39717 l39727 ls811">or </span><span class="pp-class-247 pa t39717 l39728 ls538">loss, </span><span class="pp-class-247 pa t39717 l39729 ls651">and </span><span class="pp-class-247 pa t39717 l39730 ls706">interest </span><span class="pp-class-247 pa t39717 l39731 ls747">re-</span><span class="pp-class-247 pa t39732 l39627 ls758">ceived </span><span class="pp-class-247 pa t39732 l39733 ls572">and </span><span class="pp-class-247 pa t39732 l39734 ls949">other </span><span class="pp-class-247 pa t39732 l39735 ls995">financial </span><span class="pp-class-247 pa t39732 l39736 ls1764">income </span><span class="pp-class-247 pa t39732 l39737 ls2222">will </span><span class="pp-class-247 pa t39732 l39738 ls811">be </span><span class="pp-class-247 pa t39732 l39739 ls562">classified </span><span class="pp-class-247 pa t39732 l39740 ls1764">within </span><span class="pp-class-247 pa t39732 l39741 ls9435">investing </span><span class="pp-class-247 pa t39732 l39742 ls1404">activities, </span><span class="pp-class-247 pa t39732 l39743 ls538">while </span><span class="pp-class-247 pa t39732 l39744 ls706">interest </span><span class="pp-class-247 pa t39732 l39745 ls2222">paid </span><span class="pp-class-247 pa t39732 l39746 ls651">and </span><span class="pp-class-247 pa t39732 l39747 ls949">other </span><span class="pp-class-247 pa t39732 l39748 ls811">fi-</span><span class="pp-class-247 pa t39749 l39627 ls2036">nancial </span><span class="pp-class-247 pa t39749 l16457 ls3855">expenses </span><span class="pp-class-247 pa t39749 l39750 ls2222">will </span><span class="pp-class-247 pa t39749 l39751 ls811">be </span><span class="pp-class-247 pa t39749 l39752 ls562">classified </span><span class="pp-class-247 pa t39749 l39753 ls1764">within </span><span class="pp-class-247 pa t39749 l39754 ls995">financing </span><span class="pp-class-247 pa t39749 l39755 ls1404">activities.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t39756 l3 ls8367">Other </span><span class="pp-class-236 pa t39756 l39757 ls1957">amendments </span><span class="pp-class-236 pa t39756 l39758 ls19231">are </span><span class="pp-class-236 pa t39756 l39759 ls2258">not </span><span class="pp-class-236 pa t39756 l39760 ls3351">expected </span><span class="pp-class-236 pa t39756 l39761 ls847">to </span><span class="pp-class-236 pa t39756 l39762 ls17592">have </span><span class="pp-class-236 pa t39756 l39763 ls544">a </span><span class="pp-class-236 pa t39756 l39764 ls3170">material </span><span class="pp-class-236 pa t39756 l39765 ls11992">impact </span><span class="pp-class-236 pa t39756 l39766 ls1775">on </span><span class="pp-class-236 pa t39756 l39767 ls847">the </span><span class="pp-class-236 pa t39756 l39768 ls17859">Group’s </span><span class="pp-class-236 pa t39756 l39769 ls3200">financial </span><span class="pp-class-236 pa t39756 l39770 ls6593">statements.</span></p></div></div> <div id="pp-id-5265" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40112 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">2.1 </span><span class="pp-class-234 pa t1122 l38307 ls91">Segment </span><span class="pp-class-234 pa t1122 l40113 ls800">information</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls651">The </span><span class="pp-class-236 pa t40114 l38379 ls560">segmentation, </span><span class="pp-class-236 pa t40114 l33853 ls546">including </span><span class="pp-class-236 pa t40114 l40115 ls651">the </span><span class="pp-class-236 pa t40114 l40116 ls1404">allocation </span><span class="pp-class-236 pa t40114 l17257 ls98">of </span><span class="pp-class-236 pa t40114 l40117 ls1775">operating </span><span class="pp-class-236 pa t40114 l40118 ls2207">profit, </span><span class="pp-class-236 pa t40114 l40119 ls546">assets, </span><span class="pp-class-236 pa t40114 l40120 ls4248">liabilities, </span><span class="pp-class-236 pa t40114 l40121 ls651">and </span><span class="pp-class-236 pa t40114 l40122 ls949">other </span><span class="pp-class-236 pa t40114 l40123 ls995">financial </span><span class="pp-class-236 pa t40114 l40124 ls1764">metrics, </span><span class="pp-class-236 pa t40125 l3 ls1764">aligns </span><span class="pp-class-236 pa t40125 l5208 ls2222">with </span><span class="pp-class-236 pa t40125 l40126 ls651">the </span><span class="pp-class-236 pa t40125 l40127 ls2848">Group’s </span><span class="pp-class-236 pa t40125 l21903 ls530">internal </span><span class="pp-class-236 pa t40125 l40128 ls30">reporting </span><span class="pp-class-236 pa t40125 l40129 ls4276">structure. </span><span class="pp-class-236 pa t40125 l40130 ls30">Management </span><span class="pp-class-236 pa t40125 l40131 ls651">has </span><span class="pp-class-236 pa t40125 l40132 ls536">defined </span><span class="pp-class-236 pa t40125 l40133 ls651">the </span><span class="pp-class-236 pa t40125 l40134 ls2848">Group’s </span><span class="pp-class-236 pa t40125 l40135 ls1751">business </span><span class="pp-class-236 pa t40125 l40136 ls205">segments </span><span class="pp-class-236 pa t40137 l3 ls538">based </span><span class="pp-class-236 pa t40137 l17149 ls811">on </span><span class="pp-class-236 pa t40137 l18446 ls651">the </span><span class="pp-class-236 pa t40137 l40138 ls30">reporting </span><span class="pp-class-236 pa t40137 l40139 ls4290">regularly </span><span class="pp-class-236 pa t40137 l40140 ls7086">presented </span><span class="pp-class-236 pa t40137 l40141 ls538">to </span><span class="pp-class-236 pa t40137 l40142 ls651">the </span><span class="pp-class-236 pa t40137 l40143 ls706">Group </span><span class="pp-class-236 pa t40137 l40144 ls4558">Executive </span><span class="pp-class-236 pa t40137 l40145 ls278">Management, </span><span class="pp-class-236 pa t40137 l40146 ls538">which </span><span class="pp-class-236 pa t40137 l40147 ls949">serves </span><span class="pp-class-236 pa t40137 l40148 ls811">as </span><span class="pp-class-236 pa t40137 l40149 ls184">the </span><span class="pp-class-236 pa t40150 l3 ls8048">foundation </span><span class="pp-class-236 pa t40150 l40151 ls553">for </span><span class="pp-class-236 pa t40150 l40152 ls2245">strategic </span><span class="pp-class-236 pa t40150 l40153 ls651">and </span><span class="pp-class-236 pa t40150 l40154 ls2969">operational </span><span class="pp-class-236 pa t40150 l40155 ls536">decision-making. </span><span class="pp-class-236 pa t40150 l36469 ls625">Segment </span><span class="pp-class-236 pa t40150 l40156 ls724">performance </span><span class="pp-class-236 pa t40150 l40157 ls811">is </span><span class="pp-class-236 pa t40150 l40158 ls1751">assessed </span><span class="pp-class-236 pa t40150 l40159 ls706">by </span><span class="pp-class-236 pa t40150 l40160 ls524">Management </span><span class="pp-class-236 pa t40161 l3 ls538">using </span><span class="pp-class-236 pa t40161 l40162 ls667">EBITDA </span><span class="pp-class-236 pa t40161 l39251 ls651">and </span><span class="pp-class-236 pa t40161 l40163 ls2222">EBIT </span><span class="pp-class-236 pa t40161 l37675 ls811">as </span><span class="pp-class-236 pa t40161 l40164 ls4284">key </span><span class="pp-class-236 pa t40161 l40165 ls724">performance </span><span class="pp-class-236 pa t40161 l40166 ls551">indicators. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40167 l3 ls625">Segment </span><span class="pp-class-236 pa t40167 l31073 ls538">costs </span><span class="pp-class-236 pa t40167 l40168 ls1751">comprise </span><span class="pp-class-236 pa t40167 l40169 ls3084">directly </span><span class="pp-class-236 pa t40167 l37977 ls621">attributable </span><span class="pp-class-236 pa t40167 l40170 ls3855">expenses </span><span class="pp-class-236 pa t40167 l40171 ls811">as </span><span class="pp-class-236 pa t40167 l40172 ls8048">well </span><span class="pp-class-236 pa t40167 l40173 ls811">as </span><span class="pp-class-236 pa t40167 l40174 ls11713">systematically </span><span class="pp-class-236 pa t40167 l40175 ls2207">allocated </span><span class="pp-class-236 pa t40167 l40176 ls691">indirect </span><span class="pp-class-236 pa t40167 l40177 ls1792">costs, </span><span class="pp-class-236 pa t40178 l3 ls681">primarily </span><span class="pp-class-236 pa t40178 l40179 ls3681">related </span><span class="pp-class-236 pa t40178 l16778 ls538">to </span><span class="pp-class-236 pa t40178 l36300 ls706">Group </span><span class="pp-class-236 pa t40178 l40180 ls278">functions. </span><span class="pp-class-236 pa t40178 l32480 ls551">Non-allocated </span><span class="pp-class-236 pa t40178 l40181 ls538">costs </span><span class="pp-class-236 pa t40178 l40182 ls2687">represent </span><span class="pp-class-236 pa t40178 l40183 ls556">general </span><span class="pp-class-236 pa t40178 l40184 ls2245">corporate </span><span class="pp-class-236 pa t40178 l40185 ls278">functions </span><span class="pp-class-236 pa t40178 l40186 ls616">that </span><span class="pp-class-236 pa t40178 l39152 ls608">cannot </span><span class="pp-class-236 pa t40187 l3 ls811">be </span><span class="pp-class-236 pa t40187 l18093 ls1118">reasonably </span><span class="pp-class-236 pa t40187 l31365 ls691">attributed </span><span class="pp-class-236 pa t40187 l40188 ls538">to </span><span class="pp-class-236 pa t40187 l40189 ls562">individual </span><span class="pp-class-236 pa t40187 l40190 ls747">segments. </span><span class="pp-class-236 pa t40187 l40191 ls538">These </span><span class="pp-class-236 pa t40187 l40192 ls538">costs </span><span class="pp-class-236 pa t40187 l40193 ls4807">mainly </span><span class="pp-class-236 pa t40187 l40194 ls949">include </span><span class="pp-class-236 pa t40187 l40195 ls3855">expenses </span><span class="pp-class-236 pa t40187 l40196 ls560">associated </span><span class="pp-class-236 pa t40187 l40197 ls2222">with </span><span class="pp-class-236 pa t40187 l40198 ls184">the </span><span class="pp-class-236 pa t40199 l3 ls706">Group </span><span class="pp-class-236 pa t40199 l40098 ls4558">Executive </span><span class="pp-class-236 pa t40199 l40200 ls30">Management </span><span class="pp-class-236 pa t40199 l40201 ls651">and </span><span class="pp-class-236 pa t40199 l40202 ls651">the </span><span class="pp-class-236 pa t40199 l40203 ls706">Board </span><span class="pp-class-236 pa t40199 l29420 ls98">of </span><span class="pp-class-236 pa t40199 l40204 ls691">Directors, </span><span class="pp-class-236 pa t40199 l40205 ls811">as </span><span class="pp-class-236 pa t40199 l40206 ls8048">well </span><span class="pp-class-236 pa t40199 l40207 ls811">as </span><span class="pp-class-236 pa t40199 l40208 ls7086">central </span><span class="pp-class-236 pa t40199 l40209 ls278">functions </span><span class="pp-class-236 pa t40199 l40210 ls2222">such </span><span class="pp-class-236 pa t40199 l40211 ls811">as </span><span class="pp-class-236 pa t40199 l40212 ls3197">Treasury, </span><span class="pp-class-236 pa t40213 l3 ls706">Investor </span><span class="pp-class-236 pa t40213 l40214 ls1404">Relations, </span><span class="pp-class-236 pa t40213 l10723 ls1764">Legal, </span><span class="pp-class-236 pa t40213 l40215 ls4276">Procurement, </span><span class="pp-class-236 pa t40213 l40216 ls168">Communication, </span><span class="pp-class-236 pa t40213 l17214 ls1744">Finance, </span><span class="pp-class-236 pa t40213 l40217 ls651">and </span><span class="pp-class-236 pa t40213 l40218 ls553">selected </span><span class="pp-class-236 pa t40213 l40219 ls1751">Group-wide </span><span class="pp-class-236 pa t40213 l40220 ls838">projects. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40221 l3 ls625">Segment </span><span class="pp-class-236 pa t40221 l31073 ls179">assets </span><span class="pp-class-236 pa t40221 l40222 ls949">include </span><span class="pp-class-236 pa t40221 l40223 ls179">assets </span><span class="pp-class-236 pa t40221 l35521 ls538">which </span><span class="pp-class-236 pa t40221 l17212 ls2808">are </span><span class="pp-class-236 pa t40221 l40224 ls3084">directly </span><span class="pp-class-236 pa t40221 l40225 ls3681">related </span><span class="pp-class-236 pa t40221 l40226 ls538">to </span><span class="pp-class-236 pa t40221 l40227 ls572">the </span><span class="pp-class-236 pa t40221 l40228 ls625">segment </span><span class="pp-class-236 pa t40221 l40229 ls2222">such </span><span class="pp-class-236 pa t40221 l38771 ls811">as </span><span class="pp-class-236 pa t40221 l40230 ls548">non-current </span><span class="pp-class-236 pa t40221 l40231 ls541">intangibles, </span><span class="pp-class-236 pa t40221 l40232 ls651">non-</span><span class="pp-class-236 pa t40233 l3 ls7086">current </span><span class="pp-class-236 pa t40233 l33289 ls179">tangibles, </span><span class="pp-class-236 pa t40233 l28523 ls949">other </span><span class="pp-class-236 pa t40233 l40234 ls548">non-current </span><span class="pp-class-236 pa t40233 l25273 ls651">and </span><span class="pp-class-236 pa t40233 l31371 ls4276">right-of-use </span><span class="pp-class-236 pa t40233 l40235 ls546">assets, </span><span class="pp-class-236 pa t40233 l40236 ls567">inventories, </span><span class="pp-class-236 pa t40233 l40237 ls1463">receivables, </span><span class="pp-class-236 pa t40233 l40238 ls5781">prepayments, </span><span class="pp-class-236 pa t40233 l40239 ls572">and </span><span class="pp-class-236 pa t40233 l40240 ls811">cash. </span><span class="pp-class-236 pa t40241 l3 ls625">Segment </span><span class="pp-class-236 pa t40241 l31073 ls625">liabilities </span><span class="pp-class-236 pa t40241 l40242 ls949">include </span><span class="pp-class-236 pa t40241 l40243 ls7086">current </span><span class="pp-class-236 pa t40241 l40244 ls572">and </span><span class="pp-class-236 pa t40241 l40245 ls548">non-current </span><span class="pp-class-236 pa t40241 l40246 ls625">liabilities.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40247 l3 ls2207">The </span><span class="pp-class-236 pa t40247 l40248 ls621">Ferry </span><span class="pp-class-236 pa t40247 l40249 ls1775">Division </span><span class="pp-class-236 pa t40247 l40250 ls3076">operates </span><span class="pp-class-236 pa t40247 l40251 ls651">a </span><span class="pp-class-236 pa t40247 l40252 ls12546">network </span><span class="pp-class-236 pa t40247 l40253 ls30">of </span><span class="pp-class-236 pa t40247 l40254 ls2197">ferry </span><span class="pp-class-236 pa t40247 l40255 ls773">routes </span><span class="pp-class-236 pa t40247 l40256 ls544">in </span><span class="pp-class-236 pa t40247 l40257 ls2207">and </span><span class="pp-class-236 pa t40247 l40258 ls7487">around </span><span class="pp-class-236 pa t40247 l40259 ls2855">Europe, </span><span class="pp-class-236 pa t40247 l40260 ls2207">and </span><span class="pp-class-236 pa t40247 l40261 ls556">also </span><span class="pp-class-236 pa t40247 l40262 ls773">routes </span><span class="pp-class-236 pa t40247 l40263 ls849">connecting </span><span class="pp-class-236 pa t40247 l40264 ls2687">Europe </span><span class="pp-class-236 pa t40265 l3 ls556">with </span><span class="pp-class-236 pa t40265 l40266 ls40267">Türkiye </span><span class="pp-class-236 pa t40265 l40268 ls2207">and </span><span class="pp-class-236 pa t40265 l12258 ls30">North </span><span class="pp-class-236 pa t40265 l12159 ls877">Africa, </span><span class="pp-class-236 pa t40265 l40269 ls13284">facilitating </span><span class="pp-class-236 pa t40265 l40270 ls2207">the </span><span class="pp-class-236 pa t40265 l40271 ls2816">transportation </span><span class="pp-class-236 pa t40265 l40272 ls30">of </span><span class="pp-class-236 pa t40265 l40273 ls2258">freight </span><span class="pp-class-236 pa t40265 l40274 ls691">units </span><span class="pp-class-236 pa t40265 l40275">- </span><span class="pp-class-236 pa t40265 l40276 ls3292">primarily </span><span class="pp-class-236 pa t40265 l40277 ls12546">trailers </span><span class="pp-class-236 pa t40265 l40278">- </span><span class="pp-class-236 pa t40265 l40279 ls2207">and </span><span class="pp-class-236 pa t40265 l40280 ls681">passengers. </span><span class="pp-class-236 pa t40281 l3 ls2207">The </span><span class="pp-class-236 pa t40281 l40248 ls1131">fleet </span><span class="pp-class-236 pa t40281 l40282 ls4807">comprises </span><span class="pp-class-236 pa t40281 l21204 ls651">a </span><span class="pp-class-236 pa t40281 l40283 ls2207">mix </span><span class="pp-class-236 pa t40281 l16157 ls30">of </span><span class="pp-class-236 pa t40281 l40284 ls556">RoRo </span><span class="pp-class-236 pa t40281 l40285 ls2207">and </span><span class="pp-class-236 pa t40281 l40286 ls2687">RoPax </span><span class="pp-class-236 pa t40281 l40287 ls6824">vessels. </span><span class="pp-class-236 pa t40281 l40288 ls556">DFDS </span><span class="pp-class-236 pa t40281 l40289 ls556">also </span><span class="pp-class-236 pa t40281 l40290 ls8486">owns </span><span class="pp-class-236 pa t40281 l40291 ls17851">and/or </span><span class="pp-class-236 pa t40281 l40292 ls3076">operates </span><span class="pp-class-236 pa t40281 l40293 ls524">port </span><span class="pp-class-236 pa t40281 l40294 ls2808">terminals </span><span class="pp-class-236 pa t40281 l40295 ls614">at </span><span class="pp-class-236 pa t40296 l3 ls7832">strategic </span><span class="pp-class-236 pa t40296 l16927 ls3234">locations </span><span class="pp-class-236 pa t40296 l40297 ls3200">across </span><span class="pp-class-236 pa t40296 l40298 ls2207">the </span><span class="pp-class-236 pa t40296 l28536 ls4823">route </span><span class="pp-class-236 pa t40296 l40299 ls11072">network. </span><span class="pp-class-236 pa t40296 l40300 ls15764">Key </span><span class="pp-class-236 pa t40296 l39847 ls2258">freight </span><span class="pp-class-236 pa t40296 l40301 ls2808">customers </span><span class="pp-class-236 pa t40296 l40302 ls884">include </span><span class="pp-class-236 pa t40296 l40303 ls773">forwarders, </span><span class="pp-class-236 pa t40296 l40304 ls4017">hauliers, </span><span class="pp-class-236 pa t40296 l40305 ls572">and </span><span class="pp-class-236 pa t40306 l3 ls4149">manufacturers </span><span class="pp-class-236 pa t40306 l21859 ls30">of </span><span class="pp-class-236 pa t40306 l40307 ls2081">heavy </span><span class="pp-class-236 pa t40306 l40308 ls4793">industrial </span><span class="pp-class-236 pa t40306 l40309 ls603">goods. </span><span class="pp-class-236 pa t40306 l40310 ls11713">Passenger </span><span class="pp-class-236 pa t40306 l40311 ls556">services </span><span class="pp-class-236 pa t40306 l40312 ls2767">cater </span><span class="pp-class-236 pa t40306 l40313 ls3844">mainly </span><span class="pp-class-236 pa t40306 l40314 ls2889">to </span><span class="pp-class-236 pa t40306 l40315 ls2245">individuals </span><span class="pp-class-236 pa t40306 l40316 ls2846">traveling </span><span class="pp-class-236 pa t40306 l40317 ls556">with </span><span class="pp-class-236 pa t40306 l40318 ls681">their </span><span class="pp-class-236 pa t40306 l40319 ls556">own </span><span class="pp-class-236 pa t40320 l3 ls6824">vehicles.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40321 l3 ls651">The </span><span class="pp-class-236 pa t40321 l38379 ls995">Logistics </span><span class="pp-class-236 pa t40321 l40322 ls1751">Division </span><span class="pp-class-236 pa t40321 l40323 ls2245">provides </span><span class="pp-class-236 pa t40321 l27302 ls30">transport </span><span class="pp-class-236 pa t40321 l40324 ls546">solutions </span><span class="pp-class-236 pa t40321 l40325 ls553">for </span><span class="pp-class-236 pa t40321 l40326 ls544">full- </span><span class="pp-class-236 pa t40321 l40327 ls572">and </span><span class="pp-class-236 pa t40321 l40328 ls875">part </span><span class="pp-class-236 pa t40321 l40329 ls544">loads </span><span class="pp-class-236 pa t40321 l40330 ls811">as </span><span class="pp-class-236 pa t40321 l40331 ls8048">well </span><span class="pp-class-236 pa t40321 l40332 ls811">as </span><span class="pp-class-236 pa t40321 l40333 ls2808">contract </span><span class="pp-class-236 pa t40321 l40334 ls2222">logistics </span><span class="pp-class-236 pa t40335 l3 ls546">solutions, </span><span class="pp-class-236 pa t40335 l3288 ls546">including </span><span class="pp-class-236 pa t40335 l13331 ls603">warehousing </span><span class="pp-class-236 pa t40335 l40336 ls651">and </span><span class="pp-class-236 pa t40335 l40337 ls30">transport </span><span class="pp-class-236 pa t40335 l40338 ls98">of </span><span class="pp-class-236 pa t40335 l40339 ls1186">frozen </span><span class="pp-class-236 pa t40335 l40340 ls616">meat </span><span class="pp-class-236 pa t40335 l40341 ls572">and </span><span class="pp-class-236 pa t40335 l40342 ls538">fish. </span><span class="pp-class-236 pa t40335 l40343 ls572">The </span><span class="pp-class-236 pa t40335 l40344 ls949">customers </span><span class="pp-class-236 pa t40335 l40345 ls2808">are </span><span class="pp-class-236 pa t40335 l40346 ls667">primarily </span><span class="pp-class-236 pa t40347 l3 ls1687">manufacturers </span><span class="pp-class-236 pa t40347 l40348 ls98">of </span><span class="pp-class-236 pa t40347 l40349 ls562">industrial </span><span class="pp-class-236 pa t40347 l18256 ls538">goods </span><span class="pp-class-236 pa t40347 l28743 ls651">and </span><span class="pp-class-236 pa t40347 l40350 ls625">consumables </span><span class="pp-class-236 pa t40347 l40351 ls811">as </span><span class="pp-class-236 pa t40347 l40352 ls8048">well </span><span class="pp-class-236 pa t40347 l40353 ls811">as </span><span class="pp-class-236 pa t40347 l40354 ls8048">retailers. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40355 l3 ls811">No </span><span class="pp-class-236 pa t40355 l40356 ls1764">single </span><span class="pp-class-236 pa t40355 l18795 ls949">customer </span><span class="pp-class-236 pa t40355 l40357 ls30">accounts </span><span class="pp-class-236 pa t40355 l40358 ls553">for </span><span class="pp-class-236 pa t40355 l40359 ls544">10% </span><span class="pp-class-236 pa t40355 l40360 ls811">or </span><span class="pp-class-236 pa t40355 l40361 ls877">more </span><span class="pp-class-236 pa t40355 l40362 ls98">of </span><span class="pp-class-236 pa t40355 l17083 ls572">the </span><span class="pp-class-236 pa t40355 l40363 ls758">total </span><span class="pp-class-236 pa t40355 l40364 ls8384">revenue.</span></p></div></div><div id="pp-id-5266" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40365 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40372 ls3544">Ferry </span><span class="pp-class-237 pa t36653 l40373">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40374">Logistics </span><span class="pp-class-237 pa t36653 l40375">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40376">Non- </span><span class="pp-class-237 pa t36653 l40377 ls1547">allocated</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40378 ls749 wtro3142 wtr3143 tro3144 tr3145">Eliminations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l3 ls1444">External </span><span class="pp-class-236 pa t36664 l20099 ls536">revenue</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l40380 ls651">15,294</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l40381 ls3084">15,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l40382">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l40383 ls3796">30,947</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l3 ls247">Intragroup </span><span class="pp-class-236 pa t40384 l40385 ls536">revenue</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40386 ls3189">1,7</span></a><span class="pp-class-236 pa t40384 l40387">05</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40388 ls1547">105</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40389">850</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40390 ls2207">-2,6</span></a><span class="pp-class-236 pa t40384 l40391">60</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l3 ls6824">Total </span><span class="pp-class-237 pa t40392 l20253 ls590">revenue</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40393 ls749">16,</span></a><span class="pp-class-237 pa t40392 l40394">999</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40395 ls3298">15,723</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40396">885</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40397 ls530">-2,6</span></a><span class="pp-class-237 pa t40392 l40398">60</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40399 ls2838">30,947</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40400 l3">Other </span><span class="pp-class-236 pa t40400 l8396">Income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40400 l40401">119</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40400 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40400 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40400 l40404">119</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40405 l3 ls88">Ferry </span><span class="pp-class-236 pa t40405 l9536">and </span><span class="pp-class-236 pa t40405 l37097 ls67">other </span><span class="pp-class-236 pa t40405 l31134">ship </span><span class="pp-class-236 pa t40405 l37098 ls106">operation </span><span class="pp-class-236 pa t40405 l37099">and </span><span class="pp-class-236 pa t40406 l3 ls162">maintenance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40406 l40407 ls110">5,448</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40406 l40408">311</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40406 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40406 l40410">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40406 l40411 ls4363">5,713</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40412 l3 ls835">Port </span><span class="pp-class-236 pa t40412 l17862 ls1444">terminal </span><span class="pp-class-236 pa t40412 l37104 ls106">operations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40412 l40413 ls2808">3,864</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40412 l40414 ls1547">100</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40412 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40412 l40415">-31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40412 l40416 ls2081">3,933</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40417 l3 ls838">Transport </span><span class="pp-class-236 pa t40417 l37108">and </span><span class="pp-class-236 pa t40417 l37109 ls807">warehouse </span><span class="pp-class-236 pa t40417 l36535 ls162">solutions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40417 l40418 ls1780">763</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40417 l40419 ls40420">9,</span></a><span class="pp-class-236 pa t40417 l40421">895</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40417 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40417 l40422 ls664">-1,52</span></a><span class="pp-class-236 pa t40417 l40423">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40417 l40424 ls556">9,138</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40425 l3 ls129">Employee </span><span class="pp-class-236 pa t40425 l8444">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40425 l40426 ls98">2,848</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40425 l40427 ls2081">3,665</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40425 l40428">613</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40425 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40425 l40430 ls37115">7,117</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40431 l3">G</span><a><span class="pp-class-236 pa t40431 l40030 ls197">eneral </span><span class="pp-class-236 pa t40431 l8451">and </span><span class="pp-class-236 pa t40431 l8452 ls428">administration</span></a><span class="pp-class-236 pa t40431 l4066"/><span class="pp-class-236 pa t40431 l8453 ls1024">external </span><span class="pp-class-236 pa t40431 l8454">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40431 l40432 ls83">1,313</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40431 l40433 ls2260">774</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40431 l38055">392</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40431 l40434 ls651">-1,056</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40431 l40435 ls532">1,423</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40436 l3 ls197">Operating </span><span class="pp-class-237 pa t40436 l37121 ls118">profit </span><span class="pp-class-237 pa t40436 l7058 ls1078">before </span><span class="pp-class-237 pa t40436 l37122 ls685">depreciation </span><span class="pp-class-237 pa t40436 l37123">and </span><span class="pp-class-237 pa t40437 l3 ls85">amortisation </span><span class="pp-class-237 pa t40437 l19240 ls1024">(EBITDA) </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40437 l40438 ls52">2,8</span></a><span class="pp-class-237 pa t40437 l40439">83</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40437 l40440 ls98">979</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40437 l40441">-120</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40437 l40442 ls17861">3,743</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40443 l3 ls4284 wtro3142 wtr526 tro3144 tr528">Operating </span><span class="pp-class-237 pa t40443 l40444 ls1687 wtro3142 wtr526 tro3144 tr528">profit </span><span class="pp-class-237 pa t40443 l40445 ls6824 wtro3142 wtr526 tro3144 tr528">before </span><span class="pp-class-237 pa t40443 l40446 ls3234 wtro3142 wtr526 tro3144 tr528">amortisation </span><span class="pp-class-237 pa t40443 l40447 ls2984 wtro3142 wtr526 tro3144 tr528">(EBITA)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40443 l40448">8</span></a><span class="pp-class-237 pa t40443 l40449">50</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40443 l40450">52</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40443 l40451">-155</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40443 l40452 ls8542">747</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40453 l3 ls197">Operating </span><span class="pp-class-237 pa t40453 l37121 ls118">profit </span><span class="pp-class-237 pa t40453 l7058">(EBIT)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40453 l40454 ls177">791</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40453 l40455">-30</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40453 l40456 ls1078">-241</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40453 l40457">520</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40458 l3 ls162">Profit/loss </span><span class="pp-class-237 pa t40458 l37177 ls1078">before </span><span class="pp-class-237 pa t40458 l32066 ls135">tax</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40458 l40459">-298</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40460 l3 ls162">Profit/loss </span><span class="pp-class-237 pa t40460 l37177 ls781">for </span><span class="pp-class-237 pa t40460 l37186">the </span><span class="pp-class-237 pa t40460 l37187 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40460 l40461">-425</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40462 l3 ls91">Capital </span><span class="pp-class-236 pa t40462 l40463 ls131">expenditure</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40462 l40464 ls1547">810</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40462 l40465 ls4381">917</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40462 l40466 ls1547">109</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40462 l40467 ls98">1,836</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40468 l3 ls428">Invested </span><span class="pp-class-236 pa t40468 l3010 ls162">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40468 l40469 ls651">21,002</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40468 l40470 ls3121">7,630</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40468 l40471">552</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40468 l40472 ls667">29,184</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5267" xmlns="http://www.w3.org/1999/xhtml"><div class="w1049 h40474 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">2.1 </span><span class="pp-class-234 pa t1122 l38307 ls91">Segment </span><span class="pp-class-234 pa t1122 l40113 ls1645">information </span><span class="pp-class-235 pa t1122 l40475"/><span class="pp-class-235 pa t1122 l40476 ls938">(continued)</span></p></div></div><div id="pp-id-5268" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40477 pa t2 l3 wtro4 xx281 tro6 xx282"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40366 l3"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40366 l40367"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40366 l40368"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40366 l40369"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l40478 ls184">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36646 l40372 ls3544">Ferry </span><span class="pp-class-237 pa t36653 l40373">Division</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36646 l40374">Logistics </span><span class="pp-class-237 pa t36653 l40375">Division</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36646 l40376">Non- </span><span class="pp-class-237 pa t36653 l40377 ls1547">allocated</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36653 l40378 ls749 wtro3142 wtr3143 tro3144 tr3145">Eliminations</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36664 l3 ls1444">External </span><span class="pp-class-236 pa t36664 l20099 ls536">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36664 l40380 ls1186">16,489</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l40479 ls1574">13,253</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l40480">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36664 l37091 ls2811">29,753</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l3 ls247">Intragroup </span><span class="pp-class-236 pa t40384 l40385 ls536">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l40481 ls83">1,369</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40482">95</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40483">836</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l40484 ls131">-2,300</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l37094">-</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40392 l3 ls6824">Total </span><span class="pp-class-237 pa t40392 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40392 l40485 ls3424">17,858</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40486 ls98">13,348</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40392 l40487 ls2813">847</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40392 l40488 ls1707">-2,300</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40392 l40489 ls16724">29,753</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40400 l3 ls88">Ferry </span><span class="pp-class-236 pa t40400 l9536">and </span><span class="pp-class-236 pa t40400 l37097 ls67">other </span><span class="pp-class-236 pa t40400 l31134">ship </span><span class="pp-class-236 pa t40400 l37098 ls106">operation </span><span class="pp-class-236 pa t40400 l37099">and </span><span class="pp-class-236 pa t40490 l3 ls162">maintenance</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40490 l40491 ls40492">5,773</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40490 l40493 ls197">387</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40490 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40490 l40494">-43</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40490 l37102 ls19396">6,117</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40495 l3 ls835">Port </span><span class="pp-class-236 pa t40495 l17862 ls1444">terminal </span><span class="pp-class-236 pa t40495 l37104 ls106">operations</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40495 l40496 ls1848">3,697</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40495 l40497 ls197">137</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40495 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40495 l40498">-19</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40495 l37106 ls4780">3,814</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40499 l3 ls838">Transport </span><span class="pp-class-236 pa t40499 l37108">and </span><span class="pp-class-236 pa t40499 l37109 ls807">warehouse </span><span class="pp-class-236 pa t40499 l36535 ls162">solutions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40499 l40500">692</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40499 l40501 ls98">8,122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40499 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40499 l40502 ls1011">-1,218</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40499 l37111 ls37112">7,596</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40503 l3 ls129">Employee </span><span class="pp-class-236 pa t40503 l8444">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40503 l40504 ls98">2,899</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40503 l40505 ls1780">2,910</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40503 l40506">563</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40503 l40507 ls1547">-10</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40503 l37116 ls1118">6,361</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40508 l3 ls1661">General </span><span class="pp-class-236 pa t40508 l8451">and </span><span class="pp-class-236 pa t40508 l8452 ls236">administration </span><span class="pp-class-236 pa t40508 l8453 ls1024">external </span><span class="pp-class-236 pa t40508 l8454">costs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40508 l40509">1,284</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40508 l40510 ls1780">756</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40508 l40511">393</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40508 l40512 ls651">-1,009</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40508 l37119 ls548">1,424</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40513 l3 ls197">Operating </span><span class="pp-class-237 pa t40513 l37121 ls118">profit </span><span class="pp-class-237 pa t40513 l7058 ls1078">before </span><span class="pp-class-237 pa t40513 l37122 ls685">depreciation </span><span class="pp-class-237 pa t40513 l37123">and </span><span class="pp-class-237 pa t40514 l3 ls85">amortisation </span><span class="pp-class-237 pa t40514 l19240 ls1024">(EBITDA) </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40514 l40515 ls2270">3,514</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40514 l40516 ls94">1,036</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40514 l40517 ls113">-109</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40514 l37127 ls76">4,440</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40518 l3 ls4284 wtro3142 wtr526 tro3144 tr528">Operating </span><span class="pp-class-237 pa t40518 l40444 ls1687 wtro3142 wtr526 tro3144 tr528">profit </span><span class="pp-class-237 pa t40518 l40445 ls6824 wtro3142 wtr526 tro3144 tr528">before </span><span class="pp-class-237 pa t40518 l40446 ls3234 wtro3142 wtr526 tro3144 tr528">amortisation </span><span class="pp-class-237 pa t40518 l40447 ls2984 wtro3142 wtr526 tro3144 tr528">(EBITA)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40518 l40519 ls847">1,578</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40518 l40520">282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40518 l40521 ls1031">-145</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40518 l37158 ls9950">1,716</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40522 l3 ls197">Operating </span><span class="pp-class-237 pa t40522 l37121 ls118">profit </span><span class="pp-class-237 pa t40522 l7058">(EBIT)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40522 l40523 ls3852">1,525</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40522 l40524">200</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40522 l40525">-219</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40522 l37169 ls3852">1,506</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40526 l3 ls118">Profit </span><span class="pp-class-237 pa t40526 l40527 ls1078">before </span><span class="pp-class-237 pa t40526 l40528 ls135">tax</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40526 l37179">683</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40529 l3 ls118">Profit </span><span class="pp-class-237 pa t40529 l40527 ls781">for </span><span class="pp-class-237 pa t40529 l10685">the </span><span class="pp-class-237 pa t40529 l40530 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40529 l37189">541</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40531 l3 ls91">Capital </span><span class="pp-class-236 pa t40531 l40463 ls131">expenditure</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40531 l40532 ls83">2,303</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40531 l40533 ls995">2,941</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40531 l23018">99</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40531 l40534 ls1118">5,343</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40535 l3 ls428">Invested </span><span class="pp-class-236 pa t40535 l3010 ls162">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40535 l36936 ls651">21,941</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40535 l40536 ls3106">8</span><a><span class="pp-class-236 pa t40535 l40537 ls28280">,</span></a><span class="pp-class-236 pa t40535 l40538">940</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40535 l40539">652</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40535 l40540 ls1792">31,533</span></p></td></tr></table></div></div><div id="pp-id-5269" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40541 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t283 l3 ls553">Geographical </span><span class="pp-class-237 pa t283 l34064 ls6092">breakdown</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls651">The </span><span class="pp-class-236 pa t38325 l38379 ls706">Group </span><span class="pp-class-236 pa t38325 l1995 ls2222">does </span><span class="pp-class-236 pa t38325 l33586 ls4248">not </span><span class="pp-class-236 pa t38325 l40542 ls110">have </span><span class="pp-class-236 pa t38325 l40543 ls184">a </span><span class="pp-class-236 pa t38325 l40544 ls7468">natural </span><span class="pp-class-236 pa t38325 l40545 ls667">geographic </span><span class="pp-class-236 pa t38325 l40546 ls538">split </span><span class="pp-class-236 pa t38325 l40547 ls811">on </span><span class="pp-class-236 pa t38325 l40548 ls747">countries </span><span class="pp-class-236 pa t38325 l40549 ls538">since </span><span class="pp-class-236 pa t38325 l40550 ls811">it </span><span class="pp-class-236 pa t38325 l40551 ls4017">operates </span><span class="pp-class-236 pa t38325 l40552 ls2270">routes </span><span class="pp-class-236 pa t38325 l40553 ls278">connecting </span><span class="pp-class-236 pa t38325 l40554 ls2197">Europe </span><span class="pp-class-236 pa t38325 l40555 ls184">to </span><span class="pp-class-236 pa t38337 l3 ls1039">Türkiye </span><span class="pp-class-236 pa t38337 l40556 ls651">and </span><span class="pp-class-236 pa t38337 l40557 ls651">Northern </span><span class="pp-class-236 pa t38337 l40558 ls536">Africa. </span><span class="pp-class-236 pa t38337 l40559 ls651">The </span><span class="pp-class-236 pa t38337 l40560 ls2270">routes </span><span class="pp-class-236 pa t38337 l40561 ls1792">support </span><span class="pp-class-236 pa t38337 l40562 ls544">each </span><span class="pp-class-236 pa t38337 l40563 ls949">other </span><span class="pp-class-236 pa t38337 l40564 ls2222">with </span><span class="pp-class-236 pa t38337 l40565 ls538">sales </span><span class="pp-class-236 pa t38337 l40566 ls651">and </span><span class="pp-class-236 pa t38337 l40567 ls949">customer </span><span class="pp-class-236 pa t38337 l40568 ls572">services </span><span class="pp-class-236 pa t38337 l40569 ls667">located </span><span class="pp-class-236 pa t38337 l40570 ls811">in </span><span class="pp-class-236 pa t38337 l40571 ls184">one </span><span class="pp-class-236 pa t38356 l3 ls33">country </span><span class="pp-class-236 pa t38356 l40572 ls556">whereas </span><span class="pp-class-236 pa t38356 l39277 ls651">the </span><span class="pp-class-236 pa t38356 l40573 ls1780">actual </span><span class="pp-class-236 pa t38356 l40574 ls3084">revenue </span><span class="pp-class-236 pa t38356 l29224 ls811">is </span><span class="pp-class-236 pa t38356 l40575 ls3681">created </span><span class="pp-class-236 pa t38356 l40576 ls811">in </span><span class="pp-class-236 pa t38356 l40577 ls949">other </span><span class="pp-class-236 pa t38356 l40578 ls524">countries. </span><span class="pp-class-236 pa t38356 l40579 ls1882">Consequently, </span><span class="pp-class-236 pa t38356 l40580 ls811">it </span><span class="pp-class-236 pa t38356 l40581 ls811">is </span><span class="pp-class-236 pa t38356 l40582 ls4248">not </span><span class="pp-class-236 pa t38356 l40583 ls1751">possible </span><span class="pp-class-236 pa t38356 l40584 ls538">to </span><span class="pp-class-236 pa t38356 l40585 ls7086">present </span><span class="pp-class-236 pa t38356 l40586 ls26">a </span><span class="pp-class-236 pa t38370 l3 ls562">meaningful </span><span class="pp-class-236 pa t38370 l40587 ls538">split </span><span class="pp-class-236 pa t38370 l13071 ls98">of </span><span class="pp-class-236 pa t38370 l40588 ls110">revenues </span><span class="pp-class-236 pa t38370 l40589 ls651">and </span><span class="pp-class-236 pa t38370 l17117 ls548">non-current </span><span class="pp-class-236 pa t38370 l40590 ls179">assets </span><span class="pp-class-236 pa t38370 l40591 ls706">by </span><span class="pp-class-236 pa t38370 l33916 ls849">country. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38378 l3 ls651">The </span><span class="pp-class-236 pa t38378 l38379 ls538">split </span><span class="pp-class-236 pa t38378 l3091 ls811">is </span><span class="pp-class-236 pa t38378 l40592 ls6146">therefore </span><span class="pp-class-236 pa t38378 l40593 ls7086">presented </span><span class="pp-class-236 pa t38378 l10043 ls706">by </span><span class="pp-class-236 pa t38378 l40594 ls572">the </span><span class="pp-class-236 pa t38378 l18376 ls651">sea </span><span class="pp-class-236 pa t38378 l40595 ls651">and </span><span class="pp-class-236 pa t38378 l40596 ls2207">geographical </span><span class="pp-class-236 pa t38378 l40597 ls706">areas </span><span class="pp-class-236 pa t38378 l40598 ls811">in </span><span class="pp-class-236 pa t38378 l40599 ls538">which </span><span class="pp-class-236 pa t38378 l40600 ls2222">DFDS </span><span class="pp-class-236 pa t38378 l40601 ls2245">operates. </span><span class="pp-class-236 pa t38378 l40602 ls651">The </span><span class="pp-class-236 pa t38378 l40603 ls168">geographical </span><span class="pp-class-236 pa t38394 l3 ls538">split </span><span class="pp-class-236 pa t38394 l40604 ls98">of </span><span class="pp-class-236 pa t38394 l40605 ls3084">revenue </span><span class="pp-class-236 pa t38394 l40606 ls811">is </span><span class="pp-class-236 pa t38394 l6439 ls838">shown </span><span class="pp-class-236 pa t38394 l40607 ls811">in </span><span class="pp-class-236 pa t38394 l7382 ls651">the </span><span class="pp-class-236 pa t38394 l18042 ls3084">revenue </span><span class="pp-class-236 pa t38394 l22201 ls713">note. </span><span class="pp-class-236 pa t38394 l40608 ls2969">Reference </span><span class="pp-class-236 pa t38394 l40609 ls811">is </span><span class="pp-class-236 pa t38394 l40610 ls544">made </span><span class="pp-class-236 pa t38394 l40611 ls538">to </span><span class="pp-class-236 pa t38394 l40612 ls558">note </span><span class="pp-class-236 pa t38394 l40613 ls572">2.2.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38629 l3 ls651">The </span><span class="pp-class-236 pa t38629 l38379 ls2036">applied </span><span class="pp-class-236 pa t38629 l40614 ls538">split </span><span class="pp-class-236 pa t38629 l40615 ls1815">results </span><span class="pp-class-236 pa t38629 l40616 ls811">in </span><span class="pp-class-236 pa t38629 l40617 ls849">seven </span><span class="pp-class-236 pa t38629 l40618 ls2207">geographical </span><span class="pp-class-236 pa t38629 l40619 ls2197">areas: </span><span class="pp-class-236 pa t38629 l40620 ls938">North </span><span class="pp-class-236 pa t38629 l40621 ls807">Sea, </span><span class="pp-class-236 pa t38629 l40622 ls616">Mediterranean, </span><span class="pp-class-236 pa t38629 l40623 ls30">Baltic </span><span class="pp-class-236 pa t38629 l40624 ls807">Sea, </span><span class="pp-class-236 pa t38629 l40625 ls2036">English </span><span class="pp-class-236 pa t38629 l40626 ls94">Channel, </span><span class="pp-class-236 pa t38426 l3 ls995">Continent, </span><span class="pp-class-236 pa t38426 l40627 ls2197">Nordic </span><span class="pp-class-236 pa t38426 l40628 ls651">and </span><span class="pp-class-236 pa t38426 l40629 ls838">UK/Ireland. </span><span class="pp-class-236 pa t38426 l40630 ls811">As </span><span class="pp-class-236 pa t38426 l40631 ls184">a </span><span class="pp-class-236 pa t38426 l6388 ls625">consequence </span><span class="pp-class-236 pa t38426 l40632 ls98">of </span><span class="pp-class-236 pa t38426 l40633 ls572">the </span><span class="pp-class-236 pa t38426 l40634 ls2848">Group’s </span><span class="pp-class-236 pa t38426 l40635 ls1751">business </span><span class="pp-class-236 pa t38426 l40636 ls1764">model, </span><span class="pp-class-236 pa t38426 l40637 ls651">the </span><span class="pp-class-236 pa t38426 l40638 ls2270">routes </span><span class="pp-class-236 pa t38426 l40639 ls811">do </span><span class="pp-class-236 pa t38426 l40640 ls4248">not </span><span class="pp-class-236 pa t38426 l40641 ls6824">directly </span><span class="pp-class-236 pa t38428 l3 ls556">own </span><span class="pp-class-236 pa t38428 l40642 ls651">the </span><span class="pp-class-236 pa t38428 l30927 ls551">ferries </span><span class="pp-class-236 pa t38428 l1573 ls651">but </span><span class="pp-class-236 pa t38428 l40643 ls94">charter </span><span class="pp-class-236 pa t38428 l40644 ls651">the </span><span class="pp-class-236 pa t38428 l40645 ls551">ferries </span><span class="pp-class-236 pa t38428 l40646 ls877">from </span><span class="pp-class-236 pa t38428 l40647 ls184">a </span><span class="pp-class-236 pa t38428 l40648 ls706">Group </span><span class="pp-class-236 pa t38428 l40649 ls530">internal </span><span class="pp-class-236 pa t38428 l39439 ls758">vessel </span><span class="pp-class-236 pa t38428 l40650 ls811">pool. </span></p></div></div><div class="pp-class-10" id="pp-id-5270" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40651 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls544">Ferries </span><span class="pp-class-236 pa t283 l40652 ls2808">are </span><span class="pp-class-236 pa t283 l40653 ls4290">regularly </span><span class="pp-class-236 pa t283 l40654 ls11713">redeployed </span><span class="pp-class-236 pa t283 l40655 ls1131">across </span><span class="pp-class-236 pa t283 l40656 ls651">the </span><span class="pp-class-236 pa t283 l40657 ls2848">Group’s </span><span class="pp-class-236 pa t283 l40658 ls1815">route </span><span class="pp-class-236 pa t283 l40659 ls713">network </span><span class="pp-class-236 pa t283 l40660 ls538">to </span><span class="pp-class-236 pa t283 l40661 ls278">optimise </span><span class="pp-class-236 pa t283 l40662 ls2969">operations. </span><span class="pp-class-236 pa t283 l40663 ls811">In </span><span class="pp-class-236 pa t283 l40664 ls544">addition, </span><span class="pp-class-236 pa t283 l40665 ls574">certain </span><span class="pp-class-236 pa t38325 l3 ls548">non-current </span><span class="pp-class-236 pa t38325 l33435 ls179">assets </span><span class="pp-class-236 pa t38325 l19335">- </span><span class="pp-class-236 pa t38325 l40666 ls2222">such </span><span class="pp-class-236 pa t38325 l40667 ls811">as </span><span class="pp-class-236 pa t38325 l40668 ls811">IT </span><span class="pp-class-236 pa t38325 l40669 ls2245">software </span><span class="pp-class-236 pa t38325 l40670 ls651">and </span><span class="pp-class-236 pa t38325 l40671 ls2245">corporate </span><span class="pp-class-236 pa t38325 l40672 ls179">assets </span><span class="pp-class-236 pa t38325 l40673 ls838">owned </span><span class="pp-class-236 pa t38325 l40674 ls706">by </span><span class="pp-class-236 pa t38325 l40675 ls651">the </span><span class="pp-class-236 pa t38325 l39795 ls524">headquarters </span><span class="pp-class-236 pa t38325 l40676">- </span><span class="pp-class-236 pa t38325 l40677 ls2808">are </span><span class="pp-class-236 pa t38325 l40678 ls1751">utilised </span><span class="pp-class-236 pa t38325 l40679 ls2197">across </span><span class="pp-class-236 pa t38337 l3 ls651">the </span><span class="pp-class-236 pa t38337 l28221 ls706">entire </span><span class="pp-class-236 pa t38337 l40680 ls4807">Group. </span><span class="pp-class-236 pa t38337 l40681 ls811">As </span><span class="pp-class-236 pa t38337 l40682 ls184">a </span><span class="pp-class-236 pa t38337 l7381 ls1463">result, </span><span class="pp-class-236 pa t38337 l40683 ls538">these </span><span class="pp-class-236 pa t38337 l40684 ls179">assets </span><span class="pp-class-236 pa t38337 l40685 ls179">cannot </span><span class="pp-class-236 pa t38337 l18203 ls811">be </span><span class="pp-class-236 pa t38337 l40686 ls9435">meaningfully </span><span class="pp-class-236 pa t38337 l40687 ls691">attributed </span><span class="pp-class-236 pa t38337 l40688 ls538">to </span><span class="pp-class-236 pa t38337 l40689 ls1751">specific </span><span class="pp-class-236 pa t38337 l40690 ls2207">geographical </span><span class="pp-class-236 pa t38337 l40691 ls2197">areas. </span><span class="pp-class-236 pa t38337 l40692 ls1547">It </span><span class="pp-class-236 pa t38356 l3 ls811">is </span><span class="pp-class-236 pa t38356 l40693 ls6146">therefore </span><span class="pp-class-236 pa t38356 l40694 ls4248">not </span><span class="pp-class-236 pa t38356 l40695 ls1751">possible </span><span class="pp-class-236 pa t38356 l40696 ls538">to </span><span class="pp-class-236 pa t38356 l40697 ls9435">meaningfully </span><span class="pp-class-236 pa t38356 l40698 ls838">estimate </span><span class="pp-class-236 pa t38356 l40699 ls651">the </span><span class="pp-class-236 pa t38356 l40700 ls8391">exact </span><span class="pp-class-236 pa t38356 l40701 ls2197">value </span><span class="pp-class-236 pa t38356 l40702 ls98">of </span><span class="pp-class-236 pa t38356 l40703 ls651">the </span><span class="pp-class-236 pa t38356 l40704 ls548">non-current </span><span class="pp-class-236 pa t38356 l40705 ls179">assets </span><span class="pp-class-236 pa t38356 l40706 ls651">per </span><span class="pp-class-236 pa t38356 l40707 ls168">geographical </span><span class="pp-class-236 pa t38370 l3 ls278">area. </span><span class="pp-class-236 pa t38370 l40708 ls630">Instead, </span><span class="pp-class-236 pa t38370 l40709 ls811">an </span><span class="pp-class-236 pa t38370 l40710 ls1404">allocation </span><span class="pp-class-236 pa t38370 l40711 ls651">has </span><span class="pp-class-236 pa t38370 l40712 ls2222">been </span><span class="pp-class-236 pa t38370 l40713 ls2222">used </span><span class="pp-class-236 pa t38370 l40714 ls538">based </span><span class="pp-class-236 pa t38370 l17119 ls811">on </span><span class="pp-class-236 pa t38370 l40715 ls1751">business </span><span class="pp-class-236 pa t38370 l40673 ls3852">unit.</span></p></div></div><div id="pp-id-5271" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40716 pa t2 l3 wtro4 xx49 tro6 xx50"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t831 l3">DKK </span><span class="pp-class-236 pa t831 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t2785 l40717 ls3544">North </span><span class="pp-class-237 pa t831 l40718">Sea</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t2785 l40719 ls297">Mediter-</span><span class="pp-class-237 pa t831 l40720 ls108">ranean</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t831 l40721 ls1024">Baltic </span><span class="pp-class-237 pa t831 l28196 ls26">Sea </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t2785 l40722"/><span class="pp-class-237 pa t2785 l40723">English </span><span class="pp-class-237 pa t831 l40724">Channel</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t831 l40725 ls162">Continent</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t831 l40726 ls108">Nordic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t2785 l40727">UK/ </span><span class="pp-class-237 pa t831 l40728 ls1790">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t831 l40729 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t2799 l3">2025</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40730 l3 ls1629">Non-current </span><span class="pp-class-236 pa t40731 l3 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40732 ls40733">7,756</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40734 ls2368">11,440</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40735 ls995">2,031</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40736 ls2081">3,063</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40737 ls995">1,998</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40738 ls98">1,804</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40731 l40739 ls532">2,415</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40731 l40740 ls2767">30,507</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40741 l3 ls184">2024</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40742 l3 ls1629">Non-current </span><span class="pp-class-236 pa t40743 l3 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40744 ls24054">7,837</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40745 ls551">12,507</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40746 ls98">2,853</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40747">2,132</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40748 ls3167">2,479</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40749 ls3993">1,780</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40743 l40750 ls532">2,406</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40743 l40751 ls1133">31,996</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5272" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h40753 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls2207">Geographical </span><span class="pp-class-236 pa t40754 l28492 ls621">information </span><span class="pp-class-236 pa t40754 l40755 ls811">is </span><span class="pp-class-236 pa t40754 l40756 ls538">based </span><span class="pp-class-236 pa t40754 l40757 ls811">on </span><span class="pp-class-236 pa t40754 l26424 ls849">seven </span><span class="pp-class-236 pa t40754 l40758 ls2207">geographical </span><span class="pp-class-236 pa t40754 l40759 ls2197">areas. </span><span class="pp-class-236 pa t40754 l40760 ls2222">When </span><span class="pp-class-236 pa t40754 l40761 ls1404">allocating </span><span class="pp-class-236 pa t40754 l40762 ls1744">non-current </span><span class="pp-class-236 pa t40763 l3 ls179">assets </span><span class="pp-class-236 pa t40763 l40764 ls538">to </span><span class="pp-class-236 pa t40763 l10685 ls2207">geographical </span><span class="pp-class-236 pa t40763 l40765 ls2197">areas, </span><span class="pp-class-236 pa t40763 l18539 ls2222">DFDS </span><span class="pp-class-236 pa t40763 l11201 ls1751">assesses </span><span class="pp-class-236 pa t40763 l40766 ls651">the </span><span class="pp-class-236 pa t40763 l38813 ls548">location </span><span class="pp-class-236 pa t40763 l40767 ls98">of </span><span class="pp-class-236 pa t40763 l24372 ls572">the </span><span class="pp-class-236 pa t40763 l40768 ls538">legal </span><span class="pp-class-236 pa t40763 l40769 ls995">entity </span><span class="pp-class-236 pa t40763 l40770 ls616">that </span><span class="pp-class-236 pa t40763 l40771 ls8048">owns </span><span class="pp-class-236 pa t40763 l40772 ls572">the </span><span class="pp-class-236 pa t40763 l40773 ls179">assets </span><span class="pp-class-236 pa t40763 l40774 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls8048">well </span><span class="pp-class-236 pa t40775 l40776 ls811">as </span><span class="pp-class-236 pa t40775 l18245 ls811">in </span><span class="pp-class-236 pa t40775 l40777 ls538">which </span><span class="pp-class-236 pa t40775 l40778 ls2207">geographical </span><span class="pp-class-236 pa t40775 l40779 ls877">area </span><span class="pp-class-236 pa t40775 l40780 ls651">the </span><span class="pp-class-236 pa t40775 l31143 ls995">entity </span><span class="pp-class-236 pa t40775 l40781 ls4017">operates </span><span class="pp-class-236 pa t40775 l40782 ls811">in.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls625">Segment </span><span class="pp-class-236 pa t40783 l31073 ls1764">income </span><span class="pp-class-236 pa t40783 l5681 ls651">and </span><span class="pp-class-236 pa t40783 l40784 ls538">costs </span><span class="pp-class-236 pa t40783 l40785 ls949">include </span><span class="pp-class-236 pa t40783 l39041 ls691">transactions </span><span class="pp-class-236 pa t40783 l40786 ls713">between </span><span class="pp-class-236 pa t40783 l40787 ls572">the </span><span class="pp-class-236 pa t40783 l40788 ls556">two </span><span class="pp-class-236 pa t40783 l40789 ls747">segments. </span><span class="pp-class-236 pa t40783 l40790 ls2222">Such </span><span class="pp-class-236 pa t40783 l40791 ls691">transactions </span><span class="pp-class-236 pa t40783 l40792 ls667">are </span><span class="pp-class-236 pa t40793 l3 ls2036">carried </span><span class="pp-class-236 pa t40793 l36299 ls651">out </span><span class="pp-class-236 pa t40793 l16856 ls811">on </span><span class="pp-class-236 pa t40793 l40794 ls691">market </span><span class="pp-class-236 pa t40793 l40795 ls747">terms. </span><span class="pp-class-236 pa t40793 l40796 ls2222">Some </span><span class="pp-class-236 pa t40793 l40797 ls299">administrative </span><span class="pp-class-236 pa t40793 l40798 ls278">functions </span><span class="pp-class-236 pa t40793 l40799 ls2222">such </span><span class="pp-class-236 pa t40793 l40131 ls811">as </span><span class="pp-class-236 pa t40793 l40800 ls1744">finance, </span><span class="pp-class-236 pa t40793 l40801 ls71">HR, </span><span class="pp-class-236 pa t40793 l40802 ls811">IT </span><span class="pp-class-236 pa t40793 l40803 ls651">and </span><span class="pp-class-236 pa t40793 l40804 ls538">legal </span><span class="pp-class-236 pa t40793 l40805 ls667">are </span><span class="pp-class-236 pa t40806 l3 ls2197">shared </span><span class="pp-class-236 pa t40806 l40807 ls706">by </span><span class="pp-class-236 pa t40806 l40808 ls572">the </span><span class="pp-class-236 pa t40806 l16000 ls747">segments. </span><span class="pp-class-236 pa t40806 l34352 ls2222">Such </span><span class="pp-class-236 pa t40806 l17381 ls2197">shared </span><span class="pp-class-236 pa t40806 l40809 ls538">costs </span><span class="pp-class-236 pa t40806 l40810 ls2808">are </span><span class="pp-class-236 pa t40806 l40811 ls2222">paid </span><span class="pp-class-236 pa t40806 l40812 ls706">by </span><span class="pp-class-236 pa t40806 l40813 ls572">the </span><span class="pp-class-236 pa t40806 l40814 ls1751">business </span><span class="pp-class-236 pa t40806 l40815 ls4248">segments </span><span class="pp-class-236 pa t40806 l38462 ls538">based </span><span class="pp-class-236 pa t40806 l40816 ls811">on </span><span class="pp-class-236 pa t40806 l40817 ls3234">revenue </span><span class="pp-class-236 pa t40818 l3 ls691">generated. </span></p></div></div> <div class="pp-class-227 pp-class-256" id="pp-id-5272" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h40753 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls2207">Geographical </span><span class="pp-class-236 pa t40754 l28492 ls621">information </span><span class="pp-class-236 pa t40754 l40755 ls811">is </span><span class="pp-class-236 pa t40754 l40756 ls538">based </span><span class="pp-class-236 pa t40754 l40757 ls811">on </span><span class="pp-class-236 pa t40754 l26424 ls849">seven </span><span class="pp-class-236 pa t40754 l40758 ls2207">geographical </span><span class="pp-class-236 pa t40754 l40759 ls2197">areas. </span><span class="pp-class-236 pa t40754 l40760 ls2222">When </span><span class="pp-class-236 pa t40754 l40761 ls1404">allocating </span><span class="pp-class-236 pa t40754 l40762 ls1744">non-current </span><span class="pp-class-236 pa t40763 l3 ls179">assets </span><span class="pp-class-236 pa t40763 l40764 ls538">to </span><span class="pp-class-236 pa t40763 l10685 ls2207">geographical </span><span class="pp-class-236 pa t40763 l40765 ls2197">areas, </span><span class="pp-class-236 pa t40763 l18539 ls2222">DFDS </span><span class="pp-class-236 pa t40763 l11201 ls1751">assesses </span><span class="pp-class-236 pa t40763 l40766 ls651">the </span><span class="pp-class-236 pa t40763 l38813 ls548">location </span><span class="pp-class-236 pa t40763 l40767 ls98">of </span><span class="pp-class-236 pa t40763 l24372 ls572">the </span><span class="pp-class-236 pa t40763 l40768 ls538">legal </span><span class="pp-class-236 pa t40763 l40769 ls995">entity </span><span class="pp-class-236 pa t40763 l40770 ls616">that </span><span class="pp-class-236 pa t40763 l40771 ls8048">owns </span><span class="pp-class-236 pa t40763 l40772 ls572">the </span><span class="pp-class-236 pa t40763 l40773 ls179">assets </span><span class="pp-class-236 pa t40763 l40774 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls8048">well </span><span class="pp-class-236 pa t40775 l40776 ls811">as </span><span class="pp-class-236 pa t40775 l18245 ls811">in </span><span class="pp-class-236 pa t40775 l40777 ls538">which </span><span class="pp-class-236 pa t40775 l40778 ls2207">geographical </span><span class="pp-class-236 pa t40775 l40779 ls877">area </span><span class="pp-class-236 pa t40775 l40780 ls651">the </span><span class="pp-class-236 pa t40775 l31143 ls995">entity </span><span class="pp-class-236 pa t40775 l40781 ls4017">operates </span><span class="pp-class-236 pa t40775 l40782 ls811">in.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls625">Segment </span><span class="pp-class-236 pa t40783 l31073 ls1764">income </span><span class="pp-class-236 pa t40783 l5681 ls651">and </span><span class="pp-class-236 pa t40783 l40784 ls538">costs </span><span class="pp-class-236 pa t40783 l40785 ls949">include </span><span class="pp-class-236 pa t40783 l39041 ls691">transactions </span><span class="pp-class-236 pa t40783 l40786 ls713">between </span><span class="pp-class-236 pa t40783 l40787 ls572">the </span><span class="pp-class-236 pa t40783 l40788 ls556">two </span><span class="pp-class-236 pa t40783 l40789 ls747">segments. </span><span class="pp-class-236 pa t40783 l40790 ls2222">Such </span><span class="pp-class-236 pa t40783 l40791 ls691">transactions </span><span class="pp-class-236 pa t40783 l40792 ls667">are </span><span class="pp-class-236 pa t40793 l3 ls2036">carried </span><span class="pp-class-236 pa t40793 l36299 ls651">out </span><span class="pp-class-236 pa t40793 l16856 ls811">on </span><span class="pp-class-236 pa t40793 l40794 ls691">market </span><span class="pp-class-236 pa t40793 l40795 ls747">terms. </span><span class="pp-class-236 pa t40793 l40796 ls2222">Some </span><span class="pp-class-236 pa t40793 l40797 ls299">administrative </span><span class="pp-class-236 pa t40793 l40798 ls278">functions </span><span class="pp-class-236 pa t40793 l40799 ls2222">such </span><span class="pp-class-236 pa t40793 l40131 ls811">as </span><span class="pp-class-236 pa t40793 l40800 ls1744">finance, </span><span class="pp-class-236 pa t40793 l40801 ls71">HR, </span><span class="pp-class-236 pa t40793 l40802 ls811">IT </span><span class="pp-class-236 pa t40793 l40803 ls651">and </span><span class="pp-class-236 pa t40793 l40804 ls538">legal </span><span class="pp-class-236 pa t40793 l40805 ls667">are </span><span class="pp-class-236 pa t40806 l3 ls2197">shared </span><span class="pp-class-236 pa t40806 l40807 ls706">by </span><span class="pp-class-236 pa t40806 l40808 ls572">the </span><span class="pp-class-236 pa t40806 l16000 ls747">segments. </span><span class="pp-class-236 pa t40806 l34352 ls2222">Such </span><span class="pp-class-236 pa t40806 l17381 ls2197">shared </span><span class="pp-class-236 pa t40806 l40809 ls538">costs </span><span class="pp-class-236 pa t40806 l40810 ls2808">are </span><span class="pp-class-236 pa t40806 l40811 ls2222">paid </span><span class="pp-class-236 pa t40806 l40812 ls706">by </span><span class="pp-class-236 pa t40806 l40813 ls572">the </span><span class="pp-class-236 pa t40806 l40814 ls1751">business </span><span class="pp-class-236 pa t40806 l40815 ls4248">segments </span><span class="pp-class-236 pa t40806 l38462 ls538">based </span><span class="pp-class-236 pa t40806 l40816 ls811">on </span><span class="pp-class-236 pa t40806 l40817 ls3234">revenue </span><span class="pp-class-236 pa t40818 l3 ls691">generated. </span></p></div></div> <div class="pp-class-10" id="pp-id-5273" xmlns="http://www.w3.org/1999/xhtml"><div class="w40819 h26390 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">2.2 </span><span class="pp-class-234 pa t1122 l38307 ls8048">Revenue</span></p></div></div><div id="pp-id-5274" xmlns="http://www.w3.org/1999/xhtml"><div class="w40820 h40821 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40822"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40823"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40824"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40825 ls3544">Ferry </span><span class="pp-class-237 pa t36653 l40826">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40827">Logistics </span><span class="pp-class-237 pa t36653 l40828">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40829">Non- </span><span class="pp-class-237 pa t36653 l40830 ls1547">allocated</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36664 l3 ls781">Geographical </span><span class="pp-class-237 pa t36664 l38584 ls2368">markets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l3 ls5358">North </span><span class="pp-class-236 pa t40384 l9474">Sea</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40831">4,156</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l752">4,156</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40833 l3 ls1629">Mediterranean</span><span class="pp-class-240 pa t40834 l40835">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40836 ls995">4,619</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40837 ls2808">2,957</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40411 ls40838">7,576</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40839 l3 ls138">Baltic </span><span class="pp-class-236 pa t40839 l9514">Sea</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40840 ls83">1,334</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40841 ls83">1,334</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40842 l3">English </span><span class="pp-class-236 pa t40842 l40843">Channel</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40844 ls548">5,185</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40845 ls548">5,185</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40846 l3 ls162">Continent</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40848 ls3993">4,786</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40849 ls3993">4,786</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40850 l3 ls106">Nordic</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40851 ls2808">3,868</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40852 ls2808">3,868</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40853 l3 ls227">UK/Ireland</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40854 ls995">4,006</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40855 ls995">4,006</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40856 l3">Other</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40857">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40858">35</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40859 l3 ls6824">Total </span><span class="pp-class-237 pa t40859 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40860 ls1747">15,294</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40861 ls1687">15,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40862">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40399 ls2838">30,947</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40863 l3 ls135">Product </span><span class="pp-class-237 pa t40863 l40864">and </span><span class="pp-class-237 pa t40863 l40865 ls2385">services</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40866 l3 ls1024">Seafreight </span><span class="pp-class-236 pa t40866 l28037">and </span><span class="pp-class-236 pa t40866 l40867">shipping </span><span class="pp-class-236 pa t40866 l40868">logistics </span><span class="pp-class-236 pa t40866 l40869 ls162">solutions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40870 ls19266">9,817</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l37287">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40871 ls19266">9,817</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40872 l3 ls838">Transport </span><span class="pp-class-236 pa t40872 l37108 ls162">solutions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40873">443</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40874 ls1687">15,482</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l37287">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40875 ls847">15,925</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40876 l3 ls21">Passenger </span><span class="pp-class-236 pa t40876 l40877 ls212">seafare </span><span class="pp-class-236 pa t40876 l40878">and </span><span class="pp-class-236 pa t40876 l40879 ls1661">onboard </span><span class="pp-class-236 pa t40876 l40880">sales</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40881 ls2808">3,815</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40882">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40883 ls2808">3,815</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40884 l3 ls2889">Terminal </span><span class="pp-class-236 pa t40884 l21895 ls1448">services</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40885">606</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40886">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40887 ls4381">617</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40888 l3 ls3544">Charters</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40889">341</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40882">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40890">341</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40891 l3 ls1645">Agency </span><span class="pp-class-236 pa t40891 l40892">and </span><span class="pp-class-236 pa t40891 l40893 ls67">other </span><span class="pp-class-236 pa t40891 l40894 ls536">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40895 ls1790">271</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40896">125</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40857">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40897">432</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40898 l3 ls6824">Total </span><span class="pp-class-237 pa t40898 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40860 ls1747">15,294</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40861 ls1687">15,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40862">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40399 ls2838">30,947</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40899 l3 ls1133">Revenue </span><span class="pp-class-236 pa t40899 l3102 ls162">includes </span><span class="pp-class-236 pa t40899 l25769 ls94">revenue </span><span class="pp-class-236 pa t40899 l40900 ls1629">recognised </span><span class="pp-class-236 pa t40899 l40901 ls181">from </span><span class="pp-class-236 pa t40899 l40902 ls1757">contracts </span><span class="pp-class-236 pa t40899 l40903">with </span><span class="pp-class-236 pa t40899 l40904 ls1098">customers </span><span class="pp-class-236 pa t40899 l40905">in </span><span class="pp-class-236 pa t40899 l40906 ls1547">accordance </span><span class="pp-class-236 pa t40899 l32520 ls26">with </span><span class="pp-class-236 pa t40899 l37986 ls101">IFRS </span><span class="pp-class-236 pa t40899 l40907 ls26">15 </span><span class="pp-class-236 pa t40899 l40908 ls26">and </span><span class="pp-class-236 pa t40899 l40909 ls67">other </span><span class="pp-class-236 pa t40910 l3 ls94">revenue </span><span class="pp-class-236 pa t40910 l9940">(leasing </span><span class="pp-class-236 pa t40910 l4088 ls135">activities). </span><span class="pp-class-236 pa t40910 l40911 ls1133">Revenue </span><span class="pp-class-236 pa t40910 l40912 ls181">from </span><span class="pp-class-236 pa t40910 l40913">leasing </span><span class="pp-class-236 pa t40910 l40914 ls115">activities </span><span class="pp-class-236 pa t40910 l40915 ls101">amounts </span><span class="pp-class-236 pa t40910 l40916 ls138">to </span><span class="pp-class-236 pa t40910 l40917">DKK </span><span class="pp-class-236 pa t40910 l40918">364m </span><span class="pp-class-236 pa t40910 l40919 ls685">(2024: </span><span class="pp-class-236 pa t40910 l40920">DKK </span><span class="pp-class-236 pa t40910 l40921 ls849">476m). </span><span class="pp-class-236 pa t40922 l3 ls1661">Onboard </span><span class="pp-class-236 pa t40922 l17507">sales </span><span class="pp-class-236 pa t40922 l40923 ls101">amounts </span><span class="pp-class-236 pa t40922 l28203 ls138">to </span><span class="pp-class-236 pa t40922 l6724">DKK </span><span class="pp-class-236 pa t40922 l40924 ls80">1,631m </span><span class="pp-class-236 pa t40922 l40925 ls685">(2024: </span><span class="pp-class-236 pa t40922 l40926">DKK </span><span class="pp-class-236 pa t40922 l40927 ls1725">1,916m). </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40928 l3 ls2848">Typically, </span><span class="pp-class-236 pa t40928 l40929 ls73">payment </span><span class="pp-class-236 pa t40928 l40930">is </span><span class="pp-class-236 pa t40928 l40931">due </span><span class="pp-class-236 pa t40928 l29816">upon </span><span class="pp-class-236 pa t40928 l40932">or </span><span class="pp-class-236 pa t40928 l40933 ls108">after </span><span class="pp-class-236 pa t40928 l40934 ls91">completion </span><span class="pp-class-236 pa t40928 l40935 ls118">of </span><span class="pp-class-236 pa t40928 l40936">the </span><span class="pp-class-236 pa t40928 l40937 ls3422">services </span><span class="pp-class-236 pa t40928 l40938">in </span><span class="pp-class-236 pa t40928 l40939">the </span><span class="pp-class-236 pa t40928 l40940">Logistics </span><span class="pp-class-236 pa t40928 l40941">Division </span><span class="pp-class-236 pa t40928 l40942 ls26">and </span><span class="pp-class-236 pa t40928 l40943 ls2368">at </span><span class="pp-class-236 pa t40928 l40944 ls26">the </span><span class="pp-class-236 pa t40928 l40945 ls3422">start </span><span class="pp-class-236 pa t40928 l40946 ls118">of </span><span class="pp-class-236 pa t40947 l3">the </span><span class="pp-class-236 pa t40947 l9689 ls1031">journey </span><span class="pp-class-236 pa t40947 l40948">in </span><span class="pp-class-236 pa t40947 l40949">the </span><span class="pp-class-236 pa t40947 l13237 ls88">Ferry </span><span class="pp-class-236 pa t40947 l40950">Division. </span></p></div></div><div id="pp-id-5275" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40951 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40822"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40823"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40824"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40825 ls3544">Ferry </span><span class="pp-class-237 pa t36653 l40826">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40827">Logistics </span><span class="pp-class-237 pa t36653 l40828">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40829">Non- </span><span class="pp-class-237 pa t36653 l40830 ls1547">allocated</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36664 l3 ls781">Geographical </span><span class="pp-class-237 pa t36664 l38584 ls2368">markets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l3 ls5358">North </span><span class="pp-class-236 pa t40384 l9474">Sea</span></a><span class="pp-class-240 pa t40953 l40954">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l40955">4</span><a><span class="pp-class-236 pa t40384 l40956 ls40957">,</span></a><span class="pp-class-236 pa t40384 l40958 ls52">770</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l40959">4</span><a><span class="pp-class-236 pa t40384 l40960 ls40957">,</span></a><span class="pp-class-236 pa t40384 l40961 ls52">770</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l3 ls1629">Mediterranean</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40962 ls17861">5,787</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40963">358</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40964 ls7086">6,145</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l3 ls138">Baltic </span><span class="pp-class-236 pa t40839 l9514">Sea</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40965 ls129">1,245</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40435 ls129">1,245</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40842 l3">English </span><a><span class="pp-class-236 pa t40842 l40843">Channel</span></a><span class="pp-class-240 pa t40966 l40967">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40968 ls1039">4,</span></a><span class="pp-class-236 pa t40842 l40969 ls197">687</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40970 ls1039">4,</span></a><span class="pp-class-236 pa t40842 l40971 ls197">687</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l3 ls162">Continent</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40972 ls995">4,912</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40435 ls995">4,912</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l3 ls106">Nordic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40973 ls135">4,101</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40974 ls135">4,101</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l3 ls227">UK/Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40975 ls2808">3,883</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40976 ls2808">3,883</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l3">Other</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40977">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l3 ls3141">Total</span></a><span class="pp-class-237 pa t40859 l40979"/><span class="pp-class-237 pa t40859 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40980 ls696">16,489</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40981 ls244">13,253</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40982">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40489 ls40983">29,75</span></a><span class="pp-class-237 pa t40859 l40984">3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40863 l3 ls135">Product </span><span class="pp-class-237 pa t40863 l40864">and </span><span class="pp-class-237 pa t40863 l40865 ls2385">services</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l3 ls1024">Seafreight </span><span class="pp-class-236 pa t40866 l28037">and </span><span class="pp-class-236 pa t40866 l40867">shipping </span><span class="pp-class-236 pa t40866 l40868">logistics </span><span class="pp-class-236 pa t40866 l40869 ls162">solutions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40985 ls11726">10,046</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40986 ls11726">10,046</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l3 ls838">Transport </span><span class="pp-class-236 pa t40872 l37108 ls162">solutions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40987 ls811">624</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40988 ls1574">12,891</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40989 ls8384">13,51</span></a><span class="pp-class-236 pa t40872 l37201">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l3 ls21">Passenger </span><span class="pp-class-236 pa t40876 l40877 ls212">seafare </span><span class="pp-class-236 pa t40876 l40878">and </span><span class="pp-class-236 pa t40876 l40879 ls1661">onboard </span><span class="pp-class-236 pa t40876 l40880">sales</span></a><span class="pp-class-240 pa t40990 l40991">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40992 ls11194">4,574</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40993 ls11194">4,574</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l3 ls2889">Terminal </span><span class="pp-class-236 pa t40884 l21895 ls1448">services</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40994">591</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40995">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40996">59</span></a><span class="pp-class-236 pa t40884 l37134">9</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l3 ls3544">Charters</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40997">448</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40998">448</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l3 ls1645">Agency </span><span class="pp-class-236 pa t40891 l40892">and </span><span class="pp-class-236 pa t40891 l40893 ls67">other </span><span class="pp-class-236 pa t40891 l40894 ls536">revenue</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40999">205</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l41000">355</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40977">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l41001 ls1039">57</span></a><span class="pp-class-236 pa t40891 l41002">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l3 ls3141">Total</span></a><span class="pp-class-237 pa t40898 l40979"/><span class="pp-class-237 pa t40898 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40980 ls696">16,489</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40981 ls244">13,253</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40982">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40489 ls40983">29,75</span></a><span class="pp-class-237 pa t40898 l40984">3</span></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41003 l3"/></p></div></div><div id="pp-id-5217" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h38008 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1 </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">2025 </span><span class="pp-class-239 pa t1332 l41004 ls1031">Mediterranean </span><span class="pp-class-239 pa t1335 l3">Logistics </span><span class="pp-class-239 pa t1335 l12020">Division </span><span class="pp-class-239 pa t1339 l3 ls162">includes </span><span class="pp-class-239 pa t1339 l41005 ls570">Ekol </span><span class="pp-class-239 pa t1339 l41006 ls838">Transport </span><span class="pp-class-239 pa t3352 l3 ls106">Group </span><span class="pp-class-239 pa t3352 l28692 ls129">acquired </span><span class="pp-class-239 pa t3352 l41007">in </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3355 l3 ls129">November </span><span class="pp-class-239 pa t3355 l4062 ls129">2024.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t9688 l3">2 </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t8663 l3 ls5358">North </span><span class="pp-class-239 pa t8663 l9474">Sea </span><span class="pp-class-239 pa t8663 l16907">and </span><span class="pp-class-239 pa t8663 l41008">English </span><span class="pp-class-239 pa t8665 l3">Channel </span><span class="pp-class-239 pa t8665 l41009 ls94">have </span><span class="pp-class-239 pa t8665 l41010">been </span><span class="pp-class-239 pa t8668 l3 ls1574">restated </span><span class="pp-class-239 pa t8668 l41009 ls138">to </span><span class="pp-class-239 pa t8668 l41011 ls570">reflect </span><span class="pp-class-239 pa t8668 l41012">the </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t8672 l3">closing </span><span class="pp-class-239 pa t8672 l41013 ls118">of </span><span class="pp-class-239 pa t8672 l41014">the </span><span class="pp-class-239 pa t8672 l41015">passenger </span><span class="pp-class-239 pa t8673 l3">business </span><span class="pp-class-239 pa t8673 l23086">unit </span><span class="pp-class-239 pa t8673 l28509 ls227">(following </span><span class="pp-class-239 pa t9715 l3">the </span><span class="pp-class-239 pa t9715 l9689">sale </span><span class="pp-class-239 pa t9715 l16612 ls118">of </span><span class="pp-class-239 pa t9715 l41016">the </span><span class="pp-class-239 pa t9715 l41017 ls1928">Oslo-</span><span class="pp-class-239 pa t9720 l3 ls131">Frederikshavn-</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t9725 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t9725 l41018 ls278">route) </span><span class="pp-class-239 pa t9728 l3">which </span><span class="pp-class-239 pa t9728 l29818 ls63">resulted </span><span class="pp-class-239 pa t9728 l41019">in </span><span class="pp-class-239 pa t9733 l3 ls241">Amsterdam </span><span class="pp-class-239 pa t9733 l41020">– </span><span class="pp-class-239 pa t9733 l41021 ls833">Newcastle </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t10781 l3 ls94">revenue </span><span class="pp-class-239 pa t10781 l9940">being </span><span class="pp-class-239 pa t10781 l41022 ls1574">fully </span><span class="pp-class-239 pa t9738 l3 ls1031">allocated </span><span class="pp-class-239 pa t9738 l8540 ls138">to </span><span class="pp-class-239 pa t9738 l28698">English </span><span class="pp-class-239 pa t9739 l3">Channel.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t10808 l3">3 </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t13285 l3 ls21">Passenger </span><span class="pp-class-239 pa t13285 l40877 ls212">seafare </span><span class="pp-class-239 pa t13285 l40878">and </span><span class="pp-class-239 pa t10814 l3 ls1661">onboard </span><span class="pp-class-239 pa t10814 l13270">sales </span><span class="pp-class-239 pa t10814 l41023 ls1535">include </span><span class="pp-class-239 pa t10822 l3">the </span><span class="pp-class-239 pa t10822 l9689 ls71">Oslo-Frederikshavn-</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t10829 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t10829 l41018 ls234">route </span><span class="pp-class-239 pa t10835 l3 ls565">Q1-Q3 </span><span class="pp-class-239 pa t10835 l41024 ls1547">2024, </span><span class="pp-class-239 pa t10835 l14471">and </span><span class="pp-class-239 pa t10835 l41025 ls181">from </span><span class="pp-class-239 pa t19175 l3 ls835">February </span><span class="pp-class-239 pa t19175 l41026 ls1547">2024, </span><span class="pp-class-239 pa t19175 l41027 ls1098">FRS </span><span class="pp-class-239 pa t10839 l3 ls1444">Iberia/Maroc.</span></p></div></div><div class="pp-class-10" id="pp-id-5277" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41029 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">2.2 </span><span class="pp-class-234 pa t1122 l38307 ls551">Revenue </span><span class="pp-class-235 pa t1122 l41030"/><span class="pp-class-235 pa t1122 l41031 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5276"><div class="w40752 h41032 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41033 l3 ls17606 wtro3142 wtr3143 tro3144 tr3145">Revenue </span><span class="pp-class-236 pa t41033 l17720 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41034 ls3141 wtro3142 wtr3143 tro3144 tr3145">transport </span><span class="pp-class-236 pa t41033 l41035 ls2270 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41033 l41036 ls4780 wtro3142 wtr3143 tro3144 tr3145">passengers, </span><span class="pp-class-236 pa t41033 l41037 ls3170 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41033 l41038 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41039 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41040 ls9737 wtro3142 wtr3143 tro3144 tr3145">rendering </span><span class="pp-class-236 pa t41033 l41041 ls2855 wtro3142 wtr3143 tro3144 tr3145">terminal </span><span class="pp-class-236 pa t41033 l41042 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41043 ls19231 wtro3142 wtr3143 tro3144 tr3145">warehouse </span><span class="pp-class-236 pa t41033 l41044 ls11077 wtro3142 wtr3143 tro3144 tr3145">services </span><span class="pp-class-236 pa t41033 l41045 ls17626 wtro3142 wtr3143 tro3144 tr3145">etc., </span><span class="pp-class-236 pa t41033 l41046 ls587 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l3 ls3076 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t41047 l41048 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41047 l21439 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41049 ls1796 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t41047 l41050 ls17548 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t41047 l41051 ls4823 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t41047 l41052 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41053 ls6270 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41047 l41054 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l8035 ls8367 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41047 l41055 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l41056 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41057 ls4017 wtro3142 wtr3143 tro3144 tr3145">service </span><span class="pp-class-236 pa t41047 l41058 ls1131 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41047 l41059 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41060 ls24571 wtro3142 wtr3143 tro3144 tr3145">customer, </span><span class="pp-class-236 pa t41047 l41061 ls847 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t41047 l41062 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l41063 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41064 ls548 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41065 l3 ls17626 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t41065 l41066 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41067 ls3267 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t41065 l17792 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41065 l41068 ls2924 wtro3142 wtr3143 tro3144 tr3145">transferred </span><span class="pp-class-236 pa t41065 l41069 ls1815 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41065 l41070 ls6270 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t41065 l41071 ls2629 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t41065 l41072 ls8200 wtro3142 wtr3143 tro3144 tr3145">separate </span><span class="pp-class-236 pa t41065 l41073 ls4780 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41065 l41074 ls7297 wtro3142 wtr3143 tro3144 tr3145">obligation </span><span class="pp-class-236 pa t41065 l41075 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41065 l41076 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41077 ls7487 wtro3142 wtr3143 tro3144 tr3145">customer </span><span class="pp-class-236 pa t41065 l41078 ls16417 wtro3142 wtr3143 tro3144 tr3145">contract </span><span class="pp-class-236 pa t41079 l3 ls135 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41079 l41080 ls129 wtro3142 wtr3143 tro3144 tr3145">fulfilled </span><span class="pp-class-236 pa t41079 l41081 ls83 wtro3142 wtr3143 tro3144 tr3145">following </span><span class="pp-class-236 pa t41079 l41082 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41083 ls949 wtro3142 wtr3143 tro3144 tr3145">“over-time </span><span class="pp-class-236 pa t41079 l41084 ls2808 wtro3142 wtr3143 tro3144 tr3145">principle”. </span><span class="pp-class-236 pa t41079 l30205 ls1629 wtro3142 wtr3143 tro3144 tr3145">Some </span><span class="pp-class-236 pa t41079 l41085 ls814 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41079 l41086 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41087 ls814 wtro3142 wtr3143 tro3144 tr3145">ferry </span><span class="pp-class-236 pa t41079 l41088 ls1031 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41079 l41089 ls10 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41079 l41090 ls143 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41079 l41091 ls553 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41079 l41092 ls1011 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41079 l41093 ls71 wtro3142 wtr3143 tro3144 tr3145">series </span><span class="pp-class-236 pa t41079 l41094 ls177 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l3 ls724 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41095 l41096 ls630 wtro3142 wtr3143 tro3144 tr3145">obligations, </span><span class="pp-class-236 pa t41095 l17801 ls572 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t41095 l41097 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t41095 l41098 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41099 ls1131 wtro3142 wtr3143 tro3144 tr3145">duration </span><span class="pp-class-236 pa t41095 l41100 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l41101 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41095 l41102 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41095 l41103 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41095 l41104 ls558 wtro3142 wtr3143 tro3144 tr3145">short-term </span><span class="pp-class-236 pa t41095 l41105 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41106 ls1780 wtro3142 wtr3143 tro3144 tr3145">impact </span><span class="pp-class-236 pa t41095 l41107 ls2207 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41108 l3 ls1404 wtro3142 wtr3143 tro3144 tr3145">splitting </span><span class="pp-class-236 pa t41108 l41109 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41108 l41110 ls4793 wtro3142 wtr3143 tro3144 tr3145">contracts </span><span class="pp-class-236 pa t41108 l10227 ls546 wtro3142 wtr3143 tro3144 tr3145">into </span><span class="pp-class-236 pa t41108 l41111 ls1404 wtro3142 wtr3143 tro3144 tr3145">“distinct </span><span class="pp-class-236 pa t41108 l41112 ls33 wtro3142 wtr3143 tro3144 tr3145">services” </span><span class="pp-class-236 pa t41108 l41113 ls2222 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t41108 l17100 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t41108 l41114 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41108 l41115 ls838 wtro3142 wtr3143 tro3144 tr3145">material </span><span class="pp-class-236 pa t41108 l41116 ls544 wtro3142 wtr3143 tro3144 tr3145">impact. </span><span class="pp-class-236 pa t41108 l41117 ls2222 wtro3142 wtr3143 tro3144 tr3145">Most </span><span class="pp-class-236 pa t41108 l41118 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41108 l41119 ls572 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41120 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41120 l41121 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41122 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41120 l41123 ls10811 wtro3142 wtr3143 tro3144 tr3145">Ferry </span><span class="pp-class-236 pa t41120 l41124 ls3167 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41120 l41125 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l41126 ls41127 wtro3142 wtr3143 tro3144 tr3145">characterised </span><span class="pp-class-236 pa t41120 l41128 ls6255 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41129 ls3076 wtro3142 wtr3143 tro3144 tr3145">short </span><span class="pp-class-236 pa t41120 l41130 ls29281 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41120 l41131 ls2846 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41120 l41132 ls11722 wtro3142 wtr3143 tro3144 tr3145">(most </span><span class="pp-class-236 pa t41120 l41133 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41120 l41134 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l33670 ls2846 wtro3142 wtr3143 tro3144 tr3145">less </span><span class="pp-class-236 pa t41120 l41135 ls2846 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t41120 l41136 ls8367 wtro3142 wtr3143 tro3144 tr3145">30 </span><span class="pp-class-236 pa t41120 l41137 ls11722 wtro3142 wtr3143 tro3144 tr3145">hours </span><span class="pp-class-236 pa t41120 l41138 ls8367 wtro3142 wtr3143 tro3144 tr3145">while </span><span class="pp-class-236 pa t41139 l3 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41139 l41140 ls3160 wtro3142 wtr3143 tro3144 tr3145">to/from </span><span class="pp-class-236 pa t41139 l41141 ls3418 wtro3142 wtr3143 tro3144 tr3145">Türkiye </span><span class="pp-class-236 pa t41139 l41142 ls17592 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41139 l41143 ls6824 wtro3142 wtr3143 tro3144 tr3145">up </span><span class="pp-class-236 pa t41139 l41144 ls3292 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41139 l41145 ls3351 wtro3142 wtr3143 tro3144 tr3145">72 </span><span class="pp-class-236 pa t41139 l41146 ls1044 wtro3142 wtr3143 tro3144 tr3145">hours). </span><span class="pp-class-236 pa t41139 l41147 ls41148 wtro3142 wtr3143 tro3144 tr3145">Transports </span><span class="pp-class-236 pa t41139 l41149 ls5207 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41139 l41150 ls4284 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41139 l41151 ls8200 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41139 l41152 ls4284 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41139 l41153 ls17577 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t41139 l41154 ls11050 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41139 l41155 ls4284 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t41139 l41156 ls6824 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t41139 l41157 ls1151 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t41139 l41158 ls26 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41159 l3 ls9737 wtro3142 wtr3143 tro3144 tr3145">longer </span><span class="pp-class-236 pa t41159 l41160 ls9737 wtro3142 wtr3143 tro3144 tr3145">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41161 l3 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41161 l41162 ls181 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41161 l41163 ls4867 wtro3142 wtr1091 tro3144 tr1093">chartering </span><span class="pp-class-236 pa t41161 l41164 wtro3142 wtr1091 tro3144 tr1093">out </span><span class="pp-class-236 pa t41161 l41165 ls85 wtro3142 wtr1091 tro3144 tr1093">ferries </span><span class="pp-class-236 pa t41161 l41166 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41161 l41167 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41161 l41168 ls1661 wtro3142 wtr1091 tro3144 tr1093">straight </span><span class="pp-class-236 pa t41161 l41169 wtro3142 wtr1091 tro3144 tr1093">line </span><span class="pp-class-236 pa t41161 l41170 ls534 wtro3142 wtr1091 tro3144 tr1093">over </span><span class="pp-class-236 pa t41161 l41171 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41172 ls63 wtro3142 wtr1091 tro3144 tr1093">duration </span><span class="pp-class-236 pa t41161 l41173 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41161 l41174 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41175 ls203 wtro3142 wtr1091 tro3144 tr1093">agreement. </span><span class="pp-class-236 pa t41176 l3 ls1661 wtro3142 wtr1091 tro3144 tr1093">Onboard </span><span class="pp-class-236 pa t41176 l41177 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41176 l41178 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41176 l41179 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41176 l41180 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41181 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41176 l41182 ls1098 wtro3142 wtr1091 tro3144 tr1093">“point </span><span class="pp-class-236 pa t41176 l41183 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41176 l41184 ls17626 wtro3142 wtr1091 tro3144 tr1093">time”. </span><span class="pp-class-236 pa t41176 l41185 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41176 l41186 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41176 l41187 ls203 wtro3142 wtr1091 tro3144 tr1093">measured </span><span class="pp-class-236 pa t41176 l41188 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41189 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t41176 l41190 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41176 l41191 ls212 wtro3142 wtr1091 tro3144 tr1093">excluding </span><span class="pp-class-236 pa t41192 l3 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41192 l41193 ls138 wtro3142 wtr1091 tro3144 tr1093">added </span><span class="pp-class-236 pa t41192 l41194 ls21 wtro3142 wtr1091 tro3144 tr1093">tax </span><span class="pp-class-236 pa t41192 l41195 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41192 l41196 ls108 wtro3142 wtr1091 tro3144 tr1093">after </span><span class="pp-class-236 pa t41192 l41197 ls162 wtro3142 wtr1091 tro3144 tr1093">deduction </span><span class="pp-class-236 pa t41192 l41198 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41192 l41199 ls967 wtro3142 wtr1091 tro3144 tr1093">trade </span><span class="pp-class-236 pa t41192 l41200 ls118 wtro3142 wtr1091 tro3144 tr1093">discounts. </span><span class="pp-class-236 pa t41192 l41201 ls6255 wtro3142 wtr1091 tro3144 tr1093">Trade </span><span class="pp-class-236 pa t41192 l41202 ls197 wtro3142 wtr1091 tro3144 tr1093">receivables </span><span class="pp-class-236 pa t41192 l41203 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41192 l41204 ls113 wtro3142 wtr1091 tro3144 tr1093">not </span><span class="pp-class-236 pa t41192 l41205 ls138 wtro3142 wtr1091 tro3144 tr1093">adjusted </span><span class="pp-class-236 pa t41192 l41206 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41192 l41207 ls19 wtro3142 wtr1091 tro3144 tr1093">any </span><span class="pp-class-236 pa t41208 l3 wtro3142 wtr1091 tro3144 tr1093">financing </span><span class="pp-class-236 pa t41208 l41209 ls118 wtro3142 wtr1091 tro3144 tr1093">component </span><span class="pp-class-236 pa t41208 l41210 wtro3142 wtr1091 tro3144 tr1093">when </span><span class="pp-class-236 pa t41208 l41211 ls108 wtro3142 wtr1091 tro3144 tr1093">recognised. </span><span class="pp-class-236 pa t41208 l41212 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t41208 l41213 ls1661 wtro3142 wtr1091 tro3144 tr1093">general </span><span class="pp-class-236 pa t41208 l41214 ls197 wtro3142 wtr1091 tro3144 tr1093">credit </span><span class="pp-class-236 pa t41208 l41215 ls13 wtro3142 wtr1091 tro3144 tr1093">terms </span><span class="pp-class-236 pa t41208 l41216 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41208 l41217 ls203 wtro3142 wtr1091 tro3144 tr1093">following </span><span class="pp-class-236 pa t41208 l41218 ls129 wtro3142 wtr1091 tro3144 tr1093">market </span><span class="pp-class-236 pa t41208 l41219 ls13 wtro3142 wtr1091 tro3144 tr1093">terms.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41220 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41220 l41221 ls4823 wtro3142 wtr1091 tro3144 tr1093">makes </span><span class="pp-class-236 pa t41220 l41222 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41220 l41223 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41220 l41224 ls17548 wtro3142 wtr1091 tro3144 tr1093">subcontractors </span><span class="pp-class-236 pa t41220 l41225 ls3844 wtro3142 wtr1091 tro3144 tr1093">throughout </span><span class="pp-class-236 pa t41220 l41226 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41220 l41227 ls6824 wtro3142 wtr1091 tro3144 tr1093">logistics </span><span class="pp-class-236 pa t41220 l41228 ls3267 wtro3142 wtr1091 tro3144 tr1093">operations </span><span class="pp-class-236 pa t41220 l41229 ls1796 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41220 l41230 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41220 l41231 ls3154 wtro3142 wtr1091 tro3144 tr1093">transportation </span><span class="pp-class-236 pa t41220 l41232 ls696 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41233 l3 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41233 l41234 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41235 ls17569 wtro3142 wtr1091 tro3144 tr1093">products. </span><span class="pp-class-236 pa t41233 l41236 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41233 l41237 ls10269 wtro3142 wtr1091 tro3144 tr1093">making </span><span class="pp-class-236 pa t41233 l41238 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41233 l41239 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41240 ls11726 wtro3142 wtr1091 tro3144 tr1093">subcontractors, </span><span class="pp-class-236 pa t41233 l41241 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41233 l41242 ls2969 wtro3142 wtr1091 tro3144 tr1093">has </span><span class="pp-class-236 pa t41233 l41243 ls7487 wtro3142 wtr1091 tro3144 tr1093">determined </span><span class="pp-class-236 pa t41233 l41244 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41233 l41245 ls838 wtro3142 wtr1091 tro3144 tr1093">it </span><span class="pp-class-236 pa t41233 l41246 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41233 l41247 ls3292 wtro3142 wtr1091 tro3144 tr1093">acting </span><span class="pp-class-236 pa t41233 l41248 ls838 wtro3142 wtr1091 tro3144 tr1093">as </span><span class="pp-class-236 pa t41233 l41249 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41250 l3 ls6824 wtro3142 wtr1091 tro3144 tr1093">principal </span><span class="pp-class-236 pa t41250 l41251 ls9737 wtro3142 wtr1091 tro3144 tr1093">providing </span><span class="pp-class-236 pa t41250 l41252 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41250 l41253 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41250 l41254 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41250 l41255 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41250 l41256 ls3234 wtro3142 wtr1091 tro3144 tr1093">clients.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41257 l3 ls3292 wtro3142 wtr1091 tro3144 tr1093">Accounting </span><span class="pp-class-236 pa t41257 l41258 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41257 l41259 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41260 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41257 l41261 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41257 l41262 ls8486 wtro3142 wtr1091 tro3144 tr1093">made </span><span class="pp-class-236 pa t41257 l41263 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41257 l41264 ls1957 wtro3142 wtr1091 tro3144 tr1093">order </span><span class="pp-class-236 pa t41257 l41265 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41257 l41266 ls3084 wtro3142 wtr1091 tro3144 tr1093">determine </span><span class="pp-class-236 pa t41257 l41267 ls4793 wtro3142 wtr1091 tro3144 tr1093">time </span><span class="pp-class-236 pa t41257 l41268 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41257 l41269 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41257 l41270 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41271 ls2081 wtro3142 wtr1091 tro3144 tr1093">accrue </span><span class="pp-class-236 pa t41257 l41272 ls2207 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41273 l3 ls2813 wtro3142 wtr1091 tro3144 tr1093">relevant </span><span class="pp-class-236 pa t41273 l41274 ls10269 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t41273 l41275 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41273 l41276 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41273 l41277 ls11722 wtro3142 wtr1091 tro3144 tr1093">evaluation </span><span class="pp-class-236 pa t41273 l33493 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41273 l11828 ls4290 wtro3142 wtr1091 tro3144 tr1093">pricing. </span><span class="pp-class-236 pa t41273 l41278 ls7468 wtro3142 wtr1091 tro3144 tr1093">These </span><span class="pp-class-236 pa t41273 l41279 ls2848 wtro3142 wtr1091 tro3144 tr1093">accounting </span><span class="pp-class-236 pa t41273 l41280 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41273 l41281 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41273 l41282 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41273 l41283 ls847 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41284 l3 ls7468 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41284 l41285 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41286 ls3844 wtro3142 wtr1091 tro3144 tr1093">experience </span><span class="pp-class-236 pa t41284 l41287 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41284 l41288 ls4609 wtro3142 wtr1091 tro3144 tr1093">historical </span><span class="pp-class-236 pa t41284 l31557 ls7468 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41284 l41289 ls2894 wtro3142 wtr1091 tro3144 tr1093">figures </span><span class="pp-class-236 pa t41284 l41290 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41284 l41291 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41284 l41292 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41284 l41293 ls5202 wtro3142 wtr1091 tro3144 tr1093">continuous </span><span class="pp-class-236 pa t41284 l41294 ls1957 wtro3142 wtr1091 tro3144 tr1093">follow-up </span><span class="pp-class-236 pa t41284 l41295 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41296 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41284 l41297 ls9737 wtro3142 wtr1091 tro3144 tr1093">delivered.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41298 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41298 l41299 ls3292 wtro3142 wtr1091 tro3144 tr1093">allocating </span><span class="pp-class-236 pa t41298 l41300 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41301 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41298 l41302 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41298 l41303 ls1957 wtro3142 wtr1091 tro3144 tr1093">areas </span><span class="pp-class-236 pa t41298 l41304 ls10269 wtro3142 wtr1091 tro3144 tr1093">within </span><span class="pp-class-236 pa t41298 l41305 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41298 l41306 ls884 wtro3142 wtr1091 tro3144 tr1093">Ferry </span><span class="pp-class-236 pa t41298 l41307 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41298 l41308 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41298 l41309 ls1186 wtro3142 wtr1091 tro3144 tr1093">assigns </span><span class="pp-class-236 pa t41298 l41310 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41311 ls838 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41312 l3 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41312 l41313 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41314 ls7832 wtro3142 wtr1091 tro3144 tr1093">region </span><span class="pp-class-236 pa t41312 l41315 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41312 l41316 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41312 l41317 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41318 ls749 wtro3142 wtr1091 tro3144 tr1093">route. </span><span class="pp-class-236 pa t41312 l41319 ls3234 wtro3142 wtr1091 tro3144 tr1093">For </span><span class="pp-class-236 pa t41312 l41320 ls17551 wtro3142 wtr1091 tro3144 tr1093">example, </span><span class="pp-class-236 pa t41312 l41321 ls838 wtro3142 wtr1091 tro3144 tr1093">if </span><span class="pp-class-236 pa t41312 l41322 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41312 l41323 ls4793 wtro3142 wtr1091 tro3144 tr1093">unit </span><span class="pp-class-236 pa t41312 l41324 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41312 l41325 ls1186 wtro3142 wtr1091 tro3144 tr1093">shipped </span><span class="pp-class-236 pa t41312 l41326 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41312 l41327 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41328 ls2767 wtro3142 wtr1091 tro3144 tr1093">Netherlands </span><span class="pp-class-236 pa t41312 l41329 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41312 l41330 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l20472 ls2368 wtro3142 wtr1091 tro3144 tr1093">UK </span><span class="pp-class-236 pa t41331 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">via </span><span class="pp-class-236 pa t41331 l41332 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41331 l41333 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41331 l41334 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41335 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41336 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41337 ls7433 wtro3142 wtr1091 tro3144 tr1093">routes, </span><span class="pp-class-236 pa t41331 l41338 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41339 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41331 l41340 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41331 l41341 ls8775 wtro3142 wtr1091 tro3144 tr1093">attributed </span><span class="pp-class-236 pa t41331 l41342 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41331 l41343 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41344 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41345 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41346 ls7832 wtro3142 wtr1091 tro3144 tr1093">region.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41347 l3 ls41348 wtro3142 wtr1091 tro3144 tr1093">Similarly, </span><span class="pp-class-236 pa t41347 l41349 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41347 l38020 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41347 l41350 ls6824 wtro3142 wtr1091 tro3144 tr1093">Logistics </span><span class="pp-class-236 pa t41347 l41351 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41347 l31363 ls2848 wtro3142 wtr1091 tro3144 tr1093">transports </span><span class="pp-class-236 pa t41347 l41352 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41347 l41353 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41347 l41354 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41347 l41355 ls4290 wtro3142 wtr1091 tro3144 tr1093">specific </span><span class="pp-class-236 pa t41347 l41356 ls1796 wtro3142 wtr1091 tro3144 tr1093">corridors. </span><span class="pp-class-236 pa t41347 l41357 ls1764 wtro3142 wtr1091 tro3144 tr1093">A </span><span class="pp-class-236 pa t41347 l41358 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41347 l41359 ls11050 wtro3142 wtr1091 tro3144 tr1093">represents </span><span class="pp-class-236 pa t41347 l41360 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41361 l3 ls2848 wtro3142 wtr1091 tro3144 tr1093">transport </span><span class="pp-class-236 pa t41361 l41362 ls11072 wtro3142 wtr1091 tro3144 tr1093">connection </span><span class="pp-class-236 pa t41361 l41363 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41361 l41364 ls4284 wtro3142 wtr1091 tro3144 tr1093">two </span><span class="pp-class-236 pa t41361 l41365 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41361 l41366 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41361 l41367 ls110 wtro3142 wtr1091 tro3144 tr1093">includes </span><span class="pp-class-236 pa t41361 l41368 ls17548 wtro3142 wtr1091 tro3144 tr1093">traffic </span><span class="pp-class-236 pa t41361 l41369 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41361 l41370 ls847 wtro3142 wtr1091 tro3144 tr1093">both </span><span class="pp-class-236 pa t41361 l41371 ls7832 wtro3142 wtr1091 tro3144 tr1093">directions. </span><span class="pp-class-236 pa t41361 l41372 ls4780 wtro3142 wtr1091 tro3144 tr1093">Each </span><span class="pp-class-236 pa t41361 l41373 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41361 l41374 ls2368 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41375 l3 ls2767 wtro3142 wtr1091 tro3144 tr1093">managed </span><span class="pp-class-236 pa t41375 l41376 ls773 wtro3142 wtr1091 tro3144 tr1093">by </span><span class="pp-class-236 pa t41375 l35669 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41377 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41375 l41378 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l32592 ls7433 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41375 l41379 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41375 l41380 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41375 l41381 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41375 l41382 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41375 l41383 ls2838 wtro3142 wtr1091 tro3144 tr1093">involved, </span><span class="pp-class-236 pa t41375 l41384 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41375 l41385 ls4793 wtro3142 wtr1091 tro3144 tr1093">this </span><span class="pp-class-236 pa t41375 l41386 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l41387 ls1186 wtro3142 wtr1091 tro3144 tr1093">belongs </span><span class="pp-class-236 pa t41375 l41388 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41375 l41389 ls1764 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41390 ls4609 wtro3142 wtr1091 tro3144 tr1093">designated </span><span class="pp-class-236 pa t41391 l3 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41392 ls1796 wtro3142 wtr1091 tro3144 tr1093">area. </span><span class="pp-class-236 pa t41391 l41393 ls3147 wtro3142 wtr1091 tro3144 tr1093">Consequently, </span><span class="pp-class-236 pa t41391 l41394 ls11043 wtro3142 wtr1091 tro3144 tr1093">external </span><span class="pp-class-236 pa t41391 l41395 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41391 l41396 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41391 l41397 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41391 l41398 ls8775 wtro3142 wtr1091 tro3144 tr1093">according </span><span class="pp-class-236 pa t41391 l41399 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41391 l41400 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41391 l41401 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41402 ls7433 wtro3142 wtr1091 tro3144 tr1093">area </span><span class="pp-class-236 pa t41391 l41403 ls967 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41404 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41405 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41404 l41406 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41404 l41407 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41404 l41408 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41404 l41409 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41410 ls3452 wtro3142 wtr1091 tro3144 tr1093">corridor.</span></p></div></div></div></div> <div class="pp-class-10" id="pp-id-5273" xmlns="http://www.w3.org/1999/xhtml"><div class="w40819 h26390 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">2.2 </span><span class="pp-class-234 pa t1122 l38307 ls8048">Revenue</span></p></div></div><div id="pp-id-5274" xmlns="http://www.w3.org/1999/xhtml"><div class="w40820 h40821 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40822"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40823"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40824"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40825 ls3544">Ferry </span><span class="pp-class-237 pa t36653 l40826">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40827">Logistics </span><span class="pp-class-237 pa t36653 l40828">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40829">Non- </span><span class="pp-class-237 pa t36653 l40830 ls1547">allocated</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t36664 l3 ls781">Geographical </span><span class="pp-class-237 pa t36664 l38584 ls2368">markets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l3 ls5358">North </span><span class="pp-class-236 pa t40384 l9474">Sea</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40831">4,156</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l752">4,156</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40833 l3 ls1629">Mediterranean</span><span class="pp-class-240 pa t40834 l40835">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40836 ls995">4,619</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40837 ls2808">2,957</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40411 ls40838">7,576</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40839 l3 ls138">Baltic </span><span class="pp-class-236 pa t40839 l9514">Sea</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40840 ls83">1,334</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40841 ls83">1,334</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40842 l3">English </span><span class="pp-class-236 pa t40842 l40843">Channel</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40844 ls548">5,185</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40845 ls548">5,185</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40846 l3 ls162">Continent</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40848 ls3993">4,786</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40849 ls3993">4,786</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40850 l3 ls106">Nordic</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40851 ls2808">3,868</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40852 ls2808">3,868</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40853 l3 ls227">UK/Ireland</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40854 ls995">4,006</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40855 ls995">4,006</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40856 l3">Other</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40857">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40858">35</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40859 l3 ls6824">Total </span><span class="pp-class-237 pa t40859 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40860 ls1747">15,294</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40861 ls1687">15,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40862">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40399 ls2838">30,947</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40863 l3 ls135">Product </span><span class="pp-class-237 pa t40863 l40864">and </span><span class="pp-class-237 pa t40863 l40865 ls2385">services</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40866 l3 ls1024">Seafreight </span><span class="pp-class-236 pa t40866 l28037">and </span><span class="pp-class-236 pa t40866 l40867">shipping </span><span class="pp-class-236 pa t40866 l40868">logistics </span><span class="pp-class-236 pa t40866 l40869 ls162">solutions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40870 ls19266">9,817</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l37287">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40871 ls19266">9,817</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40872 l3 ls838">Transport </span><span class="pp-class-236 pa t40872 l37108 ls162">solutions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40873">443</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40874 ls1687">15,482</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l37287">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40875 ls847">15,925</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40876 l3 ls21">Passenger </span><span class="pp-class-236 pa t40876 l40877 ls212">seafare </span><span class="pp-class-236 pa t40876 l40878">and </span><span class="pp-class-236 pa t40876 l40879 ls1661">onboard </span><span class="pp-class-236 pa t40876 l40880">sales</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40881 ls2808">3,815</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40882">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40883 ls2808">3,815</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40884 l3 ls2889">Terminal </span><span class="pp-class-236 pa t40884 l21895 ls1448">services</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40885">606</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40886">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40887 ls4381">617</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40888 l3 ls3544">Charters</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40889">341</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40882">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40890">341</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40891 l3 ls1645">Agency </span><span class="pp-class-236 pa t40891 l40892">and </span><span class="pp-class-236 pa t40891 l40893 ls67">other </span><span class="pp-class-236 pa t40891 l40894 ls536">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40895 ls1790">271</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40896">125</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40857">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40897">432</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40898 l3 ls6824">Total </span><span class="pp-class-237 pa t40898 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40860 ls1747">15,294</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40861 ls1687">15,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40862">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40399 ls2838">30,947</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40899 l3 ls1133">Revenue </span><span class="pp-class-236 pa t40899 l3102 ls162">includes </span><span class="pp-class-236 pa t40899 l25769 ls94">revenue </span><span class="pp-class-236 pa t40899 l40900 ls1629">recognised </span><span class="pp-class-236 pa t40899 l40901 ls181">from </span><span class="pp-class-236 pa t40899 l40902 ls1757">contracts </span><span class="pp-class-236 pa t40899 l40903">with </span><span class="pp-class-236 pa t40899 l40904 ls1098">customers </span><span class="pp-class-236 pa t40899 l40905">in </span><span class="pp-class-236 pa t40899 l40906 ls1547">accordance </span><span class="pp-class-236 pa t40899 l32520 ls26">with </span><span class="pp-class-236 pa t40899 l37986 ls101">IFRS </span><span class="pp-class-236 pa t40899 l40907 ls26">15 </span><span class="pp-class-236 pa t40899 l40908 ls26">and </span><span class="pp-class-236 pa t40899 l40909 ls67">other </span><span class="pp-class-236 pa t40910 l3 ls94">revenue </span><span class="pp-class-236 pa t40910 l9940">(leasing </span><span class="pp-class-236 pa t40910 l4088 ls135">activities). </span><span class="pp-class-236 pa t40910 l40911 ls1133">Revenue </span><span class="pp-class-236 pa t40910 l40912 ls181">from </span><span class="pp-class-236 pa t40910 l40913">leasing </span><span class="pp-class-236 pa t40910 l40914 ls115">activities </span><span class="pp-class-236 pa t40910 l40915 ls101">amounts </span><span class="pp-class-236 pa t40910 l40916 ls138">to </span><span class="pp-class-236 pa t40910 l40917">DKK </span><span class="pp-class-236 pa t40910 l40918">364m </span><span class="pp-class-236 pa t40910 l40919 ls685">(2024: </span><span class="pp-class-236 pa t40910 l40920">DKK </span><span class="pp-class-236 pa t40910 l40921 ls849">476m). </span><span class="pp-class-236 pa t40922 l3 ls1661">Onboard </span><span class="pp-class-236 pa t40922 l17507">sales </span><span class="pp-class-236 pa t40922 l40923 ls101">amounts </span><span class="pp-class-236 pa t40922 l28203 ls138">to </span><span class="pp-class-236 pa t40922 l6724">DKK </span><span class="pp-class-236 pa t40922 l40924 ls80">1,631m </span><span class="pp-class-236 pa t40922 l40925 ls685">(2024: </span><span class="pp-class-236 pa t40922 l40926">DKK </span><span class="pp-class-236 pa t40922 l40927 ls1725">1,916m). </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40928 l3 ls2848">Typically, </span><span class="pp-class-236 pa t40928 l40929 ls73">payment </span><span class="pp-class-236 pa t40928 l40930">is </span><span class="pp-class-236 pa t40928 l40931">due </span><span class="pp-class-236 pa t40928 l29816">upon </span><span class="pp-class-236 pa t40928 l40932">or </span><span class="pp-class-236 pa t40928 l40933 ls108">after </span><span class="pp-class-236 pa t40928 l40934 ls91">completion </span><span class="pp-class-236 pa t40928 l40935 ls118">of </span><span class="pp-class-236 pa t40928 l40936">the </span><span class="pp-class-236 pa t40928 l40937 ls3422">services </span><span class="pp-class-236 pa t40928 l40938">in </span><span class="pp-class-236 pa t40928 l40939">the </span><span class="pp-class-236 pa t40928 l40940">Logistics </span><span class="pp-class-236 pa t40928 l40941">Division </span><span class="pp-class-236 pa t40928 l40942 ls26">and </span><span class="pp-class-236 pa t40928 l40943 ls2368">at </span><span class="pp-class-236 pa t40928 l40944 ls26">the </span><span class="pp-class-236 pa t40928 l40945 ls3422">start </span><span class="pp-class-236 pa t40928 l40946 ls118">of </span><span class="pp-class-236 pa t40947 l3">the </span><span class="pp-class-236 pa t40947 l9689 ls1031">journey </span><span class="pp-class-236 pa t40947 l40948">in </span><span class="pp-class-236 pa t40947 l40949">the </span><span class="pp-class-236 pa t40947 l13237 ls88">Ferry </span><span class="pp-class-236 pa t40947 l40950">Division. </span></p></div></div><div id="pp-id-5275" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h40951 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40822"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40823"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40366 l40824"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40825 ls3544">Ferry </span><span class="pp-class-237 pa t36653 l40826">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40827">Logistics </span><span class="pp-class-237 pa t36653 l40828">Division</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l40829">Non- </span><span class="pp-class-237 pa t36653 l40830 ls1547">allocated</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36664 l3 ls781">Geographical </span><span class="pp-class-237 pa t36664 l38584 ls2368">markets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l3 ls5358">North </span><span class="pp-class-236 pa t40384 l9474">Sea</span></a><span class="pp-class-240 pa t40953 l40954">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l40955">4</span><a><span class="pp-class-236 pa t40384 l40956 ls40957">,</span></a><span class="pp-class-236 pa t40384 l40958 ls52">770</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40384 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40384 l40959">4</span><a><span class="pp-class-236 pa t40384 l40960 ls40957">,</span></a><span class="pp-class-236 pa t40384 l40961 ls52">770</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l3 ls1629">Mediterranean</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40962 ls17861">5,787</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40963">358</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40833 l40964 ls7086">6,145</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l3 ls138">Baltic </span><span class="pp-class-236 pa t40839 l9514">Sea</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40965 ls129">1,245</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40839 l40435 ls129">1,245</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40842 l3">English </span><a><span class="pp-class-236 pa t40842 l40843">Channel</span></a><span class="pp-class-240 pa t40966 l40967">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40968 ls1039">4,</span></a><span class="pp-class-236 pa t40842 l40969 ls197">687</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40842 l40970 ls1039">4,</span></a><span class="pp-class-236 pa t40842 l40971 ls197">687</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l3 ls162">Continent</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40972 ls995">4,912</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40846 l40435 ls995">4,912</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l3 ls106">Nordic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40973 ls135">4,101</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40850 l40974 ls135">4,101</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l3 ls227">UK/Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40975 ls2808">3,883</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40853 l40976 ls2808">3,883</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l3">Other</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40847">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40977">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40856 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l3 ls3141">Total</span></a><span class="pp-class-237 pa t40859 l40979"/><span class="pp-class-237 pa t40859 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40980 ls696">16,489</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40981 ls244">13,253</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40982">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40859 l40489 ls40983">29,75</span></a><span class="pp-class-237 pa t40859 l40984">3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40863 l3 ls135">Product </span><span class="pp-class-237 pa t40863 l40864">and </span><span class="pp-class-237 pa t40863 l40865 ls2385">services</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l3 ls1024">Seafreight </span><span class="pp-class-236 pa t40866 l28037">and </span><span class="pp-class-236 pa t40866 l40867">shipping </span><span class="pp-class-236 pa t40866 l40868">logistics </span><span class="pp-class-236 pa t40866 l40869 ls162">solutions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40985 ls11726">10,046</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40866 l40986 ls11726">10,046</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l3 ls838">Transport </span><span class="pp-class-236 pa t40872 l37108 ls162">solutions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40987 ls811">624</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40988 ls1574">12,891</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40872 l40989 ls8384">13,51</span></a><span class="pp-class-236 pa t40872 l37201">6</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l3 ls21">Passenger </span><span class="pp-class-236 pa t40876 l40877 ls212">seafare </span><span class="pp-class-236 pa t40876 l40878">and </span><span class="pp-class-236 pa t40876 l40879 ls1661">onboard </span><span class="pp-class-236 pa t40876 l40880">sales</span></a><span class="pp-class-240 pa t40990 l40991">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40992 ls11194">4,574</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40876 l40993 ls11194">4,574</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l3 ls2889">Terminal </span><span class="pp-class-236 pa t40884 l21895 ls1448">services</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40994">591</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40995">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40884 l40996">59</span></a><span class="pp-class-236 pa t40884 l37134">9</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l3 ls3544">Charters</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40997">448</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40832">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40888 l40998">448</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l3 ls1645">Agency </span><span class="pp-class-236 pa t40891 l40892">and </span><span class="pp-class-236 pa t40891 l40893 ls67">other </span><span class="pp-class-236 pa t40891 l40894 ls536">revenue</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40999">205</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l41000">355</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l40977">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40891 l41001 ls1039">57</span></a><span class="pp-class-236 pa t40891 l41002">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l3 ls3141">Total</span></a><span class="pp-class-237 pa t40898 l40979"/><span class="pp-class-237 pa t40898 l20253 ls590">revenue</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40980 ls696">16,489</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40981 ls244">13,253</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40982">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t40898 l40489 ls40983">29,75</span></a><span class="pp-class-237 pa t40898 l40984">3</span></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41003 l3"/></p></div></div><div id="pp-id-5217" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h38008 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1 </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">2025 </span><span class="pp-class-239 pa t1332 l41004 ls1031">Mediterranean </span><span class="pp-class-239 pa t1335 l3">Logistics </span><span class="pp-class-239 pa t1335 l12020">Division </span><span class="pp-class-239 pa t1339 l3 ls162">includes </span><span class="pp-class-239 pa t1339 l41005 ls570">Ekol </span><span class="pp-class-239 pa t1339 l41006 ls838">Transport </span><span class="pp-class-239 pa t3352 l3 ls106">Group </span><span class="pp-class-239 pa t3352 l28692 ls129">acquired </span><span class="pp-class-239 pa t3352 l41007">in </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3355 l3 ls129">November </span><span class="pp-class-239 pa t3355 l4062 ls129">2024.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t9688 l3">2 </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t8663 l3 ls5358">North </span><span class="pp-class-239 pa t8663 l9474">Sea </span><span class="pp-class-239 pa t8663 l16907">and </span><span class="pp-class-239 pa t8663 l41008">English </span><span class="pp-class-239 pa t8665 l3">Channel </span><span class="pp-class-239 pa t8665 l41009 ls94">have </span><span class="pp-class-239 pa t8665 l41010">been </span><span class="pp-class-239 pa t8668 l3 ls1574">restated </span><span class="pp-class-239 pa t8668 l41009 ls138">to </span><span class="pp-class-239 pa t8668 l41011 ls570">reflect </span><span class="pp-class-239 pa t8668 l41012">the </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t8672 l3">closing </span><span class="pp-class-239 pa t8672 l41013 ls118">of </span><span class="pp-class-239 pa t8672 l41014">the </span><span class="pp-class-239 pa t8672 l41015">passenger </span><span class="pp-class-239 pa t8673 l3">business </span><span class="pp-class-239 pa t8673 l23086">unit </span><span class="pp-class-239 pa t8673 l28509 ls227">(following </span><span class="pp-class-239 pa t9715 l3">the </span><span class="pp-class-239 pa t9715 l9689">sale </span><span class="pp-class-239 pa t9715 l16612 ls118">of </span><span class="pp-class-239 pa t9715 l41016">the </span><span class="pp-class-239 pa t9715 l41017 ls1928">Oslo-</span><span class="pp-class-239 pa t9720 l3 ls131">Frederikshavn-</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t9725 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t9725 l41018 ls278">route) </span><span class="pp-class-239 pa t9728 l3">which </span><span class="pp-class-239 pa t9728 l29818 ls63">resulted </span><span class="pp-class-239 pa t9728 l41019">in </span><span class="pp-class-239 pa t9733 l3 ls241">Amsterdam </span><span class="pp-class-239 pa t9733 l41020">– </span><span class="pp-class-239 pa t9733 l41021 ls833">Newcastle </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t10781 l3 ls94">revenue </span><span class="pp-class-239 pa t10781 l9940">being </span><span class="pp-class-239 pa t10781 l41022 ls1574">fully </span><span class="pp-class-239 pa t9738 l3 ls1031">allocated </span><span class="pp-class-239 pa t9738 l8540 ls138">to </span><span class="pp-class-239 pa t9738 l28698">English </span><span class="pp-class-239 pa t9739 l3">Channel.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t10808 l3">3 </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t13285 l3 ls21">Passenger </span><span class="pp-class-239 pa t13285 l40877 ls212">seafare </span><span class="pp-class-239 pa t13285 l40878">and </span><span class="pp-class-239 pa t10814 l3 ls1661">onboard </span><span class="pp-class-239 pa t10814 l13270">sales </span><span class="pp-class-239 pa t10814 l41023 ls1535">include </span><span class="pp-class-239 pa t10822 l3">the </span><span class="pp-class-239 pa t10822 l9689 ls71">Oslo-Frederikshavn-</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t10829 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t10829 l41018 ls234">route </span><span class="pp-class-239 pa t10835 l3 ls565">Q1-Q3 </span><span class="pp-class-239 pa t10835 l41024 ls1547">2024, </span><span class="pp-class-239 pa t10835 l14471">and </span><span class="pp-class-239 pa t10835 l41025 ls181">from </span><span class="pp-class-239 pa t19175 l3 ls835">February </span><span class="pp-class-239 pa t19175 l41026 ls1547">2024, </span><span class="pp-class-239 pa t19175 l41027 ls1098">FRS </span><span class="pp-class-239 pa t10839 l3 ls1444">Iberia/Maroc.</span></p></div></div><div class="pp-class-10" id="pp-id-5277" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41029 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">2.2 </span><span class="pp-class-234 pa t1122 l38307 ls551">Revenue </span><span class="pp-class-235 pa t1122 l41030"/><span class="pp-class-235 pa t1122 l41031 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5276"><div class="w40752 h41032 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41033 l3 ls17606 wtro3142 wtr3143 tro3144 tr3145">Revenue </span><span class="pp-class-236 pa t41033 l17720 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41034 ls3141 wtro3142 wtr3143 tro3144 tr3145">transport </span><span class="pp-class-236 pa t41033 l41035 ls2270 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41033 l41036 ls4780 wtro3142 wtr3143 tro3144 tr3145">passengers, </span><span class="pp-class-236 pa t41033 l41037 ls3170 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41033 l41038 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41039 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41040 ls9737 wtro3142 wtr3143 tro3144 tr3145">rendering </span><span class="pp-class-236 pa t41033 l41041 ls2855 wtro3142 wtr3143 tro3144 tr3145">terminal </span><span class="pp-class-236 pa t41033 l41042 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41043 ls19231 wtro3142 wtr3143 tro3144 tr3145">warehouse </span><span class="pp-class-236 pa t41033 l41044 ls11077 wtro3142 wtr3143 tro3144 tr3145">services </span><span class="pp-class-236 pa t41033 l41045 ls17626 wtro3142 wtr3143 tro3144 tr3145">etc., </span><span class="pp-class-236 pa t41033 l41046 ls587 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l3 ls3076 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t41047 l41048 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41047 l21439 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41049 ls1796 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t41047 l41050 ls17548 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t41047 l41051 ls4823 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t41047 l41052 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41053 ls6270 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41047 l41054 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l8035 ls8367 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41047 l41055 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l41056 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41057 ls4017 wtro3142 wtr3143 tro3144 tr3145">service </span><span class="pp-class-236 pa t41047 l41058 ls1131 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41047 l41059 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41060 ls24571 wtro3142 wtr3143 tro3144 tr3145">customer, </span><span class="pp-class-236 pa t41047 l41061 ls847 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t41047 l41062 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l41063 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41064 ls548 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41065 l3 ls17626 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t41065 l41066 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41067 ls3267 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t41065 l17792 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41065 l41068 ls2924 wtro3142 wtr3143 tro3144 tr3145">transferred </span><span class="pp-class-236 pa t41065 l41069 ls1815 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41065 l41070 ls6270 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t41065 l41071 ls2629 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t41065 l41072 ls8200 wtro3142 wtr3143 tro3144 tr3145">separate </span><span class="pp-class-236 pa t41065 l41073 ls4780 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41065 l41074 ls7297 wtro3142 wtr3143 tro3144 tr3145">obligation </span><span class="pp-class-236 pa t41065 l41075 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41065 l41076 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41077 ls7487 wtro3142 wtr3143 tro3144 tr3145">customer </span><span class="pp-class-236 pa t41065 l41078 ls16417 wtro3142 wtr3143 tro3144 tr3145">contract </span><span class="pp-class-236 pa t41079 l3 ls135 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41079 l41080 ls129 wtro3142 wtr3143 tro3144 tr3145">fulfilled </span><span class="pp-class-236 pa t41079 l41081 ls83 wtro3142 wtr3143 tro3144 tr3145">following </span><span class="pp-class-236 pa t41079 l41082 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41083 ls949 wtro3142 wtr3143 tro3144 tr3145">“over-time </span><span class="pp-class-236 pa t41079 l41084 ls2808 wtro3142 wtr3143 tro3144 tr3145">principle”. </span><span class="pp-class-236 pa t41079 l30205 ls1629 wtro3142 wtr3143 tro3144 tr3145">Some </span><span class="pp-class-236 pa t41079 l41085 ls814 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41079 l41086 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41087 ls814 wtro3142 wtr3143 tro3144 tr3145">ferry </span><span class="pp-class-236 pa t41079 l41088 ls1031 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41079 l41089 ls10 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41079 l41090 ls143 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41079 l41091 ls553 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41079 l41092 ls1011 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41079 l41093 ls71 wtro3142 wtr3143 tro3144 tr3145">series </span><span class="pp-class-236 pa t41079 l41094 ls177 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l3 ls724 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41095 l41096 ls630 wtro3142 wtr3143 tro3144 tr3145">obligations, </span><span class="pp-class-236 pa t41095 l17801 ls572 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t41095 l41097 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t41095 l41098 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41099 ls1131 wtro3142 wtr3143 tro3144 tr3145">duration </span><span class="pp-class-236 pa t41095 l41100 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l41101 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41095 l41102 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41095 l41103 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41095 l41104 ls558 wtro3142 wtr3143 tro3144 tr3145">short-term </span><span class="pp-class-236 pa t41095 l41105 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41106 ls1780 wtro3142 wtr3143 tro3144 tr3145">impact </span><span class="pp-class-236 pa t41095 l41107 ls2207 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41108 l3 ls1404 wtro3142 wtr3143 tro3144 tr3145">splitting </span><span class="pp-class-236 pa t41108 l41109 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41108 l41110 ls4793 wtro3142 wtr3143 tro3144 tr3145">contracts </span><span class="pp-class-236 pa t41108 l10227 ls546 wtro3142 wtr3143 tro3144 tr3145">into </span><span class="pp-class-236 pa t41108 l41111 ls1404 wtro3142 wtr3143 tro3144 tr3145">“distinct </span><span class="pp-class-236 pa t41108 l41112 ls33 wtro3142 wtr3143 tro3144 tr3145">services” </span><span class="pp-class-236 pa t41108 l41113 ls2222 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t41108 l17100 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t41108 l41114 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41108 l41115 ls838 wtro3142 wtr3143 tro3144 tr3145">material </span><span class="pp-class-236 pa t41108 l41116 ls544 wtro3142 wtr3143 tro3144 tr3145">impact. </span><span class="pp-class-236 pa t41108 l41117 ls2222 wtro3142 wtr3143 tro3144 tr3145">Most </span><span class="pp-class-236 pa t41108 l41118 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41108 l41119 ls572 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41120 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41120 l41121 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41122 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41120 l41123 ls10811 wtro3142 wtr3143 tro3144 tr3145">Ferry </span><span class="pp-class-236 pa t41120 l41124 ls3167 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41120 l41125 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l41126 ls41127 wtro3142 wtr3143 tro3144 tr3145">characterised </span><span class="pp-class-236 pa t41120 l41128 ls6255 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41129 ls3076 wtro3142 wtr3143 tro3144 tr3145">short </span><span class="pp-class-236 pa t41120 l41130 ls29281 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41120 l41131 ls2846 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41120 l41132 ls11722 wtro3142 wtr3143 tro3144 tr3145">(most </span><span class="pp-class-236 pa t41120 l41133 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41120 l41134 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l33670 ls2846 wtro3142 wtr3143 tro3144 tr3145">less </span><span class="pp-class-236 pa t41120 l41135 ls2846 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t41120 l41136 ls8367 wtro3142 wtr3143 tro3144 tr3145">30 </span><span class="pp-class-236 pa t41120 l41137 ls11722 wtro3142 wtr3143 tro3144 tr3145">hours </span><span class="pp-class-236 pa t41120 l41138 ls8367 wtro3142 wtr3143 tro3144 tr3145">while </span><span class="pp-class-236 pa t41139 l3 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41139 l41140 ls3160 wtro3142 wtr3143 tro3144 tr3145">to/from </span><span class="pp-class-236 pa t41139 l41141 ls3418 wtro3142 wtr3143 tro3144 tr3145">Türkiye </span><span class="pp-class-236 pa t41139 l41142 ls17592 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41139 l41143 ls6824 wtro3142 wtr3143 tro3144 tr3145">up </span><span class="pp-class-236 pa t41139 l41144 ls3292 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41139 l41145 ls3351 wtro3142 wtr3143 tro3144 tr3145">72 </span><span class="pp-class-236 pa t41139 l41146 ls1044 wtro3142 wtr3143 tro3144 tr3145">hours). </span><span class="pp-class-236 pa t41139 l41147 ls41148 wtro3142 wtr3143 tro3144 tr3145">Transports </span><span class="pp-class-236 pa t41139 l41149 ls5207 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41139 l41150 ls4284 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41139 l41151 ls8200 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41139 l41152 ls4284 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41139 l41153 ls17577 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t41139 l41154 ls11050 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41139 l41155 ls4284 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t41139 l41156 ls6824 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t41139 l41157 ls1151 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t41139 l41158 ls26 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41159 l3 ls9737 wtro3142 wtr3143 tro3144 tr3145">longer </span><span class="pp-class-236 pa t41159 l41160 ls9737 wtro3142 wtr3143 tro3144 tr3145">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41161 l3 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41161 l41162 ls181 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41161 l41163 ls4867 wtro3142 wtr1091 tro3144 tr1093">chartering </span><span class="pp-class-236 pa t41161 l41164 wtro3142 wtr1091 tro3144 tr1093">out </span><span class="pp-class-236 pa t41161 l41165 ls85 wtro3142 wtr1091 tro3144 tr1093">ferries </span><span class="pp-class-236 pa t41161 l41166 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41161 l41167 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41161 l41168 ls1661 wtro3142 wtr1091 tro3144 tr1093">straight </span><span class="pp-class-236 pa t41161 l41169 wtro3142 wtr1091 tro3144 tr1093">line </span><span class="pp-class-236 pa t41161 l41170 ls534 wtro3142 wtr1091 tro3144 tr1093">over </span><span class="pp-class-236 pa t41161 l41171 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41172 ls63 wtro3142 wtr1091 tro3144 tr1093">duration </span><span class="pp-class-236 pa t41161 l41173 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41161 l41174 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41175 ls203 wtro3142 wtr1091 tro3144 tr1093">agreement. </span><span class="pp-class-236 pa t41176 l3 ls1661 wtro3142 wtr1091 tro3144 tr1093">Onboard </span><span class="pp-class-236 pa t41176 l41177 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41176 l41178 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41176 l41179 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41176 l41180 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41181 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41176 l41182 ls1098 wtro3142 wtr1091 tro3144 tr1093">“point </span><span class="pp-class-236 pa t41176 l41183 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41176 l41184 ls17626 wtro3142 wtr1091 tro3144 tr1093">time”. </span><span class="pp-class-236 pa t41176 l41185 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41176 l41186 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41176 l41187 ls203 wtro3142 wtr1091 tro3144 tr1093">measured </span><span class="pp-class-236 pa t41176 l41188 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41189 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t41176 l41190 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41176 l41191 ls212 wtro3142 wtr1091 tro3144 tr1093">excluding </span><span class="pp-class-236 pa t41192 l3 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41192 l41193 ls138 wtro3142 wtr1091 tro3144 tr1093">added </span><span class="pp-class-236 pa t41192 l41194 ls21 wtro3142 wtr1091 tro3144 tr1093">tax </span><span class="pp-class-236 pa t41192 l41195 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41192 l41196 ls108 wtro3142 wtr1091 tro3144 tr1093">after </span><span class="pp-class-236 pa t41192 l41197 ls162 wtro3142 wtr1091 tro3144 tr1093">deduction </span><span class="pp-class-236 pa t41192 l41198 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41192 l41199 ls967 wtro3142 wtr1091 tro3144 tr1093">trade </span><span class="pp-class-236 pa t41192 l41200 ls118 wtro3142 wtr1091 tro3144 tr1093">discounts. </span><span class="pp-class-236 pa t41192 l41201 ls6255 wtro3142 wtr1091 tro3144 tr1093">Trade </span><span class="pp-class-236 pa t41192 l41202 ls197 wtro3142 wtr1091 tro3144 tr1093">receivables </span><span class="pp-class-236 pa t41192 l41203 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41192 l41204 ls113 wtro3142 wtr1091 tro3144 tr1093">not </span><span class="pp-class-236 pa t41192 l41205 ls138 wtro3142 wtr1091 tro3144 tr1093">adjusted </span><span class="pp-class-236 pa t41192 l41206 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41192 l41207 ls19 wtro3142 wtr1091 tro3144 tr1093">any </span><span class="pp-class-236 pa t41208 l3 wtro3142 wtr1091 tro3144 tr1093">financing </span><span class="pp-class-236 pa t41208 l41209 ls118 wtro3142 wtr1091 tro3144 tr1093">component </span><span class="pp-class-236 pa t41208 l41210 wtro3142 wtr1091 tro3144 tr1093">when </span><span class="pp-class-236 pa t41208 l41211 ls108 wtro3142 wtr1091 tro3144 tr1093">recognised. </span><span class="pp-class-236 pa t41208 l41212 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t41208 l41213 ls1661 wtro3142 wtr1091 tro3144 tr1093">general </span><span class="pp-class-236 pa t41208 l41214 ls197 wtro3142 wtr1091 tro3144 tr1093">credit </span><span class="pp-class-236 pa t41208 l41215 ls13 wtro3142 wtr1091 tro3144 tr1093">terms </span><span class="pp-class-236 pa t41208 l41216 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41208 l41217 ls203 wtro3142 wtr1091 tro3144 tr1093">following </span><span class="pp-class-236 pa t41208 l41218 ls129 wtro3142 wtr1091 tro3144 tr1093">market </span><span class="pp-class-236 pa t41208 l41219 ls13 wtro3142 wtr1091 tro3144 tr1093">terms.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41220 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41220 l41221 ls4823 wtro3142 wtr1091 tro3144 tr1093">makes </span><span class="pp-class-236 pa t41220 l41222 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41220 l41223 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41220 l41224 ls17548 wtro3142 wtr1091 tro3144 tr1093">subcontractors </span><span class="pp-class-236 pa t41220 l41225 ls3844 wtro3142 wtr1091 tro3144 tr1093">throughout </span><span class="pp-class-236 pa t41220 l41226 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41220 l41227 ls6824 wtro3142 wtr1091 tro3144 tr1093">logistics </span><span class="pp-class-236 pa t41220 l41228 ls3267 wtro3142 wtr1091 tro3144 tr1093">operations </span><span class="pp-class-236 pa t41220 l41229 ls1796 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41220 l41230 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41220 l41231 ls3154 wtro3142 wtr1091 tro3144 tr1093">transportation </span><span class="pp-class-236 pa t41220 l41232 ls696 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41233 l3 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41233 l41234 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41235 ls17569 wtro3142 wtr1091 tro3144 tr1093">products. </span><span class="pp-class-236 pa t41233 l41236 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41233 l41237 ls10269 wtro3142 wtr1091 tro3144 tr1093">making </span><span class="pp-class-236 pa t41233 l41238 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41233 l41239 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41240 ls11726 wtro3142 wtr1091 tro3144 tr1093">subcontractors, </span><span class="pp-class-236 pa t41233 l41241 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41233 l41242 ls2969 wtro3142 wtr1091 tro3144 tr1093">has </span><span class="pp-class-236 pa t41233 l41243 ls7487 wtro3142 wtr1091 tro3144 tr1093">determined </span><span class="pp-class-236 pa t41233 l41244 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41233 l41245 ls838 wtro3142 wtr1091 tro3144 tr1093">it </span><span class="pp-class-236 pa t41233 l41246 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41233 l41247 ls3292 wtro3142 wtr1091 tro3144 tr1093">acting </span><span class="pp-class-236 pa t41233 l41248 ls838 wtro3142 wtr1091 tro3144 tr1093">as </span><span class="pp-class-236 pa t41233 l41249 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41250 l3 ls6824 wtro3142 wtr1091 tro3144 tr1093">principal </span><span class="pp-class-236 pa t41250 l41251 ls9737 wtro3142 wtr1091 tro3144 tr1093">providing </span><span class="pp-class-236 pa t41250 l41252 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41250 l41253 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41250 l41254 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41250 l41255 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41250 l41256 ls3234 wtro3142 wtr1091 tro3144 tr1093">clients.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41257 l3 ls3292 wtro3142 wtr1091 tro3144 tr1093">Accounting </span><span class="pp-class-236 pa t41257 l41258 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41257 l41259 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41260 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41257 l41261 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41257 l41262 ls8486 wtro3142 wtr1091 tro3144 tr1093">made </span><span class="pp-class-236 pa t41257 l41263 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41257 l41264 ls1957 wtro3142 wtr1091 tro3144 tr1093">order </span><span class="pp-class-236 pa t41257 l41265 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41257 l41266 ls3084 wtro3142 wtr1091 tro3144 tr1093">determine </span><span class="pp-class-236 pa t41257 l41267 ls4793 wtro3142 wtr1091 tro3144 tr1093">time </span><span class="pp-class-236 pa t41257 l41268 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41257 l41269 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41257 l41270 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41271 ls2081 wtro3142 wtr1091 tro3144 tr1093">accrue </span><span class="pp-class-236 pa t41257 l41272 ls2207 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41273 l3 ls2813 wtro3142 wtr1091 tro3144 tr1093">relevant </span><span class="pp-class-236 pa t41273 l41274 ls10269 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t41273 l41275 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41273 l41276 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41273 l41277 ls11722 wtro3142 wtr1091 tro3144 tr1093">evaluation </span><span class="pp-class-236 pa t41273 l33493 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41273 l11828 ls4290 wtro3142 wtr1091 tro3144 tr1093">pricing. </span><span class="pp-class-236 pa t41273 l41278 ls7468 wtro3142 wtr1091 tro3144 tr1093">These </span><span class="pp-class-236 pa t41273 l41279 ls2848 wtro3142 wtr1091 tro3144 tr1093">accounting </span><span class="pp-class-236 pa t41273 l41280 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41273 l41281 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41273 l41282 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41273 l41283 ls847 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41284 l3 ls7468 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41284 l41285 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41286 ls3844 wtro3142 wtr1091 tro3144 tr1093">experience </span><span class="pp-class-236 pa t41284 l41287 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41284 l41288 ls4609 wtro3142 wtr1091 tro3144 tr1093">historical </span><span class="pp-class-236 pa t41284 l31557 ls7468 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41284 l41289 ls2894 wtro3142 wtr1091 tro3144 tr1093">figures </span><span class="pp-class-236 pa t41284 l41290 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41284 l41291 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41284 l41292 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41284 l41293 ls5202 wtro3142 wtr1091 tro3144 tr1093">continuous </span><span class="pp-class-236 pa t41284 l41294 ls1957 wtro3142 wtr1091 tro3144 tr1093">follow-up </span><span class="pp-class-236 pa t41284 l41295 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41296 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41284 l41297 ls9737 wtro3142 wtr1091 tro3144 tr1093">delivered.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41298 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41298 l41299 ls3292 wtro3142 wtr1091 tro3144 tr1093">allocating </span><span class="pp-class-236 pa t41298 l41300 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41301 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41298 l41302 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41298 l41303 ls1957 wtro3142 wtr1091 tro3144 tr1093">areas </span><span class="pp-class-236 pa t41298 l41304 ls10269 wtro3142 wtr1091 tro3144 tr1093">within </span><span class="pp-class-236 pa t41298 l41305 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41298 l41306 ls884 wtro3142 wtr1091 tro3144 tr1093">Ferry </span><span class="pp-class-236 pa t41298 l41307 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41298 l41308 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41298 l41309 ls1186 wtro3142 wtr1091 tro3144 tr1093">assigns </span><span class="pp-class-236 pa t41298 l41310 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41311 ls838 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41312 l3 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41312 l41313 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41314 ls7832 wtro3142 wtr1091 tro3144 tr1093">region </span><span class="pp-class-236 pa t41312 l41315 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41312 l41316 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41312 l41317 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41318 ls749 wtro3142 wtr1091 tro3144 tr1093">route. </span><span class="pp-class-236 pa t41312 l41319 ls3234 wtro3142 wtr1091 tro3144 tr1093">For </span><span class="pp-class-236 pa t41312 l41320 ls17551 wtro3142 wtr1091 tro3144 tr1093">example, </span><span class="pp-class-236 pa t41312 l41321 ls838 wtro3142 wtr1091 tro3144 tr1093">if </span><span class="pp-class-236 pa t41312 l41322 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41312 l41323 ls4793 wtro3142 wtr1091 tro3144 tr1093">unit </span><span class="pp-class-236 pa t41312 l41324 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41312 l41325 ls1186 wtro3142 wtr1091 tro3144 tr1093">shipped </span><span class="pp-class-236 pa t41312 l41326 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41312 l41327 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41328 ls2767 wtro3142 wtr1091 tro3144 tr1093">Netherlands </span><span class="pp-class-236 pa t41312 l41329 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41312 l41330 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l20472 ls2368 wtro3142 wtr1091 tro3144 tr1093">UK </span><span class="pp-class-236 pa t41331 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">via </span><span class="pp-class-236 pa t41331 l41332 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41331 l41333 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41331 l41334 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41335 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41336 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41337 ls7433 wtro3142 wtr1091 tro3144 tr1093">routes, </span><span class="pp-class-236 pa t41331 l41338 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41339 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41331 l41340 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41331 l41341 ls8775 wtro3142 wtr1091 tro3144 tr1093">attributed </span><span class="pp-class-236 pa t41331 l41342 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41331 l41343 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41344 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41345 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41346 ls7832 wtro3142 wtr1091 tro3144 tr1093">region.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41347 l3 ls41348 wtro3142 wtr1091 tro3144 tr1093">Similarly, </span><span class="pp-class-236 pa t41347 l41349 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41347 l38020 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41347 l41350 ls6824 wtro3142 wtr1091 tro3144 tr1093">Logistics </span><span class="pp-class-236 pa t41347 l41351 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41347 l31363 ls2848 wtro3142 wtr1091 tro3144 tr1093">transports </span><span class="pp-class-236 pa t41347 l41352 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41347 l41353 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41347 l41354 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41347 l41355 ls4290 wtro3142 wtr1091 tro3144 tr1093">specific </span><span class="pp-class-236 pa t41347 l41356 ls1796 wtro3142 wtr1091 tro3144 tr1093">corridors. </span><span class="pp-class-236 pa t41347 l41357 ls1764 wtro3142 wtr1091 tro3144 tr1093">A </span><span class="pp-class-236 pa t41347 l41358 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41347 l41359 ls11050 wtro3142 wtr1091 tro3144 tr1093">represents </span><span class="pp-class-236 pa t41347 l41360 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41361 l3 ls2848 wtro3142 wtr1091 tro3144 tr1093">transport </span><span class="pp-class-236 pa t41361 l41362 ls11072 wtro3142 wtr1091 tro3144 tr1093">connection </span><span class="pp-class-236 pa t41361 l41363 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41361 l41364 ls4284 wtro3142 wtr1091 tro3144 tr1093">two </span><span class="pp-class-236 pa t41361 l41365 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41361 l41366 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41361 l41367 ls110 wtro3142 wtr1091 tro3144 tr1093">includes </span><span class="pp-class-236 pa t41361 l41368 ls17548 wtro3142 wtr1091 tro3144 tr1093">traffic </span><span class="pp-class-236 pa t41361 l41369 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41361 l41370 ls847 wtro3142 wtr1091 tro3144 tr1093">both </span><span class="pp-class-236 pa t41361 l41371 ls7832 wtro3142 wtr1091 tro3144 tr1093">directions. </span><span class="pp-class-236 pa t41361 l41372 ls4780 wtro3142 wtr1091 tro3144 tr1093">Each </span><span class="pp-class-236 pa t41361 l41373 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41361 l41374 ls2368 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41375 l3 ls2767 wtro3142 wtr1091 tro3144 tr1093">managed </span><span class="pp-class-236 pa t41375 l41376 ls773 wtro3142 wtr1091 tro3144 tr1093">by </span><span class="pp-class-236 pa t41375 l35669 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41377 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41375 l41378 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l32592 ls7433 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41375 l41379 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41375 l41380 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41375 l41381 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41375 l41382 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41375 l41383 ls2838 wtro3142 wtr1091 tro3144 tr1093">involved, </span><span class="pp-class-236 pa t41375 l41384 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41375 l41385 ls4793 wtro3142 wtr1091 tro3144 tr1093">this </span><span class="pp-class-236 pa t41375 l41386 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l41387 ls1186 wtro3142 wtr1091 tro3144 tr1093">belongs </span><span class="pp-class-236 pa t41375 l41388 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41375 l41389 ls1764 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41390 ls4609 wtro3142 wtr1091 tro3144 tr1093">designated </span><span class="pp-class-236 pa t41391 l3 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41392 ls1796 wtro3142 wtr1091 tro3144 tr1093">area. </span><span class="pp-class-236 pa t41391 l41393 ls3147 wtro3142 wtr1091 tro3144 tr1093">Consequently, </span><span class="pp-class-236 pa t41391 l41394 ls11043 wtro3142 wtr1091 tro3144 tr1093">external </span><span class="pp-class-236 pa t41391 l41395 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41391 l41396 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41391 l41397 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41391 l41398 ls8775 wtro3142 wtr1091 tro3144 tr1093">according </span><span class="pp-class-236 pa t41391 l41399 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41391 l41400 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41391 l41401 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41402 ls7433 wtro3142 wtr1091 tro3144 tr1093">area </span><span class="pp-class-236 pa t41391 l41403 ls967 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41404 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41405 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41404 l41406 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41404 l41407 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41404 l41408 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41404 l41409 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41410 ls3452 wtro3142 wtr1091 tro3144 tr1093">corridor.</span></p></div></div></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41033 l3 ls17606 wtro3142 wtr3143 tro3144 tr3145">Revenue </span><span class="pp-class-236 pa t41033 l17720 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41034 ls3141 wtro3142 wtr3143 tro3144 tr3145">transport </span><span class="pp-class-236 pa t41033 l41035 ls2270 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41033 l41036 ls4780 wtro3142 wtr3143 tro3144 tr3145">passengers, </span><span class="pp-class-236 pa t41033 l41037 ls3170 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41033 l41038 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41039 ls9950 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41033 l41040 ls9737 wtro3142 wtr3143 tro3144 tr3145">rendering </span><span class="pp-class-236 pa t41033 l41041 ls2855 wtro3142 wtr3143 tro3144 tr3145">terminal </span><span class="pp-class-236 pa t41033 l41042 ls4017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41033 l41043 ls19231 wtro3142 wtr3143 tro3144 tr3145">warehouse </span><span class="pp-class-236 pa t41033 l41044 ls11077 wtro3142 wtr3143 tro3144 tr3145">services </span><span class="pp-class-236 pa t41033 l41045 ls17626 wtro3142 wtr3143 tro3144 tr3145">etc., </span><span class="pp-class-236 pa t41033 l41046 ls587 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l3 ls3076 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t41047 l41048 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41047 l21439 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41049 ls1796 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t41047 l41050 ls17548 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t41047 l41051 ls4823 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t41047 l41052 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41053 ls6270 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41047 l41054 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l8035 ls8367 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41047 l41055 ls2197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41047 l41056 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41057 ls4017 wtro3142 wtr3143 tro3144 tr3145">service </span><span class="pp-class-236 pa t41047 l41058 ls1131 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41047 l41059 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41060 ls24571 wtro3142 wtr3143 tro3144 tr3145">customer, </span><span class="pp-class-236 pa t41047 l41061 ls847 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t41047 l41062 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41047 l41063 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41047 l41064 ls548 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41065 l3 ls17626 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t41065 l41066 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41067 ls3267 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t41065 l17792 ls556 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41065 l41068 ls2924 wtro3142 wtr3143 tro3144 tr3145">transferred </span><span class="pp-class-236 pa t41065 l41069 ls1815 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41065 l41070 ls6270 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t41065 l41071 ls2629 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t41065 l41072 ls8200 wtro3142 wtr3143 tro3144 tr3145">separate </span><span class="pp-class-236 pa t41065 l41073 ls4780 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41065 l41074 ls7297 wtro3142 wtr3143 tro3144 tr3145">obligation </span><span class="pp-class-236 pa t41065 l41075 ls556 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t41065 l41076 ls1815 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41065 l41077 ls7487 wtro3142 wtr3143 tro3144 tr3145">customer </span><span class="pp-class-236 pa t41065 l41078 ls16417 wtro3142 wtr3143 tro3144 tr3145">contract </span><span class="pp-class-236 pa t41079 l3 ls135 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t41079 l41080 ls129 wtro3142 wtr3143 tro3144 tr3145">fulfilled </span><span class="pp-class-236 pa t41079 l41081 ls83 wtro3142 wtr3143 tro3144 tr3145">following </span><span class="pp-class-236 pa t41079 l41082 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41083 ls949 wtro3142 wtr3143 tro3144 tr3145">“over-time </span><span class="pp-class-236 pa t41079 l41084 ls2808 wtro3142 wtr3143 tro3144 tr3145">principle”. </span><span class="pp-class-236 pa t41079 l30205 ls1629 wtro3142 wtr3143 tro3144 tr3145">Some </span><span class="pp-class-236 pa t41079 l41085 ls814 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41079 l41086 ls1031 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41079 l41087 ls814 wtro3142 wtr3143 tro3144 tr3145">ferry </span><span class="pp-class-236 pa t41079 l41088 ls1031 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t41079 l41089 ls10 wtro3142 wtr3143 tro3144 tr3145">freight </span><span class="pp-class-236 pa t41079 l41090 ls143 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41079 l41091 ls553 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41079 l41092 ls1011 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41079 l41093 ls71 wtro3142 wtr3143 tro3144 tr3145">series </span><span class="pp-class-236 pa t41079 l41094 ls177 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l3 ls724 wtro3142 wtr3143 tro3144 tr3145">performance </span><span class="pp-class-236 pa t41095 l41096 ls630 wtro3142 wtr3143 tro3144 tr3145">obligations, </span><span class="pp-class-236 pa t41095 l17801 ls572 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t41095 l41097 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t41095 l41098 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41099 ls1131 wtro3142 wtr3143 tro3144 tr3145">duration </span><span class="pp-class-236 pa t41095 l41100 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t41095 l41101 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41095 l41102 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41095 l41103 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41095 l41104 ls558 wtro3142 wtr3143 tro3144 tr3145">short-term </span><span class="pp-class-236 pa t41095 l41105 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41095 l41106 ls1780 wtro3142 wtr3143 tro3144 tr3145">impact </span><span class="pp-class-236 pa t41095 l41107 ls2207 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t41108 l3 ls1404 wtro3142 wtr3143 tro3144 tr3145">splitting </span><span class="pp-class-236 pa t41108 l41109 ls538 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t41108 l41110 ls4793 wtro3142 wtr3143 tro3144 tr3145">contracts </span><span class="pp-class-236 pa t41108 l10227 ls546 wtro3142 wtr3143 tro3144 tr3145">into </span><span class="pp-class-236 pa t41108 l41111 ls1404 wtro3142 wtr3143 tro3144 tr3145">“distinct </span><span class="pp-class-236 pa t41108 l41112 ls33 wtro3142 wtr3143 tro3144 tr3145">services” </span><span class="pp-class-236 pa t41108 l41113 ls2222 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t41108 l17100 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t41108 l41114 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t41108 l41115 ls838 wtro3142 wtr3143 tro3144 tr3145">material </span><span class="pp-class-236 pa t41108 l41116 ls544 wtro3142 wtr3143 tro3144 tr3145">impact. </span><span class="pp-class-236 pa t41108 l41117 ls2222 wtro3142 wtr3143 tro3144 tr3145">Most </span><span class="pp-class-236 pa t41108 l41118 ls30 wtro3142 wtr3143 tro3144 tr3145">transports </span><span class="pp-class-236 pa t41108 l41119 ls572 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41120 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41120 l41121 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41122 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41120 l41123 ls10811 wtro3142 wtr3143 tro3144 tr3145">Ferry </span><span class="pp-class-236 pa t41120 l41124 ls3167 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41120 l41125 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l41126 ls41127 wtro3142 wtr3143 tro3144 tr3145">characterised </span><span class="pp-class-236 pa t41120 l41128 ls6255 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41120 l41129 ls3076 wtro3142 wtr3143 tro3144 tr3145">short </span><span class="pp-class-236 pa t41120 l41130 ls29281 wtro3142 wtr3143 tro3144 tr3145">delivery </span><span class="pp-class-236 pa t41120 l41131 ls2846 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t41120 l41132 ls11722 wtro3142 wtr3143 tro3144 tr3145">(most </span><span class="pp-class-236 pa t41120 l41133 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41120 l41134 ls3579 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41120 l33670 ls2846 wtro3142 wtr3143 tro3144 tr3145">less </span><span class="pp-class-236 pa t41120 l41135 ls2846 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t41120 l41136 ls8367 wtro3142 wtr3143 tro3144 tr3145">30 </span><span class="pp-class-236 pa t41120 l41137 ls11722 wtro3142 wtr3143 tro3144 tr3145">hours </span><span class="pp-class-236 pa t41120 l41138 ls8367 wtro3142 wtr3143 tro3144 tr3145">while </span><span class="pp-class-236 pa t41139 l3 ls3167 wtro3142 wtr3143 tro3144 tr3145">sailings </span><span class="pp-class-236 pa t41139 l41140 ls3160 wtro3142 wtr3143 tro3144 tr3145">to/from </span><span class="pp-class-236 pa t41139 l41141 ls3418 wtro3142 wtr3143 tro3144 tr3145">Türkiye </span><span class="pp-class-236 pa t41139 l41142 ls17592 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t41139 l41143 ls6824 wtro3142 wtr3143 tro3144 tr3145">up </span><span class="pp-class-236 pa t41139 l41144 ls3292 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t41139 l41145 ls3351 wtro3142 wtr3143 tro3144 tr3145">72 </span><span class="pp-class-236 pa t41139 l41146 ls1044 wtro3142 wtr3143 tro3144 tr3145">hours). </span><span class="pp-class-236 pa t41139 l41147 ls41148 wtro3142 wtr3143 tro3144 tr3145">Transports </span><span class="pp-class-236 pa t41139 l41149 ls5207 wtro3142 wtr3143 tro3144 tr3145">carried </span><span class="pp-class-236 pa t41139 l41150 ls4284 wtro3142 wtr3143 tro3144 tr3145">out </span><span class="pp-class-236 pa t41139 l41151 ls8200 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t41139 l41152 ls4284 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t41139 l41153 ls17577 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t41139 l41154 ls11050 wtro3142 wtr3143 tro3144 tr3145">Division </span><span class="pp-class-236 pa t41139 l41155 ls4284 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t41139 l41156 ls6824 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t41139 l41157 ls1151 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t41139 l41158 ls26 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t41159 l3 ls9737 wtro3142 wtr3143 tro3144 tr3145">longer </span><span class="pp-class-236 pa t41159 l41160 ls9737 wtro3142 wtr3143 tro3144 tr3145">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41161 l3 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41161 l41162 ls181 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41161 l41163 ls4867 wtro3142 wtr1091 tro3144 tr1093">chartering </span><span class="pp-class-236 pa t41161 l41164 wtro3142 wtr1091 tro3144 tr1093">out </span><span class="pp-class-236 pa t41161 l41165 ls85 wtro3142 wtr1091 tro3144 tr1093">ferries </span><span class="pp-class-236 pa t41161 l41166 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41161 l41167 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41161 l41168 ls1661 wtro3142 wtr1091 tro3144 tr1093">straight </span><span class="pp-class-236 pa t41161 l41169 wtro3142 wtr1091 tro3144 tr1093">line </span><span class="pp-class-236 pa t41161 l41170 ls534 wtro3142 wtr1091 tro3144 tr1093">over </span><span class="pp-class-236 pa t41161 l41171 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41172 ls63 wtro3142 wtr1091 tro3144 tr1093">duration </span><span class="pp-class-236 pa t41161 l41173 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41161 l41174 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41161 l41175 ls203 wtro3142 wtr1091 tro3144 tr1093">agreement. </span><span class="pp-class-236 pa t41176 l3 ls1661 wtro3142 wtr1091 tro3144 tr1093">Onboard </span><span class="pp-class-236 pa t41176 l41177 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41176 l41178 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41176 l41179 ls1629 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t41176 l41180 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41181 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41176 l41182 ls1098 wtro3142 wtr1091 tro3144 tr1093">“point </span><span class="pp-class-236 pa t41176 l41183 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41176 l41184 ls17626 wtro3142 wtr1091 tro3144 tr1093">time”. </span><span class="pp-class-236 pa t41176 l41185 ls1133 wtro3142 wtr1091 tro3144 tr1093">Revenue </span><span class="pp-class-236 pa t41176 l41186 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41176 l41187 ls203 wtro3142 wtr1091 tro3144 tr1093">measured </span><span class="pp-class-236 pa t41176 l41188 ls2368 wtro3142 wtr1091 tro3144 tr1093">at </span><span class="pp-class-236 pa t41176 l41189 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t41176 l41190 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41176 l41191 ls212 wtro3142 wtr1091 tro3144 tr1093">excluding </span><span class="pp-class-236 pa t41192 l3 ls129 wtro3142 wtr1091 tro3144 tr1093">value </span><span class="pp-class-236 pa t41192 l41193 ls138 wtro3142 wtr1091 tro3144 tr1093">added </span><span class="pp-class-236 pa t41192 l41194 ls21 wtro3142 wtr1091 tro3144 tr1093">tax </span><span class="pp-class-236 pa t41192 l41195 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41192 l41196 ls108 wtro3142 wtr1091 tro3144 tr1093">after </span><span class="pp-class-236 pa t41192 l41197 ls162 wtro3142 wtr1091 tro3144 tr1093">deduction </span><span class="pp-class-236 pa t41192 l41198 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41192 l41199 ls967 wtro3142 wtr1091 tro3144 tr1093">trade </span><span class="pp-class-236 pa t41192 l41200 ls118 wtro3142 wtr1091 tro3144 tr1093">discounts. </span><span class="pp-class-236 pa t41192 l41201 ls6255 wtro3142 wtr1091 tro3144 tr1093">Trade </span><span class="pp-class-236 pa t41192 l41202 ls197 wtro3142 wtr1091 tro3144 tr1093">receivables </span><span class="pp-class-236 pa t41192 l41203 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41192 l41204 ls113 wtro3142 wtr1091 tro3144 tr1093">not </span><span class="pp-class-236 pa t41192 l41205 ls138 wtro3142 wtr1091 tro3144 tr1093">adjusted </span><span class="pp-class-236 pa t41192 l41206 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41192 l41207 ls19 wtro3142 wtr1091 tro3144 tr1093">any </span><span class="pp-class-236 pa t41208 l3 wtro3142 wtr1091 tro3144 tr1093">financing </span><span class="pp-class-236 pa t41208 l41209 ls118 wtro3142 wtr1091 tro3144 tr1093">component </span><span class="pp-class-236 pa t41208 l41210 wtro3142 wtr1091 tro3144 tr1093">when </span><span class="pp-class-236 pa t41208 l41211 ls108 wtro3142 wtr1091 tro3144 tr1093">recognised. </span><span class="pp-class-236 pa t41208 l41212 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t41208 l41213 ls1661 wtro3142 wtr1091 tro3144 tr1093">general </span><span class="pp-class-236 pa t41208 l41214 ls197 wtro3142 wtr1091 tro3144 tr1093">credit </span><span class="pp-class-236 pa t41208 l41215 ls13 wtro3142 wtr1091 tro3144 tr1093">terms </span><span class="pp-class-236 pa t41208 l41216 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41208 l41217 ls203 wtro3142 wtr1091 tro3144 tr1093">following </span><span class="pp-class-236 pa t41208 l41218 ls129 wtro3142 wtr1091 tro3144 tr1093">market </span><span class="pp-class-236 pa t41208 l41219 ls13 wtro3142 wtr1091 tro3144 tr1093">terms.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41220 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41220 l41221 ls4823 wtro3142 wtr1091 tro3144 tr1093">makes </span><span class="pp-class-236 pa t41220 l41222 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41220 l41223 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41220 l41224 ls17548 wtro3142 wtr1091 tro3144 tr1093">subcontractors </span><span class="pp-class-236 pa t41220 l41225 ls3844 wtro3142 wtr1091 tro3144 tr1093">throughout </span><span class="pp-class-236 pa t41220 l41226 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41220 l41227 ls6824 wtro3142 wtr1091 tro3144 tr1093">logistics </span><span class="pp-class-236 pa t41220 l41228 ls3267 wtro3142 wtr1091 tro3144 tr1093">operations </span><span class="pp-class-236 pa t41220 l41229 ls1796 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41220 l41230 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41220 l41231 ls3154 wtro3142 wtr1091 tro3144 tr1093">transportation </span><span class="pp-class-236 pa t41220 l41232 ls696 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41233 l3 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41233 l41234 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41235 ls17569 wtro3142 wtr1091 tro3144 tr1093">products. </span><span class="pp-class-236 pa t41233 l41236 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41233 l41237 ls10269 wtro3142 wtr1091 tro3144 tr1093">making </span><span class="pp-class-236 pa t41233 l41238 ls2969 wtro3142 wtr1091 tro3144 tr1093">use </span><span class="pp-class-236 pa t41233 l41239 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41233 l41240 ls11726 wtro3142 wtr1091 tro3144 tr1093">subcontractors, </span><span class="pp-class-236 pa t41233 l41241 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41233 l41242 ls2969 wtro3142 wtr1091 tro3144 tr1093">has </span><span class="pp-class-236 pa t41233 l41243 ls7487 wtro3142 wtr1091 tro3144 tr1093">determined </span><span class="pp-class-236 pa t41233 l41244 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41233 l41245 ls838 wtro3142 wtr1091 tro3144 tr1093">it </span><span class="pp-class-236 pa t41233 l41246 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41233 l41247 ls3292 wtro3142 wtr1091 tro3144 tr1093">acting </span><span class="pp-class-236 pa t41233 l41248 ls838 wtro3142 wtr1091 tro3144 tr1093">as </span><span class="pp-class-236 pa t41233 l41249 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41250 l3 ls6824 wtro3142 wtr1091 tro3144 tr1093">principal </span><span class="pp-class-236 pa t41250 l41251 ls9737 wtro3142 wtr1091 tro3144 tr1093">providing </span><span class="pp-class-236 pa t41250 l41252 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41250 l41253 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41250 l41254 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41250 l41255 ls2969 wtro3142 wtr1091 tro3144 tr1093">its </span><span class="pp-class-236 pa t41250 l41256 ls3234 wtro3142 wtr1091 tro3144 tr1093">clients.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41257 l3 ls3292 wtro3142 wtr1091 tro3144 tr1093">Accounting </span><span class="pp-class-236 pa t41257 l41258 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41257 l41259 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41260 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41257 l41261 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41257 l41262 ls8486 wtro3142 wtr1091 tro3144 tr1093">made </span><span class="pp-class-236 pa t41257 l41263 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41257 l41264 ls1957 wtro3142 wtr1091 tro3144 tr1093">order </span><span class="pp-class-236 pa t41257 l41265 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41257 l41266 ls3084 wtro3142 wtr1091 tro3144 tr1093">determine </span><span class="pp-class-236 pa t41257 l41267 ls4793 wtro3142 wtr1091 tro3144 tr1093">time </span><span class="pp-class-236 pa t41257 l41268 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41257 l41269 ls110 wtro3142 wtr1091 tro3144 tr1093">delivery </span><span class="pp-class-236 pa t41257 l41270 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41257 l41271 ls2081 wtro3142 wtr1091 tro3144 tr1093">accrue </span><span class="pp-class-236 pa t41257 l41272 ls2207 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t41273 l3 ls2813 wtro3142 wtr1091 tro3144 tr1093">relevant </span><span class="pp-class-236 pa t41273 l41274 ls10269 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t41273 l41275 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41273 l41276 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41273 l41277 ls11722 wtro3142 wtr1091 tro3144 tr1093">evaluation </span><span class="pp-class-236 pa t41273 l33493 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41273 l11828 ls4290 wtro3142 wtr1091 tro3144 tr1093">pricing. </span><span class="pp-class-236 pa t41273 l41278 ls7468 wtro3142 wtr1091 tro3144 tr1093">These </span><span class="pp-class-236 pa t41273 l41279 ls2848 wtro3142 wtr1091 tro3144 tr1093">accounting </span><span class="pp-class-236 pa t41273 l41280 ls2855 wtro3142 wtr1091 tro3144 tr1093">estimates </span><span class="pp-class-236 pa t41273 l41281 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41273 l41282 ls5202 wtro3142 wtr1091 tro3144 tr1093">judgements </span><span class="pp-class-236 pa t41273 l41283 ls847 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41284 l3 ls7468 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41284 l41285 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41286 ls3844 wtro3142 wtr1091 tro3144 tr1093">experience </span><span class="pp-class-236 pa t41284 l41287 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41284 l41288 ls4609 wtro3142 wtr1091 tro3144 tr1093">historical </span><span class="pp-class-236 pa t41284 l31557 ls7468 wtro3142 wtr1091 tro3144 tr1093">sales </span><span class="pp-class-236 pa t41284 l41289 ls2894 wtro3142 wtr1091 tro3144 tr1093">figures </span><span class="pp-class-236 pa t41284 l41290 ls7468 wtro3142 wtr1091 tro3144 tr1093">along </span><span class="pp-class-236 pa t41284 l41291 ls4793 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t41284 l41292 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41284 l41293 ls5202 wtro3142 wtr1091 tro3144 tr1093">continuous </span><span class="pp-class-236 pa t41284 l41294 ls1957 wtro3142 wtr1091 tro3144 tr1093">follow-up </span><span class="pp-class-236 pa t41284 l41295 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41284 l41296 ls4558 wtro3142 wtr1091 tro3144 tr1093">service </span><span class="pp-class-236 pa t41284 l41297 ls9737 wtro3142 wtr1091 tro3144 tr1093">delivered.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41298 l3 ls4793 wtro3142 wtr1091 tro3144 tr1093">When </span><span class="pp-class-236 pa t41298 l41299 ls3292 wtro3142 wtr1091 tro3144 tr1093">allocating </span><span class="pp-class-236 pa t41298 l41300 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41301 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41298 l41302 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41298 l41303 ls1957 wtro3142 wtr1091 tro3144 tr1093">areas </span><span class="pp-class-236 pa t41298 l41304 ls10269 wtro3142 wtr1091 tro3144 tr1093">within </span><span class="pp-class-236 pa t41298 l41305 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41298 l41306 ls884 wtro3142 wtr1091 tro3144 tr1093">Ferry </span><span class="pp-class-236 pa t41298 l41307 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41298 l41308 ls4793 wtro3142 wtr1091 tro3144 tr1093">DFDS </span><span class="pp-class-236 pa t41298 l41309 ls1186 wtro3142 wtr1091 tro3144 tr1093">assigns </span><span class="pp-class-236 pa t41298 l41310 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41298 l41311 ls838 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t41312 l3 ls838 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t41312 l41313 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41314 ls7832 wtro3142 wtr1091 tro3144 tr1093">region </span><span class="pp-class-236 pa t41312 l41315 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41312 l41316 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41312 l41317 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41318 ls749 wtro3142 wtr1091 tro3144 tr1093">route. </span><span class="pp-class-236 pa t41312 l41319 ls3234 wtro3142 wtr1091 tro3144 tr1093">For </span><span class="pp-class-236 pa t41312 l41320 ls17551 wtro3142 wtr1091 tro3144 tr1093">example, </span><span class="pp-class-236 pa t41312 l41321 ls838 wtro3142 wtr1091 tro3144 tr1093">if </span><span class="pp-class-236 pa t41312 l41322 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41312 l41323 ls4793 wtro3142 wtr1091 tro3144 tr1093">unit </span><span class="pp-class-236 pa t41312 l41324 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41312 l41325 ls1186 wtro3142 wtr1091 tro3144 tr1093">shipped </span><span class="pp-class-236 pa t41312 l41326 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41312 l41327 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l41328 ls2767 wtro3142 wtr1091 tro3144 tr1093">Netherlands </span><span class="pp-class-236 pa t41312 l41329 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41312 l41330 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41312 l20472 ls2368 wtro3142 wtr1091 tro3144 tr1093">UK </span><span class="pp-class-236 pa t41331 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">via </span><span class="pp-class-236 pa t41331 l41332 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41331 l41333 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41331 l41334 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41335 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41336 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41337 ls7433 wtro3142 wtr1091 tro3144 tr1093">routes, </span><span class="pp-class-236 pa t41331 l41338 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41339 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41331 l41340 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41331 l41341 ls8775 wtro3142 wtr1091 tro3144 tr1093">attributed </span><span class="pp-class-236 pa t41331 l41342 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41331 l41343 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41331 l41344 ls556 wtro3142 wtr1091 tro3144 tr1093">North </span><span class="pp-class-236 pa t41331 l41345 ls2969 wtro3142 wtr1091 tro3144 tr1093">Sea </span><span class="pp-class-236 pa t41331 l41346 ls7832 wtro3142 wtr1091 tro3144 tr1093">region.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t41347 l3 ls41348 wtro3142 wtr1091 tro3144 tr1093">Similarly, </span><span class="pp-class-236 pa t41347 l41349 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41347 l38020 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41347 l41350 ls6824 wtro3142 wtr1091 tro3144 tr1093">Logistics </span><span class="pp-class-236 pa t41347 l41351 ls11713 wtro3142 wtr1091 tro3144 tr1093">segment, </span><span class="pp-class-236 pa t41347 l31363 ls2848 wtro3142 wtr1091 tro3144 tr1093">transports </span><span class="pp-class-236 pa t41347 l41352 ls17548 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t41347 l41353 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41347 l41354 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41347 l41355 ls4290 wtro3142 wtr1091 tro3144 tr1093">specific </span><span class="pp-class-236 pa t41347 l41356 ls1796 wtro3142 wtr1091 tro3144 tr1093">corridors. </span><span class="pp-class-236 pa t41347 l41357 ls1764 wtro3142 wtr1091 tro3144 tr1093">A </span><span class="pp-class-236 pa t41347 l41358 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41347 l41359 ls11050 wtro3142 wtr1091 tro3144 tr1093">represents </span><span class="pp-class-236 pa t41347 l41360 ls26 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41361 l3 ls2848 wtro3142 wtr1091 tro3144 tr1093">transport </span><span class="pp-class-236 pa t41361 l41362 ls11072 wtro3142 wtr1091 tro3144 tr1093">connection </span><span class="pp-class-236 pa t41361 l41363 ls3200 wtro3142 wtr1091 tro3144 tr1093">between </span><span class="pp-class-236 pa t41361 l41364 ls4284 wtro3142 wtr1091 tro3144 tr1093">two </span><span class="pp-class-236 pa t41361 l41365 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41361 l41366 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41361 l41367 ls110 wtro3142 wtr1091 tro3144 tr1093">includes </span><span class="pp-class-236 pa t41361 l41368 ls17548 wtro3142 wtr1091 tro3144 tr1093">traffic </span><span class="pp-class-236 pa t41361 l41369 ls838 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t41361 l41370 ls847 wtro3142 wtr1091 tro3144 tr1093">both </span><span class="pp-class-236 pa t41361 l41371 ls7832 wtro3142 wtr1091 tro3144 tr1093">directions. </span><span class="pp-class-236 pa t41361 l41372 ls4780 wtro3142 wtr1091 tro3144 tr1093">Each </span><span class="pp-class-236 pa t41361 l41373 ls4290 wtro3142 wtr1091 tro3144 tr1093">corridor </span><span class="pp-class-236 pa t41361 l41374 ls2368 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41375 l3 ls2767 wtro3142 wtr1091 tro3144 tr1093">managed </span><span class="pp-class-236 pa t41375 l41376 ls773 wtro3142 wtr1091 tro3144 tr1093">by </span><span class="pp-class-236 pa t41375 l35669 ls696 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41377 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41375 l41378 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l32592 ls7433 wtro3142 wtr1091 tro3144 tr1093">from </span><span class="pp-class-236 pa t41375 l41379 ls2969 wtro3142 wtr1091 tro3144 tr1093">one </span><span class="pp-class-236 pa t41375 l41380 ls2889 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41375 l41381 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41375 l41382 ls8486 wtro3142 wtr1091 tro3144 tr1093">countries </span><span class="pp-class-236 pa t41375 l41383 ls2838 wtro3142 wtr1091 tro3144 tr1093">involved, </span><span class="pp-class-236 pa t41375 l41384 ls2969 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t41375 l41385 ls4793 wtro3142 wtr1091 tro3144 tr1093">this </span><span class="pp-class-236 pa t41375 l41386 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41375 l41387 ls1186 wtro3142 wtr1091 tro3144 tr1093">belongs </span><span class="pp-class-236 pa t41375 l41388 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41375 l41389 ls1764 wtro3142 wtr1091 tro3144 tr1093">a </span><span class="pp-class-236 pa t41375 l41390 ls4609 wtro3142 wtr1091 tro3144 tr1093">designated </span><span class="pp-class-236 pa t41391 l3 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41392 ls1796 wtro3142 wtr1091 tro3144 tr1093">area. </span><span class="pp-class-236 pa t41391 l41393 ls3147 wtro3142 wtr1091 tro3144 tr1093">Consequently, </span><span class="pp-class-236 pa t41391 l41394 ls11043 wtro3142 wtr1091 tro3144 tr1093">external </span><span class="pp-class-236 pa t41391 l41395 ls11716 wtro3142 wtr1091 tro3144 tr1093">revenue </span><span class="pp-class-236 pa t41391 l41396 ls838 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t41391 l41397 ls2855 wtro3142 wtr1091 tro3144 tr1093">allocated </span><span class="pp-class-236 pa t41391 l41398 ls8775 wtro3142 wtr1091 tro3144 tr1093">according </span><span class="pp-class-236 pa t41391 l41399 ls2270 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t41391 l41400 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41391 l41401 ls4823 wtro3142 wtr1091 tro3144 tr1093">geographical </span><span class="pp-class-236 pa t41391 l41402 ls7433 wtro3142 wtr1091 tro3144 tr1093">area </span><span class="pp-class-236 pa t41391 l41403 ls967 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t41404 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41405 ls7468 wtro3142 wtr1091 tro3144 tr1093">legal </span><span class="pp-class-236 pa t41404 l41406 ls847 wtro3142 wtr1091 tro3144 tr1093">entity </span><span class="pp-class-236 pa t41404 l41407 ls3292 wtro3142 wtr1091 tro3144 tr1093">that </span><span class="pp-class-236 pa t41404 l41408 ls4284 wtro3142 wtr1091 tro3144 tr1093">owns </span><span class="pp-class-236 pa t41404 l41409 ls2969 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t41404 l41410 ls3452 wtro3142 wtr1091 tro3144 tr1093">corridor.</span></p> <div id="pp-id-5278" xmlns="http://www.w3.org/1999/xhtml"><div class="w40820 h41411 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2222">2.3 </span><span class="pp-class-234 pa t1122 l38307">Costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41412 l3">DKK </span><span class="pp-class-236 pa t41412 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41412 l37085">202</span></a><span class="pp-class-237 pa t41412 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41412 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41413 l3 ls3544">Ferry </span><span class="pp-class-237 pa t41413 l41414">and </span><span class="pp-class-237 pa t41413 l33598 ls1098">other </span><span class="pp-class-237 pa t41413 l41415">ship </span><span class="pp-class-237 pa t41413 l31352 ls197">operation </span><span class="pp-class-237 pa t41413 l41416">and </span><span class="pp-class-237 pa t41413 l39241 ls2441">maintenance:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41417 l3 ls88">Ferry </span><span class="pp-class-236 pa t41417 l9536">and </span><span class="pp-class-236 pa t41417 l37097 ls67">other </span><span class="pp-class-236 pa t41417 l31134">ship </span><span class="pp-class-236 pa t41417 l37098">costs </span><span class="pp-class-236 pa t41417 l41418 ls91">including </span><span class="pp-class-236 pa t41417 l41419 ls3544">charter </span><span class="pp-class-236 pa t41417 l41420 ls967">related </span><span class="pp-class-236 pa t41417 l41421">cost</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41417 l41422 ls553">2,414</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41417 l41423 ls83">2,320</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41424 l3 ls1024">Bunker</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41424 l41425 ls1463">2,607</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41424 l41426 ls2081">3,021</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41427 l3 ls1078">Catering </span><span class="pp-class-236 pa t41427 l39407">costs </span><span class="pp-class-236 pa t41427 l41428">and </span><span class="pp-class-236 pa t41427 l35160">shop </span><span class="pp-class-236 pa t41427 l41429">consumables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41427 l41430">692</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41427 l41431 ls3548">777</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41432 l3 ls6824">Total </span><span class="pp-class-237 pa t41432 l20253 ls3544">ferry </span><span class="pp-class-237 pa t41432 l40385">and </span><span class="pp-class-237 pa t41432 l41433 ls1098">other </span><span class="pp-class-237 pa t41432 l41434">ship </span><span class="pp-class-237 pa t41432 l41435 ls197">operation </span><span class="pp-class-237 pa t41432 l41436">and </span><span class="pp-class-237 pa t41432 l41437 ls118">maintenance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41432 l41438 ls1151">5,713</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41432 l40974 ls11716">6,117</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5279" xmlns="http://www.w3.org/1999/xhtml"><div class="w41439 h41440 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41033 l3 ls2222">Ferry </span><span class="pp-class-236 pa t41033 l41441 ls651">and </span><span class="pp-class-236 pa t41033 l8623 ls949">other </span><span class="pp-class-236 pa t41033 l618 ls2222">ship </span><span class="pp-class-236 pa t41033 l37492 ls538">costs </span><span class="pp-class-236 pa t41033 l41442 ls1751">comprise </span><span class="pp-class-236 pa t41033 l41443 ls538">costs </span><span class="pp-class-236 pa t41033 l40595 ls98">of </span><span class="pp-class-236 pa t41033 l18391 ls538">sales </span><span class="pp-class-236 pa t41033 l41444 ls3681">related </span><span class="pp-class-236 pa t41033 l41445 ls538">to </span><span class="pp-class-236 pa t41033 l41446 ls541">maintenance </span><span class="pp-class-236 pa t41033 l41447 ls572">and </span><span class="pp-class-236 pa t41033 l41448 ls7468">daily </span><span class="pp-class-236 pa t41033 l41449 ls2036">running </span><span class="pp-class-236 pa t41033 l41450 ls538">costs </span><span class="pp-class-236 pa t41033 l41451 ls197">of </span><span class="pp-class-236 pa t41047 l3 ls551">ferries </span><span class="pp-class-236 pa t41047 l41452 ls651">and </span><span class="pp-class-236 pa t41047 l41453 ls949">other </span><span class="pp-class-236 pa t41047 l3030 ls1764">ships. </span><span class="pp-class-236 pa t41047 l31135 ls4630">Bunker </span><span class="pp-class-236 pa t41047 l41454 ls530">consumption </span><span class="pp-class-236 pa t41047 l41455 ls179">includes </span><span class="pp-class-236 pa t41047 l41456 ls1751">hedging. </span><span class="pp-class-236 pa t41047 l41457 ls838">Catering </span><span class="pp-class-236 pa t41047 l41458 ls538">costs </span><span class="pp-class-236 pa t41047 l41459 ls651">and </span><span class="pp-class-236 pa t41047 l38747 ls967">shop </span><span class="pp-class-236 pa t41065 l3 ls625">consumables </span><span class="pp-class-236 pa t41065 l37616 ls949">include </span><span class="pp-class-236 pa t41065 l41460 ls530">consumption </span><span class="pp-class-236 pa t41065 l41461 ls98">of </span><span class="pp-class-236 pa t41065 l41462 ls667">inventory </span><span class="pp-class-236 pa t41065 l41463 ls98">of </span><span class="pp-class-236 pa t41065 l41464 ls538">goods </span><span class="pp-class-236 pa t41065 l41465 ls553">for </span><span class="pp-class-236 pa t41065 l41466 ls541">sale. </span><span class="pp-class-236 pa t41065 l41467 ls616">Write-downs </span><span class="pp-class-236 pa t41065 l41468 ls651">and </span><span class="pp-class-236 pa t41065 l41469 ls3855">realised </span><span class="pp-class-236 pa t41065 l41470 ls1764">losses </span><span class="pp-class-236 pa t41065 l41471 ls1547">on </span><span class="pp-class-236 pa t41079 l3 ls849">trade </span><span class="pp-class-236 pa t41079 l41472 ls603">receivables </span><span class="pp-class-236 pa t41079 l41473 ls2808">are </span><span class="pp-class-236 pa t41079 l40283 ls179">included </span><span class="pp-class-236 pa t41079 l41474 ls811">in </span><span class="pp-class-236 pa t41079 l20224 ls608">ferry </span><span class="pp-class-236 pa t41079 l41475 ls651">and </span><span class="pp-class-236 pa t41079 l41476 ls949">other </span><span class="pp-class-236 pa t41079 l41477 ls2222">ship </span><span class="pp-class-236 pa t41079 l41478 ls1775">operation </span><span class="pp-class-236 pa t41079 l41479 ls651">and </span><span class="pp-class-236 pa t41079 l41480 ls630">maintenance. </span><span class="pp-class-236 pa t41079 l41481 ls94">Port </span><span class="pp-class-236 pa t41079 l41482 ls538">terminal </span><span class="pp-class-236 pa t41095 l3 ls2270">operations </span><span class="pp-class-236 pa t41095 l17870 ls651">and </span><span class="pp-class-236 pa t41095 l17871 ls749">Transport </span><span class="pp-class-236 pa t41095 l41483 ls651">and </span><span class="pp-class-236 pa t41095 l41484 ls4558">warehouse </span><span class="pp-class-236 pa t41095 l41485 ls546">solutions </span><span class="pp-class-236 pa t41095 l41486 ls2808">are </span><span class="pp-class-236 pa t41095 l41487 ls538">costs </span><span class="pp-class-236 pa t41095 l41488 ls3681">related </span><span class="pp-class-236 pa t41095 l41489 ls538">to </span><span class="pp-class-236 pa t41095 l41490 ls608">land-based </span><span class="pp-class-236 pa t41095 l41491 ls1404">activities </span><span class="pp-class-236 pa t41095 l41492 ls2222">such </span><span class="pp-class-236 pa t41095 l40640 ls1547">as </span><span class="pp-class-236 pa t41108 l3 ls7086">stevedoring, </span><span class="pp-class-236 pa t41108 l41493 ls949">terminal, </span><span class="pp-class-236 pa t41108 l41494 ls651">and </span><span class="pp-class-236 pa t41108 l41495 ls565">haulage </span><span class="pp-class-236 pa t41108 l29765 ls1764">costs. </span><span class="pp-class-236 pa t41108 l41496 ls556">General </span><span class="pp-class-236 pa t41108 l41497 ls572">and </span><span class="pp-class-236 pa t41108 l41498 ls603">administration </span><span class="pp-class-236 pa t41108 l41499 ls2197">external </span><span class="pp-class-236 pa t41108 l41500 ls538">costs </span><span class="pp-class-236 pa t41108 l41501 ls94">comprise </span><span class="pp-class-236 pa t41120 l3 ls2197">external </span><span class="pp-class-236 pa t41120 l41502 ls538">costs </span><span class="pp-class-236 pa t41120 l41503 ls2222">such </span><span class="pp-class-236 pa t41120 l41504 ls811">as </span><span class="pp-class-236 pa t41120 l41505 ls731">consultant </span><span class="pp-class-236 pa t41120 l16859 ls551">fees, </span><span class="pp-class-236 pa t41120 l41506 ls41348">IT-related </span><span class="pp-class-236 pa t41120 l41507 ls1764">costs, </span><span class="pp-class-236 pa t41120 l41508 ls995">utilities </span><span class="pp-class-236 pa t41120 l41509 ls572">and </span><span class="pp-class-236 pa t41120 l41510 ls30">property </span><span class="pp-class-236 pa t41120 l39560 ls541">maintenance </span><span class="pp-class-236 pa t41120 l41511 ls1792">costs, </span><span class="pp-class-236 pa t41139 l3 ls949">audit </span><span class="pp-class-236 pa t41139 l41512 ls551">fees, </span><span class="pp-class-236 pa t41139 l41513 ls3855">marketing </span><span class="pp-class-236 pa t41139 l26428 ls1764">costs, </span><span class="pp-class-236 pa t41139 l41514 ls2969">etc.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41515 l3 ls2222">Cost </span><span class="pp-class-236 pa t41515 l21481 ls4630">linked </span><span class="pp-class-236 pa t41515 l39045 ls538">to </span><span class="pp-class-236 pa t41515 l41516 ls1751">Maritime </span><span class="pp-class-236 pa t41515 l41517 ls1751">Emission </span><span class="pp-class-236 pa t41515 l41518 ls19396">Trading </span><span class="pp-class-236 pa t41515 l41519 ls1764">Scheme </span><span class="pp-class-236 pa t41515 l41520 ls614">(ETS) </span><span class="pp-class-236 pa t41515 l41521 ls811">is </span><span class="pp-class-236 pa t41515 l41522 ls667">recognised </span><span class="pp-class-236 pa t41515 l41523 ls1815">monthly </span><span class="pp-class-236 pa t41515 l41524 ls538">based </span><span class="pp-class-236 pa t41515 l41525 ls811">on </span><span class="pp-class-236 pa t41515 l41526 ls614">measured </span><span class="pp-class-236 pa t41161 l3 ls995">emissions </span><span class="pp-class-236 pa t41161 l37435 ls2197">at </span><span class="pp-class-236 pa t41161 l41527 ls1764">hedged </span><span class="pp-class-236 pa t41161 l41528 ls1764">prices </span><span class="pp-class-236 pa t41161 l41529">- </span><span class="pp-class-236 pa t41161 l41530 ls553">for </span><span class="pp-class-236 pa t41161 l41531 ls1744">certificates </span><span class="pp-class-236 pa t41161 l41532 ls3084">covered </span><span class="pp-class-236 pa t41161 l37695 ls706">by </span><span class="pp-class-236 pa t41161 l41533 ls2036">hedging </span><span class="pp-class-236 pa t41161 l41534">- </span><span class="pp-class-236 pa t41161 l41535 ls572">and </span><span class="pp-class-236 pa t41161 l41536 ls2197">at </span><span class="pp-class-236 pa t41161 l41537 ls524">spot </span><span class="pp-class-236 pa t41161 l41538 ls1764">prices </span><span class="pp-class-236 pa t41161 l41539">- </span><span class="pp-class-236 pa t41161 l41540 ls553">for </span><span class="pp-class-236 pa t41161 l41541 ls538">those </span><span class="pp-class-236 pa t41161 l41542 ls532">not </span><span class="pp-class-236 pa t41176 l3 ls3084">covered </span><span class="pp-class-236 pa t41176 l41543 ls706">by </span><span class="pp-class-236 pa t41176 l31242 ls2036">hedges, </span><span class="pp-class-236 pa t41176 l41544 ls651">and </span><span class="pp-class-236 pa t41176 l41545 ls731">reported </span><span class="pp-class-236 pa t41176 l41546 ls1764">within </span><span class="pp-class-236 pa t41176 l41547 ls608">ferry </span><span class="pp-class-236 pa t41176 l41548 ls651">and </span><span class="pp-class-236 pa t41176 l41549 ls949">other </span><span class="pp-class-236 pa t41176 l41550 ls2222">ship </span><span class="pp-class-236 pa t41176 l41551 ls538">costs </span><span class="pp-class-236 pa t41176 l41552 ls546">including </span><span class="pp-class-236 pa t41176 l9484 ls94">charter </span><span class="pp-class-236 pa t41176 l41553 ls3681">related </span><span class="pp-class-236 pa t41176 l41554 ls3852">cost.</span></p></div></div><div id="pp-id-5282" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41555 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">2.4 </span><span class="pp-class-234 pa t1122 l38307 ls551">Employee </span><span class="pp-class-234 pa t1122 l41556">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l37085">202</span></a><span class="pp-class-237 pa t37084 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls52">Wages, </span><span class="pp-class-236 pa t37088 l41557">salaries </span><span class="pp-class-236 pa t37088 l41558">and </span><span class="pp-class-236 pa t37088 l41559 ls212">remuneration</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41560 ls870">5,576</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41561 ls995">5,195</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls244">Hereof </span><span class="pp-class-236 pa t41562 l41563 ls101">capitalised </span><span class="pp-class-236 pa t41562 l6498 ls129">employee </span><span class="pp-class-236 pa t41562 l13092">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l41564">-54</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l41565">-42</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls1583">Defined </span><span class="pp-class-236 pa t41566 l41567 ls2441">contribution </span><span class="pp-class-236 pa t41566 l41568">pension </span><span class="pp-class-236 pa t41566 l9719">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l41569">221</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l37197">233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3 ls1583">Defined </span><span class="pp-class-236 pa t41570 l41567 ls1583">benefit </span><span class="pp-class-236 pa t41570 l41571">pension </span><span class="pp-class-236 pa t41570 l41572">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l41573">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l3">Other </span><span class="pp-class-236 pa t41574 l8396">social </span><span class="pp-class-236 pa t41574 l17575">security </span><span class="pp-class-236 pa t41574 l41575">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l35876 ls811">729</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l41576">539</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l3 ls106">Share </span><span class="pp-class-236 pa t41577 l3226">based </span><span class="pp-class-236 pa t41577 l21837 ls1024">payment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l41578">28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l41579">26</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l3">Other </span><span class="pp-class-236 pa t41580 l8396 ls129">employee </span><span class="pp-class-236 pa t41580 l41581">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l41582">602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l41583">399</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41584 l3 ls6824">Total </span><span class="pp-class-237 pa t41584 l20253 ls967">employee </span><span class="pp-class-237 pa t41584 l41585">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41584 l41586 ls41587">7</span><a><span class="pp-class-237 pa t41584 l41588">,</span></a><span class="pp-class-237 pa t41584 l41589 ls3796">117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41584 l41590 ls4248">6,361</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l3">Full </span><span class="pp-class-236 pa t41591 l41592">time </span><span class="pp-class-236 pa t41591 l41593 ls113">equivalents </span><span class="pp-class-236 pa t41591 l21931">(FTE), </span><span class="pp-class-236 pa t41591 l31340 ls614">average</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l41594 ls2245">16,1 38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l41595 ls685">14,121</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41596 l3 ls428 wtro3142 wtr526 tro3144 tr528">Reference </span><span class="pp-class-236 pa t41596 l16186 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t41596 l41597 ls135 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t41596 l41598 ls138 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t41596 l41599 ls1629 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41596 l41600 ls2270 wtro3142 wtr526 tro3144 tr528">3.2.5 </span><span class="pp-class-236 pa t41596 l41601 ls19 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41596 l41602 ls177 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41596 l41603 ls73 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41596 l41604 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41596 l41605 wtro3142 wtr526 tro3144 tr528">pension </span><span class="pp-class-236 pa t41596 l41606 wtro3142 wtr526 tro3144 tr528">plans, </span><span class="pp-class-236 pa t41596 l41607 ls1629 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41596 l41608 ls2207 wtro3142 wtr526 tro3144 tr528">5.1 </span><span class="pp-class-236 pa t41596 l41609 ls19 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41596 l41610 ls177 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41596 l41611 ls73 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41596 l41612 ls26 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41613 l3 ls17592 wtro3142 wtr526 tro3144 tr528">remuneration </span><span class="pp-class-236 pa t41613 l41614 ls1131 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t41613 l41615 ls3267 wtro3142 wtr526 tro3144 tr528">Management </span><span class="pp-class-236 pa t41613 l41616 ls847 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t41613 l41617 ls3141 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41613 l41618 ls24054 wtro3142 wtr526 tro3144 tr528">5.3 </span><span class="pp-class-236 pa t41613 l41619 ls4149 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41613 l41620 ls16417 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41613 l35917 ls8200 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41613 l41621 ls1775 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41613 l41622 ls847 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t41613 l41623 ls17859 wtro3142 wtr526 tro3144 tr528">Group’s </span><span class="pp-class-236 pa t41613 l41624 ls1017 wtro3142 wtr526 tro3144 tr528">share </span><span class="pp-class-236 pa t41613 l41625 ls8367 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t41613 l41626 ls11050 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-236 pa t41613 l41627 ls2855 wtro3142 wtr526 tro3144 tr528">schemes.</span></p><div id="pp-id-5281"><div class="pp-class-227 pp-class-256" id="pp-id-5280"><div class="w40752 h41628 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls2816">Wages, </span><span class="pp-class-236 pa t40754 l41629 ls995">salaries, </span><span class="pp-class-236 pa t40754 l41630 ls1764">social </span><span class="pp-class-236 pa t40754 l9691 ls1751">security </span><span class="pp-class-236 pa t40754 l41631 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41632 ls2036">pension </span><span class="pp-class-236 pa t40754 l41633 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41634 ls2222">paid </span><span class="pp-class-236 pa t40754 l41635 ls1764">annual </span><span class="pp-class-236 pa t40754 l41636 ls1186">leave </span><span class="pp-class-236 pa t40754 l41637 ls572">and </span><span class="pp-class-236 pa t40754 l41638 ls967">sick </span><span class="pp-class-236 pa t40763 l3 ls1796">leave, </span><span class="pp-class-236 pa t40763 l41639 ls1751">bonuses, </span><span class="pp-class-236 pa t40763 l41640 ls651">and </span><span class="pp-class-236 pa t40763 l41641 ls696">non-monetary </span><span class="pp-class-236 pa t40763 l41642 ls995">benefits </span><span class="pp-class-236 pa t40763 l41643 ls2808">are </span><span class="pp-class-236 pa t40763 l41644 ls544">accrued </span><span class="pp-class-236 pa t40763 l41645 ls811">in </span><span class="pp-class-236 pa t40763 l41646 ls651">the </span><span class="pp-class-236 pa t40763 l41647 ls8048">year </span><span class="pp-class-236 pa t40763 l34368 ls811">in </span><span class="pp-class-236 pa t40763 l41648 ls538">which </span><span class="pp-class-236 pa t40763 l41649 ls572">the </span><span class="pp-class-236 pa t40763 l41650 ls560">associated </span><span class="pp-class-236 pa t40763 l41651 ls80">services </span><span class="pp-class-236 pa t40775 l3 ls2808">are </span><span class="pp-class-236 pa t40775 l38371 ls11713">rendered </span><span class="pp-class-236 pa t40775 l41652 ls706">by </span><span class="pp-class-236 pa t40775 l1436 ls1463">employees </span><span class="pp-class-236 pa t40775 l41653 ls98">of </span><span class="pp-class-236 pa t40775 l41654 ls651">the </span><span class="pp-class-236 pa t40775 l41655 ls4807">Group. </span><span class="pp-class-236 pa t40775 l41656 ls706">Where </span><span class="pp-class-236 pa t40775 l41657 ls651">the </span><span class="pp-class-236 pa t40775 l41658 ls706">Group </span><span class="pp-class-236 pa t40775 l41659 ls2245">provides </span><span class="pp-class-236 pa t40775 l41660 ls696">long-term </span><span class="pp-class-236 pa t40775 l41661 ls4276">employee </span><span class="pp-class-236 pa t40775 l41662 ls562">benefits, </span><span class="pp-class-236 pa t40775 l41663 ls184">the </span><span class="pp-class-236 pa t41664 l3 ls538">costs </span><span class="pp-class-236 pa t41664 l31382 ls2808">are </span><span class="pp-class-236 pa t41664 l28865 ls544">accrued </span><span class="pp-class-236 pa t41664 l13207 ls538">to </span><span class="pp-class-236 pa t41664 l41665 ls556">match </span><span class="pp-class-236 pa t41664 l41666 ls651">the </span><span class="pp-class-236 pa t41664 l41667 ls8048">rendering </span><span class="pp-class-236 pa t41664 l41668 ls98">of </span><span class="pp-class-236 pa t41664 l41669 ls651">the </span><span class="pp-class-236 pa t41664 l17068 ls572">services </span><span class="pp-class-236 pa t41664 l41670 ls706">by </span><span class="pp-class-236 pa t41664 l41671 ls572">the </span><span class="pp-class-236 pa t41664 l41672 ls1463">employees.</span></p></div></div></div></div></div><div id="pp-id-5308" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41674 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">2.5 </span><span class="pp-class-234 pa t1122 l38307 ls1173">Amortisation, </span><span class="pp-class-234 pa t1122 l41675 ls1133">depreciation, </span><span class="pp-class-234 pa t1122 l41676">and </span><span class="pp-class-234 pa t1122 l41677 ls1098">impairment </span><span class="pp-class-234 pa t41678 l38307 ls1011">losses </span><span class="pp-class-234 pa t41678 l41679 ls138">for </span><span class="pp-class-234 pa t41678 l41680">the </span><span class="pp-class-234 pa t41678 l41681 ls551">year</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l3">DKK </span><span class="pp-class-236 pa t41682 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41682 l37085">202</span></a><span class="pp-class-237 pa t41682 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41683 l3 ls85">Amortisation </span><span class="pp-class-237 pa t41683 l41684">and </span><span class="pp-class-237 pa t41683 l41685 ls685">depreciation </span><span class="pp-class-237 pa t41683 l41686 ls781">for </span><span class="pp-class-237 pa t41683 l41687">the </span><span class="pp-class-237 pa t41683 l41688 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l3 ls1747">Software</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l41690">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l37297 ls3084">76</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l3 ls835">Port </span><span class="pp-class-236 pa t41691 l17862">concession </span><span class="pp-class-236 pa t41691 l37349 ls1098">rights </span><span class="pp-class-236 pa t41691 l7919 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41692 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41693">52</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l3 ls1444">Customer </span><span class="pp-class-236 pa t41694 l16866 ls1547">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41695">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41696">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l3 ls6824">Total </span><span class="pp-class-237 pa t41697 l20253 ls85">amortisation </span><span class="pp-class-237 pa t41697 l41698 ls781">for </span><span class="pp-class-237 pa t41697 l41699">the </span><span class="pp-class-237 pa t41697 l41700 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41701 ls177">227</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41702 ls814">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l3">Land </span><span class="pp-class-236 pa t41703 l10823">and </span><span class="pp-class-236 pa t41703 l26211">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l41704 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l37142">34</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l3 ls2889">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41706">69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41707 ls3084">70</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l3 ls21">Ferries </span><span class="pp-class-236 pa t41708 l3826">and </span><span class="pp-class-236 pa t41708 l37370 ls67">other </span><span class="pp-class-236 pa t41708 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41709 ls129">1,248</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41710 ls2258">1,171</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l3 ls21">Equipment </span><span class="pp-class-236 pa t41711 l4081 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41712">589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41713">449</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l3 ls181">Right-of-use </span><span class="pp-class-236 pa t41714 l37385 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41715 ls135">1,165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41716 ls995">1,069</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l3 ls6824">Total </span><span class="pp-class-237 pa t41717 l20253 ls685">depreciation </span><span class="pp-class-237 pa t41717 l3775">and </span><span class="pp-class-237 pa t41717 l41718 ls3422">write-offs </span><span class="pp-class-237 pa t41717 l4073 ls781">for </span><span class="pp-class-237 pa t41717 l41719">the </span><span class="pp-class-237 pa t41717 l41720 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41721 ls967">3,108</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41722 ls1044">2,793</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l3 ls6824">Total </span><span class="pp-class-237 pa t41723 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41723 l38575 ls685">depreciation </span><span class="pp-class-237 pa t41723 l41724">and </span><span class="pp-class-237 pa t41723 l41725 ls3422">write-offs </span><span class="pp-class-237 pa t41723 l41726 ls781">for </span><span class="pp-class-237 pa t41723 l41727">the </span><span class="pp-class-237 pa t41723 l41728 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41730 ls7086">3,002</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41731 l3 ls2315">Reversal </span><span class="pp-class-237 pa t41731 l18314">of </span><span class="pp-class-237 pa t41731 l41732 ls118">impairment </span><span class="pp-class-237 pa t41731 l41733 ls13">losses </span><span class="pp-class-237 pa t41731 l13881 ls781">for </span><span class="pp-class-237 pa t41731 l41734">the </span><span class="pp-class-237 pa t41731 l41735 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l3 ls21">Ferries </span><span class="pp-class-236 pa t41736 l3826">and </span><span class="pp-class-236 pa t41736 l37370 ls67">other </span><span class="pp-class-236 pa t41736 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l3 ls6824">Total </span><span class="pp-class-237 pa t41737 l20253 ls532">reversal </span><span class="pp-class-237 pa t41737 l41738">of </span><span class="pp-class-237 pa t41737 l41739 ls118">impairment </span><span class="pp-class-237 pa t41737 l21490 ls13">losses </span><span class="pp-class-237 pa t41737 l41740 ls781">for </span><span class="pp-class-237 pa t41737 l41741">the </span><span class="pp-class-237 pa t41737 l41742 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41743">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41744">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41745 l3 ls6824">Total </span><span class="pp-class-237 pa t41745 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41745 l38575 ls227">depreciation, </span><span class="pp-class-237 pa t41745 l41746 ls3422">write-offs </span><span class="pp-class-237 pa t41745 l41747">and </span><span class="pp-class-237 pa t41748 l3 ls118">impairment </span><span class="pp-class-237 pa t41748 l41749 ls13">losses </span><span class="pp-class-237 pa t41748 l17328 ls781">for </span><span class="pp-class-237 pa t41748 l41750">the </span><span class="pp-class-237 pa t41748 l11267 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41751 ls875">2,969</span></a></p></td></tr></table><div id="pp-id-5307"><div class="pp-class-227 pp-class-256" id="pp-id-5306"><div class="w40752 h41752 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p></div></div></div></div></div> <div id="pp-id-5278" xmlns="http://www.w3.org/1999/xhtml"><div class="w40820 h41411 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2222">2.3 </span><span class="pp-class-234 pa t1122 l38307">Costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41412 l3">DKK </span><span class="pp-class-236 pa t41412 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41412 l37085">202</span></a><span class="pp-class-237 pa t41412 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41412 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41413 l3 ls3544">Ferry </span><span class="pp-class-237 pa t41413 l41414">and </span><span class="pp-class-237 pa t41413 l33598 ls1098">other </span><span class="pp-class-237 pa t41413 l41415">ship </span><span class="pp-class-237 pa t41413 l31352 ls197">operation </span><span class="pp-class-237 pa t41413 l41416">and </span><span class="pp-class-237 pa t41413 l39241 ls2441">maintenance:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41417 l3 ls88">Ferry </span><span class="pp-class-236 pa t41417 l9536">and </span><span class="pp-class-236 pa t41417 l37097 ls67">other </span><span class="pp-class-236 pa t41417 l31134">ship </span><span class="pp-class-236 pa t41417 l37098">costs </span><span class="pp-class-236 pa t41417 l41418 ls91">including </span><span class="pp-class-236 pa t41417 l41419 ls3544">charter </span><span class="pp-class-236 pa t41417 l41420 ls967">related </span><span class="pp-class-236 pa t41417 l41421">cost</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41417 l41422 ls553">2,414</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41417 l41423 ls83">2,320</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41424 l3 ls1024">Bunker</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41424 l41425 ls1463">2,607</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41424 l41426 ls2081">3,021</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41427 l3 ls1078">Catering </span><span class="pp-class-236 pa t41427 l39407">costs </span><span class="pp-class-236 pa t41427 l41428">and </span><span class="pp-class-236 pa t41427 l35160">shop </span><span class="pp-class-236 pa t41427 l41429">consumables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41427 l41430">692</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41427 l41431 ls3548">777</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41432 l3 ls6824">Total </span><span class="pp-class-237 pa t41432 l20253 ls3544">ferry </span><span class="pp-class-237 pa t41432 l40385">and </span><span class="pp-class-237 pa t41432 l41433 ls1098">other </span><span class="pp-class-237 pa t41432 l41434">ship </span><span class="pp-class-237 pa t41432 l41435 ls197">operation </span><span class="pp-class-237 pa t41432 l41436">and </span><span class="pp-class-237 pa t41432 l41437 ls118">maintenance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41432 l41438 ls1151">5,713</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41432 l40974 ls11716">6,117</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5279" xmlns="http://www.w3.org/1999/xhtml"><div class="w41439 h41440 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41033 l3 ls2222">Ferry </span><span class="pp-class-236 pa t41033 l41441 ls651">and </span><span class="pp-class-236 pa t41033 l8623 ls949">other </span><span class="pp-class-236 pa t41033 l618 ls2222">ship </span><span class="pp-class-236 pa t41033 l37492 ls538">costs </span><span class="pp-class-236 pa t41033 l41442 ls1751">comprise </span><span class="pp-class-236 pa t41033 l41443 ls538">costs </span><span class="pp-class-236 pa t41033 l40595 ls98">of </span><span class="pp-class-236 pa t41033 l18391 ls538">sales </span><span class="pp-class-236 pa t41033 l41444 ls3681">related </span><span class="pp-class-236 pa t41033 l41445 ls538">to </span><span class="pp-class-236 pa t41033 l41446 ls541">maintenance </span><span class="pp-class-236 pa t41033 l41447 ls572">and </span><span class="pp-class-236 pa t41033 l41448 ls7468">daily </span><span class="pp-class-236 pa t41033 l41449 ls2036">running </span><span class="pp-class-236 pa t41033 l41450 ls538">costs </span><span class="pp-class-236 pa t41033 l41451 ls197">of </span><span class="pp-class-236 pa t41047 l3 ls551">ferries </span><span class="pp-class-236 pa t41047 l41452 ls651">and </span><span class="pp-class-236 pa t41047 l41453 ls949">other </span><span class="pp-class-236 pa t41047 l3030 ls1764">ships. </span><span class="pp-class-236 pa t41047 l31135 ls4630">Bunker </span><span class="pp-class-236 pa t41047 l41454 ls530">consumption </span><span class="pp-class-236 pa t41047 l41455 ls179">includes </span><span class="pp-class-236 pa t41047 l41456 ls1751">hedging. </span><span class="pp-class-236 pa t41047 l41457 ls838">Catering </span><span class="pp-class-236 pa t41047 l41458 ls538">costs </span><span class="pp-class-236 pa t41047 l41459 ls651">and </span><span class="pp-class-236 pa t41047 l38747 ls967">shop </span><span class="pp-class-236 pa t41065 l3 ls625">consumables </span><span class="pp-class-236 pa t41065 l37616 ls949">include </span><span class="pp-class-236 pa t41065 l41460 ls530">consumption </span><span class="pp-class-236 pa t41065 l41461 ls98">of </span><span class="pp-class-236 pa t41065 l41462 ls667">inventory </span><span class="pp-class-236 pa t41065 l41463 ls98">of </span><span class="pp-class-236 pa t41065 l41464 ls538">goods </span><span class="pp-class-236 pa t41065 l41465 ls553">for </span><span class="pp-class-236 pa t41065 l41466 ls541">sale. </span><span class="pp-class-236 pa t41065 l41467 ls616">Write-downs </span><span class="pp-class-236 pa t41065 l41468 ls651">and </span><span class="pp-class-236 pa t41065 l41469 ls3855">realised </span><span class="pp-class-236 pa t41065 l41470 ls1764">losses </span><span class="pp-class-236 pa t41065 l41471 ls1547">on </span><span class="pp-class-236 pa t41079 l3 ls849">trade </span><span class="pp-class-236 pa t41079 l41472 ls603">receivables </span><span class="pp-class-236 pa t41079 l41473 ls2808">are </span><span class="pp-class-236 pa t41079 l40283 ls179">included </span><span class="pp-class-236 pa t41079 l41474 ls811">in </span><span class="pp-class-236 pa t41079 l20224 ls608">ferry </span><span class="pp-class-236 pa t41079 l41475 ls651">and </span><span class="pp-class-236 pa t41079 l41476 ls949">other </span><span class="pp-class-236 pa t41079 l41477 ls2222">ship </span><span class="pp-class-236 pa t41079 l41478 ls1775">operation </span><span class="pp-class-236 pa t41079 l41479 ls651">and </span><span class="pp-class-236 pa t41079 l41480 ls630">maintenance. </span><span class="pp-class-236 pa t41079 l41481 ls94">Port </span><span class="pp-class-236 pa t41079 l41482 ls538">terminal </span><span class="pp-class-236 pa t41095 l3 ls2270">operations </span><span class="pp-class-236 pa t41095 l17870 ls651">and </span><span class="pp-class-236 pa t41095 l17871 ls749">Transport </span><span class="pp-class-236 pa t41095 l41483 ls651">and </span><span class="pp-class-236 pa t41095 l41484 ls4558">warehouse </span><span class="pp-class-236 pa t41095 l41485 ls546">solutions </span><span class="pp-class-236 pa t41095 l41486 ls2808">are </span><span class="pp-class-236 pa t41095 l41487 ls538">costs </span><span class="pp-class-236 pa t41095 l41488 ls3681">related </span><span class="pp-class-236 pa t41095 l41489 ls538">to </span><span class="pp-class-236 pa t41095 l41490 ls608">land-based </span><span class="pp-class-236 pa t41095 l41491 ls1404">activities </span><span class="pp-class-236 pa t41095 l41492 ls2222">such </span><span class="pp-class-236 pa t41095 l40640 ls1547">as </span><span class="pp-class-236 pa t41108 l3 ls7086">stevedoring, </span><span class="pp-class-236 pa t41108 l41493 ls949">terminal, </span><span class="pp-class-236 pa t41108 l41494 ls651">and </span><span class="pp-class-236 pa t41108 l41495 ls565">haulage </span><span class="pp-class-236 pa t41108 l29765 ls1764">costs. </span><span class="pp-class-236 pa t41108 l41496 ls556">General </span><span class="pp-class-236 pa t41108 l41497 ls572">and </span><span class="pp-class-236 pa t41108 l41498 ls603">administration </span><span class="pp-class-236 pa t41108 l41499 ls2197">external </span><span class="pp-class-236 pa t41108 l41500 ls538">costs </span><span class="pp-class-236 pa t41108 l41501 ls94">comprise </span><span class="pp-class-236 pa t41120 l3 ls2197">external </span><span class="pp-class-236 pa t41120 l41502 ls538">costs </span><span class="pp-class-236 pa t41120 l41503 ls2222">such </span><span class="pp-class-236 pa t41120 l41504 ls811">as </span><span class="pp-class-236 pa t41120 l41505 ls731">consultant </span><span class="pp-class-236 pa t41120 l16859 ls551">fees, </span><span class="pp-class-236 pa t41120 l41506 ls41348">IT-related </span><span class="pp-class-236 pa t41120 l41507 ls1764">costs, </span><span class="pp-class-236 pa t41120 l41508 ls995">utilities </span><span class="pp-class-236 pa t41120 l41509 ls572">and </span><span class="pp-class-236 pa t41120 l41510 ls30">property </span><span class="pp-class-236 pa t41120 l39560 ls541">maintenance </span><span class="pp-class-236 pa t41120 l41511 ls1792">costs, </span><span class="pp-class-236 pa t41139 l3 ls949">audit </span><span class="pp-class-236 pa t41139 l41512 ls551">fees, </span><span class="pp-class-236 pa t41139 l41513 ls3855">marketing </span><span class="pp-class-236 pa t41139 l26428 ls1764">costs, </span><span class="pp-class-236 pa t41139 l41514 ls2969">etc.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41515 l3 ls2222">Cost </span><span class="pp-class-236 pa t41515 l21481 ls4630">linked </span><span class="pp-class-236 pa t41515 l39045 ls538">to </span><span class="pp-class-236 pa t41515 l41516 ls1751">Maritime </span><span class="pp-class-236 pa t41515 l41517 ls1751">Emission </span><span class="pp-class-236 pa t41515 l41518 ls19396">Trading </span><span class="pp-class-236 pa t41515 l41519 ls1764">Scheme </span><span class="pp-class-236 pa t41515 l41520 ls614">(ETS) </span><span class="pp-class-236 pa t41515 l41521 ls811">is </span><span class="pp-class-236 pa t41515 l41522 ls667">recognised </span><span class="pp-class-236 pa t41515 l41523 ls1815">monthly </span><span class="pp-class-236 pa t41515 l41524 ls538">based </span><span class="pp-class-236 pa t41515 l41525 ls811">on </span><span class="pp-class-236 pa t41515 l41526 ls614">measured </span><span class="pp-class-236 pa t41161 l3 ls995">emissions </span><span class="pp-class-236 pa t41161 l37435 ls2197">at </span><span class="pp-class-236 pa t41161 l41527 ls1764">hedged </span><span class="pp-class-236 pa t41161 l41528 ls1764">prices </span><span class="pp-class-236 pa t41161 l41529">- </span><span class="pp-class-236 pa t41161 l41530 ls553">for </span><span class="pp-class-236 pa t41161 l41531 ls1744">certificates </span><span class="pp-class-236 pa t41161 l41532 ls3084">covered </span><span class="pp-class-236 pa t41161 l37695 ls706">by </span><span class="pp-class-236 pa t41161 l41533 ls2036">hedging </span><span class="pp-class-236 pa t41161 l41534">- </span><span class="pp-class-236 pa t41161 l41535 ls572">and </span><span class="pp-class-236 pa t41161 l41536 ls2197">at </span><span class="pp-class-236 pa t41161 l41537 ls524">spot </span><span class="pp-class-236 pa t41161 l41538 ls1764">prices </span><span class="pp-class-236 pa t41161 l41539">- </span><span class="pp-class-236 pa t41161 l41540 ls553">for </span><span class="pp-class-236 pa t41161 l41541 ls538">those </span><span class="pp-class-236 pa t41161 l41542 ls532">not </span><span class="pp-class-236 pa t41176 l3 ls3084">covered </span><span class="pp-class-236 pa t41176 l41543 ls706">by </span><span class="pp-class-236 pa t41176 l31242 ls2036">hedges, </span><span class="pp-class-236 pa t41176 l41544 ls651">and </span><span class="pp-class-236 pa t41176 l41545 ls731">reported </span><span class="pp-class-236 pa t41176 l41546 ls1764">within </span><span class="pp-class-236 pa t41176 l41547 ls608">ferry </span><span class="pp-class-236 pa t41176 l41548 ls651">and </span><span class="pp-class-236 pa t41176 l41549 ls949">other </span><span class="pp-class-236 pa t41176 l41550 ls2222">ship </span><span class="pp-class-236 pa t41176 l41551 ls538">costs </span><span class="pp-class-236 pa t41176 l41552 ls546">including </span><span class="pp-class-236 pa t41176 l9484 ls94">charter </span><span class="pp-class-236 pa t41176 l41553 ls3681">related </span><span class="pp-class-236 pa t41176 l41554 ls3852">cost.</span></p></div></div> <div class="pp-class-227 pp-class-256" id="pp-id-5279" xmlns="http://www.w3.org/1999/xhtml"><div class="w41439 h41440 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41033 l3 ls2222">Ferry </span><span class="pp-class-236 pa t41033 l41441 ls651">and </span><span class="pp-class-236 pa t41033 l8623 ls949">other </span><span class="pp-class-236 pa t41033 l618 ls2222">ship </span><span class="pp-class-236 pa t41033 l37492 ls538">costs </span><span class="pp-class-236 pa t41033 l41442 ls1751">comprise </span><span class="pp-class-236 pa t41033 l41443 ls538">costs </span><span class="pp-class-236 pa t41033 l40595 ls98">of </span><span class="pp-class-236 pa t41033 l18391 ls538">sales </span><span class="pp-class-236 pa t41033 l41444 ls3681">related </span><span class="pp-class-236 pa t41033 l41445 ls538">to </span><span class="pp-class-236 pa t41033 l41446 ls541">maintenance </span><span class="pp-class-236 pa t41033 l41447 ls572">and </span><span class="pp-class-236 pa t41033 l41448 ls7468">daily </span><span class="pp-class-236 pa t41033 l41449 ls2036">running </span><span class="pp-class-236 pa t41033 l41450 ls538">costs </span><span class="pp-class-236 pa t41033 l41451 ls197">of </span><span class="pp-class-236 pa t41047 l3 ls551">ferries </span><span class="pp-class-236 pa t41047 l41452 ls651">and </span><span class="pp-class-236 pa t41047 l41453 ls949">other </span><span class="pp-class-236 pa t41047 l3030 ls1764">ships. </span><span class="pp-class-236 pa t41047 l31135 ls4630">Bunker </span><span class="pp-class-236 pa t41047 l41454 ls530">consumption </span><span class="pp-class-236 pa t41047 l41455 ls179">includes </span><span class="pp-class-236 pa t41047 l41456 ls1751">hedging. </span><span class="pp-class-236 pa t41047 l41457 ls838">Catering </span><span class="pp-class-236 pa t41047 l41458 ls538">costs </span><span class="pp-class-236 pa t41047 l41459 ls651">and </span><span class="pp-class-236 pa t41047 l38747 ls967">shop </span><span class="pp-class-236 pa t41065 l3 ls625">consumables </span><span class="pp-class-236 pa t41065 l37616 ls949">include </span><span class="pp-class-236 pa t41065 l41460 ls530">consumption </span><span class="pp-class-236 pa t41065 l41461 ls98">of </span><span class="pp-class-236 pa t41065 l41462 ls667">inventory </span><span class="pp-class-236 pa t41065 l41463 ls98">of </span><span class="pp-class-236 pa t41065 l41464 ls538">goods </span><span class="pp-class-236 pa t41065 l41465 ls553">for </span><span class="pp-class-236 pa t41065 l41466 ls541">sale. </span><span class="pp-class-236 pa t41065 l41467 ls616">Write-downs </span><span class="pp-class-236 pa t41065 l41468 ls651">and </span><span class="pp-class-236 pa t41065 l41469 ls3855">realised </span><span class="pp-class-236 pa t41065 l41470 ls1764">losses </span><span class="pp-class-236 pa t41065 l41471 ls1547">on </span><span class="pp-class-236 pa t41079 l3 ls849">trade </span><span class="pp-class-236 pa t41079 l41472 ls603">receivables </span><span class="pp-class-236 pa t41079 l41473 ls2808">are </span><span class="pp-class-236 pa t41079 l40283 ls179">included </span><span class="pp-class-236 pa t41079 l41474 ls811">in </span><span class="pp-class-236 pa t41079 l20224 ls608">ferry </span><span class="pp-class-236 pa t41079 l41475 ls651">and </span><span class="pp-class-236 pa t41079 l41476 ls949">other </span><span class="pp-class-236 pa t41079 l41477 ls2222">ship </span><span class="pp-class-236 pa t41079 l41478 ls1775">operation </span><span class="pp-class-236 pa t41079 l41479 ls651">and </span><span class="pp-class-236 pa t41079 l41480 ls630">maintenance. </span><span class="pp-class-236 pa t41079 l41481 ls94">Port </span><span class="pp-class-236 pa t41079 l41482 ls538">terminal </span><span class="pp-class-236 pa t41095 l3 ls2270">operations </span><span class="pp-class-236 pa t41095 l17870 ls651">and </span><span class="pp-class-236 pa t41095 l17871 ls749">Transport </span><span class="pp-class-236 pa t41095 l41483 ls651">and </span><span class="pp-class-236 pa t41095 l41484 ls4558">warehouse </span><span class="pp-class-236 pa t41095 l41485 ls546">solutions </span><span class="pp-class-236 pa t41095 l41486 ls2808">are </span><span class="pp-class-236 pa t41095 l41487 ls538">costs </span><span class="pp-class-236 pa t41095 l41488 ls3681">related </span><span class="pp-class-236 pa t41095 l41489 ls538">to </span><span class="pp-class-236 pa t41095 l41490 ls608">land-based </span><span class="pp-class-236 pa t41095 l41491 ls1404">activities </span><span class="pp-class-236 pa t41095 l41492 ls2222">such </span><span class="pp-class-236 pa t41095 l40640 ls1547">as </span><span class="pp-class-236 pa t41108 l3 ls7086">stevedoring, </span><span class="pp-class-236 pa t41108 l41493 ls949">terminal, </span><span class="pp-class-236 pa t41108 l41494 ls651">and </span><span class="pp-class-236 pa t41108 l41495 ls565">haulage </span><span class="pp-class-236 pa t41108 l29765 ls1764">costs. </span><span class="pp-class-236 pa t41108 l41496 ls556">General </span><span class="pp-class-236 pa t41108 l41497 ls572">and </span><span class="pp-class-236 pa t41108 l41498 ls603">administration </span><span class="pp-class-236 pa t41108 l41499 ls2197">external </span><span class="pp-class-236 pa t41108 l41500 ls538">costs </span><span class="pp-class-236 pa t41108 l41501 ls94">comprise </span><span class="pp-class-236 pa t41120 l3 ls2197">external </span><span class="pp-class-236 pa t41120 l41502 ls538">costs </span><span class="pp-class-236 pa t41120 l41503 ls2222">such </span><span class="pp-class-236 pa t41120 l41504 ls811">as </span><span class="pp-class-236 pa t41120 l41505 ls731">consultant </span><span class="pp-class-236 pa t41120 l16859 ls551">fees, </span><span class="pp-class-236 pa t41120 l41506 ls41348">IT-related </span><span class="pp-class-236 pa t41120 l41507 ls1764">costs, </span><span class="pp-class-236 pa t41120 l41508 ls995">utilities </span><span class="pp-class-236 pa t41120 l41509 ls572">and </span><span class="pp-class-236 pa t41120 l41510 ls30">property </span><span class="pp-class-236 pa t41120 l39560 ls541">maintenance </span><span class="pp-class-236 pa t41120 l41511 ls1792">costs, </span><span class="pp-class-236 pa t41139 l3 ls949">audit </span><span class="pp-class-236 pa t41139 l41512 ls551">fees, </span><span class="pp-class-236 pa t41139 l41513 ls3855">marketing </span><span class="pp-class-236 pa t41139 l26428 ls1764">costs, </span><span class="pp-class-236 pa t41139 l41514 ls2969">etc.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41515 l3 ls2222">Cost </span><span class="pp-class-236 pa t41515 l21481 ls4630">linked </span><span class="pp-class-236 pa t41515 l39045 ls538">to </span><span class="pp-class-236 pa t41515 l41516 ls1751">Maritime </span><span class="pp-class-236 pa t41515 l41517 ls1751">Emission </span><span class="pp-class-236 pa t41515 l41518 ls19396">Trading </span><span class="pp-class-236 pa t41515 l41519 ls1764">Scheme </span><span class="pp-class-236 pa t41515 l41520 ls614">(ETS) </span><span class="pp-class-236 pa t41515 l41521 ls811">is </span><span class="pp-class-236 pa t41515 l41522 ls667">recognised </span><span class="pp-class-236 pa t41515 l41523 ls1815">monthly </span><span class="pp-class-236 pa t41515 l41524 ls538">based </span><span class="pp-class-236 pa t41515 l41525 ls811">on </span><span class="pp-class-236 pa t41515 l41526 ls614">measured </span><span class="pp-class-236 pa t41161 l3 ls995">emissions </span><span class="pp-class-236 pa t41161 l37435 ls2197">at </span><span class="pp-class-236 pa t41161 l41527 ls1764">hedged </span><span class="pp-class-236 pa t41161 l41528 ls1764">prices </span><span class="pp-class-236 pa t41161 l41529">- </span><span class="pp-class-236 pa t41161 l41530 ls553">for </span><span class="pp-class-236 pa t41161 l41531 ls1744">certificates </span><span class="pp-class-236 pa t41161 l41532 ls3084">covered </span><span class="pp-class-236 pa t41161 l37695 ls706">by </span><span class="pp-class-236 pa t41161 l41533 ls2036">hedging </span><span class="pp-class-236 pa t41161 l41534">- </span><span class="pp-class-236 pa t41161 l41535 ls572">and </span><span class="pp-class-236 pa t41161 l41536 ls2197">at </span><span class="pp-class-236 pa t41161 l41537 ls524">spot </span><span class="pp-class-236 pa t41161 l41538 ls1764">prices </span><span class="pp-class-236 pa t41161 l41539">- </span><span class="pp-class-236 pa t41161 l41540 ls553">for </span><span class="pp-class-236 pa t41161 l41541 ls538">those </span><span class="pp-class-236 pa t41161 l41542 ls532">not </span><span class="pp-class-236 pa t41176 l3 ls3084">covered </span><span class="pp-class-236 pa t41176 l41543 ls706">by </span><span class="pp-class-236 pa t41176 l31242 ls2036">hedges, </span><span class="pp-class-236 pa t41176 l41544 ls651">and </span><span class="pp-class-236 pa t41176 l41545 ls731">reported </span><span class="pp-class-236 pa t41176 l41546 ls1764">within </span><span class="pp-class-236 pa t41176 l41547 ls608">ferry </span><span class="pp-class-236 pa t41176 l41548 ls651">and </span><span class="pp-class-236 pa t41176 l41549 ls949">other </span><span class="pp-class-236 pa t41176 l41550 ls2222">ship </span><span class="pp-class-236 pa t41176 l41551 ls538">costs </span><span class="pp-class-236 pa t41176 l41552 ls546">including </span><span class="pp-class-236 pa t41176 l9484 ls94">charter </span><span class="pp-class-236 pa t41176 l41553 ls3681">related </span><span class="pp-class-236 pa t41176 l41554 ls3852">cost.</span></p></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls2816">Wages, </span><span class="pp-class-236 pa t40754 l41629 ls995">salaries, </span><span class="pp-class-236 pa t40754 l41630 ls1764">social </span><span class="pp-class-236 pa t40754 l9691 ls1751">security </span><span class="pp-class-236 pa t40754 l41631 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41632 ls2036">pension </span><span class="pp-class-236 pa t40754 l41633 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41634 ls2222">paid </span><span class="pp-class-236 pa t40754 l41635 ls1764">annual </span><span class="pp-class-236 pa t40754 l41636 ls1186">leave </span><span class="pp-class-236 pa t40754 l41637 ls572">and </span><span class="pp-class-236 pa t40754 l41638 ls967">sick </span><span class="pp-class-236 pa t40763 l3 ls1796">leave, </span><span class="pp-class-236 pa t40763 l41639 ls1751">bonuses, </span><span class="pp-class-236 pa t40763 l41640 ls651">and </span><span class="pp-class-236 pa t40763 l41641 ls696">non-monetary </span><span class="pp-class-236 pa t40763 l41642 ls995">benefits </span><span class="pp-class-236 pa t40763 l41643 ls2808">are </span><span class="pp-class-236 pa t40763 l41644 ls544">accrued </span><span class="pp-class-236 pa t40763 l41645 ls811">in </span><span class="pp-class-236 pa t40763 l41646 ls651">the </span><span class="pp-class-236 pa t40763 l41647 ls8048">year </span><span class="pp-class-236 pa t40763 l34368 ls811">in </span><span class="pp-class-236 pa t40763 l41648 ls538">which </span><span class="pp-class-236 pa t40763 l41649 ls572">the </span><span class="pp-class-236 pa t40763 l41650 ls560">associated </span><span class="pp-class-236 pa t40763 l41651 ls80">services </span><span class="pp-class-236 pa t40775 l3 ls2808">are </span><span class="pp-class-236 pa t40775 l38371 ls11713">rendered </span><span class="pp-class-236 pa t40775 l41652 ls706">by </span><span class="pp-class-236 pa t40775 l1436 ls1463">employees </span><span class="pp-class-236 pa t40775 l41653 ls98">of </span><span class="pp-class-236 pa t40775 l41654 ls651">the </span><span class="pp-class-236 pa t40775 l41655 ls4807">Group. </span><span class="pp-class-236 pa t40775 l41656 ls706">Where </span><span class="pp-class-236 pa t40775 l41657 ls651">the </span><span class="pp-class-236 pa t40775 l41658 ls706">Group </span><span class="pp-class-236 pa t40775 l41659 ls2245">provides </span><span class="pp-class-236 pa t40775 l41660 ls696">long-term </span><span class="pp-class-236 pa t40775 l41661 ls4276">employee </span><span class="pp-class-236 pa t40775 l41662 ls562">benefits, </span><span class="pp-class-236 pa t40775 l41663 ls184">the </span><span class="pp-class-236 pa t41664 l3 ls538">costs </span><span class="pp-class-236 pa t41664 l31382 ls2808">are </span><span class="pp-class-236 pa t41664 l28865 ls544">accrued </span><span class="pp-class-236 pa t41664 l13207 ls538">to </span><span class="pp-class-236 pa t41664 l41665 ls556">match </span><span class="pp-class-236 pa t41664 l41666 ls651">the </span><span class="pp-class-236 pa t41664 l41667 ls8048">rendering </span><span class="pp-class-236 pa t41664 l41668 ls98">of </span><span class="pp-class-236 pa t41664 l41669 ls651">the </span><span class="pp-class-236 pa t41664 l17068 ls572">services </span><span class="pp-class-236 pa t41664 l41670 ls706">by </span><span class="pp-class-236 pa t41664 l41671 ls572">the </span><span class="pp-class-236 pa t41664 l41672 ls1463">employees.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p> <div id="pp-id-5282" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41555 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">2.4 </span><span class="pp-class-234 pa t1122 l38307 ls551">Employee </span><span class="pp-class-234 pa t1122 l41556">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l37085">202</span></a><span class="pp-class-237 pa t37084 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls52">Wages, </span><span class="pp-class-236 pa t37088 l41557">salaries </span><span class="pp-class-236 pa t37088 l41558">and </span><span class="pp-class-236 pa t37088 l41559 ls212">remuneration</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41560 ls870">5,576</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41561 ls995">5,195</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls244">Hereof </span><span class="pp-class-236 pa t41562 l41563 ls101">capitalised </span><span class="pp-class-236 pa t41562 l6498 ls129">employee </span><span class="pp-class-236 pa t41562 l13092">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l41564">-54</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l41565">-42</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls1583">Defined </span><span class="pp-class-236 pa t41566 l41567 ls2441">contribution </span><span class="pp-class-236 pa t41566 l41568">pension </span><span class="pp-class-236 pa t41566 l9719">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l41569">221</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l37197">233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3 ls1583">Defined </span><span class="pp-class-236 pa t41570 l41567 ls1583">benefit </span><span class="pp-class-236 pa t41570 l41571">pension </span><span class="pp-class-236 pa t41570 l41572">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l41573">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l3">Other </span><span class="pp-class-236 pa t41574 l8396">social </span><span class="pp-class-236 pa t41574 l17575">security </span><span class="pp-class-236 pa t41574 l41575">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l35876 ls811">729</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l41576">539</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l3 ls106">Share </span><span class="pp-class-236 pa t41577 l3226">based </span><span class="pp-class-236 pa t41577 l21837 ls1024">payment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l41578">28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l41579">26</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l3">Other </span><span class="pp-class-236 pa t41580 l8396 ls129">employee </span><span class="pp-class-236 pa t41580 l41581">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l41582">602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l41583">399</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41584 l3 ls6824">Total </span><span class="pp-class-237 pa t41584 l20253 ls967">employee </span><span class="pp-class-237 pa t41584 l41585">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41584 l41586 ls41587">7</span><a><span class="pp-class-237 pa t41584 l41588">,</span></a><span class="pp-class-237 pa t41584 l41589 ls3796">117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41584 l41590 ls4248">6,361</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l3">Full </span><span class="pp-class-236 pa t41591 l41592">time </span><span class="pp-class-236 pa t41591 l41593 ls113">equivalents </span><span class="pp-class-236 pa t41591 l21931">(FTE), </span><span class="pp-class-236 pa t41591 l31340 ls614">average</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l41594 ls2245">16,1 38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l41595 ls685">14,121</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41596 l3 ls428 wtro3142 wtr526 tro3144 tr528">Reference </span><span class="pp-class-236 pa t41596 l16186 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t41596 l41597 ls135 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t41596 l41598 ls138 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t41596 l41599 ls1629 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41596 l41600 ls2270 wtro3142 wtr526 tro3144 tr528">3.2.5 </span><span class="pp-class-236 pa t41596 l41601 ls19 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41596 l41602 ls177 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41596 l41603 ls73 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41596 l41604 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41596 l41605 wtro3142 wtr526 tro3144 tr528">pension </span><span class="pp-class-236 pa t41596 l41606 wtro3142 wtr526 tro3144 tr528">plans, </span><span class="pp-class-236 pa t41596 l41607 ls1629 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41596 l41608 ls2207 wtro3142 wtr526 tro3144 tr528">5.1 </span><span class="pp-class-236 pa t41596 l41609 ls19 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41596 l41610 ls177 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41596 l41611 ls73 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41596 l41612 ls26 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41613 l3 ls17592 wtro3142 wtr526 tro3144 tr528">remuneration </span><span class="pp-class-236 pa t41613 l41614 ls1131 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t41613 l41615 ls3267 wtro3142 wtr526 tro3144 tr528">Management </span><span class="pp-class-236 pa t41613 l41616 ls847 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t41613 l41617 ls3141 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41613 l41618 ls24054 wtro3142 wtr526 tro3144 tr528">5.3 </span><span class="pp-class-236 pa t41613 l41619 ls4149 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41613 l41620 ls16417 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41613 l35917 ls8200 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41613 l41621 ls1775 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41613 l41622 ls847 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t41613 l41623 ls17859 wtro3142 wtr526 tro3144 tr528">Group’s </span><span class="pp-class-236 pa t41613 l41624 ls1017 wtro3142 wtr526 tro3144 tr528">share </span><span class="pp-class-236 pa t41613 l41625 ls8367 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t41613 l41626 ls11050 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-236 pa t41613 l41627 ls2855 wtro3142 wtr526 tro3144 tr528">schemes.</span></p><div id="pp-id-5281"><div class="pp-class-227 pp-class-256" id="pp-id-5280"><div class="w40752 h41628 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls2816">Wages, </span><span class="pp-class-236 pa t40754 l41629 ls995">salaries, </span><span class="pp-class-236 pa t40754 l41630 ls1764">social </span><span class="pp-class-236 pa t40754 l9691 ls1751">security </span><span class="pp-class-236 pa t40754 l41631 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41632 ls2036">pension </span><span class="pp-class-236 pa t40754 l41633 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41634 ls2222">paid </span><span class="pp-class-236 pa t40754 l41635 ls1764">annual </span><span class="pp-class-236 pa t40754 l41636 ls1186">leave </span><span class="pp-class-236 pa t40754 l41637 ls572">and </span><span class="pp-class-236 pa t40754 l41638 ls967">sick </span><span class="pp-class-236 pa t40763 l3 ls1796">leave, </span><span class="pp-class-236 pa t40763 l41639 ls1751">bonuses, </span><span class="pp-class-236 pa t40763 l41640 ls651">and </span><span class="pp-class-236 pa t40763 l41641 ls696">non-monetary </span><span class="pp-class-236 pa t40763 l41642 ls995">benefits </span><span class="pp-class-236 pa t40763 l41643 ls2808">are </span><span class="pp-class-236 pa t40763 l41644 ls544">accrued </span><span class="pp-class-236 pa t40763 l41645 ls811">in </span><span class="pp-class-236 pa t40763 l41646 ls651">the </span><span class="pp-class-236 pa t40763 l41647 ls8048">year </span><span class="pp-class-236 pa t40763 l34368 ls811">in </span><span class="pp-class-236 pa t40763 l41648 ls538">which </span><span class="pp-class-236 pa t40763 l41649 ls572">the </span><span class="pp-class-236 pa t40763 l41650 ls560">associated </span><span class="pp-class-236 pa t40763 l41651 ls80">services </span><span class="pp-class-236 pa t40775 l3 ls2808">are </span><span class="pp-class-236 pa t40775 l38371 ls11713">rendered </span><span class="pp-class-236 pa t40775 l41652 ls706">by </span><span class="pp-class-236 pa t40775 l1436 ls1463">employees </span><span class="pp-class-236 pa t40775 l41653 ls98">of </span><span class="pp-class-236 pa t40775 l41654 ls651">the </span><span class="pp-class-236 pa t40775 l41655 ls4807">Group. </span><span class="pp-class-236 pa t40775 l41656 ls706">Where </span><span class="pp-class-236 pa t40775 l41657 ls651">the </span><span class="pp-class-236 pa t40775 l41658 ls706">Group </span><span class="pp-class-236 pa t40775 l41659 ls2245">provides </span><span class="pp-class-236 pa t40775 l41660 ls696">long-term </span><span class="pp-class-236 pa t40775 l41661 ls4276">employee </span><span class="pp-class-236 pa t40775 l41662 ls562">benefits, </span><span class="pp-class-236 pa t40775 l41663 ls184">the </span><span class="pp-class-236 pa t41664 l3 ls538">costs </span><span class="pp-class-236 pa t41664 l31382 ls2808">are </span><span class="pp-class-236 pa t41664 l28865 ls544">accrued </span><span class="pp-class-236 pa t41664 l13207 ls538">to </span><span class="pp-class-236 pa t41664 l41665 ls556">match </span><span class="pp-class-236 pa t41664 l41666 ls651">the </span><span class="pp-class-236 pa t41664 l41667 ls8048">rendering </span><span class="pp-class-236 pa t41664 l41668 ls98">of </span><span class="pp-class-236 pa t41664 l41669 ls651">the </span><span class="pp-class-236 pa t41664 l17068 ls572">services </span><span class="pp-class-236 pa t41664 l41670 ls706">by </span><span class="pp-class-236 pa t41664 l41671 ls572">the </span><span class="pp-class-236 pa t41664 l41672 ls1463">employees.</span></p></div></div></div></div></div> <div id="pp-id-5282" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41555 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">2.4 </span><span class="pp-class-234 pa t1122 l38307 ls551">Employee </span><span class="pp-class-234 pa t1122 l41556">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l37085">202</span></a><span class="pp-class-237 pa t37084 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls52">Wages, </span><span class="pp-class-236 pa t37088 l41557">salaries </span><span class="pp-class-236 pa t37088 l41558">and </span><span class="pp-class-236 pa t37088 l41559 ls212">remuneration</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41560 ls870">5,576</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41561 ls995">5,195</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls244">Hereof </span><span class="pp-class-236 pa t41562 l41563 ls101">capitalised </span><span class="pp-class-236 pa t41562 l6498 ls129">employee </span><span class="pp-class-236 pa t41562 l13092">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l41564">-54</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l41565">-42</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls1583">Defined </span><span class="pp-class-236 pa t41566 l41567 ls2441">contribution </span><span class="pp-class-236 pa t41566 l41568">pension </span><span class="pp-class-236 pa t41566 l9719">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l41569">221</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l37197">233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3 ls1583">Defined </span><span class="pp-class-236 pa t41570 l41567 ls1583">benefit </span><span class="pp-class-236 pa t41570 l41571">pension </span><span class="pp-class-236 pa t41570 l41572">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l41573">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l3">Other </span><span class="pp-class-236 pa t41574 l8396">social </span><span class="pp-class-236 pa t41574 l17575">security </span><span class="pp-class-236 pa t41574 l41575">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l35876 ls811">729</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41574 l41576">539</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l3 ls106">Share </span><span class="pp-class-236 pa t41577 l3226">based </span><span class="pp-class-236 pa t41577 l21837 ls1024">payment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l41578">28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41577 l41579">26</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l3">Other </span><span class="pp-class-236 pa t41580 l8396 ls129">employee </span><span class="pp-class-236 pa t41580 l41581">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l41582">602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41580 l41583">399</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41584 l3 ls6824">Total </span><span class="pp-class-237 pa t41584 l20253 ls967">employee </span><span class="pp-class-237 pa t41584 l41585">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41584 l41586 ls41587">7</span><a><span class="pp-class-237 pa t41584 l41588">,</span></a><span class="pp-class-237 pa t41584 l41589 ls3796">117</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41584 l41590 ls4248">6,361</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l3">Full </span><span class="pp-class-236 pa t41591 l41592">time </span><span class="pp-class-236 pa t41591 l41593 ls113">equivalents </span><span class="pp-class-236 pa t41591 l21931">(FTE), </span><span class="pp-class-236 pa t41591 l31340 ls614">average</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l41594 ls2245">16,1 38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l41595 ls685">14,121</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t41596 l3 ls428 wtro3142 wtr526 tro3144 tr528">Reference </span><span class="pp-class-236 pa t41596 l16186 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t41596 l41597 ls135 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t41596 l41598 ls138 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t41596 l41599 ls1629 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41596 l41600 ls2270 wtro3142 wtr526 tro3144 tr528">3.2.5 </span><span class="pp-class-236 pa t41596 l41601 ls19 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41596 l41602 ls177 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41596 l41603 ls73 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41596 l41604 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41596 l41605 wtro3142 wtr526 tro3144 tr528">pension </span><span class="pp-class-236 pa t41596 l41606 wtro3142 wtr526 tro3144 tr528">plans, </span><span class="pp-class-236 pa t41596 l41607 ls1629 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41596 l41608 ls2207 wtro3142 wtr526 tro3144 tr528">5.1 </span><span class="pp-class-236 pa t41596 l41609 ls19 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41596 l41610 ls177 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41596 l41611 ls73 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41596 l41612 ls26 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41613 l3 ls17592 wtro3142 wtr526 tro3144 tr528">remuneration </span><span class="pp-class-236 pa t41613 l41614 ls1131 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t41613 l41615 ls3267 wtro3142 wtr526 tro3144 tr528">Management </span><span class="pp-class-236 pa t41613 l41616 ls847 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t41613 l41617 ls3141 wtro3142 wtr526 tro3144 tr528">note </span><span class="pp-class-236 pa t41613 l41618 ls24054 wtro3142 wtr526 tro3144 tr528">5.3 </span><span class="pp-class-236 pa t41613 l41619 ls4149 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t41613 l41620 ls16417 wtro3142 wtr526 tro3144 tr528">detailed </span><span class="pp-class-236 pa t41613 l35917 ls8200 wtro3142 wtr526 tro3144 tr528">information </span><span class="pp-class-236 pa t41613 l41621 ls1775 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t41613 l41622 ls847 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t41613 l41623 ls17859 wtro3142 wtr526 tro3144 tr528">Group’s </span><span class="pp-class-236 pa t41613 l41624 ls1017 wtro3142 wtr526 tro3144 tr528">share </span><span class="pp-class-236 pa t41613 l41625 ls8367 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t41613 l41626 ls11050 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-236 pa t41613 l41627 ls2855 wtro3142 wtr526 tro3144 tr528">schemes.</span></p><div id="pp-id-5281"><div class="pp-class-227 pp-class-256" id="pp-id-5280"><div class="w40752 h41628 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls2816">Wages, </span><span class="pp-class-236 pa t40754 l41629 ls995">salaries, </span><span class="pp-class-236 pa t40754 l41630 ls1764">social </span><span class="pp-class-236 pa t40754 l9691 ls1751">security </span><span class="pp-class-236 pa t40754 l41631 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41632 ls2036">pension </span><span class="pp-class-236 pa t40754 l41633 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41634 ls2222">paid </span><span class="pp-class-236 pa t40754 l41635 ls1764">annual </span><span class="pp-class-236 pa t40754 l41636 ls1186">leave </span><span class="pp-class-236 pa t40754 l41637 ls572">and </span><span class="pp-class-236 pa t40754 l41638 ls967">sick </span><span class="pp-class-236 pa t40763 l3 ls1796">leave, </span><span class="pp-class-236 pa t40763 l41639 ls1751">bonuses, </span><span class="pp-class-236 pa t40763 l41640 ls651">and </span><span class="pp-class-236 pa t40763 l41641 ls696">non-monetary </span><span class="pp-class-236 pa t40763 l41642 ls995">benefits </span><span class="pp-class-236 pa t40763 l41643 ls2808">are </span><span class="pp-class-236 pa t40763 l41644 ls544">accrued </span><span class="pp-class-236 pa t40763 l41645 ls811">in </span><span class="pp-class-236 pa t40763 l41646 ls651">the </span><span class="pp-class-236 pa t40763 l41647 ls8048">year </span><span class="pp-class-236 pa t40763 l34368 ls811">in </span><span class="pp-class-236 pa t40763 l41648 ls538">which </span><span class="pp-class-236 pa t40763 l41649 ls572">the </span><span class="pp-class-236 pa t40763 l41650 ls560">associated </span><span class="pp-class-236 pa t40763 l41651 ls80">services </span><span class="pp-class-236 pa t40775 l3 ls2808">are </span><span class="pp-class-236 pa t40775 l38371 ls11713">rendered </span><span class="pp-class-236 pa t40775 l41652 ls706">by </span><span class="pp-class-236 pa t40775 l1436 ls1463">employees </span><span class="pp-class-236 pa t40775 l41653 ls98">of </span><span class="pp-class-236 pa t40775 l41654 ls651">the </span><span class="pp-class-236 pa t40775 l41655 ls4807">Group. </span><span class="pp-class-236 pa t40775 l41656 ls706">Where </span><span class="pp-class-236 pa t40775 l41657 ls651">the </span><span class="pp-class-236 pa t40775 l41658 ls706">Group </span><span class="pp-class-236 pa t40775 l41659 ls2245">provides </span><span class="pp-class-236 pa t40775 l41660 ls696">long-term </span><span class="pp-class-236 pa t40775 l41661 ls4276">employee </span><span class="pp-class-236 pa t40775 l41662 ls562">benefits, </span><span class="pp-class-236 pa t40775 l41663 ls184">the </span><span class="pp-class-236 pa t41664 l3 ls538">costs </span><span class="pp-class-236 pa t41664 l31382 ls2808">are </span><span class="pp-class-236 pa t41664 l28865 ls544">accrued </span><span class="pp-class-236 pa t41664 l13207 ls538">to </span><span class="pp-class-236 pa t41664 l41665 ls556">match </span><span class="pp-class-236 pa t41664 l41666 ls651">the </span><span class="pp-class-236 pa t41664 l41667 ls8048">rendering </span><span class="pp-class-236 pa t41664 l41668 ls98">of </span><span class="pp-class-236 pa t41664 l41669 ls651">the </span><span class="pp-class-236 pa t41664 l17068 ls572">services </span><span class="pp-class-236 pa t41664 l41670 ls706">by </span><span class="pp-class-236 pa t41664 l41671 ls572">the </span><span class="pp-class-236 pa t41664 l41672 ls1463">employees.</span></p></div></div></div></div></div><div class="pp-class-256" id="pp-id-5380" xmlns="http://www.w3.org/1999/xhtml"><div class="w47820 h47821 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls110">3.2.5 </span><span class="pp-class-234 pa t1122 l38307 ls13">Pension </span><span class="pp-class-234 pa t1122 l47822">and </span><span class="pp-class-234 pa t1122 l47823 ls21">jubilee </span><span class="pp-class-234 pa t1122 l47824">liabilities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls2207">The </span><span class="pp-class-236 pa t40114 l40248 ls1882">Group </span><span class="pp-class-236 pa t40114 l47825 ls6270">contributes </span><span class="pp-class-236 pa t40114 l18449 ls2889">to </span><span class="pp-class-236 pa t40114 l47826 ls877">defined </span><span class="pp-class-236 pa t40114 l47827 ls299">contribution </span><span class="pp-class-236 pa t40114 l29420 ls691">plans </span><span class="pp-class-236 pa t40114 l47828 ls544">as </span><span class="pp-class-236 pa t40114 l47829 ls8486">well </span><span class="pp-class-236 pa t40114 l47830 ls544">as </span><span class="pp-class-236 pa t40114 l47831 ls877">defined </span><span class="pp-class-236 pa t40114 l47832 ls877">benefit </span><span class="pp-class-236 pa t40114 l47833 ls603">plans. </span><span class="pp-class-236 pa t40114 l47834 ls2207">The </span><span class="pp-class-236 pa t40114 l47835 ls1775">majority </span><span class="pp-class-236 pa t40114 l47836 ls30">of </span><span class="pp-class-236 pa t40114 l34075 ls2207">the </span><span class="pp-class-236 pa t40114 l47837 ls2207">pension </span><span class="pp-class-236 pa t40125 l3 ls681">plans </span><span class="pp-class-236 pa t40125 l47838 ls4149">are </span><span class="pp-class-236 pa t40125 l47839 ls603">funded </span><span class="pp-class-236 pa t40125 l47840 ls2629">through </span><span class="pp-class-236 pa t40125 l28217 ls2081">payments </span><span class="pp-class-236 pa t40125 l47841 ls2889">to </span><span class="pp-class-236 pa t40125 l47842 ls2808">independent </span><span class="pp-class-236 pa t40125 l47843 ls11072">insurance </span><span class="pp-class-236 pa t40125 l47844 ls4807">companies </span><span class="pp-class-236 pa t40125 l47845 ls4609">responsible </span><span class="pp-class-236 pa t40125 l34095 ls2808">for </span><span class="pp-class-236 pa t40125 l47846 ls2207">the </span><span class="pp-class-236 pa t40125 l47507 ls1687">pension </span><span class="pp-class-236 pa t40125 l47847 ls884">obligation </span><span class="pp-class-236 pa t40137 l3 ls19231">towards </span><span class="pp-class-236 pa t40137 l22237 ls2207">the </span><span class="pp-class-236 pa t40137 l5757 ls6092">employees </span><span class="pp-class-236 pa t40137 l12330 ls11592">(defined </span><span class="pp-class-236 pa t40137 l47848 ls299">contribution </span><span class="pp-class-236 pa t40137 l45533 ls4017">plans). </span><span class="pp-class-236 pa t40137 l47849 ls544">In </span><span class="pp-class-236 pa t40137 l47850 ls691">these </span><span class="pp-class-236 pa t40137 l47851 ls691">plans </span><span class="pp-class-236 pa t40137 l40687 ls2207">the </span><span class="pp-class-236 pa t40137 l47852 ls1882">Group </span><span class="pp-class-236 pa t40137 l47853 ls2207">has </span><span class="pp-class-236 pa t40137 l38851 ls544">no </span><span class="pp-class-236 pa t40137 l47854 ls691">legal </span><span class="pp-class-236 pa t40137 l47855 ls544">or </span><span class="pp-class-236 pa t40137 l47856 ls1118">constructive </span><span class="pp-class-236 pa t40150 l3 ls15034">obligation </span><span class="pp-class-236 pa t40150 l47857 ls2889">to </span><span class="pp-class-236 pa t40150 l43449 ls3084">pay </span><span class="pp-class-236 pa t40150 l45714 ls4630">further </span><span class="pp-class-236 pa t40150 l47858 ls7468">contributions </span><span class="pp-class-236 pa t40150 l47859 ls4149">irrespective </span><span class="pp-class-236 pa t40150 l47860 ls30">of </span><span class="pp-class-236 pa t40150 l348 ls2207">the </span><span class="pp-class-236 pa t40150 l47861 ls1815">financial </span><span class="pp-class-236 pa t40150 l47862 ls3234">situation </span><span class="pp-class-236 pa t40150 l47863 ls30">of </span><span class="pp-class-236 pa t40150 l47864 ls681">these </span><span class="pp-class-236 pa t40150 l47865 ls11072">insurance </span><span class="pp-class-236 pa t40150 l47866 ls1815">companies </span><span class="pp-class-236 pa t40150 l47867 ls544">or </span><span class="pp-class-236 pa t40150 l47868 ls651">the </span><span class="pp-class-236 pa t40161 l3 ls11592">return </span><span class="pp-class-236 pa t40161 l7403 ls30">of </span><span class="pp-class-236 pa t40161 l31586 ls2207">the </span><span class="pp-class-236 pa t40161 l28205 ls1882">underlying </span><span class="pp-class-236 pa t40161 l42949 ls2816">investments. </span><span class="pp-class-236 pa t40161 l47869 ls1118">Pension </span><span class="pp-class-236 pa t40161 l45919 ls691">costs </span><span class="pp-class-236 pa t40161 l47870 ls4284">from </span><span class="pp-class-236 pa t40161 l47871 ls556">such </span><span class="pp-class-236 pa t40161 l47872 ls691">plans </span><span class="pp-class-236 pa t40161 l47873 ls4149">are </span><span class="pp-class-236 pa t40161 l47874 ls12546">expensed </span><span class="pp-class-236 pa t40161 l47875 ls544">in </span><span class="pp-class-236 pa t40161 l47876 ls2207">the </span><span class="pp-class-236 pa t40161 l47877 ls603">income </span><span class="pp-class-236 pa t40161 l39496 ls3084">statement </span><span class="pp-class-236 pa t40161 l47878 ls995">when </span><span class="pp-class-236 pa t47589 l3 ls12546">incurred.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40178 l3 ls2207">The </span><span class="pp-class-236 pa t40178 l40248 ls1882">Group </span><span class="pp-class-236 pa t40178 l47825 ls2207">has </span><span class="pp-class-236 pa t40178 l47879 ls877">defined </span><span class="pp-class-236 pa t40178 l47880 ls877">benefit </span><span class="pp-class-236 pa t40178 l26678 ls603">plans, </span><span class="pp-class-236 pa t40178 l47881 ls3292">primarily </span><span class="pp-class-236 pa t40178 l47882 ls544">in </span><span class="pp-class-236 pa t40178 l47883 ls2207">the </span><span class="pp-class-236 pa t40178 l47884 ls2207">UK. </span><span class="pp-class-236 pa t40178 l47885 ls544">In </span><span class="pp-class-236 pa t40178 l47886 ls2687">addition, </span><span class="pp-class-236 pa t40178 l47887 ls1882">there </span><span class="pp-class-236 pa t40178 l47888 ls4149">are </span><span class="pp-class-236 pa t40178 l47889 ls691">minor </span><span class="pp-class-236 pa t40178 l47890 ls877">defined </span><span class="pp-class-236 pa t40178 l47891 ls877">benefit </span><span class="pp-class-236 pa t40178 l47892 ls681">plans </span><span class="pp-class-236 pa t40178 l47893 ls184">in </span><span class="pp-class-236 pa t40187 l3 ls15764">Norway, </span><span class="pp-class-236 pa t40187 l47894 ls1775">Belgium, </span><span class="pp-class-236 pa t40187 l28899 ls1046">Italy, </span><span class="pp-class-236 pa t40187 l47895 ls26708">Türkiye, </span><span class="pp-class-236 pa t40187 l47896 ls556">Lithuania, </span><span class="pp-class-236 pa t40187 l47897 ls2855">France, </span><span class="pp-class-236 pa t40187 l47898 ls25295">Germany, </span><span class="pp-class-236 pa t40187 l47610 ls2207">and </span><span class="pp-class-236 pa t40187 l47899 ls6146">Sweden. </span><span class="pp-class-236 pa t40187 l47900 ls2207">The </span><span class="pp-class-236 pa t40187 l47901 ls544">UK </span><span class="pp-class-236 pa t40187 l38851 ls3681">accounts </span><span class="pp-class-236 pa t40187 l47902 ls2808">for </span><span class="pp-class-236 pa t40187 l47903 ls4381">-5.8%</span><span class="pp-class-250 pa t47904 l47905 ls2036">1</span><span class="pp-class-236 pa t40187 l47906"/><span class="pp-class-236 pa t40187 l47907 ls4807">(2024: </span><span class="pp-class-236 pa t40199 l3 ls1039">-46.9%) </span><span class="pp-class-236 pa t40199 l33095 ls30">of </span><span class="pp-class-236 pa t40199 l47857 ls2207">the </span><span class="pp-class-236 pa t40199 l47908 ls6824">total </span><span class="pp-class-236 pa t40199 l47909 ls2270">net </span><span class="pp-class-236 pa t40199 l47910 ls4807">liability </span><span class="pp-class-236 pa t40199 l7533 ls2207">and </span><span class="pp-class-236 pa t40199 l47911 ls2363">85.5% </span><span class="pp-class-236 pa t40199 l38384 ls5202">(2024: </span><span class="pp-class-236 pa t40199 l47912 ls6255">88.4%) </span><span class="pp-class-236 pa t40199 l38620 ls30">of </span><span class="pp-class-236 pa t40199 l47913 ls2207">the </span><span class="pp-class-236 pa t40199 l47914 ls603">funded </span><span class="pp-class-236 pa t40199 l47915 ls2207">and </span><span class="pp-class-236 pa t40199 l47916 ls4017">unfunded </span><span class="pp-class-236 pa t40199 l47917 ls15034">obligation. </span><span class="pp-class-236 pa t40199 l47918 ls2207">The </span><span class="pp-class-236 pa t40199 l47919 ls1775">majority </span><span class="pp-class-236 pa t40199 l47920 ls2315">of </span><span class="pp-class-236 pa t40213 l3 ls2207">the </span><span class="pp-class-236 pa t40213 l3864 ls877">defined </span><span class="pp-class-236 pa t40213 l47921 ls877">benefit </span><span class="pp-class-236 pa t40213 l47922 ls681">plans </span><span class="pp-class-236 pa t40213 l36297 ls4149">are </span><span class="pp-class-236 pa t40213 l47923 ls1687">pension </span><span class="pp-class-236 pa t40213 l47924 ls691">plans </span><span class="pp-class-236 pa t40213 l47925 ls6146">that </span><span class="pp-class-236 pa t40213 l39254 ls11050">yearly </span><span class="pp-class-236 pa t40213 l47926 ls3084">pay </span><span class="pp-class-236 pa t40213 l47927 ls2207">out </span><span class="pp-class-236 pa t40213 l47928 ls651">a </span><span class="pp-class-236 pa t40213 l47929 ls621">certain </span><span class="pp-class-236 pa t40213 l47930 ls8384">percentage </span><span class="pp-class-236 pa t40213 l47931 ls30">of </span><span class="pp-class-236 pa t40213 l47932 ls2207">the </span><span class="pp-class-236 pa t40213 l47933 ls749">employee’s </span><span class="pp-class-236 pa t40213 l47934 ls544">final </span><span class="pp-class-236 pa t47935 l3 ls758">salary </span><span class="pp-class-236 pa t47935 l45069 ls556">upon </span><span class="pp-class-236 pa t47935 l43992 ls7832">retirement. </span><span class="pp-class-236 pa t47935 l47936 ls2207">The </span><span class="pp-class-236 pa t47935 l35323 ls1775">pensions </span><span class="pp-class-236 pa t47935 l47937 ls4149">are </span><span class="pp-class-236 pa t47935 l47938 ls556">paid </span><span class="pp-class-236 pa t47935 l47939 ls2207">out </span><span class="pp-class-236 pa t47935 l16853 ls544">as </span><span class="pp-class-236 pa t47935 l47940 ls4284">from </span><span class="pp-class-236 pa t47935 l47941 ls17548">retirement </span><span class="pp-class-236 pa t47935 l47942 ls2207">and </span><span class="pp-class-236 pa t47935 l47943 ls603">during </span><span class="pp-class-236 pa t47935 l47944 ls2207">the </span><span class="pp-class-236 pa t47935 l47945 ls11072">remaining </span><span class="pp-class-236 pa t47935 l47946 ls4017">life </span><span class="pp-class-236 pa t47935 l47947 ls30">of </span><span class="pp-class-236 pa t47935 l47948 ls651">the </span><span class="pp-class-236 pa t40221 l3 ls3200">employee. </span><span class="pp-class-236 pa t40221 l47949 ls2207">The </span><span class="pp-class-236 pa t40221 l47950 ls8384">percentage </span><span class="pp-class-236 pa t40221 l47951 ls30">of </span><span class="pp-class-236 pa t40221 l47952 ls2207">the </span><span class="pp-class-236 pa t40221 l47953 ls758">salary </span><span class="pp-class-236 pa t40221 l47954 ls544">is </span><span class="pp-class-236 pa t40221 l47955 ls2245">dependent </span><span class="pp-class-236 pa t40221 l47956 ls30">of </span><span class="pp-class-236 pa t40221 l36570 ls2207">the </span><span class="pp-class-236 pa t40221 l47957 ls4807">seniority </span><span class="pp-class-236 pa t40221 l47958 ls30">of </span><span class="pp-class-236 pa t40221 l47959 ls2207">the </span><span class="pp-class-236 pa t40221 l47960 ls773">employee </span><span class="pp-class-236 pa t40221 l47961 ls8200">except </span><span class="pp-class-236 pa t40221 l47962 ls2808">for </span><span class="pp-class-236 pa t40221 l47963 ls621">certain </span><span class="pp-class-236 pa t40221 l47964 ls614">closed </span></p></div></div><div id="pp-id-5291" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls651">The </span><span class="pp-class-239 pa t1332 l38379 ls811">UK </span><span class="pp-class-239 pa t1332 l47965 ls536">defined </span><span class="pp-class-239 pa t1332 l47966 ls33">benefit </span><span class="pp-class-239 pa t1335 l3 ls538">plans </span><span class="pp-class-239 pa t1335 l47967 ls2808">are </span><span class="pp-class-239 pa t1335 l47968 ls2197">at </span><span class="pp-class-239 pa t1335 l47969 ls524">accounting </span><span class="pp-class-239 pa t1339 l3 ls538">basis </span><span class="pp-class-239 pa t1339 l47970 ls7086">overfunded </span><span class="pp-class-239 pa t1339 l30209 ls706">by </span><span class="pp-class-239 pa t1339 l46816 ls184">DKK </span><span class="pp-class-239 pa t3352 l3 ls811">5m </span><span class="pp-class-239 pa t3352 l47971 ls811">as </span><span class="pp-class-239 pa t3352 l47972 ls651">per </span><span class="pp-class-239 pa t3352 l47973 ls572">end </span><span class="pp-class-239 pa t3352 l43998 ls98">of </span><span class="pp-class-239 pa t3352 l47974 ls967">2025 </span><span class="pp-class-239 pa t3355 l3 ls667">(2024: </span><span class="pp-class-239 pa t3355 l45148 ls572">DKK </span><span class="pp-class-239 pa t3355 l29778 ls2222">25m).</span></p></div></div><div class="pp-class-10" id="pp-id-5382" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls681">plans </span><span class="pp-class-236 pa t283 l47838 ls544">in </span><span class="pp-class-236 pa t283 l47977 ls2207">the </span><span class="pp-class-236 pa t283 l47978 ls544">UK </span><span class="pp-class-236 pa t283 l11795 ls2207">and </span><span class="pp-class-236 pa t283 l47979 ls556">some </span><span class="pp-class-236 pa t283 l47980 ls30">of </span><span class="pp-class-236 pa t283 l5403 ls2207">the </span><span class="pp-class-236 pa t283 l12697 ls1131">other </span><span class="pp-class-236 pa t283 l47981 ls691">minor </span><span class="pp-class-236 pa t283 l47982 ls603">plans. </span><span class="pp-class-236 pa t283 l47983 ls2207">The </span><span class="pp-class-236 pa t283 l47984 ls877">defined </span><span class="pp-class-236 pa t283 l47985 ls877">benefit </span><span class="pp-class-236 pa t283 l47986 ls691">plans </span><span class="pp-class-236 pa t283 l47987 ls3292">typically </span><span class="pp-class-236 pa t283 l46698 ls884">include </span><span class="pp-class-236 pa t283 l47988 ls651">a </span><span class="pp-class-236 pa t283 l47989 ls603">spouse </span><span class="pp-class-236 pa t283 l47990 ls2207">pension </span><span class="pp-class-236 pa t38325 l3 ls2207">and </span><span class="pp-class-236 pa t38325 l47991 ls4793">disability </span><span class="pp-class-236 pa t38325 l47992 ls3292">insurance.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38356 l3 ls556">Some </span><span class="pp-class-236 pa t38356 l41066 ls30">of </span><span class="pp-class-236 pa t38356 l17217 ls2207">the </span><span class="pp-class-236 pa t38356 l47993 ls1687">pension </span><span class="pp-class-236 pa t38356 l29119 ls681">plans </span><span class="pp-class-236 pa t38356 l37880 ls544">in </span><span class="pp-class-236 pa t38356 l47994 ls1796">Sweden </span><span class="pp-class-236 pa t38356 l42428 ls4149">are </span><span class="pp-class-236 pa t38356 l14657 ls12546">multi-employer </span><span class="pp-class-236 pa t38356 l47995 ls603">plans, </span><span class="pp-class-236 pa t38356 l17540 ls773">covering </span><span class="pp-class-236 pa t38356 l47996 ls572">a </span><span class="pp-class-236 pa t38356 l47997 ls1882">large </span><span class="pp-class-236 pa t38356 l47998 ls603">number </span><span class="pp-class-236 pa t38356 l47999 ls30">of </span><span class="pp-class-236 pa t38356 l48000 ls2687">enterprises. </span><span class="pp-class-236 pa t38356 l48001 ls651">The </span><span class="pp-class-236 pa t38370 l3 ls681">plans </span><span class="pp-class-236 pa t38370 l47838 ls4149">are </span><span class="pp-class-236 pa t38370 l47839 ls4609">collective </span><span class="pp-class-236 pa t38370 l48002 ls2207">and </span><span class="pp-class-236 pa t38370 l31231 ls11722">covered </span><span class="pp-class-236 pa t38370 l40116 ls2629">through </span><span class="pp-class-236 pa t38370 l48003 ls7468">contributions </span><span class="pp-class-236 pa t38370 l48004 ls556">paid </span><span class="pp-class-236 pa t38370 l48005 ls2889">to </span><span class="pp-class-236 pa t38370 l35173 ls2207">the </span><span class="pp-class-236 pa t38370 l48006 ls1687">pension </span><span class="pp-class-236 pa t38370 l48007 ls2687">company </span><span class="pp-class-236 pa t38370 l48008 ls7086">Alecta. </span><span class="pp-class-236 pa t38370 l48009 ls2207">The </span><span class="pp-class-236 pa t38370 l48010 ls1815">Swedish </span><span class="pp-class-236 pa t38598 l3 ls4807">Financial </span><span class="pp-class-236 pa t38598 l48011 ls15034">Accounting </span><span class="pp-class-236 pa t38598 l48012 ls2848">Standards </span><span class="pp-class-236 pa t38598 l33775 ls1017">Council’s </span><span class="pp-class-236 pa t38598 l48013 ls3200">interpretations </span><span class="pp-class-236 pa t38598 l48014 ls8486">committee </span><span class="pp-class-236 pa t38598 l48015 ls773">(Redovisningsrådet) </span><span class="pp-class-236 pa t38598 l48016 ls2207">has </span><span class="pp-class-236 pa t38598 l48017 ls877">defined </span><span class="pp-class-236 pa t38598 l48018 ls556">this </span><span class="pp-class-236 pa t38598 l48019 ls995">plan </span><span class="pp-class-236 pa t38378 l3 ls544">as </span><span class="pp-class-236 pa t38378 l48020 ls572">a </span><span class="pp-class-236 pa t38378 l48021 ls12546">multi-employer </span><span class="pp-class-236 pa t38378 l48022 ls877">defined </span><span class="pp-class-236 pa t38378 l48023 ls877">benefit </span><span class="pp-class-236 pa t38378 l48024 ls681">plan. </span><span class="pp-class-236 pa t38378 l17865 ls1151">Presently, </span><span class="pp-class-236 pa t38378 l48025 ls544">it </span><span class="pp-class-236 pa t38378 l48026 ls544">is </span><span class="pp-class-236 pa t38378 l48027 ls2270">not </span><span class="pp-class-236 pa t38378 l45991 ls1775">possible </span><span class="pp-class-236 pa t38378 l48028 ls2889">to </span><span class="pp-class-236 pa t38378 l48029 ls10269">obtain </span><span class="pp-class-236 pa t38378 l48030 ls4775">sufficient </span><span class="pp-class-236 pa t38378 l48031 ls2258">information </span><span class="pp-class-236 pa t38378 l48032 ls4284">from </span><span class="pp-class-236 pa t38378 l48033 ls681">Alecta </span><span class="pp-class-236 pa t38394 l3 ls2889">to </span><span class="pp-class-236 pa t38394 l48034 ls4787">apportion </span><span class="pp-class-236 pa t38394 l43171 ls884">assets </span><span class="pp-class-236 pa t38394 l48035 ls2207">and </span><span class="pp-class-236 pa t38394 l48036 ls2245">liabilities </span><span class="pp-class-236 pa t38394 l5974 ls30">of </span><span class="pp-class-236 pa t38394 l48037 ls2207">the </span><span class="pp-class-236 pa t38394 l48038 ls681">plans </span><span class="pp-class-236 pa t38394 l48039 ls2889">to </span><span class="pp-class-236 pa t38394 l17156 ls2207">the </span><span class="pp-class-236 pa t38394 l48040 ls4017">participating </span><span class="pp-class-236 pa t38394 l48041 ls9307">employers. </span><span class="pp-class-236 pa t38394 l48042 ls19231">Consequently, </span><span class="pp-class-236 pa t38394 l48043 ls2207">the </span><span class="pp-class-236 pa t38394 l48044 ls1687">pension </span><span class="pp-class-236 pa t38394 l48045 ls544">plans </span><span class="pp-class-236 pa t38413 l3 ls4149">are </span><span class="pp-class-236 pa t38413 l48046 ls3292">similarly </span><span class="pp-class-236 pa t38413 l37741 ls2889">to </span><span class="pp-class-236 pa t38413 l48047 ls681">prior </span><span class="pp-class-236 pa t38413 l48048 ls1796">years </span><span class="pp-class-236 pa t38413 l48049 ls11726">treated </span><span class="pp-class-236 pa t38413 l48050 ls544">as </span><span class="pp-class-236 pa t38413 l48051 ls877">defined </span><span class="pp-class-236 pa t38413 l48052 ls299">contribution </span><span class="pp-class-236 pa t38413 l48053 ls603">plans. </span><span class="pp-class-236 pa t38413 l48054 ls2207">The </span><span class="pp-class-236 pa t38413 l48055 ls7468">contributions </span><span class="pp-class-236 pa t38413 l48056 ls4149">are </span><span class="pp-class-236 pa t38413 l48057 ls2207">DKK </span><span class="pp-class-236 pa t38413 l48058 ls544">3m </span><span class="pp-class-236 pa t38413 l48059 ls544">in </span><span class="pp-class-236 pa t38413 l48060 ls556">2025 </span><span class="pp-class-236 pa t38413 l48061 ls4807">(2024: </span><span class="pp-class-236 pa t38629 l3 ls2207">DKK </span><span class="pp-class-236 pa t38629 l48062 ls556">3m). </span><span class="pp-class-236 pa t38629 l48063 ls2207">The </span><span class="pp-class-236 pa t38629 l48064 ls4609">collective </span><span class="pp-class-236 pa t38629 l48065 ls1687">funding </span><span class="pp-class-236 pa t38629 l27289 ls9737">ratio </span><span class="pp-class-236 pa t38629 l48066 ls5202">at </span><span class="pp-class-236 pa t38629 l48067 ls10269">Alecta </span><span class="pp-class-236 pa t38629 l42410 ls1815">amounts </span><span class="pp-class-236 pa t38629 l48068 ls2889">to </span><span class="pp-class-236 pa t38629 l48069 ls2808">167% </span><span class="pp-class-236 pa t38629 l48070 ls544">as </span><span class="pp-class-236 pa t38629 l48071 ls2207">per </span><span class="pp-class-236 pa t38629 l48072 ls11713">September </span><span class="pp-class-236 pa t38629 l48073 ls556">2025 </span><span class="pp-class-236 pa t38629 l48074 ls11713">(September </span><span class="pp-class-236 pa t38629 l48075 ls1775">2024: </span><span class="pp-class-236 pa t38426 l3 ls849">163%). </span><span class="pp-class-236 pa t38426 l48076 ls2245">For </span><span class="pp-class-236 pa t38426 l21644 ls2846">2026, </span><span class="pp-class-236 pa t38426 l48077 ls2207">the </span><span class="pp-class-236 pa t38426 l26668 ls7468">contributions </span><span class="pp-class-236 pa t38426 l48078 ls4149">are </span><span class="pp-class-236 pa t38426 l48079 ls11592">expected </span><span class="pp-class-236 pa t38426 l48080 ls2889">to </span><span class="pp-class-236 pa t38426 l48081 ls544">be </span><span class="pp-class-236 pa t38426 l48082 ls2207">DKK </span><span class="pp-class-236 pa t38426 l48083 ls2207">3m. </span><span class="pp-class-236 pa t38426 l48084 ls691">DFDS’ </span><span class="pp-class-236 pa t38426 l48085 ls1882">share </span><span class="pp-class-236 pa t38426 l48086 ls30">of </span><span class="pp-class-236 pa t38426 l48087 ls2207">the </span><span class="pp-class-236 pa t38426 l48088 ls12546">multi-employer </span><span class="pp-class-236 pa t38426 l48089 ls556">plan </span><span class="pp-class-236 pa t38426 l48090 ls184">is </span><span class="pp-class-236 pa t38428 l3 ls5202">estimated </span><span class="pp-class-236 pa t38428 l48091 ls2889">to </span><span class="pp-class-236 pa t38428 l48092 ls544">be </span><span class="pp-class-236 pa t38428 l41640 ls7487">around </span><span class="pp-class-236 pa t38428 l48093 ls3197">0.0036% </span><span class="pp-class-236 pa t38428 l17935 ls2207">and </span><span class="pp-class-236 pa t38428 l28251 ls2207">the </span><span class="pp-class-236 pa t38428 l2210 ls1815">liability </span><span class="pp-class-236 pa t38428 l48094 ls4149">follows </span><span class="pp-class-236 pa t38428 l48095 ls2207">the </span><span class="pp-class-236 pa t38428 l48096 ls1882">share </span><span class="pp-class-236 pa t38428 l48097 ls30">of </span><span class="pp-class-236 pa t38428 l48098 ls2207">the </span><span class="pp-class-236 pa t38428 l48099 ls6824">total </span><span class="pp-class-236 pa t38428 l48100 ls544">plan. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38453 l3 ls544">In </span><span class="pp-class-236 pa t38453 l48101 ls2565">2024, </span><span class="pp-class-236 pa t38453 l48102 ls651">a </span><span class="pp-class-236 pa t38453 l48103 ls603">ruling </span><span class="pp-class-236 pa t38453 l48104 ls544">in </span><span class="pp-class-236 pa t38453 l48105 ls2207">the </span><span class="pp-class-236 pa t38453 l48106 ls544">UK </span><span class="pp-class-236 pa t38453 l48107 ls544">on </span><span class="pp-class-236 pa t38453 l48108 ls4775">amendments </span><span class="pp-class-236 pa t38453 l48109 ls2808">made </span><span class="pp-class-236 pa t38453 l48110 ls2889">to </span><span class="pp-class-236 pa t38453 l48111 ls572">a </span><span class="pp-class-236 pa t38453 l48112 ls2889">non-DFDS </span><span class="pp-class-236 pa t38453 l42661 ls1687">pension </span><span class="pp-class-236 pa t38453 l48113 ls603">scheme </span><span class="pp-class-236 pa t38453 l45685 ls2808">for </span><span class="pp-class-236 pa t38453 l34109 ls2207">the </span><span class="pp-class-236 pa t38453 l48114 ls1796">years </span><span class="pp-class-236 pa t38453 l48115 ls8486">1997 </span><span class="pp-class-236 pa t38453 l48116 ls651">– </span><span class="pp-class-236 pa t38453 l48117 ls2808">2016 </span><span class="pp-class-236 pa t38453 l48118 ls556">was </span><span class="pp-class-236 pa t38465 l3 ls7468">concluded. </span><span class="pp-class-236 pa t38465 l17218 ls556">This </span><span class="pp-class-236 pa t38465 l48119 ls603">ruling </span><span class="pp-class-236 pa t38465 l48120 ls2270">might </span><span class="pp-class-236 pa t38465 l16594 ls1592">have </span><span class="pp-class-236 pa t38465 l43614 ls15034">implications </span><span class="pp-class-236 pa t38465 l48121 ls544">on </span><span class="pp-class-236 pa t38465 l45559 ls2207">the </span><span class="pp-class-236 pa t38465 l48122 ls1882">Group </span><span class="pp-class-236 pa t38465 l48123 ls544">as </span><span class="pp-class-236 pa t38465 l48124 ls4775">amendments </span><span class="pp-class-236 pa t38465 l48125 ls17589">were </span><span class="pp-class-236 pa t38465 l48126 ls556">also </span><span class="pp-class-236 pa t38465 l48127 ls2808">made </span><span class="pp-class-236 pa t38465 l48128 ls2889">to </span><span class="pp-class-236 pa t38465 l48129 ls2207">the </span><span class="pp-class-236 pa t38465 l48130 ls8384">Group's </span><span class="pp-class-236 pa t38465 l48131 ls184">UK </span><span class="pp-class-236 pa t38476 l3 ls1687">pension </span><span class="pp-class-236 pa t38476 l48132 ls1687">schemes </span><span class="pp-class-236 pa t38476 l9675 ls544">in </span><span class="pp-class-236 pa t38476 l48133 ls2207">the </span><span class="pp-class-236 pa t38476 l48134 ls603">period </span><span class="pp-class-236 pa t38476 l48135 ls544">in </span><span class="pp-class-236 pa t38476 l28727 ls4807">question. </span><span class="pp-class-236 pa t38476 l48136 ls651">A </span><span class="pp-class-236 pa t38476 l48137 ls1687">pension </span><span class="pp-class-236 pa t38476 l48138 ls556">bill </span><span class="pp-class-236 pa t38476 l39348 ls544">in </span><span class="pp-class-236 pa t38476 l48139 ls2207">its </span><span class="pp-class-236 pa t38476 l48140 ls691">final </span><span class="pp-class-236 pa t38476 l48141 ls847">stage </span><span class="pp-class-236 pa t38476 l48142 ls544">is </span><span class="pp-class-236 pa t38476 l48143 ls691">being </span><span class="pp-class-236 pa t38476 l32436 ls2565">debated </span><span class="pp-class-236 pa t38476 l48144 ls544">in </span><span class="pp-class-236 pa t38476 l48145 ls2207">the </span><span class="pp-class-236 pa t38476 l48146 ls544">UK </span><span class="pp-class-236 pa t38476 l48147 ls621">parliament. </span><span class="pp-class-236 pa t38693 l3 ls2207">The </span><span class="pp-class-236 pa t38693 l40248 ls1687">pension </span><span class="pp-class-236 pa t38693 l17097 ls556">bill </span><span class="pp-class-236 pa t38693 l48148 ls556">will </span><span class="pp-class-236 pa t38693 l28632 ls12546">make </span><span class="pp-class-236 pa t38693 l48149 ls544">it </span><span class="pp-class-236 pa t38693 l16551 ls1775">possible </span><span class="pp-class-236 pa t38693 l48150 ls556">with </span><span class="pp-class-236 pa t38693 l48151 ls15952">retroactive </span><span class="pp-class-236 pa t38693 l47374 ls11077">effect </span><span class="pp-class-236 pa t38693 l48152 ls2889">to </span><span class="pp-class-236 pa t38693 l18177 ls691">issue </span><span class="pp-class-236 pa t38693 l43808 ls2207">the </span><span class="pp-class-236 pa t38693 l39034 ls603">needed </span><span class="pp-class-236 pa t38693 l48153 ls3234">actuarial </span><span class="pp-class-236 pa t38693 l48154 ls5202">confirmations </span><span class="pp-class-236 pa t38693 l48155 ls7086">that </span><span class="pp-class-236 pa t38478 l3 ls2081">makes </span><span class="pp-class-236 pa t38478 l33375 ls2207">the </span><span class="pp-class-236 pa t38478 l43034 ls4775">amendments </span><span class="pp-class-236 pa t38478 l21816 ls1796">valid. </span><span class="pp-class-236 pa t38478 l13304 ls1186">Management </span><span class="pp-class-236 pa t38478 l48156 ls2207">has </span><span class="pp-class-236 pa t38478 l7907 ls11713">obtained </span><span class="pp-class-236 pa t38478 l42382 ls681">legal </span><span class="pp-class-236 pa t38478 l38664 ls2808">assessments </span><span class="pp-class-236 pa t38478 l48157 ls2207">and </span><span class="pp-class-236 pa t38478 l48158 ls556">will </span><span class="pp-class-236 pa t38478 l48159 ls1131">continue </span><span class="pp-class-236 pa t38478 l48160 ls2889">to </span><span class="pp-class-236 pa t38478 l48161 ls556">seek </span><span class="pp-class-236 pa t38478 l48162 ls544">legal </span><span class="pp-class-236 pa t38491 l3 ls849">advice </span><span class="pp-class-236 pa t38491 l48163 ls544">on </span><span class="pp-class-236 pa t38491 l4497 ls2207">the </span><span class="pp-class-236 pa t38491 l48164 ls7832">matter </span><span class="pp-class-236 pa t38491 l48165 ls2207">and </span><span class="pp-class-236 pa t38491 l48166 ls1796">act </span><span class="pp-class-236 pa t38491 l48167 ls657">accordingly. </span><span class="pp-class-236 pa t38491 l48168 ls13392">However, </span><span class="pp-class-236 pa t38491 l48169 ls544">as </span><span class="pp-class-236 pa t38491 l48170 ls2207">the </span><span class="pp-class-236 pa t38491 l18434 ls556">bill </span><span class="pp-class-236 pa t38491 l48171 ls544">is </span><span class="pp-class-236 pa t38491 l48172 ls2270">not </span><span class="pp-class-236 pa t38491 l48173 ls2855">yet </span><span class="pp-class-236 pa t38491 l48174 ls544">in </span><span class="pp-class-236 pa t38491 l48175 ls3076">force </span><span class="pp-class-236 pa t38491 l48176 ls2207">the </span><span class="pp-class-236 pa t38491 l48177 ls1775">amount </span><span class="pp-class-236 pa t38491 l48178 ls30">of </span><span class="pp-class-236 pa t38491 l48179 ls2808">any </span><span class="pp-class-236 pa t38491 l48180 ls1815">potential </span><span class="pp-class-236 pa t38508 l3 ls6824">impact </span><span class="pp-class-236 pa t38508 l48181 ls544">on </span><span class="pp-class-236 pa t38508 l3056 ls2207">the </span><span class="pp-class-236 pa t38508 l44009 ls877">defined </span><span class="pp-class-236 pa t38508 l48182 ls877">benefit </span><span class="pp-class-236 pa t38508 l48183 ls15034">obligation </span><span class="pp-class-236 pa t38508 l48184 ls884">cannot </span><span class="pp-class-236 pa t38508 l34200 ls544">be </span><span class="pp-class-236 pa t38508 l48185 ls849">confirmed </span><span class="pp-class-236 pa t38508 l42002 ls17851">and/or </span><span class="pp-class-236 pa t38508 l46801 ls12546">measured </span><span class="pp-class-236 pa t38508 l48186 ls556">with </span><span class="pp-class-236 pa t38508 l48187 ls4775">sufficient </span><span class="pp-class-236 pa t38508 l48188 ls4609">reliability </span><span class="pp-class-236 pa t38508 l48189 ls5202">at </span><span class="pp-class-236 pa t38508 l48190 ls572">the </span><span class="pp-class-236 pa t38711 l3 ls556">2025 </span><span class="pp-class-236 pa t38711 l48191 ls4284">year-end.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48192 l3">Based </span><span class="pp-class-236 pa t48192 l16343">on </span><span class="pp-class-236 pa t48192 l36373 ls138">actuarial </span><span class="pp-class-236 pa t48192 l48193 ls177">calculations </span><span class="pp-class-236 pa t48192 l39125">the </span><span class="pp-class-236 pa t48192 l48194 ls1583">defined </span><span class="pp-class-236 pa t48192 l48195 ls1583">benefit </span><span class="pp-class-236 pa t48192 l48196">plans </span><span class="pp-class-236 pa t48192 l48197 ls833">show </span><span class="pp-class-236 pa t48192 l48198">the </span><span class="pp-class-236 pa t48192 l44702 ls203">following </span><span class="pp-class-236 pa t48192 l39133 ls26">liabilities:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48199 l3">DKK </span><span class="pp-class-236 pa t48199 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48199 l44793">202</span></a><span class="pp-class-237 pa t48199 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48199 l40478 ls811">202</span></a><span class="pp-class-236 pa t48199 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48200 l3 ls833">Present </span><span class="pp-class-236 pa t48200 l48201 ls129">value </span><span class="pp-class-236 pa t48200 l48202 ls118">of </span><span class="pp-class-236 pa t48200 l48203">funded </span><span class="pp-class-236 pa t48200 l15095 ls1583">defined </span><span class="pp-class-236 pa t48200 l48204 ls1583">benefit </span><span class="pp-class-236 pa t48200 l48205 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48200 l48206">567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48200 l48207">609</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48208 l3 ls135">Fair </span><span class="pp-class-236 pa t48208 l48209 ls129">value </span><span class="pp-class-236 pa t48208 l45744 ls118">of </span><span class="pp-class-236 pa t48208 l48210">plan </span><span class="pp-class-236 pa t48208 l44190 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48208 l48211 ls2207">-572</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48208 l48212">-633</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48213 l3">Funded </span><span class="pp-class-237 pa t48213 l40463 ls2761">defined </span><span class="pp-class-237 pa t48213 l48214 ls2761">benefit </span><span class="pp-class-237 pa t48213 l48215 ls1467">obligations, </span><span class="pp-class-237 pa t48213 l48216 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48213 l40429">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48213 l48217 ls1547">-24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48218 l3 ls833">Present </span><span class="pp-class-236 pa t48218 l48201 ls129">value </span><span class="pp-class-236 pa t48218 l48202 ls118">of </span><span class="pp-class-236 pa t48218 l48203 ls217">unfunded </span><span class="pp-class-236 pa t48218 l48219 ls1583">defined </span><span class="pp-class-236 pa t48218 l48220 ls1583">benefit </span><span class="pp-class-236 pa t48218 l48221 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48218 l48222">93</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48218 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48224 l3">Recognised </span><span class="pp-class-237 pa t48224 l46744">liabilities </span><span class="pp-class-237 pa t48224 l48225 ls781">for </span><span class="pp-class-237 pa t48224 l48226 ls2761">defined </span><span class="pp-class-237 pa t48224 l48227 ls2761">benefit </span><span class="pp-class-237 pa t48224 l48228 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48224 l48229">89</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48224 l48230">53</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48231 l3 ls807">Provision </span><span class="pp-class-236 pa t48231 l43170 ls19">for </span><span class="pp-class-236 pa t48231 l19189">jubilee </span><span class="pp-class-236 pa t48231 l48232">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48231 l48233">29</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48231 l48234 ls129">27</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48235 l3 ls6824">Total </span><span class="pp-class-237 pa t48235 l20253 ls177">actuarial </span><span class="pp-class-237 pa t48235 l48236">liabilities, </span><span class="pp-class-237 pa t48235 l7382 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48235 l48237 ls814">118</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48235 l22955 ls135">79</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48238 l3 ls1011">Pension </span><span class="pp-class-236 pa t48238 l36284 ls67">assets</span><span class="pp-class-240 pa t48239 l48240">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48238 l43719">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48238 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48241 l3 ls1011">Pension </span><span class="pp-class-236 pa t48241 l36284">and </span><span class="pp-class-236 pa t48241 l37491">jubilee </span><span class="pp-class-236 pa t48241 l37492">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48241 l43695">123</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48241 l44906 ls1547">104</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48242 l3 ls6824">Total </span><span class="pp-class-237 pa t48242 l20253 ls177">actuarial </span><span class="pp-class-237 pa t48242 l48236">liabilities, </span><span class="pp-class-237 pa t48242 l7382 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48242 l48237 ls814">118</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48242 l22955 ls135">79</span></a></p></td></tr></table></div></div><div id="pp-id-5383" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h48243 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1618">Movements </span><span class="pp-class-237 pa t27896 l47235">in </span><span class="pp-class-237 pa t27896 l48244">the </span><span class="pp-class-237 pa t27896 l48245 ls1535">net </span><span class="pp-class-237 pa t27896 l48246 ls135">present </span><span class="pp-class-237 pa t27896 l48247 ls106">value </span><span class="pp-class-237 pa t27896 l48248">of </span><span class="pp-class-237 pa t27896 l48249">funded </span><span class="pp-class-237 pa t27896 l48250">and </span><span class="pp-class-237 pa t27896 l48251 ls1098">unfunded </span><span class="pp-class-237 pa t27896 l48252 ls2761">defined </span><span class="pp-class-237 pa t43198 l3 ls2761">benefit </span><span class="pp-class-237 pa t43198 l48253 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l3">Funded </span><span class="pp-class-236 pa t48254 l48255">and </span><span class="pp-class-236 pa t48254 l28624 ls217">unfunded </span><span class="pp-class-236 pa t48254 l48256 ls85">obligations </span><span class="pp-class-236 pa t48254 l48257 ls2368">at </span><span class="pp-class-236 pa t48254 l48258">1 </span><span class="pp-class-236 pa t48254 l48259 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l48260">685</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l48261 ls2368">714</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48262 l3 ls115">Addition </span><span class="pp-class-236 pa t48262 l42147 ls181">regarding </span><span class="pp-class-236 pa t48262 l48263 ls217">acquisition</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48262 l43124">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48262 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48264 l3 ls1133">Foreign </span><span class="pp-class-236 pa t48264 l37293 ls212">exchange </span><span class="pp-class-236 pa t48264 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48264 l48265">-35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48264 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l3 ls833">Current </span><span class="pp-class-236 pa t48266 l41779 ls1448">service </span><span class="pp-class-236 pa t48266 l48267">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l3 ls428">Interest </span><span class="pp-class-236 pa t48268 l26038">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l43248">31</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48269 l3 ls793">Actuarial </span><span class="pp-class-236 pa t48269 l48270">gain(-)/loss(+) </span><span class="pp-class-236 pa t48269 l16513">arising </span><span class="pp-class-236 pa t48269 l48271 ls181">from </span><span class="pp-class-236 pa t48269 l48272">changes </span><span class="pp-class-236 pa t48269 l48273">in </span><span class="pp-class-236 pa t48269 l48274 ls108">demographic </span><span class="pp-class-236 pa t48269 l48275 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48269 l48276">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48269 l41866">-1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48277 l3 ls793">Actuarial </span><span class="pp-class-236 pa t48277 l48270">gain(-)/loss(+) </span><span class="pp-class-236 pa t48277 l16513">arising </span><span class="pp-class-236 pa t48277 l48271 ls181">from </span><span class="pp-class-236 pa t48277 l48272">changes </span><span class="pp-class-236 pa t48277 l48273">in </span><span class="pp-class-236 pa t48277 l48274">financial </span><span class="pp-class-236 pa t48277 l48278 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48277 l48279">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48277 l48280">-68</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48281 l3 ls1629">Past </span><span class="pp-class-236 pa t48281 l48282 ls1448">service </span><span class="pp-class-236 pa t48281 l48283">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48281 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48281 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48285 l3 ls3337">Benefits </span><span class="pp-class-236 pa t48285 l48286">paid</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48285 l48287">-51</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48285 l48288">-45</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48289 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48289 l45698">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48289 l48290">7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48291 l3">Funded </span><span class="pp-class-237 pa t48291 l40463">and </span><span class="pp-class-237 pa t48291 l48292 ls1098">unfunded </span><span class="pp-class-237 pa t48291 l48293 ls135">obligations </span><span class="pp-class-237 pa t48291 l48294 ls2222">at </span><span class="pp-class-237 pa t48291 l48295">31 </span><span class="pp-class-237 pa t48291 l25954">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48291 l43156">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48291 l48296">685</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48297 l3 ls1618">Movements </span><span class="pp-class-237 pa t48297 l47235">in </span><span class="pp-class-237 pa t48297 l48244">the </span><span class="pp-class-237 pa t48297 l48245 ls1535">fair </span><span class="pp-class-237 pa t48297 l48298 ls106">value </span><span class="pp-class-237 pa t48297 l48299">of </span><span class="pp-class-237 pa t48297 l48300">the </span><span class="pp-class-237 pa t48297 l48301 ls2761">defined </span><span class="pp-class-237 pa t48297 l48302 ls2761">benefit </span><span class="pp-class-237 pa t48297 l48303 ls21">plan </span><span class="pp-class-237 pa t48297 l48304 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48305 l3">Plan </span><span class="pp-class-236 pa t48305 l48306 ls781">assets </span><span class="pp-class-236 pa t48305 l48307 ls2368">at </span><span class="pp-class-236 pa t48305 l33256">1 </span><span class="pp-class-236 pa t48305 l19359 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48305 l48308">-633</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48305 l48309">-650</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48310 l3 ls1133">Foreign </span><span class="pp-class-236 pa t48310 l37293 ls212">exchange </span><span class="pp-class-236 pa t48310 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48310 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48310 l48311">-32</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48312 l3 ls135">Calculated </span><span class="pp-class-236 pa t48312 l19165 ls428">interest </span><span class="pp-class-236 pa t48312 l36336">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48312 l44231">-33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48312 l48313">-30</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48314 l3 ls781">Return </span><span class="pp-class-236 pa t48314 l3129">on </span><span class="pp-class-236 pa t48314 l1020">plan </span><span class="pp-class-236 pa t48314 l38735 ls781">assets </span><span class="pp-class-236 pa t48314 l48315 ls212">excluding </span><span class="pp-class-236 pa t48314 l21919 ls135">calculated </span><span class="pp-class-236 pa t48314 l48316 ls428">interest </span><span class="pp-class-236 pa t48314 l48317">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48314 l48318 ls1914">77</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48314 l43130">59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48319 l3">Costs </span><span class="pp-class-236 pa t48319 l44000 ls118">of </span><span class="pp-class-236 pa t48319 l48320 ls220">managing </span><span class="pp-class-236 pa t48319 l48321">the </span><span class="pp-class-236 pa t48319 l42440 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48319 l43124">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48319 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48322 l3 ls129">Employer </span><span class="pp-class-236 pa t48322 l48323 ls2441">contributions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48322 l48324">-48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48322 l48325">-23</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48326 l3 ls3337">Benefits </span><span class="pp-class-236 pa t48326 l48286">paid</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48326 l44698">34</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48326 l43211">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48327 l3 ls21">Plan </span><span class="pp-class-237 pa t48327 l48328 ls1098">assets </span><span class="pp-class-237 pa t48327 l28769 ls2222">at </span><span class="pp-class-237 pa t48327 l7680">31 </span><span class="pp-class-237 pa t48327 l48329">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48327 l46627 ls168">-572</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48327 l48330">-633</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48331 l3 ls21">Plan </span><span class="pp-class-237 pa t48331 l48328 ls1098">assets </span><span class="pp-class-237 pa t48331 l28769">consist </span><span class="pp-class-237 pa t48331 l48332">of </span><span class="pp-class-237 pa t48331 l48333">the </span><span class="pp-class-237 pa t48331 l48334 ls76">following:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48335 l3">Cash </span><span class="pp-class-236 pa t48335 l3028">and </span><span class="pp-class-236 pa t48335 l37435">cash </span><span class="pp-class-236 pa t48335 l37436 ls1700">equivalents</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48335 l42330">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48335 l43042">-4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48336 l3">Blended </span><span class="pp-class-236 pa t48336 l48337 ls203">investment </span><span class="pp-class-236 pa t48336 l48338">funds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48336 l43124">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48336 l48339 ls135">-627</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48340 l3 ls1661">Insured </span><span class="pp-class-236 pa t48340 l48341">plans</span><span class="pp-class-240 pa t48342 l48343">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48340 l48344">-567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48340 l37258">-2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48345 l3 ls6824">Total </span><span class="pp-class-237 pa t48345 l20253 ls21">plan </span><span class="pp-class-237 pa t48345 l18457 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48345 l46627 ls168">-572</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48345 l48330">-633</span></a></p></td></tr></table></div></div><div id="pp-id-5292" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls651">The </span><span class="pp-class-239 pa t1332 l38379 ls811">UK </span><span class="pp-class-239 pa t1332 l47965 ls536">defined </span><span class="pp-class-239 pa t1332 l47966 ls33">benefit </span><span class="pp-class-239 pa t1335 l3 ls538">plans </span><span class="pp-class-239 pa t1335 l47967 ls2808">are </span><span class="pp-class-239 pa t1335 l47968 ls2197">at </span><span class="pp-class-239 pa t1335 l47969 ls524">accounting </span><span class="pp-class-239 pa t1339 l3 ls538">basis </span><span class="pp-class-239 pa t1339 l47970 ls7086">overfunded </span><span class="pp-class-239 pa t1339 l30209 ls706">by </span><span class="pp-class-239 pa t1339 l46816 ls184">DKK </span><span class="pp-class-239 pa t3352 l3 ls811">5m </span><span class="pp-class-239 pa t3352 l47971 ls811">as </span><span class="pp-class-239 pa t3352 l47972 ls651">per </span><span class="pp-class-239 pa t3352 l47973 ls572">end </span><span class="pp-class-239 pa t3352 l43998 ls98">of </span><span class="pp-class-239 pa t3352 l47974 ls967">2025 </span><span class="pp-class-239 pa t3355 l3 ls667">(2024: </span><span class="pp-class-239 pa t3355 l45148 ls572">DKK </span><span class="pp-class-239 pa t3355 l29778 ls2222">25m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t48346 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t48347 l3">The </span><span class="pp-class-239 pa t48347 l7349">UK </span><span class="pp-class-239 pa t48347 l36647">funded </span><span class="pp-class-239 pa t48347 l48348 ls1583">defined </span><span class="pp-class-239 pa t48349 l3 ls1583">benefit </span><span class="pp-class-239 pa t48349 l48350">plans </span><span class="pp-class-239 pa t48351 l3 ls162">implemented </span><span class="pp-class-239 pa t48351 l48352">a </span><span class="pp-class-239 pa t48351 l48353 ls685">buy-in </span><span class="pp-class-239 pa t48354 l3">during </span><span class="pp-class-239 pa t48354 l19883 ls651">2025, </span><span class="pp-class-239 pa t48354 l48355 ls428">resulting </span><span class="pp-class-239 pa t48354 l48356">in </span><span class="pp-class-239 pa t48357 l3">the </span><span class="pp-class-239 pa t48357 l9689">plans </span><span class="pp-class-239 pa t48357 l17515">becoming </span><span class="pp-class-239 pa t48357 l42655 ls1574">fully </span><span class="pp-class-239 pa t48358 l3 ls203">insured. </span><span class="pp-class-239 pa t48358 l1341">Prior </span><span class="pp-class-239 pa t48358 l48359 ls138">to </span><span class="pp-class-239 pa t48358 l48360">the </span><span class="pp-class-239 pa t48361 l3 ls1078">buy-in, </span><span class="pp-class-239 pa t48361 l33274">the </span><span class="pp-class-239 pa t48361 l40385">pension </span><span class="pp-class-239 pa t48362 l3">scheme </span><span class="pp-class-239 pa t48362 l48363 ls781">assets </span><span class="pp-class-239 pa t48362 l48364 ls2036">were </span><span class="pp-class-239 pa t48365 l3">held </span><span class="pp-class-239 pa t48365 l48366">in </span><span class="pp-class-239 pa t48365 l48076">blended </span><span class="pp-class-239 pa t48367 l3 ls203">investment </span><span class="pp-class-239 pa t48367 l18188">funds.</span></p></div></div><div id="pp-id-5384" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h48368 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls110">3.2.5 </span><span class="pp-class-234 pa t1122 l38307 ls13">Pension </span><span class="pp-class-234 pa t1122 l47822">and </span><span class="pp-class-234 pa t1122 l47823 ls21">jubilee </span><span class="pp-class-234 pa t1122 l47824">liabilities </span><span class="pp-class-235 pa t1122 l47976 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Expenses </span><span class="pp-class-237 pa t37088 l28801 ls67">recognised </span><span class="pp-class-237 pa t37088 l48369">as </span><span class="pp-class-237 pa t37088 l39552 ls967">employee </span><span class="pp-class-237 pa t37088 l14276">costs </span><span class="pp-class-237 pa t37088 l48370">in </span><span class="pp-class-237 pa t37088 l48371">the </span><span class="pp-class-237 pa t37088 l21495">income </span><span class="pp-class-237 pa t37088 l48372 ls1790">statement:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls833">Current </span><span class="pp-class-236 pa t47758 l41779 ls1448">service </span><span class="pp-class-236 pa t47758 l48267">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1629">Past </span><span class="pp-class-236 pa t43112 l48282 ls1448">service </span><span class="pp-class-236 pa t43112 l48283">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43112 l37094">-</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48373 l3 ls6824">Total </span><span class="pp-class-237 pa t48373 l20253 ls2441">included </span><span class="pp-class-237 pa t48373 l36496">in </span><span class="pp-class-237 pa t48373 l48374 ls967">employee </span><span class="pp-class-237 pa t48373 l48375">costs </span><span class="pp-class-237 pa t48373 l38003 ls227">regarding </span><span class="pp-class-237 pa t48373 l48376 ls2761">defined </span><span class="pp-class-237 pa t48373 l48377 ls2761">benefit </span><span class="pp-class-237 pa t48373 l48378 ls21">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48373 l48379">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48373 l48380">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48381 l3">Expenses </span><span class="pp-class-237 pa t48381 l28801 ls67">recognised </span><span class="pp-class-237 pa t48381 l48369">as </span><span class="pp-class-237 pa t48381 l39552 ls1107">financial </span><span class="pp-class-237 pa t48381 l48382">costs </span><span class="pp-class-237 pa t48381 l46677">in </span><span class="pp-class-237 pa t48381 l48383">the </span><span class="pp-class-237 pa t48381 l48384">income </span><span class="pp-class-237 pa t48381 l48385 ls1790">statement:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48386 l3 ls428">Interest </span><span class="pp-class-236 pa t48386 l26038">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48386 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48386 l43248">31</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48387 l3 ls428">Interest </span><span class="pp-class-236 pa t48387 l26038">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48387 l48388">33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48387 l44893">30</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48389 l3 ls6824">Total </span><span class="pp-class-237 pa t48389 l20253 ls2441">included </span><span class="pp-class-237 pa t48389 l36496">in </span><span class="pp-class-237 pa t48389 l48374 ls1107">financial </span><span class="pp-class-237 pa t48389 l14116">costs </span><span class="pp-class-237 pa t48389 l48390 ls227">regarding </span><span class="pp-class-237 pa t48389 l48391 ls2761">defined </span><span class="pp-class-237 pa t48389 l48392 ls2761">benefit </span><span class="pp-class-237 pa t48389 l15296 ls21">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48389 l48393">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48389 l48394">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48395 l3 ls6824">Total </span><span class="pp-class-237 pa t48395 l20253 ls428">expenses </span><span class="pp-class-237 pa t48395 l48396 ls781">for </span><span class="pp-class-237 pa t48395 l48397 ls2761">defined </span><span class="pp-class-237 pa t48395 l48398 ls2761">benefit </span><span class="pp-class-237 pa t48395 l48399 ls781">plans </span><span class="pp-class-237 pa t48395 l28291 ls67">recognised </span><span class="pp-class-237 pa t48395 l48400">in </span><span class="pp-class-237 pa t48395 l35499">the </span><span class="pp-class-237 pa t48395 l48401">income </span><span class="pp-class-237 pa t48395 l48402 ls73">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48395 l48403 ls37163">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48395 l48404">12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48405 l3">Expenses </span><span class="pp-class-237 pa t48405 l28801 ls67">recognised </span><span class="pp-class-237 pa t48405 l48369">in </span><span class="pp-class-237 pa t48405 l44826 ls1098">other </span><span class="pp-class-237 pa t48405 l9270 ls227">comprehensive </span><span class="pp-class-237 pa t48405 l48406 ls67">income, </span><span class="pp-class-237 pa t48405 l48407 ls101">gain(-)/loss(+):</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48408 l3 ls1700">Remeasurements </span><span class="pp-class-236 pa t48408 l9942 ls118">of </span><span class="pp-class-236 pa t48408 l31352">plan </span><span class="pp-class-236 pa t48408 l48409 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48408 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48408 l43060 ls1780">-70</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48410 l3 ls1700">Remeasurements </span><span class="pp-class-236 pa t48410 l9942 ls118">of </span><span class="pp-class-236 pa t48410 l31352">plan </span><span class="pp-class-236 pa t48410 l48409 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48410 l48318 ls1914">77</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48410 l47140">61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48411 l3 ls6824">Total </span><span class="pp-class-237 pa t48411 l20253 ls2441">included </span><span class="pp-class-237 pa t48411 l36496">in </span><span class="pp-class-237 pa t48411 l48374 ls1098">other </span><span class="pp-class-237 pa t48411 l45954 ls227">comprehensive </span><span class="pp-class-237 pa t48411 l3657">income </span><span class="pp-class-237 pa t48411 l48412 ls227">regarding </span><span class="pp-class-237 pa t48411 l48413 ls2761">defined </span><span class="pp-class-237 pa t48411 l48414 ls2761">benefit </span><span class="pp-class-237 pa t48411 l48415 ls21">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48411 l48388 ls2687">70</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48411 l48416">-9</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t48417 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">Actuarial </span><span class="pp-class-236 pa t48417 l48418 ls15034 wtro3142 wtr3143 tro3144 tr3145">calculations </span><span class="pp-class-236 pa t48417 l15561 ls544 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t48417 l48419 ls4284 wtro3142 wtr3143 tro3144 tr3145">roll </span><span class="pp-class-236 pa t48417 l48420 ls1957 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t48417 l48421 ls15034 wtro3142 wtr3143 tro3144 tr3145">calculations </span><span class="pp-class-236 pa t48417 l48422 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t48417 l48423 ls1118 wtro3142 wtr3143 tro3144 tr3145">performed </span><span class="pp-class-236 pa t48417 l48424 ls4284 wtro3142 wtr3143 tro3144 tr3145">annually </span><span class="pp-class-236 pa t48417 l48425 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t48417 l48426 ls2207 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t48417 l48427 ls877 wtro3142 wtr3143 tro3144 tr3145">defined </span><span class="pp-class-236 pa t48417 l48428 ls877 wtro3142 wtr3143 tro3144 tr3145">benefit </span><span class="pp-class-236 pa t48417 l48429 ls614 wtro3142 wtr3143 tro3144 tr3145">plans. </span><span class="pp-class-236 pa t48430 l3 ls849 wtro3142 wtr3143 tro3144 tr3145">Assumptions </span><span class="pp-class-236 pa t48430 l48431 ls3076 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t48430 l17614 ls7487 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t48430 l48432 ls706 wtro3142 wtr3143 tro3144 tr3145">mortality </span><span class="pp-class-236 pa t48430 l48433 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t48430 l48434 ls681 wtro3142 wtr3143 tro3144 tr3145">based </span><span class="pp-class-236 pa t48430 l25085 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t48430 l48435 ls3234 wtro3142 wtr3143 tro3144 tr3145">actuarial </span><span class="pp-class-236 pa t48430 l48436 ls849 wtro3142 wtr3143 tro3144 tr3145">advice </span><span class="pp-class-236 pa t48430 l48437 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t48430 l48438 ls9307 wtro3142 wtr3143 tro3144 tr3145">accordance </span><span class="pp-class-236 pa t48430 l48439 ls556 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t48430 l48440 ls1815 wtro3142 wtr3143 tro3144 tr3145">published </span><span class="pp-class-236 pa t48430 l48441 ls8486 wtro3142 wtr3143 tro3144 tr3145">statistics </span><span class="pp-class-236 pa t48430 l48442 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t48443 l3 ls2081 wtro3142 wtr3143 tro3144 tr3145">experience </span><span class="pp-class-236 pa t48443 l48444 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t48443 l20696 ls2808 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t48443 l48445 ls3151 wtro3142 wtr3143 tro3144 tr3145">country. </span><span class="pp-class-236 pa t48443 l21177 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t48443 l48446 ls2629 wtro3142 wtr3143 tro3144 tr3145">following </span><span class="pp-class-236 pa t48443 l48447 ls2808 wtro3142 wtr3143 tro3144 tr3145">significant </span><span class="pp-class-236 pa t48443 l19204 ls849 wtro3142 wtr3143 tro3144 tr3145">assumptions </span><span class="pp-class-236 pa t48443 l48448 ls1592 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t48443 l48449 ls556 wtro3142 wtr3143 tro3144 tr3145">been </span><span class="pp-class-236 pa t48443 l48450 ls556 wtro3142 wtr3143 tro3144 tr3145">used </span><span class="pp-class-236 pa t48443 l48451 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t48443 l48452 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t48443 l48453 ls3234 wtro3142 wtr3143 tro3144 tr3145">actuarial </span><span class="pp-class-236 pa t48443 l48454 ls15034 wtro3142 wtr3143 tro3144 tr3145">calculations:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48455 l48456"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48455 l48457"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48458 l40370">2025</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48459 l3 ls162">Assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48459 l48460">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48459 l48461">Others</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48462 l48463 ls80">Weighted</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48459 l48464 ls614">average</span><span class="pp-class-240 pa t48465 l48466">1</span><span class="pp-class-251 pa t48459 l48467"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48468 l3 ls118">Discount </span><span class="pp-class-236 pa t48468 l48469 ls556">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48468 l48470 ls3351">5.5%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48468 l48471 ls5781">2.0%-5.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48468 l48472 ls2207">5.2%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48473 l3">Social </span><span class="pp-class-236 pa t48473 l48474">security </span><span class="pp-class-236 pa t48473 l48475 ls556">rate</span><span class="pp-class-240 pa t48476 l48477">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48473 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48473 l48479 ls3076">0.0%-3.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48473 l48480 ls3197">0.0%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48481 l3 ls197">Future </span><span class="pp-class-236 pa t48481 l28564 ls3289">salary </span><span class="pp-class-236 pa t48481 l48482 ls1661">increase</span><span class="pp-class-240 pa t48483 l48484">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48481 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48481 l48485 ls1957">0.0%-28.9%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48481 l48486">1.1%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48487 l3 ls197">Future </span><span class="pp-class-236 pa t48487 l28564">pension </span><span class="pp-class-236 pa t48487 l22474 ls1661">increase</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48487 l48488 ls2081">3.0% </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48487 l48489 ls10811">0.0%-3.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48487 l48490 ls548">2.5%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48491 l3 ls19">Inflation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48491 l48492 ls696">2.4%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48491 l48493 ls4780">0.0%-23.4%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48491 l48494 ls110">3.3%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48495 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48495 l48496"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48495 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48497 l48456"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48497 l48457"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48498 l40478 ls811">202</span></a><span class="pp-class-236 pa t48498 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48499 l3 ls162">Assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48499 l48460">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48499 l48461">Others</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48500 l48463 ls80">Weighted</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48499 l48501 ls614">average</span><span class="pp-class-251 pa t48499 l48502">¹</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l3 ls118">Discount </span><span class="pp-class-236 pa t48503 l48469 ls556">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l48504 ls1592">5.4%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l48505 ls3855">1.5%-3.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l48506 ls2207">5.1%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l3">Social </span><span class="pp-class-236 pa t48507 l48474">security </span><span class="pp-class-236 pa t48507 l48475 ls556">rate</span><span class="pp-class-240 pa t48508 l48477">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l48479 ls3076">0.0%-3.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l48480 ls3197">0.0%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l3 ls197">Future </span><span class="pp-class-236 pa t48509 l28564 ls3289">salary </span><span class="pp-class-236 pa t48509 l48482 ls1661">increase</span><span class="pp-class-240 pa t48510 l48484">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l48511 ls749">0.0%-3.5%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l48512 ls3351">0.3%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l3 ls197">Future </span><span class="pp-class-236 pa t48513 l28564">pension </span><span class="pp-class-236 pa t48513 l22474 ls1661">increase</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l48514 ls2036">3.2%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l48515 ls3681">0.0%-2.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l48516 ls2036">2.8%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l3 ls19">Inflation</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l48518 ls548">2.5%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l48519 ls847">0.0%-26.2%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l48520 ls2846">3.0%</span></a></p></td></tr></table></div></div><div id="pp-id-5385" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h48521 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls2808">Significant </span><span class="pp-class-236 pa t283 l48522 ls3234">actuarial </span><span class="pp-class-236 pa t283 l48523 ls849">assumptions </span><span class="pp-class-236 pa t283 l10799 ls2808">for </span><span class="pp-class-236 pa t283 l48524 ls2207">the </span><span class="pp-class-236 pa t283 l48525 ls2081">determination </span><span class="pp-class-236 pa t283 l48526 ls30">of </span><span class="pp-class-236 pa t283 l48527 ls2207">the </span><span class="pp-class-236 pa t283 l48528 ls17548">retirement </span><span class="pp-class-236 pa t283 l48529 ls877">benefit </span><span class="pp-class-236 pa t283 l42583 ls15034">obligation </span><span class="pp-class-236 pa t283 l48530 ls4149">are </span><span class="pp-class-236 pa t283 l48531 ls2207">the </span><span class="pp-class-236 pa t283 l48532 ls556">discount </span><span class="pp-class-236 pa t38325 l3 ls3351">rate, </span><span class="pp-class-236 pa t38325 l48533 ls11592">expected </span><span class="pp-class-236 pa t38325 l31298 ls7487">future </span><span class="pp-class-236 pa t38325 l48534 ls11726">remuneration </span><span class="pp-class-236 pa t38325 l48535 ls2081">increases, </span><span class="pp-class-236 pa t38325 l48536 ls2207">and </span><span class="pp-class-236 pa t38325 l48537 ls11592">expected </span><span class="pp-class-236 pa t38325 l48538 ls16417">mortality. </span><span class="pp-class-236 pa t38325 l48539 ls2207">The </span><span class="pp-class-236 pa t38325 l48540 ls2245">sensitivity </span><span class="pp-class-236 pa t38325 l48541 ls7959">analysis </span><span class="pp-class-236 pa t38325 l48542 ls1796">below </span><span class="pp-class-236 pa t38325 l48543 ls2207">has </span><span class="pp-class-236 pa t38325 l48544 ls995">been </span><span class="pp-class-236 pa t38337 l3 ls11713">determined </span><span class="pp-class-236 pa t38337 l40557 ls691">based </span><span class="pp-class-236 pa t38337 l48545 ls544">on </span><span class="pp-class-236 pa t38337 l48546 ls11726">reasonably </span><span class="pp-class-236 pa t38337 l23952 ls11722">likely </span><span class="pp-class-236 pa t38337 l42745 ls1687">changes </span><span class="pp-class-236 pa t38337 l48547 ls544">in </span><span class="pp-class-236 pa t38337 l48548 ls2207">the </span><span class="pp-class-236 pa t38337 l48549 ls849">assumptions </span><span class="pp-class-236 pa t38337 l48550 ls4807">occurring </span><span class="pp-class-236 pa t38337 l48551 ls5202">at </span><span class="pp-class-236 pa t38337 l48552 ls2207">the </span><span class="pp-class-236 pa t38337 l48553 ls2207">end </span><span class="pp-class-236 pa t38337 l48554 ls30">of </span><span class="pp-class-236 pa t38337 l48555 ls2207">the </span><span class="pp-class-236 pa t38337 l48556 ls603">period.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48557 l3">DKK </span><span class="pp-class-236 pa t48557 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48557 l44793">202</span></a><span class="pp-class-237 pa t48557 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48557 l40478 ls811">202</span></a><span class="pp-class-236 pa t48557 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48558 l3">Sensitivity </span><span class="pp-class-237 pa t48558 l48559 ls212">analysis</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48560 l3 ls4480">Reported </span><span class="pp-class-236 pa t48560 l48561 ls115">obligation </span><span class="pp-class-236 pa t48560 l48562">31 </span><span class="pp-class-236 pa t48560 l48563">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48560 l48564">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48560 l48565">685</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48566 l3 ls118">Discount </span><span class="pp-class-236 pa t48566 l48469 ls546">rate </span><span class="pp-class-236 pa t48566 l48567 ls13284">-0.5% </span><span class="pp-class-236 pa t48566 l28646 ls1098">point </span><span class="pp-class-236 pa t48566 l48568 ls203">compared </span><span class="pp-class-236 pa t48566 l48569 ls138">to </span><span class="pp-class-236 pa t48566 l48570 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48566 l48571">691</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48566 l48572 ls1775">724</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48573 l3 ls118">Discount </span><span class="pp-class-236 pa t48573 l48469 ls546">rate </span><span class="pp-class-236 pa t48573 l48567 ls13284">+0.5% </span><span class="pp-class-236 pa t48573 l16920 ls1098">point </span><span class="pp-class-236 pa t48573 l42408 ls203">compared </span><span class="pp-class-236 pa t48573 l39318 ls138">to </span><span class="pp-class-236 pa t48573 l48574 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48573 l48575">629</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48573 l44619">650</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48576 l3 ls3289">Salary </span><span class="pp-class-236 pa t48576 l30837 ls203">increase </span><span class="pp-class-236 pa t48576 l7362 ls13284">-0.5% </span><span class="pp-class-236 pa t48576 l48577 ls1098">point </span><span class="pp-class-236 pa t48576 l48578 ls203">compared </span><span class="pp-class-236 pa t48576 l48579 ls138">to </span><span class="pp-class-236 pa t48576 l48580 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48576 l48581 ls538">657</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48576 l48582">684</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48583 l3 ls3289">Salary </span><span class="pp-class-236 pa t48583 l30837 ls203">increase </span><span class="pp-class-236 pa t48583 l7362 ls13284">+0.5% </span><span class="pp-class-236 pa t48583 l48584 ls1098">point </span><span class="pp-class-236 pa t48583 l48585 ls203">compared </span><span class="pp-class-236 pa t48583 l48586 ls138">to </span><span class="pp-class-236 pa t48583 l18097 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48583 l48564">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48583 l40971 ls197">687</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48587 l3 ls270">Mortality </span><span class="pp-class-236 pa t48587 l39223">-1 </span><span class="pp-class-236 pa t48587 l48588 ls833">year </span><span class="pp-class-236 pa t48587 l34113 ls203">compared </span><span class="pp-class-236 pa t48587 l48589">with </span><span class="pp-class-236 pa t48587 l21924">used </span><span class="pp-class-236 pa t48587 l48590 ls270">mortality </span><span class="pp-class-236 pa t48587 l31086 ls13">tables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48587 l48591">646</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48587 l48592">671</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48593 l3 ls270">Mortality </span><span class="pp-class-236 pa t48593 l39223">+1 </span><span class="pp-class-236 pa t48593 l13314 ls833">year </span><span class="pp-class-236 pa t48593 l48594 ls203">compared </span><span class="pp-class-236 pa t48593 l47994">with </span><span class="pp-class-236 pa t48593 l45308">used </span><span class="pp-class-236 pa t48593 l48595 ls270">mortality </span><span class="pp-class-236 pa t48593 l48596 ls13">tables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48593 l44599">683</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48593 l41877 ls1547">710</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t48597 l3 ls2207">The </span><span class="pp-class-236 pa t48597 l40248 ls706">mortality </span><span class="pp-class-236 pa t48597 l48598 ls1775">table </span><span class="pp-class-236 pa t48597 l48599 ls556">used </span><span class="pp-class-236 pa t48597 l48600 ls2808">for </span><span class="pp-class-236 pa t48597 l48601 ls2207">the </span><span class="pp-class-236 pa t48597 l17873 ls110">two </span><span class="pp-class-236 pa t48597 l48602 ls877">defined </span><span class="pp-class-236 pa t48597 l48603 ls877">benefit </span><span class="pp-class-236 pa t48597 l48604 ls1687">schemes </span><span class="pp-class-236 pa t48597 l48605 ls544">in </span><span class="pp-class-236 pa t48597 l48606 ls2207">the </span><span class="pp-class-236 pa t48597 l48607 ls544">UK </span><span class="pp-class-236 pa t48597 l48608 ls544">is </span><span class="pp-class-236 pa t48597 l48609 ls2207">the </span><span class="pp-class-236 pa t48597 l48610 ls603">public </span><span class="pp-class-236 pa t48597 l48611 ls758">S3PxA </span><span class="pp-class-236 pa t48597 l48612 ls1775">table </span><span class="pp-class-236 pa t48597 l48613 ls556">with </span><span class="pp-class-236 pa t48597 l48614 ls614">annual </span><span class="pp-class-236 pa t48615 l3 ls11726">improvement </span><span class="pp-class-236 pa t48615 l48616 ls30">of </span><span class="pp-class-236 pa t48615 l48236 ls681">1.25% </span><span class="pp-class-236 pa t48615 l6034 ls5202">(2024: </span><span class="pp-class-236 pa t48615 l48617 ls758">S3PxA </span><span class="pp-class-236 pa t48615 l45652 ls1775">table </span><span class="pp-class-236 pa t48615 l48618 ls556">with </span><span class="pp-class-236 pa t48615 l48619 ls691">1.25% </span><span class="pp-class-236 pa t48615 l48620 ls603">annual </span><span class="pp-class-236 pa t48615 l48621 ls11043">improvement). </span><span class="pp-class-236 pa t48615 l48622 ls4371">Average </span><span class="pp-class-236 pa t48615 l48623 ls11072">remaining </span><span class="pp-class-236 pa t48615 l48624 ls4017">life </span><span class="pp-class-236 pa t48615 l48625 ls4780">expectancy </span><span class="pp-class-236 pa t48626 l3 ls2808">for </span><span class="pp-class-236 pa t48626 l48627 ls651">a </span><span class="pp-class-236 pa t48626 l48628 ls6146">65-year-old </span><span class="pp-class-236 pa t48626 l43545 ls544">is </span><span class="pp-class-236 pa t48626 l48629 ls1017">22.9 </span><span class="pp-class-236 pa t48626 l48630 ls1796">years </span><span class="pp-class-236 pa t48626 l16344 ls5202">(2024: </span><span class="pp-class-236 pa t48626 l48631 ls8518">22.7 </span><span class="pp-class-236 pa t48626 l48632 ls3084">years). </span><span class="pp-class-236 pa t48626 l34330 ls16417">Weighted </span><span class="pp-class-236 pa t48626 l48633 ls1039">average </span><span class="pp-class-236 pa t48626 l48634 ls7959">duration </span><span class="pp-class-236 pa t48626 l48635 ls544">on </span><span class="pp-class-236 pa t48626 l48636 ls2207">the </span><span class="pp-class-236 pa t48626 l48637 ls2245">liabilities </span><span class="pp-class-236 pa t48626 l48638 ls2207">end </span><span class="pp-class-236 pa t48626 l48639 ls30">of </span><span class="pp-class-236 pa t48626 l48640 ls556">2025 </span><span class="pp-class-236 pa t48626 l48641 ls544">is </span><span class="pp-class-236 pa t48626 l48642 ls3139">10.8 </span><span class="pp-class-236 pa t48643 l3 ls1796">years </span><span class="pp-class-236 pa t48643 l48644 ls5202">(2024: </span><span class="pp-class-236 pa t48643 l48645 ls1017">11.6 </span><span class="pp-class-236 pa t48643 l48646 ls3084">years). </span><span class="pp-class-236 pa t48643 l48647 ls2207">The </span><span class="pp-class-236 pa t48643 l48648 ls1882">Group </span><span class="pp-class-236 pa t48643 l48649 ls4284">expects </span><span class="pp-class-236 pa t48643 l43419 ls2889">to </span><span class="pp-class-236 pa t48643 l48650 ls12546">make </span><span class="pp-class-236 pa t48643 l48651 ls651">a </span><span class="pp-class-236 pa t48643 l48652 ls299">contribution </span><span class="pp-class-236 pa t48643 l48653 ls30">of </span><span class="pp-class-236 pa t48643 l41058 ls2207">DKK </span><span class="pp-class-236 pa t48643 l48654 ls3414">17m </span><span class="pp-class-236 pa t48643 l43675 ls2889">to </span><span class="pp-class-236 pa t48643 l48655 ls2207">the </span><span class="pp-class-236 pa t48643 l48656 ls877">defined </span><span class="pp-class-236 pa t48643 l48657 ls877">benefit </span><span class="pp-class-236 pa t48643 l48658 ls681">plans </span><span class="pp-class-236 pa t48643 l48659 ls184">in </span><span class="pp-class-236 pa t48660 l3 ls2846">2026. </span><span class="pp-class-236 pa t48660 l46010 ls2207">The </span><span class="pp-class-236 pa t48660 l42390 ls11592">expected </span><span class="pp-class-236 pa t48660 l28562 ls299">contribution </span><span class="pp-class-236 pa t48660 l35162 ls2808">for </span><span class="pp-class-236 pa t48660 l48661 ls556">2025 </span><span class="pp-class-236 pa t48660 l26865 ls110">was </span><span class="pp-class-236 pa t48660 l34187 ls2207">DKK </span><span class="pp-class-236 pa t48660 l48662 ls556">42m, </span><span class="pp-class-236 pa t48660 l17043 ls691">which </span><span class="pp-class-236 pa t48660 l48663 ls603">turned </span><span class="pp-class-236 pa t48660 l48664 ls2207">out </span><span class="pp-class-236 pa t48660 l48665 ls2889">to </span><span class="pp-class-236 pa t48660 l48666 ls544">be </span><span class="pp-class-236 pa t48660 l48667 ls2207">DKK </span><span class="pp-class-236 pa t48660 l48668 ls556">64m. </span><span class="pp-class-236 pa t48660 l48669 ls2207">The </span><span class="pp-class-236 pa t48660 l48670 ls614">higher </span><span class="pp-class-236 pa t48671 l3 ls299">contribution </span><span class="pp-class-236 pa t48671 l48672 ls2808">for </span><span class="pp-class-236 pa t48671 l48673 ls556">2025 </span><span class="pp-class-236 pa t48671 l48674 ls544">is </span><span class="pp-class-236 pa t48671 l48675 ls3292">primarily </span><span class="pp-class-236 pa t48671 l48676 ls11726">related </span><span class="pp-class-236 pa t48671 l28731 ls2889">to </span><span class="pp-class-236 pa t48671 l37279 ls849">completion </span><span class="pp-class-236 pa t48671 l48677 ls30">of </span><span class="pp-class-236 pa t48671 l39471 ls651">a </span><span class="pp-class-236 pa t48671 l48678 ls4807">buy-in </span><span class="pp-class-236 pa t48671 l48679 ls2629">process </span><span class="pp-class-236 pa t48671 l48680 ls2808">for </span><span class="pp-class-236 pa t48671 l48681 ls2207">the </span><span class="pp-class-236 pa t48671 l48682 ls110">two </span><span class="pp-class-236 pa t48671 l42007 ls877">defined </span><span class="pp-class-236 pa t48671 l39745 ls877">benefit </span><span class="pp-class-236 pa t48671 l48683 ls2207">schemes </span><span class="pp-class-236 pa t48684 l3 ls544">in </span><span class="pp-class-236 pa t48684 l48685 ls2207">the </span><span class="pp-class-236 pa t48684 l48686 ls544">UK.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48687 l3">DKK </span><span class="pp-class-236 pa t48687 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48687 l44793">202</span></a><span class="pp-class-237 pa t48687 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48687 l40478 ls811">202</span></a><span class="pp-class-236 pa t48687 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48688 l3 ls1790">Maturity </span><span class="pp-class-237 pa t48688 l10747 ls1618">analysis </span><span class="pp-class-237 pa t48688 l48689">of </span><span class="pp-class-237 pa t48688 l48690">the </span><span class="pp-class-237 pa t48688 l48691 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48692 l3">0-1 </span><span class="pp-class-236 pa t48692 l48693 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48692 l44812">56</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48692 l44693">48</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48694 l3 ls12546">1-5 </span><span class="pp-class-236 pa t48694 l48695 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48694 l48696 ls2368">149</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48694 l43125 ls2368">149</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48697 l3 ls244">After </span><span class="pp-class-236 pa t48697 l13177">5 </span><span class="pp-class-236 pa t48697 l44855 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48697 l48698">455</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48697 l48699">489</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48700 l3 ls6824">Total </span><span class="pp-class-237 pa t48700 l20253 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48700 l43156">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48700 l48296">685</span></a></p></td></tr></table></div></div><div id="pp-id-5342" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">All </span><span class="pp-class-239 pa t1332 l33611 ls15">factors </span><span class="pp-class-239 pa t1332 l14723 ls80">are </span><span class="pp-class-239 pa t1332 l27270 ls203">weighted </span><span class="pp-class-239 pa t1335 l3 ls2368">at </span><span class="pp-class-239 pa t1335 l19882">the </span><span class="pp-class-239 pa t1335 l1336 ls80">pro </span><span class="pp-class-239 pa t1335 l46323 ls546">rata </span><span class="pp-class-239 pa t1335 l48701 ls106">share </span><span class="pp-class-239 pa t1335 l34082 ls118">of </span><span class="pp-class-239 pa t1339 l3">the </span><span class="pp-class-239 pa t1339 l9689">individual </span><span class="pp-class-239 pa t1339 l39593 ls138">actuarial </span><span class="pp-class-239 pa t3352 l3 ls749">obligation.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3437 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3493 l3">Schemes </span><span class="pp-class-239 pa t3493 l19157">closed </span><span class="pp-class-239 pa t3493 l48702 ls19">for </span><span class="pp-class-239 pa t3493 l48703 ls1133">new </span><span class="pp-class-239 pa t3497 l3">members </span><span class="pp-class-239 pa t3497 l28183">will </span><span class="pp-class-239 pa t3497 l48704 ls94">have </span><span class="pp-class-239 pa t3497 l48705">a </span><span class="pp-class-239 pa t45156 l3">social </span><span class="pp-class-239 pa t45156 l48706">security </span><span class="pp-class-239 pa t45156 l36365 ls546">rate </span><span class="pp-class-239 pa t45156 l48707">and </span><span class="pp-class-239 pa t45157 l3 ls197">future </span><span class="pp-class-239 pa t45157 l43320 ls3289">salary </span><span class="pp-class-239 pa t45157 l48708 ls203">increase </span><span class="pp-class-239 pa t45158 l3 ls118">of </span><span class="pp-class-239 pa t45158 l7402">0%.</span></p></div></div><div class="pp-class-10" id="pp-id-5388" xmlns="http://www.w3.org/1999/xhtml"><div class="w48709 h48710 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls110">3.2.5 </span><span class="pp-class-234 pa t1122 l38307 ls13">Pension </span><span class="pp-class-234 pa t1122 l47822">and </span><span class="pp-class-234 pa t1122 l47823 ls21">jubilee </span><span class="pp-class-234 pa t1122 l47824">liabilities </span><span class="pp-class-235 pa t1122 l47976 ls938">(continued)</span></p><div id="pp-id-5387"><div class="pp-class-227 pp-class-256" id="pp-id-5386"><div class="w48711 h48712 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls949">Contributions </span><span class="pp-class-236 pa t40754 l48713 ls538">to </span><span class="pp-class-236 pa t40754 l47335 ls536">defined </span><span class="pp-class-236 pa t40754 l48714 ls949">contribution </span><span class="pp-class-236 pa t40754 l48715 ls2036">pension </span><span class="pp-class-236 pa t40754 l48716 ls538">plans </span><span class="pp-class-236 pa t40754 l17110 ls2808">are </span><span class="pp-class-236 pa t40754 l48717 ls667">recognised </span><span class="pp-class-236 pa t40754 l48718 ls811">in </span><span class="pp-class-236 pa t40754 l48719 ls651">the </span><span class="pp-class-236 pa t40754 l48720 ls1764">income </span><span class="pp-class-236 pa t40754 l48721 ls556">statement </span><span class="pp-class-236 pa t40754 l48722 ls811">in </span><span class="pp-class-236 pa t40754 l48723 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls1764">period </span><span class="pp-class-236 pa t40763 l48724 ls811">in </span><span class="pp-class-236 pa t40763 l48725 ls538">which </span><span class="pp-class-236 pa t40763 l18255 ls8048">they </span><span class="pp-class-236 pa t40763 l48726 ls2565">relate, </span><span class="pp-class-236 pa t40763 l48727 ls651">and </span><span class="pp-class-236 pa t40763 l48728 ls553">any </span><span class="pp-class-236 pa t40763 l48729 ls4793">payable </span><span class="pp-class-236 pa t40763 l48730 ls949">contributions </span><span class="pp-class-236 pa t40763 l24371 ls2808">are </span><span class="pp-class-236 pa t40763 l48731 ls544">accrued </span><span class="pp-class-236 pa t40763 l48732 ls811">in </span><span class="pp-class-236 pa t40763 l48733 ls572">the </span><span class="pp-class-236 pa t40763 l48734 ls2036">balance </span><span class="pp-class-236 pa t40763 l48735 ls949">sheet </span><span class="pp-class-236 pa t40763 l48736 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls949">other </span><span class="pp-class-236 pa t40775 l38610 ls4276">payables. </span><span class="pp-class-236 pa t40775 l48737 ls811">As </span><span class="pp-class-236 pa t40775 l45030 ls3234">regards </span><span class="pp-class-236 pa t40775 l12884 ls536">defined </span><span class="pp-class-236 pa t40775 l48738 ls536">benefit </span><span class="pp-class-236 pa t40775 l13352 ls2036">pension </span><span class="pp-class-236 pa t40775 l35642 ls1764">plans, </span><span class="pp-class-236 pa t40775 l48739 ls811">an </span><span class="pp-class-236 pa t40775 l48740 ls614">actuarial </span><span class="pp-class-236 pa t40775 l38817 ls5781">valuation </span><span class="pp-class-236 pa t40775 l48741 ls98">of </span><span class="pp-class-236 pa t40775 l48742 ls572">the </span><span class="pp-class-236 pa t40775 l48743 ls584">value-in-use </span><span class="pp-class-236 pa t41664 l3 ls98">of </span><span class="pp-class-236 pa t41664 l39273 ls2197">future </span><span class="pp-class-236 pa t41664 l39973 ls995">benefits </span><span class="pp-class-236 pa t41664 l48744 ls4793">payable </span><span class="pp-class-236 pa t41664 l11740 ls538">under </span><span class="pp-class-236 pa t41664 l48745 ls651">the </span><span class="pp-class-236 pa t41664 l48746 ls2222">plan </span><span class="pp-class-236 pa t41664 l48747 ls811">is </span><span class="pp-class-236 pa t41664 l48748 ls544">made </span><span class="pp-class-236 pa t41664 l48749 ls2222">once </span><span class="pp-class-236 pa t41664 l48750 ls184">a </span><span class="pp-class-236 pa t41664 l48751 ls853">year. </span><span class="pp-class-236 pa t41664 l48752 ls651">The </span><span class="pp-class-236 pa t41664 l48753 ls608">value-in-use </span><span class="pp-class-236 pa t41664 l48754 ls811">is </span><span class="pp-class-236 pa t41664 l48755 ls560">calculated </span><span class="pp-class-236 pa t41664 l48756 ls811">based </span><span class="pp-class-236 pa t40783 l3 ls811">on </span><span class="pp-class-236 pa t40783 l31254 ls530">assumptions </span><span class="pp-class-236 pa t40783 l48757 ls98">of </span><span class="pp-class-236 pa t40783 l48758 ls2197">future </span><span class="pp-class-236 pa t40783 l33360 ls7086">development </span><span class="pp-class-236 pa t40783 l48759 ls811">in </span><span class="pp-class-236 pa t40783 l40310 ls884">wage/salary </span><span class="pp-class-236 pa t40783 l48760 ls877">levels, </span><span class="pp-class-236 pa t40783 l48761 ls706">interest </span><span class="pp-class-236 pa t40783 l48762 ls1796">rates, </span><span class="pp-class-236 pa t40783 l48763 ls616">inflation, </span><span class="pp-class-236 pa t40783 l48764 ls10269">mortality, </span><span class="pp-class-236 pa t40783 l48765 ls553">etc. </span><span class="pp-class-236 pa t40793 l3 ls651">The </span><span class="pp-class-236 pa t40793 l38379 ls608">value-in-use </span><span class="pp-class-236 pa t40793 l48766 ls811">is </span><span class="pp-class-236 pa t40793 l48767 ls847">only </span><span class="pp-class-236 pa t40793 l48768 ls560">calculated </span><span class="pp-class-236 pa t40793 l48769 ls553">for </span><span class="pp-class-236 pa t40793 l17108 ls995">benefits </span><span class="pp-class-236 pa t40793 l48770 ls538">to </span><span class="pp-class-236 pa t40793 l48771 ls538">which </span><span class="pp-class-236 pa t40793 l48772 ls651">the </span><span class="pp-class-236 pa t40793 l48773 ls1463">employees </span><span class="pp-class-236 pa t40793 l48774 ls110">have </span><span class="pp-class-236 pa t40793 l48775 ls1764">become </span><span class="pp-class-236 pa t40793 l48776 ls4248">entitled </span><span class="pp-class-236 pa t40793 l48777 ls1792">during </span><span class="pp-class-236 pa t40806 l3 ls538">their </span><span class="pp-class-236 pa t40806 l48778 ls1780">employment </span><span class="pp-class-236 pa t40806 l48779 ls2222">with </span><span class="pp-class-236 pa t40806 l48315 ls651">the </span><span class="pp-class-236 pa t40806 l48780 ls4807">Group. </span><span class="pp-class-236 pa t40806 l48781 ls651">The </span><span class="pp-class-236 pa t40806 l48782 ls614">actuarial </span><span class="pp-class-236 pa t40806 l48783 ls1404">calculation </span><span class="pp-class-236 pa t40806 l48784 ls98">of </span><span class="pp-class-236 pa t40806 l48785 ls572">the </span><span class="pp-class-236 pa t40806 l48786 ls608">value-in-use </span><span class="pp-class-236 pa t40806 l48787 ls2222">less </span><span class="pp-class-236 pa t40806 l48788 ls572">the </span><span class="pp-class-236 pa t40806 l48789 ls553">fair </span><span class="pp-class-236 pa t40806 l48790 ls2197">value </span><span class="pp-class-236 pa t40806 l48791 ls197">of </span><span class="pp-class-236 pa t40818 l3 ls553">any </span><span class="pp-class-236 pa t40818 l42497 ls179">assets </span><span class="pp-class-236 pa t40818 l48792 ls538">under </span><span class="pp-class-236 pa t40818 l36366 ls651">the </span><span class="pp-class-236 pa t40818 l48793 ls2222">plan </span><span class="pp-class-236 pa t40818 l48794 ls811">is </span><span class="pp-class-236 pa t40818 l48795 ls667">recognised </span><span class="pp-class-236 pa t40818 l48796 ls811">in </span><span class="pp-class-236 pa t40818 l48797 ls572">the </span><span class="pp-class-236 pa t40818 l48798 ls2036">balance </span><span class="pp-class-236 pa t40818 l48799 ls949">sheet </span><span class="pp-class-236 pa t40818 l48800 ls538">under </span><span class="pp-class-236 pa t40818 l48801 ls2036">pension </span><span class="pp-class-236 pa t40818 l48802 ls630">obligations. </span><span class="pp-class-236 pa t40818 l48803 ls811">If </span><span class="pp-class-236 pa t40818 l48804 ls184">a </span><span class="pp-class-236 pa t40818 l48805 ls33">defined </span><span class="pp-class-236 pa t42636 l3 ls536">benefit </span><span class="pp-class-236 pa t42636 l27558 ls2036">pension </span><span class="pp-class-236 pa t42636 l48806 ls2222">plan </span><span class="pp-class-236 pa t42636 l42616 ls546">constitutes </span><span class="pp-class-236 pa t42636 l48807 ls184">a </span><span class="pp-class-236 pa t42636 l48808 ls4248">net </span><span class="pp-class-236 pa t42636 l48809 ls1764">asset, </span><span class="pp-class-236 pa t42636 l16987 ls651">the </span><span class="pp-class-236 pa t42636 l48810 ls949">asset </span><span class="pp-class-236 pa t42636 l48811 ls811">is </span><span class="pp-class-236 pa t42636 l48812 ls667">recognised </span><span class="pp-class-236 pa t42636 l48813 ls847">only </span><span class="pp-class-236 pa t42636 l48814 ls811">if </span><span class="pp-class-236 pa t42636 l48815 ls811">it </span><span class="pp-class-236 pa t42636 l48816 ls530">offsets </span><span class="pp-class-236 pa t42636 l48817 ls2197">future </span><span class="pp-class-236 pa t42636 l48818 ls565">refunds </span><span class="pp-class-236 pa t42651 l3 ls877">from </span><span class="pp-class-236 pa t42651 l44380 ls572">the </span><span class="pp-class-236 pa t42651 l44381 ls2222">plan </span><span class="pp-class-236 pa t42651 l27449 ls811">or </span><span class="pp-class-236 pa t42651 l48819 ls2222">will </span><span class="pp-class-236 pa t42651 l46434 ls544">lead </span><span class="pp-class-236 pa t42651 l48820 ls538">to </span><span class="pp-class-236 pa t42651 l48821 ls556">reduced </span><span class="pp-class-236 pa t42651 l48822 ls2197">future </span><span class="pp-class-236 pa t42651 l48823 ls4630">payments </span><span class="pp-class-236 pa t42651 l15295 ls538">to </span><span class="pp-class-236 pa t42651 l48824 ls651">the </span><span class="pp-class-236 pa t42651 l18020 ls538">plan. </span><span class="pp-class-236 pa t42651 l48825 ls553">Pension </span><span class="pp-class-236 pa t42651 l48826 ls538">costs </span><span class="pp-class-236 pa t42651 l48827 ls98">of </span><span class="pp-class-236 pa t42651 l48828 ls651">the </span><span class="pp-class-236 pa t42651 l48829 ls8048">year </span><span class="pp-class-236 pa t42651 l48830 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls651">the </span><span class="pp-class-236 pa t42666 l45639 ls1764">income </span><span class="pp-class-236 pa t42666 l45640 ls556">statement </span><span class="pp-class-236 pa t42666 l45652 ls538">based </span><span class="pp-class-236 pa t42666 l48831 ls811">on </span><span class="pp-class-236 pa t42666 l48832 ls614">actuarial </span><span class="pp-class-236 pa t42666 l48833 ls2207">estimates </span><span class="pp-class-236 pa t42666 l48834 ls651">and </span><span class="pp-class-236 pa t42666 l48835 ls995">financial </span><span class="pp-class-236 pa t42666 l48836 ls1815">expectations </span><span class="pp-class-236 pa t42666 l48837 ls2197">at </span><span class="pp-class-236 pa t42666 l48838 ls184">the </span><span class="pp-class-236 pa t42678 l3 ls995">beginning </span><span class="pp-class-236 pa t42678 l39461 ls98">of </span><span class="pp-class-236 pa t42678 l48839 ls651">the </span><span class="pp-class-236 pa t42678 l48840 ls3139">year.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls681">difference </span><span class="pp-class-236 pa t42680 l48841 ls713">between </span><span class="pp-class-236 pa t42680 l28735 ls651">the </span><span class="pp-class-236 pa t42680 l48842 ls560">calculated </span><span class="pp-class-236 pa t42680 l48843 ls7086">development </span><span class="pp-class-236 pa t42680 l48844 ls811">in </span><span class="pp-class-236 pa t42680 l48845 ls2036">pension </span><span class="pp-class-236 pa t42680 l48846 ls179">assets </span><span class="pp-class-236 pa t42680 l48847 ls572">and </span><span class="pp-class-236 pa t42680 l48848 ls625">liabilities </span><span class="pp-class-236 pa t42680 l48849 ls572">and </span><span class="pp-class-236 pa t42680 l48850 ls184">the </span><span class="pp-class-236 pa t42693 l3 ls3855">realised </span><span class="pp-class-236 pa t42693 l48851 ls556">values </span><span class="pp-class-236 pa t42693 l48852 ls2808">are </span><span class="pp-class-236 pa t42693 l4394 ls667">recognised </span><span class="pp-class-236 pa t42693 l48853 ls811">in </span><span class="pp-class-236 pa t42693 l48854 ls949">other </span><span class="pp-class-236 pa t42693 l48855 ls681">comprehensive </span><span class="pp-class-236 pa t42693 l48856 ls1764">income </span><span class="pp-class-236 pa t42693 l48857 ls811">as </span><span class="pp-class-236 pa t42693 l48858 ls614">actuarial </span><span class="pp-class-236 pa t42693 l48859 ls538">gains </span><span class="pp-class-236 pa t42693 l48860 ls651">and </span><span class="pp-class-236 pa t42693 l48861 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls2036">Changes </span><span class="pp-class-236 pa t42723 l17507 ls811">in </span><span class="pp-class-236 pa t42723 l48862 ls651">the </span><span class="pp-class-236 pa t42723 l48863 ls995">benefits </span><span class="pp-class-236 pa t42723 l48864 ls4793">payable </span><span class="pp-class-236 pa t42723 l48865 ls553">for </span><span class="pp-class-236 pa t42723 l31326 ls7086">employees' </span><span class="pp-class-236 pa t42723 l48866 ls2222">past </span><span class="pp-class-236 pa t42723 l48867 ls534">service </span><span class="pp-class-236 pa t42723 l48621 ls538">to </span><span class="pp-class-236 pa t42723 l48868 ls651">the </span><span class="pp-class-236 pa t42723 l48869 ls541">enterprise </span><span class="pp-class-236 pa t42723 l48870 ls2808">result </span><span class="pp-class-236 pa t42723 l48871 ls811">in </span><span class="pp-class-236 pa t42723 l48872 ls811">an </span><span class="pp-class-236 pa t42723 l48873 ls10269">adjust-</span><span class="pp-class-236 pa t42738 l3 ls664">ment </span><span class="pp-class-236 pa t42738 l48874 ls98">of </span><span class="pp-class-236 pa t42738 l8009 ls651">the </span><span class="pp-class-236 pa t42738 l44534 ls614">actuarial </span><span class="pp-class-236 pa t42738 l48875 ls1404">calculation </span><span class="pp-class-236 pa t42738 l48876 ls98">of </span><span class="pp-class-236 pa t42738 l48877 ls651">the </span><span class="pp-class-236 pa t42738 l48878 ls1751">value-in-use, </span><span class="pp-class-236 pa t42738 l48879 ls538">which </span><span class="pp-class-236 pa t42738 l48880 ls811">is </span><span class="pp-class-236 pa t42738 l48881 ls562">classified </span><span class="pp-class-236 pa t42738 l48882 ls811">as </span><span class="pp-class-236 pa t42738 l48883 ls2222">past </span><span class="pp-class-236 pa t42738 l48884 ls534">service </span><span class="pp-class-236 pa t42738 l48885 ls1764">costs. </span><span class="pp-class-236 pa t42738 l48886 ls1369">Past </span><span class="pp-class-236 pa t42755 l3 ls534">service </span><span class="pp-class-236 pa t42755 l48887 ls538">costs </span><span class="pp-class-236 pa t42755 l48888 ls2808">are </span><span class="pp-class-236 pa t42755 l27331 ls667">recognised </span><span class="pp-class-236 pa t42755 l48889 ls811">in </span><span class="pp-class-236 pa t42755 l48890 ls651">the </span><span class="pp-class-236 pa t42755 l32936 ls1764">income </span><span class="pp-class-236 pa t42755 l48891 ls556">statement </span><span class="pp-class-236 pa t42755 l48892 ls4775">immediately </span><span class="pp-class-236 pa t42755 l48893 ls811">if </span><span class="pp-class-236 pa t42755 l48894 ls572">the </span><span class="pp-class-236 pa t42755 l48895 ls1463">employees </span><span class="pp-class-236 pa t42755 l48896 ls110">have </span><span class="pp-class-236 pa t42755 l48897 ls556">already </span><span class="pp-class-236 pa t42768 l3 ls1764">earned </span><span class="pp-class-236 pa t42768 l7415 ls572">the </span><span class="pp-class-236 pa t42768 l48898 ls536">right </span><span class="pp-class-236 pa t42768 l29199 ls538">to </span><span class="pp-class-236 pa t42768 l48899 ls572">the </span><span class="pp-class-236 pa t42768 l48900 ls630">adjusted </span><span class="pp-class-236 pa t42768 l48901 ls670">benefit. </span><span class="pp-class-236 pa t42768 l48902 ls536">Otherwise, </span><span class="pp-class-236 pa t42768 l48903 ls651">the </span><span class="pp-class-236 pa t42768 l48904 ls995">benefits </span><span class="pp-class-236 pa t42768 l48905 ls2222">will </span><span class="pp-class-236 pa t42768 l48906 ls811">be </span><span class="pp-class-236 pa t42768 l48907 ls667">recognised </span><span class="pp-class-236 pa t42768 l48908 ls811">in </span><span class="pp-class-236 pa t42768 l48909 ls572">the </span><span class="pp-class-236 pa t42768 l48910 ls1792">income </span><span class="pp-class-236 pa t42786 l3 ls556">statement </span><span class="pp-class-236 pa t42786 l1995 ls3234">over </span><span class="pp-class-236 pa t42786 l48911 ls651">the </span><span class="pp-class-236 pa t42786 l48912 ls1764">period </span><span class="pp-class-236 pa t42786 l40755 ls811">in </span><span class="pp-class-236 pa t42786 l48913 ls538">which </span><span class="pp-class-236 pa t42786 l48914 ls651">the </span><span class="pp-class-236 pa t42786 l48915 ls1463">employees </span><span class="pp-class-236 pa t42786 l48916 ls2222">earn </span><span class="pp-class-236 pa t42786 l48917 ls572">the </span><span class="pp-class-236 pa t42786 l48918 ls536">right </span><span class="pp-class-236 pa t42786 l48919 ls538">to </span><span class="pp-class-236 pa t42786 l48920 ls572">the </span><span class="pp-class-236 pa t42786 l48921 ls630">adjusted </span><span class="pp-class-236 pa t42786 l48922 ls205">benefits. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48923 l3 ls538">Other </span><span class="pp-class-236 pa t48923 l44451 ls548">non-current </span><span class="pp-class-236 pa t48923 l44452 ls4276">employee </span><span class="pp-class-236 pa t48923 l47994 ls1404">obligations </span><span class="pp-class-236 pa t48923 l48924 ls949">include </span><span class="pp-class-236 pa t48923 l48925 ls2036">jubilee </span><span class="pp-class-236 pa t48923 l48926 ls562">benefits, </span><span class="pp-class-236 pa t48923 l48927 ls2969">etc.</span></p></div></div></div></div></div><div id="pp-id-5426" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52326 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">5.1 </span><span class="pp-class-234 pa t1122 l38307 ls37115 wtro16836 wtr526 tro16837 tr528">Remuneration </span><span class="pp-class-234 pa t1122 l52327 ls24571 wtro16836 wtr526 tro16837 tr528">to </span><span class="pp-class-234 pa t1122 l52328 ls870 wtro16836 wtr526 tro16837 tr528">the </span><span class="pp-class-234 pa t1122 l25963 ls23656 wtro16836 wtr526 tro16837 tr528">Executive </span><span class="pp-class-234 pa t1122 l52329 ls52330 wtro16836 wtr526 tro16837 tr528">Board </span><span class="pp-class-234 pa t1122 l52331 ls870 wtro16836 wtr526 tro16837 tr528">and </span><span class="pp-class-234 pa t1122 l52332 ls52330 wtro16836 wtr526 tro16837 tr528">Board </span><span class="pp-class-234 pa t1122 l52333 ls24571 wtro16836 wtr526 tro16837 tr528">of </span><span class="pp-class-234 pa t1122 l52334 ls52335 wtro16836 wtr526 tro16837 tr528">Directors</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK'000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls685">Remuneration </span><span class="pp-class-237 pa t37088 l52336">to </span><span class="pp-class-237 pa t37088 l18331">the </span><span class="pp-class-237 pa t37088 l52337 ls212">Executive </span><span class="pp-class-237 pa t37088 l52338 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52339 l3 ls995">Wages </span><span class="pp-class-236 pa t52339 l52340">and </span><span class="pp-class-236 pa t52339 l52341">salaries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52339 l52342 ls30">14,600</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52339 l52343 ls168">13,358</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52344 l3">Bonus</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52344 l52345">4,153</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52344 l23047 ls532">2,465</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l3 ls1583">Defined </span><span class="pp-class-236 pa t52346 l41567 ls2441">contribution </span><span class="pp-class-236 pa t52346 l41568">pension </span><span class="pp-class-236 pa t52346 l9719">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l52347 ls3292">1,</span></a><span class="pp-class-236 pa t52346 l52348">460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l52349 ls83">1,336</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52350 l3 ls106">Share </span><span class="pp-class-236 pa t52350 l3226">based </span><span class="pp-class-236 pa t52350 l21837 ls1024">payment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52350 l52351 ls37112">7,550</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52350 l52352 ls8548">5,771</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l3">Other </span><span class="pp-class-236 pa t52353 l8396 ls129">employee </span><span class="pp-class-236 pa t52353 l41581">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l52354">411</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l52355 ls197">537</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52356 l3 ls6824">Total </span><span class="pp-class-237 pa t52356 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52356 l52357">to </span><span class="pp-class-237 pa t52356 l2474">the </span><span class="pp-class-237 pa t52356 l52358 ls212">Executive </span><span class="pp-class-237 pa t52356 l52359 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52356 l52360 ls40267">28,174</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52356 l52361 ls995">23,467</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36841 l3 ls2972">Total </span><span class="pp-class-236 pa t36841 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t36841 l52362 ls138">to </span><span class="pp-class-236 pa t36841 l11909">the </span><span class="pp-class-236 pa t36841 l7541 ls181">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36841 l52363 ls664">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36841 l52364 ls664">4,500</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52365 l3 ls2972">Total </span><span class="pp-class-236 pa t52365 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52365 l52362 ls138">to </span><span class="pp-class-236 pa t52365 l11909">the </span><span class="pp-class-236 pa t52365 l7541 ls1790">Audit </span><span class="pp-class-236 pa t52365 l52366 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52365 l52367">500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52365 l52368">500</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52369 l3 ls2972">Total </span><span class="pp-class-236 pa t52369 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52369 l52362 ls138">to </span><span class="pp-class-236 pa t52369 l11909">the </span><span class="pp-class-236 pa t52369 l7541 ls115">Nomination </span><span class="pp-class-236 pa t52369 l52370 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52369 l52371">150</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52369 l52372">150</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52373 l3 ls2972">Total </span><span class="pp-class-236 pa t52373 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52373 l52362 ls138">to </span><span class="pp-class-236 pa t52373 l11909">the </span><span class="pp-class-236 pa t52373 l7541 ls1547">Remuneration </span><span class="pp-class-236 pa t52373 l31803 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51525 l52371">150</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51525 l52372">150</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52374 l3 ls6824">Total </span><span class="pp-class-237 pa t52374 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52374 l52357">to </span><span class="pp-class-237 pa t52374 l2474">the </span><span class="pp-class-237 pa t52374 l52358 ls108">Board </span><span class="pp-class-237 pa t52374 l52375">of </span><span class="pp-class-237 pa t52374 l52376 ls113">Directors</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52374 l52377 ls558">5,300</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52374 l52378 ls558">5,300</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52379 l3 ls6824">Total </span><span class="pp-class-237 pa t52379 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52379 l52357">to </span><span class="pp-class-237 pa t52379 l2474">the </span><span class="pp-class-237 pa t52379 l52358 ls212">Executive </span><span class="pp-class-237 pa t52379 l52359 ls108">Board </span><span class="pp-class-237 pa t52379 l52380">and </span><span class="pp-class-237 pa t52379 l52381 ls108">Board </span><span class="pp-class-237 pa t52379 l52382">of </span><span class="pp-class-237 pa t52379 l52383 ls113">Directors</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52379 l52384 ls667">33</span><a><span class="pp-class-237 pa t52379 l52385 ls3292">,</span></a><span class="pp-class-237 pa t52379 l52386 ls8542">474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52379 l52387 ls4381">28,767</span></a></p></td></tr></table></div></div><div id="pp-id-5427" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52388 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls651">The </span><span class="pp-class-236 pa t38325 l38379 ls1780">termination </span><span class="pp-class-236 pa t38325 l52389 ls1764">period </span><span class="pp-class-236 pa t38325 l52390 ls553">for </span><span class="pp-class-236 pa t38325 l52391 ls651">the </span><span class="pp-class-236 pa t38325 l52392 ls4558">Executive </span><span class="pp-class-236 pa t38325 l52393 ls706">Board </span><span class="pp-class-236 pa t38325 l52394 ls811">is </span><span class="pp-class-236 pa t38325 l52395 ls811">12 </span><span class="pp-class-236 pa t38325 l52396 ls625">months. </span><span class="pp-class-236 pa t38325 l52397 ls4823">Further, </span><span class="pp-class-236 pa t38325 l52398 ls651">the </span><span class="pp-class-236 pa t38325 l52399 ls572">CEO </span><span class="pp-class-236 pa t38325 l52400 ls651">has </span><span class="pp-class-236 pa t38325 l52401 ls544">additional </span><span class="pp-class-236 pa t38325 l48260 ls811">12 </span><span class="pp-class-236 pa t38325 l52402 ls572">months </span><span class="pp-class-236 pa t38337 l3 ls5781">redundancy </span><span class="pp-class-236 pa t38337 l52403 ls548">payment. </span><span class="pp-class-236 pa t38337 l52404 ls811">In </span><span class="pp-class-236 pa t38337 l38928 ls278">connection </span><span class="pp-class-236 pa t38337 l52405 ls2222">with </span><span class="pp-class-236 pa t38337 l52406 ls184">a </span><span class="pp-class-236 pa t38337 l52407 ls1764">change </span><span class="pp-class-236 pa t38337 l52408 ls98">of </span><span class="pp-class-236 pa t38337 l52409 ls7086">control </span><span class="pp-class-236 pa t38337 l52410 ls98">of </span><span class="pp-class-236 pa t38337 l47462 ls572">the </span><span class="pp-class-236 pa t38337 l52411 ls4807">Group, </span><span class="pp-class-236 pa t38337 l52412 ls572">the </span><span class="pp-class-236 pa t38337 l52413 ls2036">members </span><span class="pp-class-236 pa t38337 l52414 ls98">of </span><span class="pp-class-236 pa t38337 l52415 ls572">the </span><span class="pp-class-236 pa t38337 l33606 ls7086">Executive </span><span class="pp-class-236 pa t38356 l3 ls706">Board </span><span class="pp-class-236 pa t38356 l52416 ls651">can </span><span class="pp-class-236 pa t38356 l38777 ls184">– </span><span class="pp-class-236 pa t38356 l52417 ls1764">within </span><span class="pp-class-236 pa t38356 l52418 ls651">the </span><span class="pp-class-236 pa t38356 l52419 ls538">first </span><span class="pp-class-236 pa t38356 l52420 ls184">3 </span><span class="pp-class-236 pa t38356 l52421 ls995">months </span><span class="pp-class-236 pa t38356 l52422 ls98">of </span><span class="pp-class-236 pa t38356 l52423 ls651">the </span><span class="pp-class-236 pa t38356 l52424 ls1186">event </span><span class="pp-class-236 pa t38356 l52425">- </span><span class="pp-class-236 pa t38356 l52426 ls2889">terminate </span><span class="pp-class-236 pa t38356 l52427 ls538">their </span><span class="pp-class-236 pa t38356 l52428 ls1780">employment </span><span class="pp-class-236 pa t38356 l52429 ls2222">with </span><span class="pp-class-236 pa t38356 l52430 ls572">the </span><span class="pp-class-236 pa t38356 l52431 ls2222">same </span><span class="pp-class-236 pa t38356 l52432 ls838">effect </span><span class="pp-class-236 pa t38356 l52433 ls811">as </span><span class="pp-class-236 pa t38356 l52434 ls811">if </span><span class="pp-class-236 pa t38356 l52435 ls184">the </span><span class="pp-class-236 pa t38370 l3 ls551">Company </span><span class="pp-class-236 pa t38370 l52436 ls544">had </span><span class="pp-class-236 pa t38370 l52437 ls838">given </span><span class="pp-class-236 pa t38370 l52438 ls179">notice </span><span class="pp-class-236 pa t38370 l52439 ls98">of </span><span class="pp-class-236 pa t38370 l50945 ls1780">termination </span><span class="pp-class-236 pa t38370 l52440 ls98">of </span><span class="pp-class-236 pa t38370 l52441 ls1780">employment </span><span class="pp-class-236 pa t38370 l52442 ls538">to </span><span class="pp-class-236 pa t38370 l52443 ls651">the </span><span class="pp-class-236 pa t38370 l52444 ls4558">Executive </span><span class="pp-class-236 pa t38370 l52445 ls2197">Board. </span><span class="pp-class-236 pa t38370 l52446 ls1044">Key </span><span class="pp-class-236 pa t38370 l52447 ls30">management </span><span class="pp-class-236 pa t38370 l52448 ls2222">personnel </span><span class="pp-class-236 pa t38598 l3 ls811">is </span><span class="pp-class-236 pa t38598 l40693 ls536">defined </span><span class="pp-class-236 pa t38598 l48561 ls811">as </span><span class="pp-class-236 pa t38598 l52449 ls651">the </span><span class="pp-class-236 pa t38598 l52450 ls4558">Executive </span><span class="pp-class-236 pa t38598 l52451 ls706">Board </span><span class="pp-class-236 pa t38598 l52452 ls562">consisting </span><span class="pp-class-236 pa t38598 l46991 ls98">of </span><span class="pp-class-236 pa t38598 l52453 ls572">CEO </span><span class="pp-class-236 pa t38598 l52454 ls11733">Torben </span><span class="pp-class-236 pa t38598 l52455 ls2036">Carlsen </span><span class="pp-class-236 pa t38598 l52456 ls572">and </span><span class="pp-class-236 pa t38598 l52457 ls94">CFO </span><span class="pp-class-236 pa t38598 l52458 ls3038">Karen </span><span class="pp-class-236 pa t38598 l52459 ls590">Dyrskjøt </span><span class="pp-class-236 pa t38598 l52460 ls1764">Boesen </span><span class="pp-class-236 pa t38598 l52461 ls621">(Karina </span><span class="pp-class-236 pa t38378 l3 ls544">Deacon </span><span class="pp-class-236 pa t38378 l28578 ls536">until </span><span class="pp-class-236 pa t38378 l28753 ls811">30 </span><span class="pp-class-236 pa t38378 l52462 ls2222">June </span><span class="pp-class-236 pa t38378 l48546 ls2889">2024).</span></p></div></div><div id="pp-id-5429" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52508 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls2222">Long-term </span><span class="pp-class-237 pa t40114 l18216 ls2889">incentives</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls651">The </span><span class="pp-class-236 pa t40125 l38379 ls1751">decision </span><span class="pp-class-236 pa t40125 l52511 ls538">to </span><span class="pp-class-236 pa t40125 l52512 ls1687">grant </span><span class="pp-class-236 pa t40125 l52513 ls696">long-term </span><span class="pp-class-236 pa t40125 l41667 ls1780">incentives </span><span class="pp-class-236 pa t40125 l52514 ls811">is </span><span class="pp-class-236 pa t40125 l52515 ls544">made </span><span class="pp-class-236 pa t40125 l52516 ls706">by </span><span class="pp-class-236 pa t40125 l52517 ls572">the </span><span class="pp-class-236 pa t40125 l52518 ls706">Board </span><span class="pp-class-236 pa t40125 l52519 ls98">of </span><span class="pp-class-236 pa t40125 l52520 ls2969">Directors </span><span class="pp-class-236 pa t40125 l52521 ls2222">with </span><span class="pp-class-236 pa t40125 l49081 ls7086">consideration </span><span class="pp-class-236 pa t40125 l52522 ls538">to </span><span class="pp-class-236 pa t40125 l52523 ls811">DFDS' </span><span class="pp-class-236 pa t40137 l3 ls10269">remuneration </span><span class="pp-class-236 pa t40137 l46084 ls758">policy </span><span class="pp-class-236 pa t40137 l52524 ls110">approved </span><span class="pp-class-236 pa t40137 l52525 ls706">by </span><span class="pp-class-236 pa t40137 l52526 ls651">the </span><span class="pp-class-236 pa t40137 l52527 ls1764">Annual </span><span class="pp-class-236 pa t40137 l52528 ls556">General </span><span class="pp-class-236 pa t40137 l52529 ls278">Meeting. </span><span class="pp-class-236 pa t40137 l52530 ls2222">With </span><span class="pp-class-236 pa t40137 l52531 ls838">effect </span><span class="pp-class-236 pa t40137 l52532 ls877">from </span><span class="pp-class-236 pa t40137 l52533 ls2222">2021 </span><span class="pp-class-236 pa t40137 l52534 ls572">the </span><span class="pp-class-236 pa t40137 l52535 ls696">long-term </span><span class="pp-class-236 pa t40137 l52536 ls724">incentives </span><span class="pp-class-236 pa t40150 l3 ls553">for </span><span class="pp-class-236 pa t40150 l43533 ls651">the </span><span class="pp-class-236 pa t40150 l52537 ls4558">Executive </span><span class="pp-class-236 pa t40150 l16848 ls706">Board </span><span class="pp-class-236 pa t40150 l52538 ls651">and </span><span class="pp-class-236 pa t40150 l48935 ls4284">key </span><span class="pp-class-236 pa t40150 l52539 ls1463">employees </span><span class="pp-class-236 pa t40150 l52540 ls2036">consist </span><span class="pp-class-236 pa t40150 l52541 ls98">of </span><span class="pp-class-236 pa t40150 l52542 ls556">two </span><span class="pp-class-236 pa t40150 l52543 ls524">components, </span><span class="pp-class-236 pa t40150 l52544 ls706">Share </span><span class="pp-class-236 pa t40150 l52545 ls546">options </span><span class="pp-class-236 pa t40150 l52546 ls651">and </span><span class="pp-class-236 pa t40150 l52547 ls551">Restricted </span><span class="pp-class-236 pa t40150 l52548 ls1780">Share </span><span class="pp-class-236 pa t40161 l3 ls538">Units </span><span class="pp-class-236 pa t40161 l52549 ls551">(RSUs) </span><span class="pp-class-236 pa t40161 l52550 ls706">where </span><span class="pp-class-236 pa t40161 l52551 ls651">the </span><span class="pp-class-236 pa t40161 l52552 ls11726">award </span><span class="pp-class-236 pa t40161 l34336 ls811">is </span><span class="pp-class-236 pa t40161 l52553 ls538">split </span><span class="pp-class-236 pa t40161 l52554 ls538">50/50 </span><span class="pp-class-236 pa t40161 l46350 ls538">based </span><span class="pp-class-236 pa t40161 l52555 ls811">on </span><span class="pp-class-236 pa t40161 l52556 ls2197">value </span><span class="pp-class-236 pa t40161 l52557 ls811">as </span><span class="pp-class-236 pa t40161 l52558 ls572">per </span><span class="pp-class-236 pa t40161 l52559 ls1687">grant </span><span class="pp-class-236 pa t40161 l48882 ls1815">date. </span><span class="pp-class-236 pa t40161 l52400 ls811">In </span><span class="pp-class-236 pa t40161 l52560 ls2222">2023 </span><span class="pp-class-236 pa t40161 l52561 ls184">a </span><span class="pp-class-236 pa t40161 l52562 ls1792">further </span><span class="pp-class-236 pa t40161 l52563 ls706">group </span><span class="pp-class-236 pa t40161 l52564 ls98">of </span><span class="pp-class-236 pa t40161 l52565 ls3681">key </span><span class="pp-class-236 pa t47589 l3 ls1463">employees </span><span class="pp-class-236 pa t47589 l28773 ls2258">were </span><span class="pp-class-236 pa t47589 l52566 ls2270">granted </span><span class="pp-class-236 pa t47589 l52567 ls696">long-term </span><span class="pp-class-236 pa t47589 l52568 ls1780">incentives </span><span class="pp-class-236 pa t47589 l52569 ls811">in </span><span class="pp-class-236 pa t47589 l52570 ls572">the </span><span class="pp-class-236 pa t47589 l52208 ls553">form </span><span class="pp-class-236 pa t47589 l49939 ls98">of </span><span class="pp-class-236 pa t47589 l52571 ls590">RSUs. </span><span class="pp-class-236 pa t47589 l52572 ls651">All </span><span class="pp-class-236 pa t47589 l52573 ls524">components </span><span class="pp-class-236 pa t47589 l52574 ls8048">vest </span><span class="pp-class-236 pa t47589 l52575 ls811">on </span><span class="pp-class-236 pa t47589 l52576 ls184">a </span><span class="pp-class-236 pa t47589 l52577 ls4276">straight-line </span><span class="pp-class-236 pa t47589 l52578 ls811">basis </span><span class="pp-class-236 pa t40167 l3 ls3234">over </span><span class="pp-class-236 pa t40167 l45566 ls706">three </span><span class="pp-class-236 pa t40167 l52579 ls838">years </span><span class="pp-class-236 pa t40167 l52580 ls877">from </span><span class="pp-class-236 pa t40167 l52581 ls651">the </span><span class="pp-class-236 pa t40167 l52582 ls7086">date </span><span class="pp-class-236 pa t40167 l52583 ls98">of </span><span class="pp-class-236 pa t40167 l52584 ls2889">grant. </span><span class="pp-class-236 pa t40167 l52585 ls2036">Special </span><span class="pp-class-236 pa t40167 l52586 ls562">conditions </span><span class="pp-class-236 pa t40167 l52587 ls7468">apply </span><span class="pp-class-236 pa t40167 l52588 ls4017">regarding </span><span class="pp-class-236 pa t40167 l52589 ls2036">illness </span><span class="pp-class-236 pa t40167 l52590 ls572">and </span><span class="pp-class-236 pa t40167 l52591 ls758">death </span><span class="pp-class-236 pa t40167 l40334 ls572">and </span><span class="pp-class-236 pa t40167 l52592 ls811">if </span><span class="pp-class-236 pa t40167 l52593 ls572">the </span><span class="pp-class-236 pa t40167 l52594 ls608">capital </span><span class="pp-class-236 pa t40178 l3 ls2197">structure </span><span class="pp-class-236 pa t40178 l52595 ls98">of </span><span class="pp-class-236 pa t40178 l28222 ls651">the </span><span class="pp-class-236 pa t40178 l52596 ls2687">Parent </span><span class="pp-class-236 pa t40178 l39480 ls551">company </span><span class="pp-class-236 pa t40178 l52597 ls811">is </span><span class="pp-class-236 pa t40178 l29828 ls1751">changed. </span><span class="pp-class-236 pa t40178 l52598 ls706">Share </span><span class="pp-class-236 pa t40178 l38875 ls546">options </span><span class="pp-class-236 pa t40178 l52599 ls651">and </span><span class="pp-class-236 pa t40178 l52600 ls1369">RSUs </span><span class="pp-class-236 pa t40178 l52601 ls2270">granted </span><span class="pp-class-236 pa t40178 l52602 ls572">can </span><span class="pp-class-236 pa t40178 l52603 ls847">only </span><span class="pp-class-236 pa t40178 l52604 ls811">be </span><span class="pp-class-236 pa t40178 l52605 ls8048">settled </span><span class="pp-class-236 pa t40178 l52606 ls2222">with </span><span class="pp-class-236 pa t40178 l52607 ls548">shares. </span><span class="pp-class-236 pa t40187 l3 ls184">A </span><span class="pp-class-236 pa t40187 l45104 ls875">part </span><span class="pp-class-236 pa t40187 l52608 ls98">of </span><span class="pp-class-236 pa t40187 l40282 ls572">the </span><span class="pp-class-236 pa t40187 l52609 ls168">treasury </span><span class="pp-class-236 pa t40187 l52610 ls2197">shares </span><span class="pp-class-236 pa t40187 l52611 ls811">is </span><span class="pp-class-236 pa t40187 l52612 ls681">reserved </span><span class="pp-class-236 pa t40187 l52613 ls553">for </span><span class="pp-class-236 pa t40187 l52614 ls667">settling </span><span class="pp-class-236 pa t40187 l52615 ls572">the </span><span class="pp-class-236 pa t40187 l52616 ls546">outstanding </span><span class="pp-class-236 pa t40187 l52617 ls706">share </span><span class="pp-class-236 pa t40187 l52618 ls278">options, </span><span class="pp-class-236 pa t40187 l52619 ls1369">RSUs </span><span class="pp-class-236 pa t40187 l52620 ls651">and </span><span class="pp-class-236 pa t40187 l52621 ls530">phantom </span><span class="pp-class-236 pa t40187 l52622 ls2197">shares.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40213 l3 ls168">Share </span><span class="pp-class-237 pa t40213 l9782 ls995">options</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls706">Share </span><span class="pp-class-236 pa t47935 l52623 ls546">options </span><span class="pp-class-236 pa t47935 l52624 ls110">have </span><span class="pp-class-236 pa t47935 l52625 ls2222">been </span><span class="pp-class-236 pa t47935 l52626 ls2270">granted </span><span class="pp-class-236 pa t47935 l52627 ls538">to </span><span class="pp-class-236 pa t47935 l52628 ls651">the </span><span class="pp-class-236 pa t47935 l52629 ls4558">Executive </span><span class="pp-class-236 pa t47935 l52630 ls706">Board </span><span class="pp-class-236 pa t47935 l52631 ls572">and </span><span class="pp-class-236 pa t47935 l52632 ls4284">key </span><span class="pp-class-236 pa t47935 l17902 ls7086">employees. </span><span class="pp-class-236 pa t47935 l52633 ls3855">Each </span><span class="pp-class-236 pa t47935 l52634 ls706">share </span><span class="pp-class-236 pa t47935 l52635 ls179">option </span><span class="pp-class-236 pa t47935 l52636 ls838">gives </span><span class="pp-class-236 pa t47935 l52637 ls184">the </span><span class="pp-class-236 pa t40221 l3 ls1764">holder </span><span class="pp-class-236 pa t40221 l52638 ls98">of </span><span class="pp-class-236 pa t40221 l13313 ls572">the </span><span class="pp-class-236 pa t40221 l52511 ls179">option </span><span class="pp-class-236 pa t40221 l52639 ls651">the </span><span class="pp-class-236 pa t40221 l52640 ls536">right </span><span class="pp-class-236 pa t40221 l52641 ls538">to </span><span class="pp-class-236 pa t40221 l52642 ls877">acquire </span><span class="pp-class-236 pa t40221 l52643 ls651">one </span><span class="pp-class-236 pa t40221 l52644 ls3855">existing </span><span class="pp-class-236 pa t40221 l52645 ls706">share </span><span class="pp-class-236 pa t40221 l52646 ls811">in </span><span class="pp-class-236 pa t40221 l52647 ls651">the </span><span class="pp-class-236 pa t40221 l52648 ls2687">Parent </span><span class="pp-class-236 pa t40221 l52649 ls551">company </span><span class="pp-class-236 pa t40221 l52650 ls98">of </span><span class="pp-class-236 pa t40221 l52651 ls2036">nominal </span><span class="pp-class-236 pa t40221 l52652 ls572">DKK </span><span class="pp-class-236 pa t40221 l52653 ls1039">20. </span><span class="pp-class-236 pa t40221 l52654 ls572">The </span><span class="pp-class-236 pa t40221 l52655 ls1780">share </span><span class="pp-class-236 pa t40233 l3 ls179">option </span><span class="pp-class-236 pa t40233 l52656 ls2036">schemes </span><span class="pp-class-236 pa t40233 l52657 ls538">equal </span><span class="pp-class-236 pa t40233 l23335 ls184">a </span><span class="pp-class-236 pa t40233 l31312 ls536">right </span><span class="pp-class-236 pa t40233 l52658 ls538">to </span><span class="pp-class-236 pa t40233 l52659 ls877">acquire </span><span class="pp-class-236 pa t40233 l52660 ls3292">2.9% </span><span class="pp-class-236 pa t40233 l52661 ls98">of </span><span class="pp-class-236 pa t40233 l25845 ls572">the </span><span class="pp-class-236 pa t40233 l52662 ls706">share </span><span class="pp-class-236 pa t40233 l52663 ls524">capital </span><span class="pp-class-236 pa t40233 l52664 ls667">(2024: </span><span class="pp-class-236 pa t40233 l52665 ls2270">2.3%) </span><span class="pp-class-236 pa t40233 l52666 ls811">if </span><span class="pp-class-236 pa t40233 l52667 ls651">all </span><span class="pp-class-236 pa t40233 l52668 ls8048">remaining </span><span class="pp-class-236 pa t40233 l52669 ls706">share </span><span class="pp-class-236 pa t40233 l52670 ls1369">options </span><span class="pp-class-236 pa t40241 l3 ls2808">are </span><span class="pp-class-236 pa t40241 l38371 ls2258">exercised.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40247 l3 ls706">Share </span><span class="pp-class-236 pa t40247 l52623 ls546">options </span><span class="pp-class-236 pa t40247 l52624 ls2258">were </span><span class="pp-class-236 pa t40247 l49402 ls2270">granted </span><span class="pp-class-236 pa t40247 l52671 ls811">in </span><span class="pp-class-236 pa t40247 l52672 ls995">2016-2020 </span><span class="pp-class-236 pa t40247 l52673 ls2197">at </span><span class="pp-class-236 pa t40247 l52674 ls811">an </span><span class="pp-class-236 pa t40247 l52675 ls11592">exercise </span><span class="pp-class-236 pa t40247 l52676 ls538">price </span><span class="pp-class-236 pa t40247 l52677 ls538">equal </span><span class="pp-class-236 pa t40247 l52678 ls538">to </span><span class="pp-class-236 pa t40247 l52679 ls651">the </span><span class="pp-class-236 pa t40247 l52680 ls2894">average </span><span class="pp-class-236 pa t40247 l52681 ls706">share </span><span class="pp-class-236 pa t40247 l52682 ls538">price </span><span class="pp-class-236 pa t40247 l52683 ls98">of </span><span class="pp-class-236 pa t40247 l52684 ls651">the </span><span class="pp-class-236 pa t40247 l52685 ls2270">Parent </span><span class="pp-class-236 pa t40265 l3 ls2969">company’s </span><span class="pp-class-236 pa t40265 l52686 ls2197">shares </span><span class="pp-class-236 pa t40265 l52687 ls811">20 </span><span class="pp-class-236 pa t40265 l52688 ls2245">days </span><span class="pp-class-236 pa t40265 l45942 ls2808">before </span><span class="pp-class-236 pa t40265 l52689 ls651">the </span><span class="pp-class-236 pa t40265 l5322 ls1687">grant </span><span class="pp-class-236 pa t40265 l52690 ls2222">with </span><span class="pp-class-236 pa t40265 l52691 ls811">an </span><span class="pp-class-236 pa t40265 l52692 ls544">addition </span><span class="pp-class-236 pa t40265 l52693 ls98">of </span><span class="pp-class-236 pa t40265 l51752 ls544">10%. </span><span class="pp-class-236 pa t40265 l52694 ls706">Share </span><span class="pp-class-236 pa t40265 l52695 ls546">options </span><span class="pp-class-236 pa t40265 l52696 ls2808">are </span><span class="pp-class-236 pa t40265 l52697 ls2270">granted </span><span class="pp-class-236 pa t40265 l52698 ls811">in </span><span class="pp-class-236 pa t40265 l52699 ls2222">2021 </span><span class="pp-class-236 pa t40265 l52700 ls184">and </span><span class="pp-class-236 pa t40281 l3 ls556">later </span><span class="pp-class-236 pa t40281 l52701 ls2197">at </span><span class="pp-class-236 pa t40281 l17341 ls811">an </span><span class="pp-class-236 pa t40281 l45247 ls11592">exercise </span><span class="pp-class-236 pa t40281 l52702 ls538">price </span><span class="pp-class-236 pa t40281 l52703 ls538">equal </span><span class="pp-class-236 pa t40281 l52704 ls538">to </span><span class="pp-class-236 pa t40281 l52705 ls572">the </span><span class="pp-class-236 pa t40281 l52706 ls2894">average </span><span class="pp-class-236 pa t40281 l52707 ls706">share </span><span class="pp-class-236 pa t40281 l45574 ls538">price </span><span class="pp-class-236 pa t40281 l52708 ls98">of </span><span class="pp-class-236 pa t40281 l52709 ls651">the </span><span class="pp-class-236 pa t40281 l50171 ls2687">Parent </span><span class="pp-class-236 pa t40281 l52710 ls2969">company’s </span><span class="pp-class-236 pa t40281 l52711 ls2197">shares </span><span class="pp-class-236 pa t40281 l52712 ls8048">five </span><span class="pp-class-236 pa t40281 l52713 ls2245">days </span><span class="pp-class-236 pa t40281 l52714 ls168">after </span><span class="pp-class-236 pa t40281 l52715 ls184">the </span><span class="pp-class-236 pa t40296 l3 ls556">release </span><span class="pp-class-236 pa t40296 l39210 ls98">of </span><span class="pp-class-236 pa t40296 l31440 ls651">the </span><span class="pp-class-236 pa t40296 l52716 ls811">Q4 </span><span class="pp-class-236 pa t40296 l52717 ls168">report </span><span class="pp-class-236 pa t40296 l52718 ls2222">with </span><span class="pp-class-236 pa t40296 l47994 ls811">an </span><span class="pp-class-236 pa t40296 l52719 ls544">addition </span><span class="pp-class-236 pa t40296 l52720 ls98">of </span><span class="pp-class-236 pa t40296 l52721 ls544">10%.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40320 l3 ls651">The </span><span class="pp-class-236 pa t40320 l38379 ls706">share </span><span class="pp-class-236 pa t40320 l52722 ls546">options </span><span class="pp-class-236 pa t40320 l46193 ls651">can </span><span class="pp-class-236 pa t40320 l37754 ls811">be </span><span class="pp-class-236 pa t40320 l52723 ls2258">exercised </span><span class="pp-class-236 pa t40320 l52724 ls2222">when </span><span class="pp-class-236 pa t40320 l46482 ls184">a </span><span class="pp-class-236 pa t40320 l52725 ls2036">minimum </span><span class="pp-class-236 pa t40320 l52726 ls98">of </span><span class="pp-class-236 pa t40320 l52727 ls706">three </span><span class="pp-class-236 pa t40320 l52728 ls838">years </span><span class="pp-class-236 pa t40320 l52729 ls651">and </span><span class="pp-class-236 pa t40320 l52730 ls184">a </span><span class="pp-class-236 pa t40320 l52731 ls2036">maximum </span><span class="pp-class-236 pa t40320 l52732 ls98">of </span><span class="pp-class-236 pa t40320 l52733 ls8048">five </span><span class="pp-class-236 pa t40320 l52734 ls838">years </span><span class="pp-class-236 pa t40320 l52735 ls110">have </span><span class="pp-class-236 pa t40320 l52736 ls651">elapsed </span><span class="pp-class-236 pa t49458 l3 ls538">since </span><span class="pp-class-236 pa t49458 l52737 ls651">the </span><span class="pp-class-236 pa t49458 l52738 ls1687">grant </span><span class="pp-class-236 pa t49458 l31383 ls556">dates.</span></p></div></div><div id="pp-id-5430" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52739 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52742 ls212">Executive </span><span class="pp-class-237 pa t52740 l52743 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52744 ls3084">Key </span><span class="pp-class-237 pa t52740 l52745 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t42088 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t42087 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t42087 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52741 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52741 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52740 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l33898 ls3141">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52754 ls8048">Average </span><span class="pp-class-237 pa t42088 l52755 ls551">exercise</span><span class="pp-class-237 pa t42087 l52756">price </span><span class="pp-class-237 pa t42087 l44609">per </span><span class="pp-class-237 pa t52741 l52757 ls1098">option </span><span class="pp-class-237 pa t52740 l52758">DKK</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52761 ls3124">339,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52762 ls15306">755,479</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52763 ls849">218,987</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52759 l52764 ls570">1,314,242</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52765 ls11050">290.07</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52769 ls6270">-210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52770 ls3084">210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52766 l52771">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52772 ls1775">283.09</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l17929 ls2081">264,647</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l52776 ls2363">475,641</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52777 ls3292">151,728</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l52778 ls574">892,016</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52779 ls8367">116.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls1661">Expired </span><span class="pp-class-236 pa t52780 l52781">during </span><span class="pp-class-236 pa t52780 l52782">the </span><span class="pp-class-236 pa t52780 l52783 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52784 ls546">-101,678</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52785 ls164">-142,481</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52786 ls2245">-166,916</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l52787 ls758">-411,075</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52788 ls30">314.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52789 l52790">during </span><span class="pp-class-236 pa t52789 l52791">the </span><span class="pp-class-236 pa t52789 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52792">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52793 ls33">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52789 l52794 ls234">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52795 ls18385">207.08</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l3">Outstanding </span><span class="pp-class-237 pa t52796 l52797 ls2222">at </span><span class="pp-class-237 pa t52796 l52798">31 </span><span class="pp-class-237 pa t52796 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52800 ls3351">502,745</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52801 ls4630">878,000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52802 ls536">233,031</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52803 ls749">1,613,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52804 ls1054">197.65</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l3 ls8367">Of </span><span class="pp-class-236 pa t52805 l52806 ls2846">this </span><span class="pp-class-236 pa t52805 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52805 l52808 ls2813">at </span><span class="pp-class-236 pa t52805 l52809 ls7433">the </span><span class="pp-class-236 pa t52805 l52810 ls7433">end </span><span class="pp-class-236 pa t52805 l49165 ls3292">of </span><span class="pp-class-236 pa t52805 l52811 ls7433">the </span><span class="pp-class-236 pa t52805 l52812 ls6276">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l21565 ls13284">80,536</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52813 ls771">114,451</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52814 ls138">82,109</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52805 l41219 ls913">277,096</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52815 ls168">323.34</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52817"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52818"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52819"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52820"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52821 l40478 ls811">202</span></a><span class="pp-class-236 pa t52821 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52822 l3">Number </span><span class="pp-class-236 pa t52822 l3212 ls118">of </span><span class="pp-class-236 pa t52822 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52742 ls212">Executive </span><span class="pp-class-237 pa t52822 l52743 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52744 ls3084">Key </span><span class="pp-class-237 pa t52822 l52745 ls967">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t52825 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t52826 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t52826 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52823 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52823 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52822 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52822 l33898 ls3141">Total</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52754 ls8048">Average </span><span class="pp-class-237 pa t52825 l52755 ls551">exercise</span><span class="pp-class-237 pa t52826 l52756">price </span><span class="pp-class-237 pa t52826 l44609">per </span><span class="pp-class-237 pa t52823 l52757 ls1098">option </span><span class="pp-class-237 pa t52822 l52758">DKK</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52827 l37250 ls2368">at </span><span class="pp-class-236 pa t52827 l52760">1 </span><span class="pp-class-236 pa t52827 l40710 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l28444 ls28039">417,534</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52828 ls572">552,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52829 ls184">153,263</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52827 l52830 ls592">1,123,604</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52831 ls847">315.93</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52832 l19346 ls1707">between </span><span class="pp-class-236 pa t52832 l52767 ls1031">categories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l34067 ls544">-128,040</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52833 ls1815">-20,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52834 ls2197">148,482</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52832 l52771">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52835 ls847">306.61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l3 ls570">Granted </span><span class="pp-class-236 pa t52836 l52774">during </span><span class="pp-class-236 pa t52836 l52775">the </span><span class="pp-class-236 pa t52836 l28606 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l36528 ls667">113,932</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52837 ls773">292,783</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52838">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52836 l52839 ls2855">406,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52840 ls1775">238.00</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l3 ls1661">Expired </span><span class="pp-class-236 pa t52841 l52781">during </span><span class="pp-class-236 pa t52841 l52782">the </span><span class="pp-class-236 pa t52841 l52783 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52842 ls667">-63,650</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52843 ls847">-69,669</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52844 ls4807">-69,898</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52841 l52845 ls4793">-203,217</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52846 ls3540">330.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52847 l52790">during </span><span class="pp-class-236 pa t52847 l52791">the </span><span class="pp-class-236 pa t52847 l43964 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52768">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52792">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52848 ls184">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52847 l52849 ls1547">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52850">261.25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l3">Outstanding </span><span class="pp-class-237 pa t52851 l52797 ls2222">at </span><span class="pp-class-237 pa t52851 l52798">31 </span><span class="pp-class-237 pa t52851 l52799">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52852 ls3298">339,776</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52853 ls10811">775,479</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52854 ls179">218,987</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52764 ls570">1,314,242</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52855 ls13284">290.07</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l3 ls8367">Of </span><span class="pp-class-236 pa t52856 l52806 ls2846">this </span><span class="pp-class-236 pa t52856 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52856 l52808 ls2813">at </span><span class="pp-class-236 pa t52856 l52809 ls7433">the </span><span class="pp-class-236 pa t52856 l52810 ls7433">end </span><span class="pp-class-236 pa t52856 l49165 ls3292">of </span><span class="pp-class-236 pa t52856 l52811 ls7433">the </span><span class="pp-class-236 pa t52856 l52812 ls6276">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52857 ls11726">138,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52858 ls667">266,839</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52859 ls17762">167,595</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52856 l52860 ls556">573,149</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52861 ls2855">310.80</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52862 l3 ls651">The </span><span class="pp-class-236 pa t52862 l38379 ls706">share </span><span class="pp-class-236 pa t52862 l52722 ls546">options </span><span class="pp-class-236 pa t52862 l46193 ls2270">granted </span><span class="pp-class-236 pa t52862 l52863 ls811">in </span><span class="pp-class-236 pa t52862 l52864 ls2222">2025 </span><span class="pp-class-236 pa t52862 l52865 ls544">had </span><span class="pp-class-236 pa t52862 l52866 ls184">a </span><span class="pp-class-236 pa t52862 l45731 ls553">fair </span><span class="pp-class-236 pa t52862 l52867 ls2197">value </span><span class="pp-class-236 pa t52862 l52868 ls98">of </span><span class="pp-class-236 pa t52862 l52869 ls572">DKK </span><span class="pp-class-236 pa t52862 l52870 ls11961">17.4m </span><span class="pp-class-236 pa t52862 l52871 ls667">(2024: </span><span class="pp-class-236 pa t52862 l52872 ls651">DKK </span><span class="pp-class-236 pa t52862 l52873 ls4780">13.4m), </span><span class="pp-class-236 pa t52862 l52874 ls538">equal </span><span class="pp-class-236 pa t52862 l52875 ls538">to </span><span class="pp-class-236 pa t52862 l52876 ls811">an </span><span class="pp-class-236 pa t52862 l52877 ls2894">average </span><span class="pp-class-236 pa t52862 l52878 ls670">fair </span><span class="pp-class-236 pa t52879 l3 ls2197">value </span><span class="pp-class-236 pa t52879 l43398 ls651">per </span><span class="pp-class-236 pa t52879 l1403 ls179">option </span><span class="pp-class-236 pa t52879 l52880 ls98">of </span><span class="pp-class-236 pa t52879 l52881 ls572">DKK </span><span class="pp-class-236 pa t52879 l52882 ls17606">20.14 </span><span class="pp-class-236 pa t52879 l11436 ls667">(2024: </span><span class="pp-class-236 pa t52879 l11201 ls651">DKK </span><span class="pp-class-236 pa t52879 l52883 ls2846">33.03).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52884 l3 ls811">No </span><span class="pp-class-236 pa t52884 l40356 ls706">share </span><span class="pp-class-236 pa t52884 l45661 ls546">options </span><span class="pp-class-236 pa t52884 l36316 ls110">have </span><span class="pp-class-236 pa t52884 l52885 ls2222">been </span><span class="pp-class-236 pa t52884 l52886 ls2258">exercised </span><span class="pp-class-236 pa t52884 l36411 ls1764">during </span><span class="pp-class-236 pa t52884 l52887 ls2222">2025 </span><span class="pp-class-236 pa t52884 l52888 ls667">(2024: </span><span class="pp-class-236 pa t52884 l52889 ls2222">nil).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52890 l3 ls1747 wtro3142 wtr1091 tro3144 tr1093">Vesting </span><span class="pp-class-236 pa t52890 l52891 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t52890 l41235 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52890 l52892 ls13 wtro3142 wtr1091 tro3144 tr1093">options </span><span class="pp-class-236 pa t52890 l52893 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t52890 l52894 ls203 wtro3142 wtr1091 tro3144 tr1093">expensed </span><span class="pp-class-236 pa t52890 l52895 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t52890 l52896 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52890 l52897 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t52890 l52898 ls73 wtro3142 wtr1091 tro3144 tr1093">statement </span><span class="pp-class-236 pa t52890 l52899 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52890 l52900 wtro3142 wtr1091 tro3144 tr1093">2025 </span><span class="pp-class-236 pa t52890 l52901 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t52890 l52902 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52903 ls26 wtro3142 wtr1091 tro3144 tr1093">11m </span><span class="pp-class-236 pa t52890 l52904 ls685 wtro3142 wtr1091 tro3144 tr1093">(2024: </span><span class="pp-class-236 pa t52890 l52905 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52906 ls138 wtro3142 wtr1091 tro3144 tr1093">10m). </span><span class="pp-class-236 pa t52890 l52907 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l3 ls135 wtro3142 wtr1091 tro3144 tr1093">calculated </span><span class="pp-class-236 pa t52908 l52909 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t52908 l52910 ls1024 wtro3142 wtr1091 tro3144 tr1093">values </span><span class="pp-class-236 pa t52908 l52911 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t52908 l52912 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t52908 l52913 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t52908 l52914 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52908 l52915 ls234 wtro3142 wtr1091 tro3144 tr1093">Black-Scholes </span><span class="pp-class-236 pa t52908 l52916 ls85 wtro3142 wtr1091 tro3144 tr1093">formula </span><span class="pp-class-236 pa t52908 l52917 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52908 l52918 wtro3142 wtr1091 tro3144 tr1093">measuring </span><span class="pp-class-236 pa t52908 l52919 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52908 l52920 ls1535 wtro3142 wtr1091 tro3144 tr1093">options. </span><span class="pp-class-236 pa t52908 l52921 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l52922 ls101 wtro3142 wtr1091 tro3144 tr1093">outstanding </span><span class="pp-class-236 pa t52923 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">options </span><span class="pp-class-236 pa t52923 l52924 ls590 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t52923 l52925 ls590 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-236 pa t52923 l52926 ls4630 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-236 pa t52923 l52927 ls558 wtro3142 wtr3143 tro3144 tr3145">2025 </span><span class="pp-class-236 pa t52923 l47237 ls3154 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t52923 l52928 ls590 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t52923 l52929 ls17589 wtro3142 wtr3143 tro3144 tr3145">average </span><span class="pp-class-236 pa t52923 l52930 ls2687 wtro3142 wtr3143 tro3144 tr3145">weighted </span><span class="pp-class-236 pa t52923 l52931 ls849 wtro3142 wtr3143 tro3144 tr3145">remaining </span><span class="pp-class-236 pa t52923 l52932 ls110 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t52923 l52933 ls558 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t52923 l52934 ls995 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t52923 l52935 ls1957 wtro3142 wtr3143 tro3144 tr3145">3.2 </span><span class="pp-class-236 pa t52923 l52936 ls884 wtro3142 wtr3143 tro3144 tr3145">years </span><span class="pp-class-236 pa t52923 l52937 ls2808 wtro3142 wtr3143 tro3144 tr3145">(2024: </span><span class="pp-class-236 pa t52923 l52938 ls530 wtro3142 wtr3143 tro3144 tr3145">2.2 </span><span class="pp-class-236 pa t52923 l52939 ls847 wtro3142 wtr3143 tro3144 tr3145">years).</span></p></div></div><div id="pp-id-5431" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52941 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span><span class="pp-class-235 pa t1122 l52942"/><span class="pp-class-235 pa t1122 l52943 ls938">(continued)</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3 ls91">Assumptions </span><span class="pp-class-236 pa t37084 l52944">concerning </span><span class="pp-class-236 pa t37084 l17969">the </span><span class="pp-class-236 pa t37084 l52945 ls85">calculation </span><span class="pp-class-236 pa t37084 l52946 ls118">of </span><span class="pp-class-236 pa t37084 l52947 ls1031">fair </span><span class="pp-class-236 pa t37084 l52948 ls129">value </span><span class="pp-class-236 pa t37084 l52949 ls2368">at </span><span class="pp-class-236 pa t37084 l36502">time </span><span class="pp-class-236 pa t37084 l52950 ls118">of </span><span class="pp-class-236 pa t37084 l52951 ls252">grant:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52952 l3 ls3167">Year </span><span class="pp-class-237 pa t52952 l52953">of </span><span class="pp-class-237 pa t52952 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52955 ls181">Exercise </span><span class="pp-class-237 pa t52952 l28077">price</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52957 ls2368">Market </span><span class="pp-class-237 pa t52954 l52958">price </span><span class="pp-class-237 pa t52954 l52959 ls2222">at </span><span class="pp-class-237 pa t52952 l41518 ls1790">grant </span><span class="pp-class-237 pa t52952 l52960 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52961 ls118">Expected </span><span class="pp-class-237 pa t52952 l52962 ls875">volatility</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52963 ls661">Risk-free </span><span class="pp-class-237 pa t52954 l52964 ls113">interest </span><span class="pp-class-237 pa t52952 l52965 ls4248">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l52966 ls118">Expected </span><span class="pp-class-237 pa t52967 l52968">annual</span><span class="pp-class-237 pa t52969 l52970">dividends </span><span class="pp-class-237 pa t52956 l52971">per </span><span class="pp-class-237 pa t52956 l52972 ls108">share </span><span class="pp-class-237 pa t52954 l52973">(DKK) </span><span class="pp-class-237 pa t52954 l52974 ls2222">at </span><span class="pp-class-237 pa t52952 l52975 ls1790">grant </span><span class="pp-class-237 pa t52952 l52976 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52977 ls118">Expected </span><span class="pp-class-237 pa t52952 l52978">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52969 l52979 ls1535">Fair </span><span class="pp-class-237 pa t52969 l52980 ls106">value </span><span class="pp-class-237 pa t52956 l52981">per </span><span class="pp-class-237 pa t52956 l52982 ls1098">option </span><span class="pp-class-237 pa t52954 l52983 ls2222">at </span><span class="pp-class-237 pa t52954 l52984">time </span><span class="pp-class-237 pa t52954 l52985">of </span><span class="pp-class-237 pa t52952 l52986 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52988 ls1547">116</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l50106 ls621">103.30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52989 ls131">34.38%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52990 ls98">1.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52991 ls2207">1.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52992">3 </span><span class="pp-class-236 pa t52987 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l52994 ls3139">20</span><a><span class="pp-class-236 pa t52987 l52995">.</span></a><span class="pp-class-236 pa t52987 l52996 ls696">14</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52998">238</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52999 ls8468">217.60</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53000 ls1775">33.06%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53001 ls664">2.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53002 ls3351">9.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52992">3 </span><span class="pp-class-236 pa t52997 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53003 ls2081">33.03</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53005">292</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l21898 ls5202">269.40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53006 ls1775">38.66%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l45063 ls2924">2.79%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53007 ls3197">9.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l52992">3 </span><span class="pp-class-236 pa t53004 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53008 ls8384">55.59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l3">2022</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l1408">344</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53010 ls9737">307.20 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l7478 ls651">34.60%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53011 ls544">-0.19%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53012 ls995">12.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53013"/><span class="pp-class-236 pa t53009 l52992">3 </span><span class="pp-class-236 pa t53009 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53014 ls131">41.38 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l3">2021</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53016">301</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53017 ls572">271.00 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53018 ls1574">34.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l49381 ls13284">-0.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53019 ls3154">6.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53013"/><span class="pp-class-236 pa t53015 l52992">3 </span><span class="pp-class-236 pa t53015 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53020 ls651">42.66 </span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53021 l3 ls651">The </span><span class="pp-class-236 pa t53021 l38379 ls5781">expected </span><span class="pp-class-236 pa t53021 l53022 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53023 ls553">for </span><span class="pp-class-236 pa t53021 l53024 ls2222">2021 </span><span class="pp-class-236 pa t53021 l9944 ls538">to </span><span class="pp-class-236 pa t53021 l17891 ls2222">2025 </span><span class="pp-class-236 pa t53021 l18471 ls811">is </span><span class="pp-class-236 pa t53021 l53025 ls538">based </span><span class="pp-class-236 pa t53021 l53026 ls811">on </span><span class="pp-class-236 pa t53021 l53027 ls651">the </span><span class="pp-class-236 pa t53021 l53028 ls179">historical </span><span class="pp-class-236 pa t53021 l53029 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53030 ls553">for </span><span class="pp-class-236 pa t53021 l53031 ls651">the </span><span class="pp-class-236 pa t53021 l53032 ls2222">past </span><span class="pp-class-236 pa t53021 l53033 ls706">three </span><span class="pp-class-236 pa t53021 l53034 ls758">years. </span><span class="pp-class-236 pa t53021 l53035 ls651">The </span><span class="pp-class-236 pa t53021 l53036 ls9950">risk-</span><span class="pp-class-236 pa t53037 l3 ls877">free </span><span class="pp-class-236 pa t53037 l53038 ls706">interest </span><span class="pp-class-236 pa t53037 l53039 ls8384">rate </span><span class="pp-class-236 pa t53037 l38493 ls811">is </span><span class="pp-class-236 pa t53037 l53040 ls538">based </span><span class="pp-class-236 pa t53037 l31083 ls811">on </span><span class="pp-class-236 pa t53037 l2269 ls630">three-year </span><span class="pp-class-236 pa t53037 l53041 ls1764">Danish </span><span class="pp-class-236 pa t53037 l53042 ls1463">government </span><span class="pp-class-236 pa t53037 l44375 ls538">bonds.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53043 l3 ls524">Restricted </span><span class="pp-class-237 pa t53043 l53044 ls538">Stock </span><span class="pp-class-237 pa t53043 l6595 ls538">Units </span><span class="pp-class-237 pa t53043 l48333 ls995">(RSUs)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53045 l3 ls1369">RSUs </span><span class="pp-class-236 pa t53045 l53046 ls110">have </span><span class="pp-class-236 pa t53045 l17150 ls2222">been </span><span class="pp-class-236 pa t53045 l2944 ls2270">granted </span><span class="pp-class-236 pa t53045 l53047 ls538">to </span><span class="pp-class-236 pa t53045 l14182 ls651">the </span><span class="pp-class-236 pa t53045 l17183 ls4558">Executive </span><span class="pp-class-236 pa t53045 l46737 ls706">Board </span><span class="pp-class-236 pa t53045 l53048 ls651">and </span><span class="pp-class-236 pa t53045 l53049 ls4284">key </span><span class="pp-class-236 pa t53045 l53050 ls7086">employees. </span><span class="pp-class-236 pa t53045 l53051 ls3855">Each </span><span class="pp-class-236 pa t53045 l53052 ls2222">RSU </span><span class="pp-class-236 pa t53045 l53053 ls838">gives </span><span class="pp-class-236 pa t53045 l53054 ls651">the </span><span class="pp-class-236 pa t53045 l53055 ls1764">holder </span><span class="pp-class-236 pa t53045 l53056 ls184">a </span><span class="pp-class-236 pa t53045 l53057 ls536">right </span><span class="pp-class-236 pa t53045 l53058 ls184">to </span><span class="pp-class-236 pa t53059 l3 ls4017">receive </span><span class="pp-class-236 pa t53059 l53060 ls651">one </span><span class="pp-class-236 pa t53059 l53061 ls3855">existing </span><span class="pp-class-236 pa t53059 l53062 ls706">share </span><span class="pp-class-236 pa t53059 l53063 ls811">in </span><span class="pp-class-236 pa t53059 l53064 ls651">the </span><span class="pp-class-236 pa t53059 l53065 ls2687">Parent </span><span class="pp-class-236 pa t53059 l53066 ls551">company </span><span class="pp-class-236 pa t53059 l53067 ls98">of </span><span class="pp-class-236 pa t53059 l53068 ls2036">nominal </span><span class="pp-class-236 pa t53059 l53069 ls572">DKK </span><span class="pp-class-236 pa t53059 l53070 ls811">20 </span><span class="pp-class-236 pa t53059 l53071 ls2222">when </span><span class="pp-class-236 pa t53059 l47418 ls572">the </span><span class="pp-class-236 pa t53059 l53072 ls630">three-year </span><span class="pp-class-236 pa t53059 l53073 ls1780">vesting </span><span class="pp-class-236 pa t53059 l53074 ls1764">period </span><span class="pp-class-236 pa t53059 l53075 ls184">has </span><span class="pp-class-236 pa t53076 l3 ls1751">elapsed. </span><span class="pp-class-236 pa t53076 l40179 ls651">The </span><span class="pp-class-236 pa t53076 l27305 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l46140 ls538">equal </span><span class="pp-class-236 pa t53076 l53077 ls184">a </span><span class="pp-class-236 pa t53076 l53078 ls536">right </span><span class="pp-class-236 pa t53076 l48745 ls538">to </span><span class="pp-class-236 pa t53076 l53079 ls4017">receive </span><span class="pp-class-236 pa t53076 l53080 ls1173">0.60% </span><span class="pp-class-236 pa t53076 l53081 ls667">(2024: </span><span class="pp-class-236 pa t53076 l53082 ls13284">0.28%) </span><span class="pp-class-236 pa t53076 l53083 ls98">of </span><span class="pp-class-236 pa t53076 l45236 ls572">the </span><span class="pp-class-236 pa t53076 l53084 ls706">share </span><span class="pp-class-236 pa t53076 l53085 ls524">capital </span><span class="pp-class-236 pa t53076 l53086 ls811">if </span><span class="pp-class-236 pa t53076 l53087 ls572">all </span><span class="pp-class-236 pa t53076 l53088 ls8048">remaining </span><span class="pp-class-236 pa t53076 l53089 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l53090 ls667">are </span><span class="pp-class-236 pa t53091 l3 ls299">transferred. </span><span class="pp-class-236 pa t53091 l41790 ls4017">Vesting </span><span class="pp-class-236 pa t53091 l53092 ls98">of </span><span class="pp-class-236 pa t53091 l53093 ls1369">RSUs </span><span class="pp-class-236 pa t53091 l53094 ls811">is </span><span class="pp-class-236 pa t53091 l53095 ls3855">expensed </span><span class="pp-class-236 pa t53091 l53096 ls811">in </span><span class="pp-class-236 pa t53091 l53097 ls651">the </span><span class="pp-class-236 pa t53091 l53098 ls1764">income </span><span class="pp-class-236 pa t53091 l53099 ls556">statement </span><span class="pp-class-236 pa t53091 l53100 ls553">for </span><span class="pp-class-236 pa t53091 l44226 ls2222">2025 </span><span class="pp-class-236 pa t53091 l53101 ls2222">with </span><span class="pp-class-236 pa t53091 l44499 ls572">DKK </span><span class="pp-class-236 pa t53091 l53102 ls651">15m </span><span class="pp-class-236 pa t53091 l53103 ls667">(2024: </span><span class="pp-class-236 pa t53091 l53104 ls572">DKK </span><span class="pp-class-236 pa t53091 l53105 ls2222">13m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53106 l3 ls651">The </span><span class="pp-class-236 pa t53106 l38379 ls1764">number </span><span class="pp-class-236 pa t53106 l37741 ls98">of </span><span class="pp-class-236 pa t53106 l53107 ls1369">RSUs </span><span class="pp-class-236 pa t53106 l53108 ls2270">granted </span><span class="pp-class-236 pa t53106 l28433 ls811">in </span><span class="pp-class-236 pa t53106 l14604 ls2222">2021 </span><span class="pp-class-236 pa t53106 l53109 ls651">and </span><span class="pp-class-236 pa t53106 l27353 ls556">later </span><span class="pp-class-236 pa t53106 l53110 ls811">is </span><span class="pp-class-236 pa t53106 l53111 ls538">based </span><span class="pp-class-236 pa t53106 l43468 ls811">on </span><span class="pp-class-236 pa t53106 l53112 ls651">the </span><span class="pp-class-236 pa t53106 l53113 ls2894">average </span><span class="pp-class-236 pa t53106 l50446 ls706">share </span><span class="pp-class-236 pa t53106 l53114 ls538">price </span><span class="pp-class-236 pa t53106 l53115 ls98">of </span><span class="pp-class-236 pa t53106 l53116 ls651">the </span><span class="pp-class-236 pa t53106 l53117 ls6270">Parent </span><span class="pp-class-236 pa t53106 l53118 ls3855">company’s </span><span class="pp-class-236 pa t53119 l3 ls2197">shares </span><span class="pp-class-236 pa t53119 l53120 ls8048">five </span><span class="pp-class-236 pa t53119 l28037 ls2245">days </span><span class="pp-class-236 pa t53119 l31178 ls168">after </span><span class="pp-class-236 pa t53119 l53121 ls651">the </span><span class="pp-class-236 pa t53119 l53122 ls556">release </span><span class="pp-class-236 pa t53119 l44221 ls98">of </span><span class="pp-class-236 pa t53119 l53123 ls651">the </span><span class="pp-class-236 pa t53119 l53124 ls811">Q4 </span><span class="pp-class-236 pa t53119 l53125 ls949">report.</span></p></div></div><div id="pp-id-5432" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h53126 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53127 ls212">Executive </span><span class="pp-class-237 pa t52740 l53128 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53129 ls3084">Key </span><span class="pp-class-237 pa t52740 l53130 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l53131">Other </span><span class="pp-class-237 pa t52741 l53132 ls781">managerial</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l53133 ls19">staff</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t42088 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t42087 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t42087 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t52741 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t52741 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t52740 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l40379 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l53141">32</span><a><span class="pp-class-236 pa t52759 l53142 ls37163">,</span></a><span class="pp-class-236 pa t52759 l53143">532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53144 ls2260">79,571</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53145 ls536">42,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53146 ls3298">7,283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52759 l53147 ls113">162,</span></a><span class="pp-class-237 pa t52759 l53148">193</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53150 ls80">-22,602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53151 ls13284">-9,556</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53152">32,158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52766 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53154 ls53155">50,747</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53156 ls2855">90,913</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53157 ls2565">50,852</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53158 ls2270">38,546</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l53159">231</span><a><span class="pp-class-237 pa t52773 l53160 ls27249">,</span></a><span class="pp-class-237 pa t52773 l53161">058</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls98">Vested </span><span class="pp-class-236 pa t52780 l46216">in </span><span class="pp-class-236 pa t52780 l53162">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53163 ls11625">-5,748</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53164 ls1775">-8,050</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53166 ls847">-6,659</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l53167 ls5202">-20</span><a><span class="pp-class-237 pa t52780 l53168 ls3292">,</span></a><span class="pp-class-237 pa t52780 l41896 ls1780">457</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53169 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53169 l52790">during </span><span class="pp-class-236 pa t53169 l52791">the </span><span class="pp-class-236 pa t53169 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53171 ls80">-36,282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53169 l53172 ls995">-36</span><a><span class="pp-class-237 pa t53169 l53173">,</span></a><span class="pp-class-237 pa t53169 l53174">282</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l3">Outstanding </span><span class="pp-class-237 pa t53175 l52797 ls2222">at </span><span class="pp-class-237 pa t53175 l52798">31 </span><span class="pp-class-237 pa t53175 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53176 ls53177">77</span><a><span class="pp-class-237 pa t53175 l53178 ls1780">,53</span></a><span class="pp-class-237 pa t53175 l53179">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53180 ls5202">139</span><a><span class="pp-class-237 pa t53175 l53181 ls2260">,</span></a><span class="pp-class-237 pa t53175 l53182">832</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53183">84</span><a><span class="pp-class-237 pa t53175 l53184">,</span></a><span class="pp-class-237 pa t53175 l53185 ls814">103</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53175 l53186 ls3298">35,</span></a><span class="pp-class-237 pa t53175 l53187">046</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53188 ls995">336</span><a><span class="pp-class-237 pa t53175 l43048 ls3121">,</span></a><span class="pp-class-237 pa t53175 l52355">512</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53189 l3 ls811">Of </span><span class="pp-class-236 pa t53189 l53190 ls2222">this </span><span class="pp-class-236 pa t53189 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53189 l53191 ls2197">at </span><span class="pp-class-236 pa t53189 l10531 ls651">the </span><span class="pp-class-236 pa t53189 l44346 ls651">end </span><span class="pp-class-236 pa t53189 l50467 ls98">of </span><span class="pp-class-236 pa t53189 l53192 ls651">the </span><span class="pp-class-236 pa t53189 l53193 ls556">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53189 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l19268"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l53195"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53196 l40478 ls184">2024</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53197 l3">Number </span><span class="pp-class-236 pa t53197 l3212 ls118">of </span><span class="pp-class-236 pa t53197 l3213 ls106">shares</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53127 ls212">Executive </span><span class="pp-class-237 pa t53197 l53128 ls227">Board</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53129 ls3084">Key </span><span class="pp-class-237 pa t53197 l53130 ls967">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53199 l53131">Other </span><span class="pp-class-237 pa t53198 l53132 ls781">managerial</span></a></p><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l53133 ls19">staff</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53200 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t53201 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t53199 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t53199 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t53198 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t53198 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t53197 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l40379 ls3141">Total</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l3 ls101">Outstanding </span><span class="pp-class-236 pa t53202 l37250 ls2368">at </span><span class="pp-class-236 pa t53202 l52760">1 </span><span class="pp-class-236 pa t53202 l40710 ls3289">January</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53203 ls1775">29,124</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53204 ls2855">49,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53205 ls2270">20,207</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53206 ls17679">2,647</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53202 l53207 ls574">101,600</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l3 ls4793">Transferred </span><span class="pp-class-236 pa t53208 l19346 ls1707">between </span><span class="pp-class-236 pa t53208 l52767 ls1031">categories</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53209 ls651">-5,112</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53210 ls168">-3,361</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53211 ls39890">-5,707</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53212 ls106">14,180</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53208 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l3 ls570">Granted </span><span class="pp-class-236 pa t53213 l52774">during </span><span class="pp-class-236 pa t53213 l52775">the </span><span class="pp-class-236 pa t53213 l28606 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53214 ls53215">17,364</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53216 ls651">44,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53217 ls1815">28,307</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53213 l53218 ls35">90,293</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3 ls98">Vested </span><span class="pp-class-236 pa t53219 l46216">in </span><span class="pp-class-236 pa t53219 l53162">period</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3910 ls2889">-8,844</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53220 ls129">-11,312</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53221 ls651">-2,009</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53219 l53222 ls781">-22,165</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53223 l52790">during </span><span class="pp-class-236 pa t53223 l52791">the </span><span class="pp-class-236 pa t53223 l43964 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53224 ls2363">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53223 l53225 ls30818">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l3">Outstanding </span><span class="pp-class-237 pa t53226 l52797 ls2222">at </span><span class="pp-class-237 pa t53226 l52798">31 </span><span class="pp-class-237 pa t53226 l52799">December</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53227 ls1747">32,532</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53228 ls7832">79,571</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53229 ls811">42,807</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53230 ls30681">7,283</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53147 ls781">162,193</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l3 ls811">Of </span><span class="pp-class-236 pa t53231 l53190 ls2222">this </span><span class="pp-class-236 pa t53231 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53231 l53191 ls2197">at </span><span class="pp-class-236 pa t53231 l10531 ls651">the </span><span class="pp-class-236 pa t53231 l44346 ls651">end </span><span class="pp-class-236 pa t53231 l50467 ls98">of </span><span class="pp-class-236 pa t53231 l53192 ls651">the </span><span class="pp-class-236 pa t53231 l53193 ls556">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53231 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l3"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l19268"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l53195"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l43090"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l44871"/></p></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53233 l3 ls3167">Year </span><span class="pp-class-237 pa t53233 l52953">of </span><span class="pp-class-237 pa t53233 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53234 l53235 ls118">Expected </span><span class="pp-class-237 pa t53233 l53236">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53237 l53238 ls1535">Fair </span><span class="pp-class-237 pa t53237 l53239 ls106">value </span><span class="pp-class-237 pa t53240 l53241">per </span><span class="pp-class-237 pa t53240 l53242 ls108">share </span><span class="pp-class-237 pa t53234 l53243 ls2222">at </span><span class="pp-class-237 pa t53234 l53244">time </span><span class="pp-class-237 pa t53234 l53245">of </span><span class="pp-class-237 pa t53233 l53246 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53247 l3">202</span></a><span class="pp-class-236 pa t53247 l53248">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53249">3 </span><span class="pp-class-236 pa t53247 l53250 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53251 ls7832">105</span><a><span class="pp-class-236 pa t53247 l53252 ls28280">.</span></a><span class="pp-class-236 pa t53247 l44893">03</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53249">3 </span><span class="pp-class-236 pa t53253 l53250 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53254 ls1054">216.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53256"/><span class="pp-class-236 pa t53255 l53249">3 </span><span class="pp-class-236 pa t53255 l53250 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53257 ls1687">265.42</span></a></p></td></tr></table></div></div><div id="pp-id-5408" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span><span class="pp-class-235 pa t1122 l52942"/><span class="pp-class-235 pa t1122 l52943 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls12490">Employee </span><span class="pp-class-237 pa t40114 l53259 ls30">recognition</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls811">In </span><span class="pp-class-236 pa t40125 l38573 ls1751">December </span><span class="pp-class-236 pa t40125 l27258 ls2222">2020 </span><span class="pp-class-236 pa t40125 l53260 ls811">up </span><span class="pp-class-236 pa t40125 l7381 ls538">to </span><span class="pp-class-236 pa t40125 l53261 ls811">50 </span><span class="pp-class-236 pa t40125 l53262 ls2197">shares </span><span class="pp-class-236 pa t40125 l14616 ls877">free </span><span class="pp-class-236 pa t40125 l47330 ls98">of </span><span class="pp-class-236 pa t40125 l44209 ls2197">charge </span><span class="pp-class-236 pa t40125 l53263 ls2258">were </span><span class="pp-class-236 pa t40125 l53264 ls1882">awarded </span><span class="pp-class-236 pa t40125 l53265 ls538">to </span><span class="pp-class-236 pa t40125 l53266 ls544">each </span><span class="pp-class-236 pa t40125 l53267 ls1815">employee. </span><span class="pp-class-236 pa t40125 l53268 ls651">The </span><span class="pp-class-236 pa t40125 l53269 ls2197">shares </span><span class="pp-class-236 pa t40125 l53270 ls110">have </span><span class="pp-class-236 pa t40125 l53271 ls168">vested </span><span class="pp-class-236 pa t40137 l3 ls3234">over </span><span class="pp-class-236 pa t40137 l45566 ls184">a </span><span class="pp-class-236 pa t40137 l33895 ls630">three-year </span><span class="pp-class-236 pa t40137 l53272 ls1764">period </span><span class="pp-class-236 pa t40137 l53273 ls877">from </span><span class="pp-class-236 pa t40137 l24654 ls534">January </span><span class="pp-class-236 pa t40137 l28306 ls2222">2021 </span><span class="pp-class-236 pa t40137 l53274 ls538">to </span><span class="pp-class-236 pa t40137 l39207 ls1751">December </span><span class="pp-class-236 pa t40137 l53275 ls2222">2023 </span><span class="pp-class-236 pa t40137 l53276 ls811">on </span><span class="pp-class-236 pa t40137 l53277 ls184">a </span><span class="pp-class-236 pa t40137 l49951 ls4276">straight-line </span><span class="pp-class-236 pa t40137 l53278 ls1764">basis. </span><span class="pp-class-236 pa t40137 l53279 ls847">Only </span><span class="pp-class-236 pa t40137 l53280 ls8048">employees </span><span class="pp-class-236 pa t40150 l3 ls1780">working </span><span class="pp-class-236 pa t40150 l53281 ls556">through </span><span class="pp-class-236 pa t40150 l17133 ls651">the </span><span class="pp-class-236 pa t40150 l53282 ls2222">full </span><span class="pp-class-236 pa t40150 l53283 ls1780">vesting </span><span class="pp-class-236 pa t40150 l53284 ls1764">period </span><span class="pp-class-236 pa t40150 l53285 ls2258">were </span><span class="pp-class-236 pa t40150 l53286 ls4248">entitled </span><span class="pp-class-236 pa t40150 l53287 ls538">to </span><span class="pp-class-236 pa t40150 l53288 ls651">the </span><span class="pp-class-236 pa t40150 l53289 ls548">shares. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls1764">During </span><span class="pp-class-236 pa t47589 l52172 ls556">2024 </span><span class="pp-class-236 pa t47589 l23092 ls651">the </span><span class="pp-class-236 pa t47589 l53290 ls2222">last </span><span class="pp-class-236 pa t47589 l53291 ls3351">69,490 </span><span class="pp-class-236 pa t47589 l14197 ls2197">shares </span><span class="pp-class-236 pa t47589 l53292 ls110">have </span><span class="pp-class-236 pa t47589 l53293 ls2222">been </span><span class="pp-class-236 pa t47589 l4948 ls299">transferred. </span><span class="pp-class-236 pa t47589 l53294 ls4017">Vesting </span><span class="pp-class-236 pa t47589 l53295 ls98">of </span><span class="pp-class-236 pa t47589 l53296 ls2197">shares </span><span class="pp-class-236 pa t47589 l53297 ls553">for </span><span class="pp-class-236 pa t47589 l53298 ls556">2024 </span><span class="pp-class-236 pa t47589 l53299 ls556">was </span><span class="pp-class-236 pa t47589 l53300 ls811">an </span><span class="pp-class-236 pa t47589 l53301 ls548">expense </span><span class="pp-class-236 pa t40167 l3 ls98">of </span><span class="pp-class-236 pa t40167 l39273 ls651">DKK </span><span class="pp-class-236 pa t40167 l53302 ls811">3m.</span></p><div id="pp-id-5433"><div class="w37074 h53303 pa t2 l3 wtro4 xx5 tro6 xx7"/></div></div></div><div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls2816">Wages, </span><span class="pp-class-236 pa t40754 l41629 ls995">salaries, </span><span class="pp-class-236 pa t40754 l41630 ls1764">social </span><span class="pp-class-236 pa t40754 l9691 ls1751">security </span><span class="pp-class-236 pa t40754 l41631 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41632 ls2036">pension </span><span class="pp-class-236 pa t40754 l41633 ls179">contributions, </span><span class="pp-class-236 pa t40754 l41634 ls2222">paid </span><span class="pp-class-236 pa t40754 l41635 ls1764">annual </span><span class="pp-class-236 pa t40754 l41636 ls1186">leave </span><span class="pp-class-236 pa t40754 l41637 ls572">and </span><span class="pp-class-236 pa t40754 l41638 ls967">sick </span><span class="pp-class-236 pa t40763 l3 ls1796">leave, </span><span class="pp-class-236 pa t40763 l41639 ls1751">bonuses, </span><span class="pp-class-236 pa t40763 l41640 ls651">and </span><span class="pp-class-236 pa t40763 l41641 ls696">non-monetary </span><span class="pp-class-236 pa t40763 l41642 ls995">benefits </span><span class="pp-class-236 pa t40763 l41643 ls2808">are </span><span class="pp-class-236 pa t40763 l41644 ls544">accrued </span><span class="pp-class-236 pa t40763 l41645 ls811">in </span><span class="pp-class-236 pa t40763 l41646 ls651">the </span><span class="pp-class-236 pa t40763 l41647 ls8048">year </span><span class="pp-class-236 pa t40763 l34368 ls811">in </span><span class="pp-class-236 pa t40763 l41648 ls538">which </span><span class="pp-class-236 pa t40763 l41649 ls572">the </span><span class="pp-class-236 pa t40763 l41650 ls560">associated </span><span class="pp-class-236 pa t40763 l41651 ls80">services </span><span class="pp-class-236 pa t40775 l3 ls2808">are </span><span class="pp-class-236 pa t40775 l38371 ls11713">rendered </span><span class="pp-class-236 pa t40775 l41652 ls706">by </span><span class="pp-class-236 pa t40775 l1436 ls1463">employees </span><span class="pp-class-236 pa t40775 l41653 ls98">of </span><span class="pp-class-236 pa t40775 l41654 ls651">the </span><span class="pp-class-236 pa t40775 l41655 ls4807">Group. </span><span class="pp-class-236 pa t40775 l41656 ls706">Where </span><span class="pp-class-236 pa t40775 l41657 ls651">the </span><span class="pp-class-236 pa t40775 l41658 ls706">Group </span><span class="pp-class-236 pa t40775 l41659 ls2245">provides </span><span class="pp-class-236 pa t40775 l41660 ls696">long-term </span><span class="pp-class-236 pa t40775 l41661 ls4276">employee </span><span class="pp-class-236 pa t40775 l41662 ls562">benefits, </span><span class="pp-class-236 pa t40775 l41663 ls184">the </span><span class="pp-class-236 pa t41664 l3 ls538">costs </span><span class="pp-class-236 pa t41664 l31382 ls2808">are </span><span class="pp-class-236 pa t41664 l28865 ls544">accrued </span><span class="pp-class-236 pa t41664 l13207 ls538">to </span><span class="pp-class-236 pa t41664 l41665 ls556">match </span><span class="pp-class-236 pa t41664 l41666 ls651">the </span><span class="pp-class-236 pa t41664 l41667 ls8048">rendering </span><span class="pp-class-236 pa t41664 l41668 ls98">of </span><span class="pp-class-236 pa t41664 l41669 ls651">the </span><span class="pp-class-236 pa t41664 l17068 ls572">services </span><span class="pp-class-236 pa t41664 l41670 ls706">by </span><span class="pp-class-236 pa t41664 l41671 ls572">the </span><span class="pp-class-236 pa t41664 l41672 ls1463">employees.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls949">Contributions </span><span class="pp-class-236 pa t40754 l48713 ls538">to </span><span class="pp-class-236 pa t40754 l47335 ls536">defined </span><span class="pp-class-236 pa t40754 l48714 ls949">contribution </span><span class="pp-class-236 pa t40754 l48715 ls2036">pension </span><span class="pp-class-236 pa t40754 l48716 ls538">plans </span><span class="pp-class-236 pa t40754 l17110 ls2808">are </span><span class="pp-class-236 pa t40754 l48717 ls667">recognised </span><span class="pp-class-236 pa t40754 l48718 ls811">in </span><span class="pp-class-236 pa t40754 l48719 ls651">the </span><span class="pp-class-236 pa t40754 l48720 ls1764">income </span><span class="pp-class-236 pa t40754 l48721 ls556">statement </span><span class="pp-class-236 pa t40754 l48722 ls811">in </span><span class="pp-class-236 pa t40754 l48723 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls1764">period </span><span class="pp-class-236 pa t40763 l48724 ls811">in </span><span class="pp-class-236 pa t40763 l48725 ls538">which </span><span class="pp-class-236 pa t40763 l18255 ls8048">they </span><span class="pp-class-236 pa t40763 l48726 ls2565">relate, </span><span class="pp-class-236 pa t40763 l48727 ls651">and </span><span class="pp-class-236 pa t40763 l48728 ls553">any </span><span class="pp-class-236 pa t40763 l48729 ls4793">payable </span><span class="pp-class-236 pa t40763 l48730 ls949">contributions </span><span class="pp-class-236 pa t40763 l24371 ls2808">are </span><span class="pp-class-236 pa t40763 l48731 ls544">accrued </span><span class="pp-class-236 pa t40763 l48732 ls811">in </span><span class="pp-class-236 pa t40763 l48733 ls572">the </span><span class="pp-class-236 pa t40763 l48734 ls2036">balance </span><span class="pp-class-236 pa t40763 l48735 ls949">sheet </span><span class="pp-class-236 pa t40763 l48736 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls949">other </span><span class="pp-class-236 pa t40775 l38610 ls4276">payables. </span><span class="pp-class-236 pa t40775 l48737 ls811">As </span><span class="pp-class-236 pa t40775 l45030 ls3234">regards </span><span class="pp-class-236 pa t40775 l12884 ls536">defined </span><span class="pp-class-236 pa t40775 l48738 ls536">benefit </span><span class="pp-class-236 pa t40775 l13352 ls2036">pension </span><span class="pp-class-236 pa t40775 l35642 ls1764">plans, </span><span class="pp-class-236 pa t40775 l48739 ls811">an </span><span class="pp-class-236 pa t40775 l48740 ls614">actuarial </span><span class="pp-class-236 pa t40775 l38817 ls5781">valuation </span><span class="pp-class-236 pa t40775 l48741 ls98">of </span><span class="pp-class-236 pa t40775 l48742 ls572">the </span><span class="pp-class-236 pa t40775 l48743 ls584">value-in-use </span><span class="pp-class-236 pa t41664 l3 ls98">of </span><span class="pp-class-236 pa t41664 l39273 ls2197">future </span><span class="pp-class-236 pa t41664 l39973 ls995">benefits </span><span class="pp-class-236 pa t41664 l48744 ls4793">payable </span><span class="pp-class-236 pa t41664 l11740 ls538">under </span><span class="pp-class-236 pa t41664 l48745 ls651">the </span><span class="pp-class-236 pa t41664 l48746 ls2222">plan </span><span class="pp-class-236 pa t41664 l48747 ls811">is </span><span class="pp-class-236 pa t41664 l48748 ls544">made </span><span class="pp-class-236 pa t41664 l48749 ls2222">once </span><span class="pp-class-236 pa t41664 l48750 ls184">a </span><span class="pp-class-236 pa t41664 l48751 ls853">year. </span><span class="pp-class-236 pa t41664 l48752 ls651">The </span><span class="pp-class-236 pa t41664 l48753 ls608">value-in-use </span><span class="pp-class-236 pa t41664 l48754 ls811">is </span><span class="pp-class-236 pa t41664 l48755 ls560">calculated </span><span class="pp-class-236 pa t41664 l48756 ls811">based </span><span class="pp-class-236 pa t40783 l3 ls811">on </span><span class="pp-class-236 pa t40783 l31254 ls530">assumptions </span><span class="pp-class-236 pa t40783 l48757 ls98">of </span><span class="pp-class-236 pa t40783 l48758 ls2197">future </span><span class="pp-class-236 pa t40783 l33360 ls7086">development </span><span class="pp-class-236 pa t40783 l48759 ls811">in </span><span class="pp-class-236 pa t40783 l40310 ls884">wage/salary </span><span class="pp-class-236 pa t40783 l48760 ls877">levels, </span><span class="pp-class-236 pa t40783 l48761 ls706">interest </span><span class="pp-class-236 pa t40783 l48762 ls1796">rates, </span><span class="pp-class-236 pa t40783 l48763 ls616">inflation, </span><span class="pp-class-236 pa t40783 l48764 ls10269">mortality, </span><span class="pp-class-236 pa t40783 l48765 ls553">etc. </span><span class="pp-class-236 pa t40793 l3 ls651">The </span><span class="pp-class-236 pa t40793 l38379 ls608">value-in-use </span><span class="pp-class-236 pa t40793 l48766 ls811">is </span><span class="pp-class-236 pa t40793 l48767 ls847">only </span><span class="pp-class-236 pa t40793 l48768 ls560">calculated </span><span class="pp-class-236 pa t40793 l48769 ls553">for </span><span class="pp-class-236 pa t40793 l17108 ls995">benefits </span><span class="pp-class-236 pa t40793 l48770 ls538">to </span><span class="pp-class-236 pa t40793 l48771 ls538">which </span><span class="pp-class-236 pa t40793 l48772 ls651">the </span><span class="pp-class-236 pa t40793 l48773 ls1463">employees </span><span class="pp-class-236 pa t40793 l48774 ls110">have </span><span class="pp-class-236 pa t40793 l48775 ls1764">become </span><span class="pp-class-236 pa t40793 l48776 ls4248">entitled </span><span class="pp-class-236 pa t40793 l48777 ls1792">during </span><span class="pp-class-236 pa t40806 l3 ls538">their </span><span class="pp-class-236 pa t40806 l48778 ls1780">employment </span><span class="pp-class-236 pa t40806 l48779 ls2222">with </span><span class="pp-class-236 pa t40806 l48315 ls651">the </span><span class="pp-class-236 pa t40806 l48780 ls4807">Group. </span><span class="pp-class-236 pa t40806 l48781 ls651">The </span><span class="pp-class-236 pa t40806 l48782 ls614">actuarial </span><span class="pp-class-236 pa t40806 l48783 ls1404">calculation </span><span class="pp-class-236 pa t40806 l48784 ls98">of </span><span class="pp-class-236 pa t40806 l48785 ls572">the </span><span class="pp-class-236 pa t40806 l48786 ls608">value-in-use </span><span class="pp-class-236 pa t40806 l48787 ls2222">less </span><span class="pp-class-236 pa t40806 l48788 ls572">the </span><span class="pp-class-236 pa t40806 l48789 ls553">fair </span><span class="pp-class-236 pa t40806 l48790 ls2197">value </span><span class="pp-class-236 pa t40806 l48791 ls197">of </span><span class="pp-class-236 pa t40818 l3 ls553">any </span><span class="pp-class-236 pa t40818 l42497 ls179">assets </span><span class="pp-class-236 pa t40818 l48792 ls538">under </span><span class="pp-class-236 pa t40818 l36366 ls651">the </span><span class="pp-class-236 pa t40818 l48793 ls2222">plan </span><span class="pp-class-236 pa t40818 l48794 ls811">is </span><span class="pp-class-236 pa t40818 l48795 ls667">recognised </span><span class="pp-class-236 pa t40818 l48796 ls811">in </span><span class="pp-class-236 pa t40818 l48797 ls572">the </span><span class="pp-class-236 pa t40818 l48798 ls2036">balance </span><span class="pp-class-236 pa t40818 l48799 ls949">sheet </span><span class="pp-class-236 pa t40818 l48800 ls538">under </span><span class="pp-class-236 pa t40818 l48801 ls2036">pension </span><span class="pp-class-236 pa t40818 l48802 ls630">obligations. </span><span class="pp-class-236 pa t40818 l48803 ls811">If </span><span class="pp-class-236 pa t40818 l48804 ls184">a </span><span class="pp-class-236 pa t40818 l48805 ls33">defined </span><span class="pp-class-236 pa t42636 l3 ls536">benefit </span><span class="pp-class-236 pa t42636 l27558 ls2036">pension </span><span class="pp-class-236 pa t42636 l48806 ls2222">plan </span><span class="pp-class-236 pa t42636 l42616 ls546">constitutes </span><span class="pp-class-236 pa t42636 l48807 ls184">a </span><span class="pp-class-236 pa t42636 l48808 ls4248">net </span><span class="pp-class-236 pa t42636 l48809 ls1764">asset, </span><span class="pp-class-236 pa t42636 l16987 ls651">the </span><span class="pp-class-236 pa t42636 l48810 ls949">asset </span><span class="pp-class-236 pa t42636 l48811 ls811">is </span><span class="pp-class-236 pa t42636 l48812 ls667">recognised </span><span class="pp-class-236 pa t42636 l48813 ls847">only </span><span class="pp-class-236 pa t42636 l48814 ls811">if </span><span class="pp-class-236 pa t42636 l48815 ls811">it </span><span class="pp-class-236 pa t42636 l48816 ls530">offsets </span><span class="pp-class-236 pa t42636 l48817 ls2197">future </span><span class="pp-class-236 pa t42636 l48818 ls565">refunds </span><span class="pp-class-236 pa t42651 l3 ls877">from </span><span class="pp-class-236 pa t42651 l44380 ls572">the </span><span class="pp-class-236 pa t42651 l44381 ls2222">plan </span><span class="pp-class-236 pa t42651 l27449 ls811">or </span><span class="pp-class-236 pa t42651 l48819 ls2222">will </span><span class="pp-class-236 pa t42651 l46434 ls544">lead </span><span class="pp-class-236 pa t42651 l48820 ls538">to </span><span class="pp-class-236 pa t42651 l48821 ls556">reduced </span><span class="pp-class-236 pa t42651 l48822 ls2197">future </span><span class="pp-class-236 pa t42651 l48823 ls4630">payments </span><span class="pp-class-236 pa t42651 l15295 ls538">to </span><span class="pp-class-236 pa t42651 l48824 ls651">the </span><span class="pp-class-236 pa t42651 l18020 ls538">plan. </span><span class="pp-class-236 pa t42651 l48825 ls553">Pension </span><span class="pp-class-236 pa t42651 l48826 ls538">costs </span><span class="pp-class-236 pa t42651 l48827 ls98">of </span><span class="pp-class-236 pa t42651 l48828 ls651">the </span><span class="pp-class-236 pa t42651 l48829 ls8048">year </span><span class="pp-class-236 pa t42651 l48830 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls651">the </span><span class="pp-class-236 pa t42666 l45639 ls1764">income </span><span class="pp-class-236 pa t42666 l45640 ls556">statement </span><span class="pp-class-236 pa t42666 l45652 ls538">based </span><span class="pp-class-236 pa t42666 l48831 ls811">on </span><span class="pp-class-236 pa t42666 l48832 ls614">actuarial </span><span class="pp-class-236 pa t42666 l48833 ls2207">estimates </span><span class="pp-class-236 pa t42666 l48834 ls651">and </span><span class="pp-class-236 pa t42666 l48835 ls995">financial </span><span class="pp-class-236 pa t42666 l48836 ls1815">expectations </span><span class="pp-class-236 pa t42666 l48837 ls2197">at </span><span class="pp-class-236 pa t42666 l48838 ls184">the </span><span class="pp-class-236 pa t42678 l3 ls995">beginning </span><span class="pp-class-236 pa t42678 l39461 ls98">of </span><span class="pp-class-236 pa t42678 l48839 ls651">the </span><span class="pp-class-236 pa t42678 l48840 ls3139">year.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls681">difference </span><span class="pp-class-236 pa t42680 l48841 ls713">between </span><span class="pp-class-236 pa t42680 l28735 ls651">the </span><span class="pp-class-236 pa t42680 l48842 ls560">calculated </span><span class="pp-class-236 pa t42680 l48843 ls7086">development </span><span class="pp-class-236 pa t42680 l48844 ls811">in </span><span class="pp-class-236 pa t42680 l48845 ls2036">pension </span><span class="pp-class-236 pa t42680 l48846 ls179">assets </span><span class="pp-class-236 pa t42680 l48847 ls572">and </span><span class="pp-class-236 pa t42680 l48848 ls625">liabilities </span><span class="pp-class-236 pa t42680 l48849 ls572">and </span><span class="pp-class-236 pa t42680 l48850 ls184">the </span><span class="pp-class-236 pa t42693 l3 ls3855">realised </span><span class="pp-class-236 pa t42693 l48851 ls556">values </span><span class="pp-class-236 pa t42693 l48852 ls2808">are </span><span class="pp-class-236 pa t42693 l4394 ls667">recognised </span><span class="pp-class-236 pa t42693 l48853 ls811">in </span><span class="pp-class-236 pa t42693 l48854 ls949">other </span><span class="pp-class-236 pa t42693 l48855 ls681">comprehensive </span><span class="pp-class-236 pa t42693 l48856 ls1764">income </span><span class="pp-class-236 pa t42693 l48857 ls811">as </span><span class="pp-class-236 pa t42693 l48858 ls614">actuarial </span><span class="pp-class-236 pa t42693 l48859 ls538">gains </span><span class="pp-class-236 pa t42693 l48860 ls651">and </span><span class="pp-class-236 pa t42693 l48861 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls2036">Changes </span><span class="pp-class-236 pa t42723 l17507 ls811">in </span><span class="pp-class-236 pa t42723 l48862 ls651">the </span><span class="pp-class-236 pa t42723 l48863 ls995">benefits </span><span class="pp-class-236 pa t42723 l48864 ls4793">payable </span><span class="pp-class-236 pa t42723 l48865 ls553">for </span><span class="pp-class-236 pa t42723 l31326 ls7086">employees' </span><span class="pp-class-236 pa t42723 l48866 ls2222">past </span><span class="pp-class-236 pa t42723 l48867 ls534">service </span><span class="pp-class-236 pa t42723 l48621 ls538">to </span><span class="pp-class-236 pa t42723 l48868 ls651">the </span><span class="pp-class-236 pa t42723 l48869 ls541">enterprise </span><span class="pp-class-236 pa t42723 l48870 ls2808">result </span><span class="pp-class-236 pa t42723 l48871 ls811">in </span><span class="pp-class-236 pa t42723 l48872 ls811">an </span><span class="pp-class-236 pa t42723 l48873 ls10269">adjust-</span><span class="pp-class-236 pa t42738 l3 ls664">ment </span><span class="pp-class-236 pa t42738 l48874 ls98">of </span><span class="pp-class-236 pa t42738 l8009 ls651">the </span><span class="pp-class-236 pa t42738 l44534 ls614">actuarial </span><span class="pp-class-236 pa t42738 l48875 ls1404">calculation </span><span class="pp-class-236 pa t42738 l48876 ls98">of </span><span class="pp-class-236 pa t42738 l48877 ls651">the </span><span class="pp-class-236 pa t42738 l48878 ls1751">value-in-use, </span><span class="pp-class-236 pa t42738 l48879 ls538">which </span><span class="pp-class-236 pa t42738 l48880 ls811">is </span><span class="pp-class-236 pa t42738 l48881 ls562">classified </span><span class="pp-class-236 pa t42738 l48882 ls811">as </span><span class="pp-class-236 pa t42738 l48883 ls2222">past </span><span class="pp-class-236 pa t42738 l48884 ls534">service </span><span class="pp-class-236 pa t42738 l48885 ls1764">costs. </span><span class="pp-class-236 pa t42738 l48886 ls1369">Past </span><span class="pp-class-236 pa t42755 l3 ls534">service </span><span class="pp-class-236 pa t42755 l48887 ls538">costs </span><span class="pp-class-236 pa t42755 l48888 ls2808">are </span><span class="pp-class-236 pa t42755 l27331 ls667">recognised </span><span class="pp-class-236 pa t42755 l48889 ls811">in </span><span class="pp-class-236 pa t42755 l48890 ls651">the </span><span class="pp-class-236 pa t42755 l32936 ls1764">income </span><span class="pp-class-236 pa t42755 l48891 ls556">statement </span><span class="pp-class-236 pa t42755 l48892 ls4775">immediately </span><span class="pp-class-236 pa t42755 l48893 ls811">if </span><span class="pp-class-236 pa t42755 l48894 ls572">the </span><span class="pp-class-236 pa t42755 l48895 ls1463">employees </span><span class="pp-class-236 pa t42755 l48896 ls110">have </span><span class="pp-class-236 pa t42755 l48897 ls556">already </span><span class="pp-class-236 pa t42768 l3 ls1764">earned </span><span class="pp-class-236 pa t42768 l7415 ls572">the </span><span class="pp-class-236 pa t42768 l48898 ls536">right </span><span class="pp-class-236 pa t42768 l29199 ls538">to </span><span class="pp-class-236 pa t42768 l48899 ls572">the </span><span class="pp-class-236 pa t42768 l48900 ls630">adjusted </span><span class="pp-class-236 pa t42768 l48901 ls670">benefit. </span><span class="pp-class-236 pa t42768 l48902 ls536">Otherwise, </span><span class="pp-class-236 pa t42768 l48903 ls651">the </span><span class="pp-class-236 pa t42768 l48904 ls995">benefits </span><span class="pp-class-236 pa t42768 l48905 ls2222">will </span><span class="pp-class-236 pa t42768 l48906 ls811">be </span><span class="pp-class-236 pa t42768 l48907 ls667">recognised </span><span class="pp-class-236 pa t42768 l48908 ls811">in </span><span class="pp-class-236 pa t42768 l48909 ls572">the </span><span class="pp-class-236 pa t42768 l48910 ls1792">income </span><span class="pp-class-236 pa t42786 l3 ls556">statement </span><span class="pp-class-236 pa t42786 l1995 ls3234">over </span><span class="pp-class-236 pa t42786 l48911 ls651">the </span><span class="pp-class-236 pa t42786 l48912 ls1764">period </span><span class="pp-class-236 pa t42786 l40755 ls811">in </span><span class="pp-class-236 pa t42786 l48913 ls538">which </span><span class="pp-class-236 pa t42786 l48914 ls651">the </span><span class="pp-class-236 pa t42786 l48915 ls1463">employees </span><span class="pp-class-236 pa t42786 l48916 ls2222">earn </span><span class="pp-class-236 pa t42786 l48917 ls572">the </span><span class="pp-class-236 pa t42786 l48918 ls536">right </span><span class="pp-class-236 pa t42786 l48919 ls538">to </span><span class="pp-class-236 pa t42786 l48920 ls572">the </span><span class="pp-class-236 pa t42786 l48921 ls630">adjusted </span><span class="pp-class-236 pa t42786 l48922 ls205">benefits. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48923 l3 ls538">Other </span><span class="pp-class-236 pa t48923 l44451 ls548">non-current </span><span class="pp-class-236 pa t48923 l44452 ls4276">employee </span><span class="pp-class-236 pa t48923 l47994 ls1404">obligations </span><span class="pp-class-236 pa t48923 l48924 ls949">include </span><span class="pp-class-236 pa t48923 l48925 ls2036">jubilee </span><span class="pp-class-236 pa t48923 l48926 ls562">benefits, </span><span class="pp-class-236 pa t48923 l48927 ls2969">etc.</span></p><div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div> <div id="pp-id-5308" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41674 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">2.5 </span><span class="pp-class-234 pa t1122 l38307 ls1173">Amortisation, </span><span class="pp-class-234 pa t1122 l41675 ls1133">depreciation, </span><span class="pp-class-234 pa t1122 l41676">and </span><span class="pp-class-234 pa t1122 l41677 ls1098">impairment </span><span class="pp-class-234 pa t41678 l38307 ls1011">losses </span><span class="pp-class-234 pa t41678 l41679 ls138">for </span><span class="pp-class-234 pa t41678 l41680">the </span><span class="pp-class-234 pa t41678 l41681 ls551">year</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l3">DKK </span><span class="pp-class-236 pa t41682 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41682 l37085">202</span></a><span class="pp-class-237 pa t41682 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41683 l3 ls85">Amortisation </span><span class="pp-class-237 pa t41683 l41684">and </span><span class="pp-class-237 pa t41683 l41685 ls685">depreciation </span><span class="pp-class-237 pa t41683 l41686 ls781">for </span><span class="pp-class-237 pa t41683 l41687">the </span><span class="pp-class-237 pa t41683 l41688 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l3 ls1747">Software</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l41690">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l37297 ls3084">76</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l3 ls835">Port </span><span class="pp-class-236 pa t41691 l17862">concession </span><span class="pp-class-236 pa t41691 l37349 ls1098">rights </span><span class="pp-class-236 pa t41691 l7919 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41692 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41693">52</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l3 ls1444">Customer </span><span class="pp-class-236 pa t41694 l16866 ls1547">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41695">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41696">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l3 ls6824">Total </span><span class="pp-class-237 pa t41697 l20253 ls85">amortisation </span><span class="pp-class-237 pa t41697 l41698 ls781">for </span><span class="pp-class-237 pa t41697 l41699">the </span><span class="pp-class-237 pa t41697 l41700 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41701 ls177">227</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41702 ls814">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l3">Land </span><span class="pp-class-236 pa t41703 l10823">and </span><span class="pp-class-236 pa t41703 l26211">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l41704 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l37142">34</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l3 ls2889">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41706">69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41707 ls3084">70</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l3 ls21">Ferries </span><span class="pp-class-236 pa t41708 l3826">and </span><span class="pp-class-236 pa t41708 l37370 ls67">other </span><span class="pp-class-236 pa t41708 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41709 ls129">1,248</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41710 ls2258">1,171</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l3 ls21">Equipment </span><span class="pp-class-236 pa t41711 l4081 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41712">589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41713">449</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l3 ls181">Right-of-use </span><span class="pp-class-236 pa t41714 l37385 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41715 ls135">1,165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41716 ls995">1,069</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l3 ls6824">Total </span><span class="pp-class-237 pa t41717 l20253 ls685">depreciation </span><span class="pp-class-237 pa t41717 l3775">and </span><span class="pp-class-237 pa t41717 l41718 ls3422">write-offs </span><span class="pp-class-237 pa t41717 l4073 ls781">for </span><span class="pp-class-237 pa t41717 l41719">the </span><span class="pp-class-237 pa t41717 l41720 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41721 ls967">3,108</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41722 ls1044">2,793</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l3 ls6824">Total </span><span class="pp-class-237 pa t41723 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41723 l38575 ls685">depreciation </span><span class="pp-class-237 pa t41723 l41724">and </span><span class="pp-class-237 pa t41723 l41725 ls3422">write-offs </span><span class="pp-class-237 pa t41723 l41726 ls781">for </span><span class="pp-class-237 pa t41723 l41727">the </span><span class="pp-class-237 pa t41723 l41728 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41730 ls7086">3,002</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41731 l3 ls2315">Reversal </span><span class="pp-class-237 pa t41731 l18314">of </span><span class="pp-class-237 pa t41731 l41732 ls118">impairment </span><span class="pp-class-237 pa t41731 l41733 ls13">losses </span><span class="pp-class-237 pa t41731 l13881 ls781">for </span><span class="pp-class-237 pa t41731 l41734">the </span><span class="pp-class-237 pa t41731 l41735 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l3 ls21">Ferries </span><span class="pp-class-236 pa t41736 l3826">and </span><span class="pp-class-236 pa t41736 l37370 ls67">other </span><span class="pp-class-236 pa t41736 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l3 ls6824">Total </span><span class="pp-class-237 pa t41737 l20253 ls532">reversal </span><span class="pp-class-237 pa t41737 l41738">of </span><span class="pp-class-237 pa t41737 l41739 ls118">impairment </span><span class="pp-class-237 pa t41737 l21490 ls13">losses </span><span class="pp-class-237 pa t41737 l41740 ls781">for </span><span class="pp-class-237 pa t41737 l41741">the </span><span class="pp-class-237 pa t41737 l41742 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41743">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41744">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41745 l3 ls6824">Total </span><span class="pp-class-237 pa t41745 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41745 l38575 ls227">depreciation, </span><span class="pp-class-237 pa t41745 l41746 ls3422">write-offs </span><span class="pp-class-237 pa t41745 l41747">and </span><span class="pp-class-237 pa t41748 l3 ls118">impairment </span><span class="pp-class-237 pa t41748 l41749 ls13">losses </span><span class="pp-class-237 pa t41748 l17328 ls781">for </span><span class="pp-class-237 pa t41748 l41750">the </span><span class="pp-class-237 pa t41748 l11267 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41751 ls875">2,969</span></a></p></td></tr></table><div id="pp-id-5307"><div class="pp-class-227 pp-class-256" id="pp-id-5306"><div class="w40752 h41752 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p></div></div></div></div></div> <div id="pp-id-5308" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41674 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">2.5 </span><span class="pp-class-234 pa t1122 l38307 ls1173">Amortisation, </span><span class="pp-class-234 pa t1122 l41675 ls1133">depreciation, </span><span class="pp-class-234 pa t1122 l41676">and </span><span class="pp-class-234 pa t1122 l41677 ls1098">impairment </span><span class="pp-class-234 pa t41678 l38307 ls1011">losses </span><span class="pp-class-234 pa t41678 l41679 ls138">for </span><span class="pp-class-234 pa t41678 l41680">the </span><span class="pp-class-234 pa t41678 l41681 ls551">year</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l3">DKK </span><span class="pp-class-236 pa t41682 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41682 l37085">202</span></a><span class="pp-class-237 pa t41682 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41683 l3 ls85">Amortisation </span><span class="pp-class-237 pa t41683 l41684">and </span><span class="pp-class-237 pa t41683 l41685 ls685">depreciation </span><span class="pp-class-237 pa t41683 l41686 ls781">for </span><span class="pp-class-237 pa t41683 l41687">the </span><span class="pp-class-237 pa t41683 l41688 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l3 ls1747">Software</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l41690">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l37297 ls3084">76</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l3 ls835">Port </span><span class="pp-class-236 pa t41691 l17862">concession </span><span class="pp-class-236 pa t41691 l37349 ls1098">rights </span><span class="pp-class-236 pa t41691 l7919 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41692 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41693">52</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l3 ls1444">Customer </span><span class="pp-class-236 pa t41694 l16866 ls1547">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41695">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41696">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l3 ls6824">Total </span><span class="pp-class-237 pa t41697 l20253 ls85">amortisation </span><span class="pp-class-237 pa t41697 l41698 ls781">for </span><span class="pp-class-237 pa t41697 l41699">the </span><span class="pp-class-237 pa t41697 l41700 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41701 ls177">227</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41702 ls814">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l3">Land </span><span class="pp-class-236 pa t41703 l10823">and </span><span class="pp-class-236 pa t41703 l26211">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l41704 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l37142">34</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l3 ls2889">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41706">69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41707 ls3084">70</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l3 ls21">Ferries </span><span class="pp-class-236 pa t41708 l3826">and </span><span class="pp-class-236 pa t41708 l37370 ls67">other </span><span class="pp-class-236 pa t41708 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41709 ls129">1,248</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41710 ls2258">1,171</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l3 ls21">Equipment </span><span class="pp-class-236 pa t41711 l4081 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41712">589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41713">449</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l3 ls181">Right-of-use </span><span class="pp-class-236 pa t41714 l37385 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41715 ls135">1,165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41716 ls995">1,069</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l3 ls6824">Total </span><span class="pp-class-237 pa t41717 l20253 ls685">depreciation </span><span class="pp-class-237 pa t41717 l3775">and </span><span class="pp-class-237 pa t41717 l41718 ls3422">write-offs </span><span class="pp-class-237 pa t41717 l4073 ls781">for </span><span class="pp-class-237 pa t41717 l41719">the </span><span class="pp-class-237 pa t41717 l41720 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41721 ls967">3,108</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41722 ls1044">2,793</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l3 ls6824">Total </span><span class="pp-class-237 pa t41723 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41723 l38575 ls685">depreciation </span><span class="pp-class-237 pa t41723 l41724">and </span><span class="pp-class-237 pa t41723 l41725 ls3422">write-offs </span><span class="pp-class-237 pa t41723 l41726 ls781">for </span><span class="pp-class-237 pa t41723 l41727">the </span><span class="pp-class-237 pa t41723 l41728 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41730 ls7086">3,002</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41731 l3 ls2315">Reversal </span><span class="pp-class-237 pa t41731 l18314">of </span><span class="pp-class-237 pa t41731 l41732 ls118">impairment </span><span class="pp-class-237 pa t41731 l41733 ls13">losses </span><span class="pp-class-237 pa t41731 l13881 ls781">for </span><span class="pp-class-237 pa t41731 l41734">the </span><span class="pp-class-237 pa t41731 l41735 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l3 ls21">Ferries </span><span class="pp-class-236 pa t41736 l3826">and </span><span class="pp-class-236 pa t41736 l37370 ls67">other </span><span class="pp-class-236 pa t41736 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l3 ls6824">Total </span><span class="pp-class-237 pa t41737 l20253 ls532">reversal </span><span class="pp-class-237 pa t41737 l41738">of </span><span class="pp-class-237 pa t41737 l41739 ls118">impairment </span><span class="pp-class-237 pa t41737 l21490 ls13">losses </span><span class="pp-class-237 pa t41737 l41740 ls781">for </span><span class="pp-class-237 pa t41737 l41741">the </span><span class="pp-class-237 pa t41737 l41742 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41743">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41744">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41745 l3 ls6824">Total </span><span class="pp-class-237 pa t41745 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41745 l38575 ls227">depreciation, </span><span class="pp-class-237 pa t41745 l41746 ls3422">write-offs </span><span class="pp-class-237 pa t41745 l41747">and </span><span class="pp-class-237 pa t41748 l3 ls118">impairment </span><span class="pp-class-237 pa t41748 l41749 ls13">losses </span><span class="pp-class-237 pa t41748 l17328 ls781">for </span><span class="pp-class-237 pa t41748 l41750">the </span><span class="pp-class-237 pa t41748 l11267 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41751 ls875">2,969</span></a></p></td></tr></table><div id="pp-id-5307"><div class="pp-class-227 pp-class-256" id="pp-id-5306"><div class="w40752 h41752 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p></div></div></div></div></div> <div id="pp-id-5308" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41674 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">2.5 </span><span class="pp-class-234 pa t1122 l38307 ls1173">Amortisation, </span><span class="pp-class-234 pa t1122 l41675 ls1133">depreciation, </span><span class="pp-class-234 pa t1122 l41676">and </span><span class="pp-class-234 pa t1122 l41677 ls1098">impairment </span><span class="pp-class-234 pa t41678 l38307 ls1011">losses </span><span class="pp-class-234 pa t41678 l41679 ls138">for </span><span class="pp-class-234 pa t41678 l41680">the </span><span class="pp-class-234 pa t41678 l41681 ls551">year</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l3">DKK </span><span class="pp-class-236 pa t41682 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41682 l37085">202</span></a><span class="pp-class-237 pa t41682 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41682 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41683 l3 ls85">Amortisation </span><span class="pp-class-237 pa t41683 l41684">and </span><span class="pp-class-237 pa t41683 l41685 ls685">depreciation </span><span class="pp-class-237 pa t41683 l41686 ls781">for </span><span class="pp-class-237 pa t41683 l41687">the </span><span class="pp-class-237 pa t41683 l41688 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l3 ls1747">Software</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l41690">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41689 l37297 ls3084">76</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l3 ls835">Port </span><span class="pp-class-236 pa t41691 l17862">concession </span><span class="pp-class-236 pa t41691 l37349 ls1098">rights </span><span class="pp-class-236 pa t41691 l7919 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41692 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41691 l41693">52</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l3 ls1444">Customer </span><span class="pp-class-236 pa t41694 l16866 ls1547">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41695">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41694 l41696">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l3 ls6824">Total </span><span class="pp-class-237 pa t41697 l20253 ls85">amortisation </span><span class="pp-class-237 pa t41697 l41698 ls781">for </span><span class="pp-class-237 pa t41697 l41699">the </span><span class="pp-class-237 pa t41697 l41700 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41701 ls177">227</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41697 l41702 ls814">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l3">Land </span><span class="pp-class-236 pa t41703 l10823">and </span><span class="pp-class-236 pa t41703 l26211">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l41704 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41703 l37142">34</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l3 ls2889">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41706">69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41705 l41707 ls3084">70</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l3 ls21">Ferries </span><span class="pp-class-236 pa t41708 l3826">and </span><span class="pp-class-236 pa t41708 l37370 ls67">other </span><span class="pp-class-236 pa t41708 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41709 ls129">1,248</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41708 l41710 ls2258">1,171</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l3 ls21">Equipment </span><span class="pp-class-236 pa t41711 l4081 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41712">589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41711 l41713">449</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l3 ls181">Right-of-use </span><span class="pp-class-236 pa t41714 l37385 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41715 ls135">1,165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41714 l41716 ls995">1,069</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l3 ls6824">Total </span><span class="pp-class-237 pa t41717 l20253 ls685">depreciation </span><span class="pp-class-237 pa t41717 l3775">and </span><span class="pp-class-237 pa t41717 l41718 ls3422">write-offs </span><span class="pp-class-237 pa t41717 l4073 ls781">for </span><span class="pp-class-237 pa t41717 l41719">the </span><span class="pp-class-237 pa t41717 l41720 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41721 ls967">3,108</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41717 l41722 ls1044">2,793</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l3 ls6824">Total </span><span class="pp-class-237 pa t41723 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41723 l38575 ls685">depreciation </span><span class="pp-class-237 pa t41723 l41724">and </span><span class="pp-class-237 pa t41723 l41725 ls3422">write-offs </span><span class="pp-class-237 pa t41723 l41726 ls781">for </span><span class="pp-class-237 pa t41723 l41727">the </span><span class="pp-class-237 pa t41723 l41728 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41723 l41730 ls7086">3,002</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41731 l3 ls2315">Reversal </span><span class="pp-class-237 pa t41731 l18314">of </span><span class="pp-class-237 pa t41731 l41732 ls118">impairment </span><span class="pp-class-237 pa t41731 l41733 ls13">losses </span><span class="pp-class-237 pa t41731 l13881 ls781">for </span><span class="pp-class-237 pa t41731 l41734">the </span><span class="pp-class-237 pa t41731 l41735 ls63">year:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l3 ls21">Ferries </span><span class="pp-class-236 pa t41736 l3826">and </span><span class="pp-class-236 pa t41736 l37370 ls67">other </span><span class="pp-class-236 pa t41736 l37371">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37154">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41736 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l3 ls6824">Total </span><span class="pp-class-237 pa t41737 l20253 ls532">reversal </span><span class="pp-class-237 pa t41737 l41738">of </span><span class="pp-class-237 pa t41737 l41739 ls118">impairment </span><span class="pp-class-237 pa t41737 l21490 ls13">losses </span><span class="pp-class-237 pa t41737 l41740 ls781">for </span><span class="pp-class-237 pa t41737 l41741">the </span><span class="pp-class-237 pa t41737 l41742 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41743">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41737 l41744">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t41745 l3 ls6824">Total </span><span class="pp-class-237 pa t41745 l20253 ls177">amortisation, </span><span class="pp-class-237 pa t41745 l38575 ls227">depreciation, </span><span class="pp-class-237 pa t41745 l41746 ls3422">write-offs </span><span class="pp-class-237 pa t41745 l41747">and </span><span class="pp-class-237 pa t41748 l3 ls118">impairment </span><span class="pp-class-237 pa t41748 l41749 ls13">losses </span><span class="pp-class-237 pa t41748 l17328 ls781">for </span><span class="pp-class-237 pa t41748 l41750">the </span><span class="pp-class-237 pa t41748 l11267 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41729 ls1369">3,335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41748 l41751 ls875">2,969</span></a></p></td></tr></table><div id="pp-id-5307"><div class="pp-class-227 pp-class-256" id="pp-id-5306"><div class="w40752 h41752 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p></div></div></div></div></div><div id="pp-id-5355" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h45812 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls838">3.1.4 </span><span class="pp-class-234 pa t1122 l38307 ls1098">Impairment </span><span class="pp-class-234 pa t1122 l45813">testing</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45814 l3 ls651">The </span><span class="pp-class-236 pa t45814 l38379 ls706">Group </span><span class="pp-class-236 pa t45814 l1995 ls724">performs </span><span class="pp-class-236 pa t45814 l45815 ls811">an </span><span class="pp-class-236 pa t45814 l45816 ls1764">annual </span><span class="pp-class-236 pa t45814 l45817 ls524">impairment </span><span class="pp-class-236 pa t45814 l45818 ls995">test </span><span class="pp-class-236 pa t45814 l31617 ls98">of </span><span class="pp-class-236 pa t45814 l45819 ls1751">goodwill </span><span class="pp-class-236 pa t45814 l45820 ls553">together </span><span class="pp-class-236 pa t45814 l45821 ls2222">with </span><span class="pp-class-236 pa t45814 l45822 ls949">other </span><span class="pp-class-236 pa t45814 l45823 ls548">non-current </span><span class="pp-class-236 pa t45814 l45824 ls546">assets. </span><span class="pp-class-236 pa t45814 l40944 ls2036">Similar </span><span class="pp-class-236 pa t45814 l45825 ls184">to </span><span class="pp-class-236 pa t12399 l3 ls2889">2024, </span><span class="pp-class-236 pa t12399 l23146 ls651">the </span><span class="pp-class-236 pa t12399 l2943 ls524">impairment </span><span class="pp-class-236 pa t12399 l45826 ls995">test </span><span class="pp-class-236 pa t12399 l45827 ls724">performed </span><span class="pp-class-236 pa t12399 l45828 ls811">in </span><span class="pp-class-236 pa t12399 l45829 ls2222">2025 </span><span class="pp-class-236 pa t12399 l31813 ls651">did </span><span class="pp-class-236 pa t12399 l45830 ls4248">not </span><span class="pp-class-236 pa t12399 l45831 ls2808">result </span><span class="pp-class-236 pa t12399 l45832 ls811">in </span><span class="pp-class-236 pa t12399 l45833 ls811">an </span><span class="pp-class-236 pa t12399 l45834 ls590">impairment.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t45835 l3 ls560">Cash-generating </span><span class="pp-class-237 pa t45835 l45836 ls538">units </span><span class="pp-class-237 pa t45835 l45837 ls2687">(CGUs)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45838 l3 ls651">The </span><span class="pp-class-236 pa t45838 l38379 ls2848">Group’s </span><span class="pp-class-236 pa t45838 l29180 ls2222">Ferry </span><span class="pp-class-236 pa t45838 l45839 ls2222">CGUs </span><span class="pp-class-236 pa t45838 l38381 ls2808">are </span><span class="pp-class-236 pa t45838 l1899 ls651">the </span><span class="pp-class-236 pa t45838 l31341 ls7086">Freight </span><span class="pp-class-236 pa t45838 l28515 ls2222">Ferry </span><span class="pp-class-236 pa t45838 l45840 ls651">CGU </span><span class="pp-class-236 pa t45838 l4135 ls9435">(encompassing </span><span class="pp-class-236 pa t45838 l40440 ls938">North </span><span class="pp-class-236 pa t45838 l45841 ls807">Sea, </span><span class="pp-class-236 pa t45838 l45842 ls30">Baltic </span><span class="pp-class-236 pa t45838 l45843 ls651">Sea </span><span class="pp-class-236 pa t45838 l45844 ls572">and </span><span class="pp-class-236 pa t45838 l45845 ls614">Mediterranean), </span><span class="pp-class-236 pa t45846 l3 ls651">the </span><span class="pp-class-236 pa t45846 l28221 ls1751">Channel, </span><span class="pp-class-236 pa t45846 l45847 ls567">Amsterdam </span><span class="pp-class-236 pa t45846 l45848 ls184">– </span><span class="pp-class-236 pa t45846 l45849 ls1687">Newcastle, </span><span class="pp-class-236 pa t45846 l45850 ls2197">Strait </span><span class="pp-class-236 pa t45846 l45851 ls98">of </span><span class="pp-class-236 pa t45846 l45852 ls1775">Gibraltar </span><span class="pp-class-236 pa t45846 l45853 ls572">and </span><span class="pp-class-236 pa t45846 l45854 ls758">Jersey </span><span class="pp-class-236 pa t45846 l45855 ls608">ferry </span><span class="pp-class-236 pa t45846 l45856 ls532">services. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45857 l3 ls2972">The </span><span class="pp-class-236 pa t45857 l45858 ls16752">Group's </span><span class="pp-class-236 pa t45857 l36587 ls3147">logistics </span><span class="pp-class-236 pa t45857 l45859 ls30818">activities </span><span class="pp-class-236 pa t45857 l31331 ls3124">are </span><span class="pp-class-236 pa t45857 l45860 ls2879">tested </span><span class="pp-class-236 pa t45857 l45861 ls773">as </span><span class="pp-class-236 pa t45857 l45862 ls2270">a </span><span class="pp-class-236 pa t45857 l45863 ls2813">single </span><span class="pp-class-236 pa t45857 l45864 ls894">CGU, </span><span class="pp-class-236 pa t45857 l45865 ls773">as </span><span class="pp-class-236 pa t45857 l45866 ls41348">Management </span><span class="pp-class-236 pa t45857 l45867 ls11992">has </span><span class="pp-class-236 pa t45857 l45868 ls17762">determined </span><span class="pp-class-236 pa t45857 l45869 ls3993">that </span><span class="pp-class-236 pa t45857 l45870 ls11992">the </span><span class="pp-class-236 pa t45857 l45871 ls9426">lowest </span><span class="pp-class-236 pa t45857 l45872 ls8404">level </span><span class="pp-class-236 pa t45857 l8383 ls995">of </span><span class="pp-class-236 pa t45873 l3 ls1848">identifiable </span><span class="pp-class-236 pa t45873 l37538 ls2258">cash </span><span class="pp-class-236 pa t45873 l45874 ls11716">inflows </span><span class="pp-class-236 pa t45873 l45875">- </span><span class="pp-class-236 pa t45873 l45876 ls3170">that </span><span class="pp-class-236 pa t45873 l25529 ls3167">are </span><span class="pp-class-236 pa t45873 l45877 ls3124">largely </span><span class="pp-class-236 pa t45873 l45878 ls2972">independent </span><span class="pp-class-236 pa t45873 l45879 ls849">of </span><span class="pp-class-236 pa t45873 l45880 ls110">the </span><span class="pp-class-236 pa t45873 l45881 ls2258">cash </span><span class="pp-class-236 pa t45873 l45882 ls11716">inflows </span><span class="pp-class-236 pa t45873 l45883 ls3351">from </span><span class="pp-class-236 pa t45873 l45884 ls3076">other </span><span class="pp-class-236 pa t45873 l45885 ls645">assets </span><span class="pp-class-236 pa t45873 l45886">- </span><span class="pp-class-236 pa t45873 l45887 ls3167">are </span><span class="pp-class-236 pa t45873 l45888 ls110">the </span><span class="pp-class-236 pa t45873 l45889 ls2258">cash </span><span class="pp-class-236 pa t45873 l45890 ls2846">inflows </span><span class="pp-class-236 pa t45891 l3 ls28063">generated </span><span class="pp-class-236 pa t45891 l42275 ls17626">by </span><span class="pp-class-236 pa t45891 l17365 ls847">all </span><span class="pp-class-236 pa t45891 l45892 ls3200">logistics </span><span class="pp-class-236 pa t45891 l45893 ls9737">activities </span><span class="pp-class-236 pa t45891 l45894 ls3250">together. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45895 l3 ls847">The </span><span class="pp-class-236 pa t45895 l39487 ls8384">defined </span><span class="pp-class-236 pa t45895 l45896 ls2081">CGUs </span><span class="pp-class-236 pa t45895 l45897 ls8367">align </span><span class="pp-class-236 pa t45895 l45898 ls2081">with </span><span class="pp-class-236 pa t45895 l11579 ls847">the </span><span class="pp-class-236 pa t45895 l45899 ls11722">Groups </span><span class="pp-class-236 pa t45895 l45900 ls3076">internal </span><span class="pp-class-236 pa t45895 l45901 ls17626">reporting </span><span class="pp-class-236 pa t45895 l45902 ls5207">structure. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t45903 l3 ls3298">Key </span><span class="pp-class-237 pa t45903 l45904 ls524">assumptions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45905 l3 ls651">The </span><span class="pp-class-236 pa t45905 l38379 ls3084">recoverable </span><span class="pp-class-236 pa t45905 l11631 ls995">amount </span><span class="pp-class-236 pa t45905 l45906 ls811">is </span><span class="pp-class-236 pa t45905 l45907 ls551">determined </span><span class="pp-class-236 pa t45905 l37193 ls538">based </span><span class="pp-class-236 pa t45905 l45908 ls811">on </span><span class="pp-class-236 pa t45905 l33439 ls608">value-in-use </span><span class="pp-class-236 pa t45905 l45909 ls168">calculations. </span><span class="pp-class-236 pa t45905 l45910 ls551">Value-in-use </span><span class="pp-class-236 pa t45905 l45911 ls811">is </span><span class="pp-class-236 pa t45905 l42419 ls560">calculated </span><span class="pp-class-236 pa t45905 l45912 ls811">as </span><span class="pp-class-236 pa t45905 l45913 ls184">the </span><span class="pp-class-236 pa t45914 l3 ls541">discounted </span><span class="pp-class-236 pa t45914 l41951 ls2197">value </span><span class="pp-class-236 pa t45914 l45915 ls98">of </span><span class="pp-class-236 pa t45914 l45916 ls572">the </span><span class="pp-class-236 pa t45914 l45298 ls2207">estimated </span><span class="pp-class-236 pa t45914 l45917 ls2197">future </span><span class="pp-class-236 pa t45914 l45918 ls4248">net </span><span class="pp-class-236 pa t45914 l45919 ls2222">cash </span><span class="pp-class-236 pa t45914 l45920 ls706">flows </span><span class="pp-class-236 pa t45914 l45921 ls572">per </span><span class="pp-class-236 pa t45914 l45922 ls3855">CGU. </span><span class="pp-class-236 pa t45914 l45923 ls1044">Key </span><span class="pp-class-236 pa t45914 l45924 ls691">parameters </span><span class="pp-class-236 pa t45914 l45925 ls553">for </span><span class="pp-class-236 pa t45914 l45926 ls572">the </span><span class="pp-class-236 pa t45914 l45927 ls2270">forecast </span><span class="pp-class-236 pa t45914 l45928 ls2036">periods </span><span class="pp-class-236 pa t45914 l45929 ls667">are </span><span class="pp-class-236 pa t45930 l3 ls2197">trends </span><span class="pp-class-236 pa t45930 l45931 ls811">in </span><span class="pp-class-236 pa t45930 l45932 ls2258">revenue, </span><span class="pp-class-236 pa t45930 l45933 ls11722">EBIT-margin, </span><span class="pp-class-236 pa t45930 l45934 ls2197">future </span><span class="pp-class-236 pa t45930 l45935 ls2889">investments, </span><span class="pp-class-236 pa t45930 l17249 ls651">and </span><span class="pp-class-236 pa t45930 l45936 ls10269">growth </span><span class="pp-class-236 pa t45930 l45937 ls877">expectations. </span><span class="pp-class-236 pa t45930 l45938 ls538">These </span><span class="pp-class-236 pa t45930 l45939 ls691">parameters </span><span class="pp-class-236 pa t45930 l45940 ls667">are </span><span class="pp-class-236 pa t45941 l3 ls551">determined </span><span class="pp-class-236 pa t45941 l21455 ls9435">specifically </span><span class="pp-class-236 pa t45941 l28586 ls553">for </span><span class="pp-class-236 pa t45941 l45942 ls544">each </span><span class="pp-class-236 pa t45941 l45943 ls3855">CGU. </span><span class="pp-class-236 pa t45941 l32899 ls1044">Key </span><span class="pp-class-236 pa t45941 l45944 ls691">parameters </span><span class="pp-class-236 pa t45941 l45945 ls2808">are </span><span class="pp-class-236 pa t45941 l45946 ls538">based </span><span class="pp-class-236 pa t45941 l45947 ls811">on </span><span class="pp-class-236 pa t45941 l45948 ls553">Management's </span><span class="pp-class-236 pa t45941 l45949 ls2222">past </span><span class="pp-class-236 pa t45941 l45950 ls667">experience </span><span class="pp-class-236 pa t45941 l45951 ls184">and </span><span class="pp-class-236 pa t45952 l3 ls2197">external </span><span class="pp-class-236 pa t45952 l41502 ls556">sources </span><span class="pp-class-236 pa t45952 l45953 ls706">where </span><span class="pp-class-236 pa t45952 l45954 ls2245">available.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45955 l3 ls651">The </span><span class="pp-class-236 pa t45955 l38379 ls4248">discount </span><span class="pp-class-236 pa t45955 l45956 ls8384">rate </span><span class="pp-class-236 pa t45955 l45957 ls811">is </span><span class="pp-class-236 pa t45955 l45958 ls1751">assessed </span><span class="pp-class-236 pa t45955 l3340 ls2848">separately </span><span class="pp-class-236 pa t45955 l45959 ls553">for </span><span class="pp-class-236 pa t45955 l45960 ls544">each </span><span class="pp-class-236 pa t45955 l45961 ls572">CGU </span><span class="pp-class-236 pa t45955 l45962 ls538">to </span><span class="pp-class-236 pa t45955 l45963 ls2270">reflect </span><span class="pp-class-236 pa t45955 l45964 ls651">the </span><span class="pp-class-236 pa t45955 l45965 ls3855">weighted </span><span class="pp-class-236 pa t45955 l45966 ls2894">average </span><span class="pp-class-236 pa t45955 l45967 ls2222">cost </span><span class="pp-class-236 pa t45955 l42928 ls98">of </span><span class="pp-class-236 pa t45955 l45968 ls524">capital </span><span class="pp-class-236 pa t45955 l45969 ls15952">(WACC), </span><span class="pp-class-236 pa t45970 l3 ls538">which </span><span class="pp-class-236 pa t45970 l17877 ls4276">incorporates </span><span class="pp-class-236 pa t45970 l45971 ls651">the </span><span class="pp-class-236 pa t45970 l3628 ls2258">risk-free </span><span class="pp-class-236 pa t45970 l33938 ls706">interest </span><span class="pp-class-236 pa t45970 l45972 ls8384">rate </span><span class="pp-class-236 pa t45970 l45973 ls538">along </span><span class="pp-class-236 pa t45970 l45974 ls2222">with </span><span class="pp-class-236 pa t45970 l45975 ls811">an </span><span class="pp-class-236 pa t45970 l45976 ls1687">appropriate </span><span class="pp-class-236 pa t45970 l45977 ls2222">risk </span><span class="pp-class-236 pa t45970 l45978 ls3855">premium. </span><span class="pp-class-236 pa t45970 l45979 ls572">The </span><span class="pp-class-236 pa t45970 l45980 ls560">weighting </span><span class="pp-class-236 pa t45970 l45981 ls98">of </span><span class="pp-class-236 pa t45970 l45982 ls651">the </span><span class="pp-class-236 pa t45970 l45983 ls967">cost </span><span class="pp-class-236 pa t45984 l3 ls98">of </span><span class="pp-class-236 pa t45984 l39273 ls524">debt </span><span class="pp-class-236 pa t45984 l45985 ls651">and </span><span class="pp-class-236 pa t45984 l7390 ls2222">cost </span><span class="pp-class-236 pa t45984 l2605 ls98">of </span><span class="pp-class-236 pa t45984 l45986 ls1764">equity </span><span class="pp-class-236 pa t45984 l45987 ls811">is </span><span class="pp-class-236 pa t45984 l45988 ls538">based </span><span class="pp-class-236 pa t45984 l25761 ls811">on </span><span class="pp-class-236 pa t45984 l33425 ls651">the </span><span class="pp-class-236 pa t45984 l45989 ls524">capital </span><span class="pp-class-236 pa t45984 l45990 ls2197">structure </span><span class="pp-class-236 pa t45984 l45991 ls98">of </span><span class="pp-class-236 pa t45984 l45992 ls184">a </span><span class="pp-class-236 pa t45984 l45993 ls11072">relevant </span><span class="pp-class-236 pa t45984 l45994 ls2222">peer </span><span class="pp-class-236 pa t45984 l45995 ls7468">group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t17036 l3 ls556">Cash </span><span class="pp-class-236 pa t17036 l45996 ls1882">flows </span><span class="pp-class-236 pa t17036 l27475 ls4149">are </span><span class="pp-class-236 pa t17036 l28517 ls1775">assessed </span><span class="pp-class-236 pa t17036 l45997 ls544">on </span><span class="pp-class-236 pa t17036 l45998 ls2207">the </span><span class="pp-class-236 pa t17036 l45999 ls691">basis </span><span class="pp-class-236 pa t17036 l46000 ls30">of </span><span class="pp-class-236 pa t17036 l46001 ls3170">approved </span><span class="pp-class-236 pa t17036 l27549 ls4284">forecasts </span><span class="pp-class-236 pa t17036 l46002 ls2808">for </span><span class="pp-class-236 pa t17036 l46003 ls556">2026 </span><span class="pp-class-236 pa t17036 l46004 ls2207">and </span><span class="pp-class-236 pa t17036 l46005 ls3076">strategy </span><span class="pp-class-236 pa t17036 l46006 ls2207">and </span><span class="pp-class-236 pa t17036 l46007 ls3084">projections </span><span class="pp-class-236 pa t17036 l46008 ls2565">beyond </span><span class="pp-class-236 pa t46009 l3 ls2846">2026. </span><span class="pp-class-236 pa t46009 l46010 ls2207">The </span><span class="pp-class-236 pa t46009 l42390 ls3084">projections </span><span class="pp-class-236 pa t46009 l44463 ls884">include </span><span class="pp-class-236 pa t46009 l46011 ls2207">the </span><span class="pp-class-236 pa t46009 l46012 ls5202">estimated </span><span class="pp-class-236 pa t46009 l46013 ls6824">impact </span><span class="pp-class-236 pa t46009 l46014 ls30">of </span><span class="pp-class-236 pa t46009 l46015 ls681">long-term </span><span class="pp-class-236 pa t46009 l46016 ls7832">strategic </span><span class="pp-class-236 pa t46009 l24241 ls4807">decisions </span><span class="pp-class-236 pa t46009 l46017 ls2207">and </span><span class="pp-class-236 pa t46009 l46018 ls4775">assessment </span><span class="pp-class-236 pa t46009 l46019 ls2315">of </span><span class="pp-class-236 pa t46020 l3 ls2270">opportunities </span><span class="pp-class-236 pa t46020 l28656 ls2808">for </span><span class="pp-class-236 pa t46020 l46021 ls7487">future </span><span class="pp-class-236 pa t46020 l46022 ls3038">growth </span><span class="pp-class-236 pa t46020 l46023 ls2207">and </span><span class="pp-class-236 pa t46020 l46024 ls16417">required </span><span class="pp-class-236 pa t46020 l46025 ls2816">investments. </span><span class="pp-class-236 pa t46020 l46026 ls2245">For </span><span class="pp-class-236 pa t46020 l46027 ls556">CGUs </span><span class="pp-class-236 pa t46020 l46028 ls691">which </span><span class="pp-class-236 pa t46020 l46029 ls884">include </span><span class="pp-class-236 pa t46020 l46030 ls3038">growth </span><span class="pp-class-236 pa t46020 l46031 ls544">in </span><span class="pp-class-236 pa t46020 l46032 ls2207">the </span><span class="pp-class-236 pa t46020 l46033 ls4775">terminal </span><span class="pp-class-236 pa t46020 l46034 ls2207">period, </span><span class="pp-class-236 pa t46035 l3 ls1882">OECD’s </span><span class="pp-class-236 pa t46035 l46036 ls2848">prediction </span><span class="pp-class-236 pa t46035 l46037 ls2808">for </span><span class="pp-class-236 pa t46035 l46038 ls544">EU </span><span class="pp-class-236 pa t46035 l45906 ls681">long-term </span><span class="pp-class-236 pa t46035 l46039 ls1775">consumer </span><span class="pp-class-236 pa t46035 l46040 ls691">price </span><span class="pp-class-236 pa t46035 l7006 ls1882">index </span><span class="pp-class-236 pa t46035 l46041 ls3038">growth </span><span class="pp-class-236 pa t46035 l46042 ls15952">rate </span><span class="pp-class-236 pa t46035 l46043 ls30">of </span><span class="pp-class-236 pa t46035 l46044 ls1017">2.0% </span><span class="pp-class-236 pa t46035 l46045 ls2207">has </span><span class="pp-class-236 pa t46035 l46046 ls556">been </span><span class="pp-class-236 pa t46035 l46047 ls1687">applied </span><span class="pp-class-236 pa t46035 l46048 ls5202">(2024: </span><span class="pp-class-236 pa t46035 l46049 ls2846">2.0%).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t46050 l3 ls587">Ferry </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46051 l3">2025 </span><span class="pp-class-236 pa t46051 l41004 ls1133">was </span><span class="pp-class-236 pa t46051 l46052">a </span><span class="pp-class-236 pa t46051 l46053">challenging </span><span class="pp-class-236 pa t46051 l46054 ls7832">year, </span><span class="pp-class-236 pa t46051 l46055 ls1078">impacted </span><span class="pp-class-236 pa t46051 l34174 ls967">by </span><span class="pp-class-236 pa t46051 l46056">a </span><span class="pp-class-236 pa t46051 l46057 ls143">volatile </span><span class="pp-class-236 pa t46051 l46058 ls129">market </span><span class="pp-class-236 pa t46051 l46059 ls71">environment, </span><span class="pp-class-236 pa t46051 l46060 ls162">intensified </span><span class="pp-class-236 pa t46051 l46061 ls1444">competition, </span><span class="pp-class-236 pa t46051 l46062 ls26">and </span><span class="pp-class-236 pa t46063 l3 ls94">several </span><span class="pp-class-236 pa t46063 l42405 ls5358">one-off </span><span class="pp-class-236 pa t46063 l46064 ls1629">effects </span><span class="pp-class-236 pa t46063 l46065 ls234">across </span><span class="pp-class-236 pa t46063 l39975 ls85">both </span><span class="pp-class-236 pa t46063 l46066 ls833">freight </span><span class="pp-class-236 pa t46063 l38717">and </span><span class="pp-class-236 pa t46063 l46067">passenger </span><span class="pp-class-236 pa t46063 l46068 ls833">operations. </span><span class="pp-class-236 pa t46063 l46069 ls814">Profitability </span><span class="pp-class-236 pa t46063 l46070 ls1133">was </span><span class="pp-class-236 pa t46063 l46071 ls1427">further </span><span class="pp-class-236 pa t46063 l42344 ls236">affected </span><span class="pp-class-236 pa t46063 l46072 ls967">by </span><span class="pp-class-236 pa t46073 l3 ls1790">start-up </span><span class="pp-class-236 pa t46073 l46074">and </span><span class="pp-class-236 pa t46073 l46075 ls1629">transition </span><span class="pp-class-236 pa t46073 l28647">costs, </span><span class="pp-class-236 pa t46073 l41805 ls220">capacity </span><span class="pp-class-236 pa t46073 l46076">imbalances, </span><span class="pp-class-236 pa t46073 l46077">and </span><span class="pp-class-236 pa t46073 l46078 ls833">operational </span><span class="pp-class-236 pa t46073 l46079 ls1444">disruptions. </span><span class="pp-class-236 pa t46073 l46080 ls26">In </span><span class="pp-class-236 pa t46073 l46081 ls1024">response, </span><span class="pp-class-236 pa t46073 l46082 ls67">Management </span><span class="pp-class-236 pa t46083 l3 ls181">implemented </span><span class="pp-class-236 pa t46083 l46084 ls71">a </span><span class="pp-class-236 pa t46083 l38510 ls696">range </span><span class="pp-class-236 pa t46083 l46085 ls197">of </span><span class="pp-class-236 pa t46083 l36287 ls625">corrective </span><span class="pp-class-236 pa t46083 l46086 ls587">actions, </span><span class="pp-class-236 pa t46083 l46087 ls1618">including </span><span class="pp-class-236 pa t46083 l46088 ls1133">securing </span><span class="pp-class-236 pa t46083 l46089 ls670">new </span><span class="pp-class-236 pa t46083 l46090 ls184">customer </span><span class="pp-class-236 pa t46083 l46091 ls35">agreements, </span><span class="pp-class-236 pa t46083 l46092 ls1747">adjusting </span><span class="pp-class-236 pa t46083 l46093 ls184">capacity </span><span class="pp-class-236 pa t46094 l3">and </span><span class="pp-class-236 pa t46094 l13229 ls71">vessel </span><span class="pp-class-236 pa t46094 l46095 ls67">deployment, </span><span class="pp-class-236 pa t46094 l46096">and </span><span class="pp-class-236 pa t46094 l46097 ls115">initiating </span><span class="pp-class-236 pa t46094 l46098">pricing </span><span class="pp-class-236 pa t46094 l46099">and </span><span class="pp-class-236 pa t46094 l46100 ls1707">cost-efficiency </span><span class="pp-class-236 pa t46094 l46101 ls227">measures. </span><span class="pp-class-236 pa t46094 l46102">These </span><span class="pp-class-236 pa t46094 l46103 ls108">actions </span><span class="pp-class-236 pa t46094 l46104 ls1031">weighed </span><span class="pp-class-236 pa t46094 l38566">on </span><span class="pp-class-236 pa t46105 l3 ls108">short-term </span><span class="pp-class-236 pa t46105 l46106 ls63">results </span><span class="pp-class-236 pa t46105 l14602">but </span><span class="pp-class-236 pa t46105 l40629 ls2036">were </span><span class="pp-class-236 pa t46105 l46107 ls2385">necessary </span><span class="pp-class-236 pa t46105 l45615 ls138">to </span><span class="pp-class-236 pa t46105 l46108 ls1098">stabilise </span><span class="pp-class-236 pa t46105 l46109">the </span><span class="pp-class-236 pa t46105 l46110">business </span><span class="pp-class-236 pa t46105 l46111">and </span><span class="pp-class-236 pa t46105 l46112 ls3791">create </span><span class="pp-class-236 pa t46105 l46113">a </span><span class="pp-class-236 pa t46105 l46114 ls203">stronger </span><span class="pp-class-236 pa t46105 l46115 ls63">platform </span><span class="pp-class-236 pa t46105 l46116 ls19">for </span><span class="pp-class-236 pa t46105 l46117 ls5781">recovery.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46118 l3">In </span><span class="pp-class-236 pa t46118 l3358 ls651">2026, </span><span class="pp-class-236 pa t46118 l46119 ls67">Management </span><span class="pp-class-236 pa t46118 l46120 ls15">expects </span><span class="pp-class-236 pa t46118 l46121">an </span><span class="pp-class-236 pa t46118 l46122 ls875">improvement </span><span class="pp-class-236 pa t46118 l46123">in </span><span class="pp-class-236 pa t46118 l46124 ls115">performance, </span><span class="pp-class-236 pa t46118 l46125 ls71">driven </span><span class="pp-class-236 pa t46118 l46126 ls967">by </span><span class="pp-class-236 pa t46118 l46127">ongoing </span><span class="pp-class-236 pa t46118 l46128">pricing </span><span class="pp-class-236 pa t46118 l46129 ls1790">initiatives, </span><span class="pp-class-236 pa t46130 l3 ls138">efficiency </span><span class="pp-class-236 pa t46130 l36344 ls227">measures, </span><span class="pp-class-236 pa t46130 l45005">and </span><span class="pp-class-236 pa t46130 l46131 ls181">more </span><span class="pp-class-236 pa t46130 l46132">balanced </span><span class="pp-class-236 pa t46130 l28286 ls129">market </span><span class="pp-class-236 pa t46130 l46133">conditions. </span><span class="pp-class-236 pa t46130 l34433 ls2565">Targeted </span><span class="pp-class-236 pa t46130 l46134 ls1024">volume </span><span class="pp-class-236 pa t46130 l46135 ls181">growth, </span><span class="pp-class-236 pa t46130 l46136 ls1078">selective </span><span class="pp-class-236 pa t46130 l46137 ls26">price </span><span class="pp-class-236 pa t46138 l3 ls1629">increases, </span><span class="pp-class-236 pa t46138 l45544">and </span><span class="pp-class-236 pa t46138 l46139">the </span><span class="pp-class-236 pa t46138 l46140 ls1583">benefit </span><span class="pp-class-236 pa t46138 l32147 ls118">of </span><span class="pp-class-236 pa t46138 l31274 ls106">cost-reduction </span><span class="pp-class-236 pa t46138 l46141 ls131">programmes </span><span class="pp-class-236 pa t46138 l33384 ls80">are </span><span class="pp-class-236 pa t46138 l46142 ls570">expected </span><span class="pp-class-236 pa t46138 l46143 ls138">to </span><span class="pp-class-236 pa t46138 l46144 ls1427">support </span><span class="pp-class-236 pa t46138 l46145 ls197">margin </span><span class="pp-class-236 pa t46138 l46146 ls121">recovery </span><span class="pp-class-236 pa t46138 l46147 ls234">across </span><span class="pp-class-236 pa t46148 l3">the </span><span class="pp-class-236 pa t46148 l9689 ls19">network. </span><span class="pp-class-236 pa t46148 l37691 ls131">Overall, </span><span class="pp-class-236 pa t46148 l4083">2026 </span><span class="pp-class-236 pa t46148 l7405">is </span><span class="pp-class-236 pa t46148 l13289">positioned </span><span class="pp-class-236 pa t46148 l46149">as </span><span class="pp-class-236 pa t46148 l46150">a </span><span class="pp-class-236 pa t46148 l46151 ls1629">transition </span><span class="pp-class-236 pa t46148 l46152 ls7832">year, </span><span class="pp-class-236 pa t46148 l46153">with </span><span class="pp-class-236 pa t46148 l46154 ls1467">focus </span><span class="pp-class-236 pa t46148 l46155">on </span><span class="pp-class-236 pa t46148 l46156 ls241">restoring </span><span class="pp-class-236 pa t46148 l46157 ls814">profitability </span><span class="pp-class-236 pa t46148 l46158">while </span><span class="pp-class-236 pa t46159 l3 ls162">maintaining </span><span class="pp-class-236 pa t46159 l46160">disciplined </span><span class="pp-class-236 pa t46159 l46161 ls220">capacity </span><span class="pp-class-236 pa t46159 l46162">and </span><span class="pp-class-236 pa t46159 l32963">cost </span><span class="pp-class-236 pa t46159 l46163 ls833">control.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46164 l3">Looking </span><span class="pp-class-236 pa t46164 l46165 ls234">beyond </span><span class="pp-class-236 pa t46164 l45155 ls651">2026, </span><span class="pp-class-236 pa t46164 l46166">the </span><span class="pp-class-236 pa t46164 l46167 ls1741">forecast </span><span class="pp-class-236 pa t46164 l46168">assumes </span><span class="pp-class-236 pa t46164 l33851 ls162">stable </span><span class="pp-class-236 pa t46164 l39755 ls967">growth </span><span class="pp-class-236 pa t46164 l46169">alongside </span><span class="pp-class-236 pa t46164 l46170 ls118">continued </span><span class="pp-class-236 pa t46164 l33317 ls197">margin </span><span class="pp-class-236 pa t46164 l46171 ls129">progression. </span><span class="pp-class-236 pa t46172 l3 ls1133">Revenue </span><span class="pp-class-236 pa t46172 l3102">and </span><span class="pp-class-236 pa t46172 l37308 ls1024">volume </span><span class="pp-class-236 pa t46172 l46173 ls1661">development </span><span class="pp-class-236 pa t46172 l17057 ls80">are </span><span class="pp-class-236 pa t46172 l46174 ls570">expected </span><span class="pp-class-236 pa t46172 l46175 ls138">to </span><span class="pp-class-236 pa t46172 l13565 ls536">broadly </span><span class="pp-class-236 pa t46172 l46176 ls570">reflect </span><span class="pp-class-236 pa t46172 l46177 ls1707">underlying </span><span class="pp-class-236 pa t46172 l46178 ls129">market </span><span class="pp-class-236 pa t46172 l46179 ls1661">trends, </span><span class="pp-class-236 pa t46172 l46180 ls270">supported </span><span class="pp-class-236 pa t46172 l46181 ls967">by </span><span class="pp-class-236 pa t46182 l3 ls685">incremental </span><span class="pp-class-236 pa t46182 l36495">pricing </span><span class="pp-class-236 pa t46182 l12963 ls1757">improvements, </span><span class="pp-class-236 pa t46182 l46183 ls833">operational </span><span class="pp-class-236 pa t46182 l46184 ls3337">efficiencies, </span><span class="pp-class-236 pa t46182 l46185">and </span><span class="pp-class-236 pa t46182 l46186">the </span><span class="pp-class-236 pa t46182 l46187 ls135">expiry </span><span class="pp-class-236 pa t46182 l46188 ls118">of </span><span class="pp-class-236 pa t46182 l46189">less </span><span class="pp-class-236 pa t46182 l38488 ls592">favourable </span><span class="pp-class-236 pa t46182 l46190 ls15">contracts. </span></p></div></div><div id="pp-id-5356" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h46191 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3">The </span><span class="pp-class-236 pa t283 l7349 ls1741">forecast </span><span class="pp-class-236 pa t283 l46192">also </span><span class="pp-class-236 pa t283 l46193">assumes </span><span class="pp-class-236 pa t283 l27784">a </span><span class="pp-class-236 pa t283 l28536 ls129">market </span><span class="pp-class-236 pa t283 l46194 ls1547">environment </span><span class="pp-class-236 pa t283 l46195 ls1024">characterised </span><span class="pp-class-236 pa t283 l46196 ls967">by </span><span class="pp-class-236 pa t283 l46197 ls227">increased </span><span class="pp-class-236 pa t283 l46198 ls1444">competition, </span><span class="pp-class-236 pa t283 l46199 ls227">requiring </span><span class="pp-class-236 pa t1332 l3 ls118">continued </span><span class="pp-class-236 pa t1332 l46200 ls236">adaptation </span><span class="pp-class-236 pa t1332 l46201 ls138">to </span><span class="pp-class-236 pa t1332 l46202 ls217">maintain </span><span class="pp-class-236 pa t1332 l46203 ls115">competitiveness </span><span class="pp-class-236 pa t1332 l46204">and </span><span class="pp-class-236 pa t1332 l39830 ls1757">safeguard </span><span class="pp-class-236 pa t1332 l46205 ls203">profitable </span><span class="pp-class-236 pa t1332 l46206 ls967">growth.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t1339 l3">Based </span><span class="pp-class-236 pa t1339 l16343">on </span><span class="pp-class-236 pa t1339 l36373">these </span><span class="pp-class-236 pa t1339 l46207 ls1444">assumptions, </span><span class="pp-class-236 pa t1339 l29823 ls428">projected </span><span class="pp-class-236 pa t1339 l46208 ls524">average </span><span class="pp-class-236 pa t1339 l46209">annual </span><span class="pp-class-236 pa t1339 l46210">EBIT </span><span class="pp-class-236 pa t1339 l46211 ls967">growth </span><span class="pp-class-236 pa t1339 l40827 ls546">rate </span><span class="pp-class-236 pa t1339 l46212 ls1583">defined </span><span class="pp-class-236 pa t1339 l46213 ls26">as </span><span class="pp-class-236 pa t1339 l46214 ls26">compound </span><span class="pp-class-236 pa t1339 l46215 ls26">annual </span><span class="pp-class-236 pa t3352 l3 ls967">growth </span><span class="pp-class-236 pa t3352 l46216 ls546">rate </span><span class="pp-class-236 pa t3352 l46217 ls278">(CAGR) </span><span class="pp-class-236 pa t3352 l19689 ls19">for </span><span class="pp-class-236 pa t3352 l46218">the </span><span class="pp-class-236 pa t3352 l46219 ls833">Freight </span><span class="pp-class-236 pa t3352 l46220 ls88">Ferry </span><span class="pp-class-236 pa t3352 l13283">CGU </span><span class="pp-class-236 pa t3352 l46221 ls19">for </span><span class="pp-class-236 pa t3352 l46222">the </span><span class="pp-class-236 pa t3352 l46223 ls73">years </span><span class="pp-class-236 pa t3352 l46224 ls534">2026–2030 </span><span class="pp-class-236 pa t3352 l46225">is </span><span class="pp-class-236 pa t3352 l46226 ls1031">estimated </span><span class="pp-class-236 pa t3352 l46227 ls2368">at </span><span class="pp-class-236 pa t3352 l46228 ls26">22% </span><span class="pp-class-236 pa t3352 l46229 ls685">(2024: </span><span class="pp-class-236 pa t3352 l46230 ls26">28%). </span><span class="pp-class-236 pa t3355 l3 ls197">Strong </span><span class="pp-class-236 pa t3355 l19684">EBIT </span><span class="pp-class-236 pa t3355 l46231 ls967">growth </span><span class="pp-class-236 pa t3355 l28724">is </span><span class="pp-class-236 pa t3355 l44825 ls570">expected </span><span class="pp-class-236 pa t3355 l42627">in </span><span class="pp-class-236 pa t3355 l46232 ls297">2027 </span><span class="pp-class-236 pa t3355 l46233">and </span><span class="pp-class-236 pa t3355 l46234">2028 </span><span class="pp-class-236 pa t3355 l46235 ls1024">primarily </span><span class="pp-class-236 pa t3355 l46236 ls71">driven </span><span class="pp-class-236 pa t3355 l46237 ls967">by </span><span class="pp-class-236 pa t3355 l46238 ls1024">volume </span><span class="pp-class-236 pa t3355 l24301 ls121">recovery </span><span class="pp-class-236 pa t3355 l46239 ls26">and </span><span class="pp-class-236 pa t3355 l46240 ls138">efficiency </span><span class="pp-class-236 pa t8661 l3 ls184">improvements </span><span class="pp-class-236 pa t8661 l46241">in </span><span class="pp-class-236 pa t8661 l46242">the </span><span class="pp-class-236 pa t8661 l46243 ls5358">North </span><span class="pp-class-236 pa t8661 l46244 ls1928">Sea, </span><span class="pp-class-236 pa t8661 l36356">combined </span><span class="pp-class-236 pa t8661 l46245">with </span><span class="pp-class-236 pa t8661 l46246">price </span><span class="pp-class-236 pa t8661 l46247 ls115">stabilisation </span><span class="pp-class-236 pa t8661 l46248">in </span><span class="pp-class-236 pa t8661 l46249">the </span><span class="pp-class-236 pa t8661 l46250 ls1031">Mediterranean </span><span class="pp-class-236 pa t8661 l46251 ls203">following </span><span class="pp-class-236 pa t8661 l46252 ls26">a </span><span class="pp-class-236 pa t8661 l46253">period </span><span class="pp-class-236 pa t8661 l46254 ls118">of </span><span class="pp-class-236 pa t9688 l3 ls162">intensified </span><span class="pp-class-236 pa t9688 l18289 ls1444">competition. </span><span class="pp-class-236 pa t9688 l3846">The </span><span class="pp-class-236 pa t9688 l46255 ls297">pre-tax </span><span class="pp-class-236 pa t9688 l46256 ls118">discount </span><span class="pp-class-236 pa t9688 l46257 ls546">rate </span><span class="pp-class-236 pa t9688 l46258">applied </span><span class="pp-class-236 pa t9688 l45630 ls1133">was </span><span class="pp-class-236 pa t9688 l46259 ls3200">6.6% </span><span class="pp-class-236 pa t9688 l46260 ls685">(2024: </span><span class="pp-class-236 pa t9688 l46261 ls1775">6.8%).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t8665 l3 ls544">For </span><span class="pp-class-236 pa t8665 l38701 ls651">the </span><span class="pp-class-236 pa t8665 l46262 ls2197">Strait </span><span class="pp-class-236 pa t8665 l46263 ls98">of </span><span class="pp-class-236 pa t8665 l46264 ls1029">Gibraltar, </span><span class="pp-class-236 pa t8665 l41483 ls2969">projected </span><span class="pp-class-236 pa t8665 l46265 ls2894">average </span><span class="pp-class-236 pa t8665 l46266 ls1764">annual </span><span class="pp-class-236 pa t8665 l46267 ls2222">EBIT </span><span class="pp-class-236 pa t8665 l46268 ls10269">growth </span><span class="pp-class-236 pa t8665 l46269 ls8384">rate </span><span class="pp-class-236 pa t8665 l46270 ls536">defined </span><span class="pp-class-236 pa t8665 l46271 ls811">as </span><span class="pp-class-236 pa t8665 l46272 ls1751">compound </span><span class="pp-class-236 pa t8665 l46273 ls1764">annual </span><span class="pp-class-236 pa t8665 l46274 ls1687">growth </span><span class="pp-class-236 pa t8668 l3 ls8384">rate </span><span class="pp-class-236 pa t8668 l46275 ls7832">(CAGR) </span><span class="pp-class-236 pa t8668 l46276 ls553">for </span><span class="pp-class-236 pa t8668 l46277 ls651">the </span><span class="pp-class-236 pa t8668 l43645 ls838">years </span><span class="pp-class-236 pa t8668 l18838 ls12546">2026–2030 </span><span class="pp-class-236 pa t8668 l46278 ls811">is </span><span class="pp-class-236 pa t8668 l18351 ls2207">estimated </span><span class="pp-class-236 pa t8668 l46279 ls2197">at </span><span class="pp-class-236 pa t8668 l46280 ls651">15% </span><span class="pp-class-236 pa t8668 l32376 ls667">(2024: </span><span class="pp-class-236 pa t8668 l46281 ls538">34%). </span><span class="pp-class-236 pa t8668 l46282 ls6824">Elevated </span><span class="pp-class-236 pa t8668 l46283 ls10269">growth </span><span class="pp-class-236 pa t8668 l46284 ls811">is </span><span class="pp-class-236 pa t8668 l46285 ls2969">projected </span><span class="pp-class-236 pa t8668 l46274 ls811">in </span><span class="pp-class-236 pa t8668 l46286 ls33">2027 </span><span class="pp-class-236 pa t8672 l3 ls621">reflecting </span><span class="pp-class-236 pa t8672 l46287 ls2687">recovery </span><span class="pp-class-236 pa t8672 l28493 ls877">from </span><span class="pp-class-236 pa t8672 l46288 ls849">lower </span><span class="pp-class-236 pa t8672 l46289 ls4630">profitability </span><span class="pp-class-236 pa t8672 l46290 ls811">in </span><span class="pp-class-236 pa t8672 l46291 ls2565">2026, </span><span class="pp-class-236 pa t8672 l46292 ls538">which </span><span class="pp-class-236 pa t8672 l17078 ls811">is </span><span class="pp-class-236 pa t8672 l46293 ls5781">expected </span><span class="pp-class-236 pa t8672 l46294 ls538">to </span><span class="pp-class-236 pa t8672 l46295 ls811">be </span><span class="pp-class-236 pa t8672 l46296 ls758">driven </span><span class="pp-class-236 pa t8672 l46297 ls706">by </span><span class="pp-class-236 pa t8672 l46298 ls2969">operational </span><span class="pp-class-236 pa t8672 l46299 ls2036">changes </span><span class="pp-class-236 pa t8672 l46300 ls184">and </span><span class="pp-class-236 pa t8673 l3 ls691">market </span><span class="pp-class-236 pa t8673 l46301 ls168">consolidation </span><span class="pp-class-236 pa t8673 l44463 ls758">effects </span><span class="pp-class-236 pa t8673 l29637 ls811">in </span><span class="pp-class-236 pa t8673 l31156 ls651">the </span><span class="pp-class-236 pa t8673 l46302 ls3154">corridor. </span><span class="pp-class-236 pa t8673 l46303 ls3149">Thereafter, </span><span class="pp-class-236 pa t8673 l46304 ls2222">EBIT </span><span class="pp-class-236 pa t8673 l46305 ls10269">growth </span><span class="pp-class-236 pa t8673 l46306 ls811">is </span><span class="pp-class-236 pa t8673 l45695 ls5781">expected </span><span class="pp-class-236 pa t8673 l46307 ls538">to </span><span class="pp-class-236 pa t8673 l46308 ls1744">normalise, </span><span class="pp-class-236 pa t8673 l46309 ls670">supported </span><span class="pp-class-236 pa t8673 l46310 ls747">by </span><span class="pp-class-236 pa t9715 l3 ls614">steady </span><span class="pp-class-236 pa t9715 l46311 ls572">and </span><span class="pp-class-236 pa t9715 l28491 ls2197">strong </span><span class="pp-class-236 pa t9715 l28349 ls556">volume </span><span class="pp-class-236 pa t9715 l46312 ls7086">development </span><span class="pp-class-236 pa t9715 l46313 ls758">driven </span><span class="pp-class-236 pa t9715 l46314 ls706">by </span><span class="pp-class-236 pa t9715 l46315 ls5202">relative </span><span class="pp-class-236 pa t9715 l46316 ls2222">high </span><span class="pp-class-236 pa t9715 l46317 ls691">market </span><span class="pp-class-236 pa t9715 l46318 ls2808">growth, </span><span class="pp-class-236 pa t9715 l46319 ls811">in </span><span class="pp-class-236 pa t9715 l46320 ls661">particular </span><span class="pp-class-236 pa t9715 l46321 ls811">in </span><span class="pp-class-236 pa t9715 l46322 ls2889">Morocco, </span><span class="pp-class-236 pa t9720 l3 ls4558">improving </span><span class="pp-class-236 pa t9720 l46323 ls1404">utilisation </span><span class="pp-class-236 pa t9720 l10463 ls811">on </span><span class="pp-class-236 pa t9720 l46324 ls651">our </span><span class="pp-class-236 pa t9720 l5091 ls1780">vessels </span><span class="pp-class-236 pa t9720 l37963 ls651">and </span><span class="pp-class-236 pa t9720 l46325 ls2222">thus </span><span class="pp-class-236 pa t9720 l46326 ls2036">driving </span><span class="pp-class-236 pa t9720 l46327 ls184">a </span><span class="pp-class-236 pa t9720 l46328 ls877">gradual </span><span class="pp-class-236 pa t9720 l46329 ls2197">margin </span><span class="pp-class-236 pa t9720 l46330 ls667">expansion. </span><span class="pp-class-236 pa t9720 l46331 ls651">The </span><span class="pp-class-236 pa t9720 l46332 ls625">pre-tax </span><span class="pp-class-236 pa t9720 l46333 ls4248">discount </span><span class="pp-class-236 pa t9720 l46334 ls8486">rate </span><span class="pp-class-236 pa t9725 l3 ls2036">applied </span><span class="pp-class-236 pa t9725 l43448 ls556">was </span><span class="pp-class-236 pa t9725 l46335 ls3124">6.6% </span><span class="pp-class-236 pa t9725 l46336 ls667">(2024: </span><span class="pp-class-236 pa t9725 l28966 ls6721">6.8%).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t9733 l3">The </span><span class="pp-class-236 pa t9733 l7349">Channel, </span><span class="pp-class-236 pa t9733 l46337 ls241">Amsterdam </span><span class="pp-class-236 pa t9733 l46338">- </span><span class="pp-class-236 pa t9733 l46339 ls833">Newcastle </span><span class="pp-class-236 pa t9733 l46340">and </span><span class="pp-class-236 pa t9733 l46341 ls71">Jersey </span><span class="pp-class-236 pa t9733 l39586">CGUs </span><span class="pp-class-236 pa t9733 l46342 ls94">have </span><span class="pp-class-236 pa t9733 l46343">no </span><span class="pp-class-236 pa t9733 l38932">goodwill.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t46344 l3 ls1751">Logistics</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46345 l3 ls2222">2025 </span><span class="pp-class-236 pa t46345 l3404 ls556">was </span><span class="pp-class-236 pa t46345 l1650 ls184">a </span><span class="pp-class-236 pa t46345 l30618 ls667">transition </span><span class="pp-class-236 pa t46345 l46346 ls8048">year </span><span class="pp-class-236 pa t46345 l46347 ls553">for </span><span class="pp-class-236 pa t46345 l46348 ls651">the </span><span class="pp-class-236 pa t46345 l46349 ls995">Logistics </span><span class="pp-class-236 pa t46345 l46350 ls995">Division, </span><span class="pp-class-236 pa t46345 l46351 ls706">characterised </span><span class="pp-class-236 pa t46345 l46352 ls706">by </span><span class="pp-class-236 pa t46345 l46353 ls625">challenging </span><span class="pp-class-236 pa t46345 l46354 ls691">market </span><span class="pp-class-236 pa t46345 l46355 ls562">conditions </span><span class="pp-class-236 pa t46345 l46356 ls184">and </span><span class="pp-class-236 pa t46357 l3 ls565">actions </span><span class="pp-class-236 pa t46357 l46358 ls538">to </span><span class="pp-class-236 pa t46357 l46359 ls2565">restore </span><span class="pp-class-236 pa t46357 l46360 ls2081">profitability. </span><span class="pp-class-236 pa t46357 l46361 ls651">The </span><span class="pp-class-236 pa t46357 l39078 ls8048">year </span><span class="pp-class-236 pa t46357 l46362 ls556">was </span><span class="pp-class-236 pa t46357 l42590 ls838">impacted </span><span class="pp-class-236 pa t46357 l46363 ls706">by </span><span class="pp-class-236 pa t46357 l46364 ls556">low </span><span class="pp-class-236 pa t46357 l46365 ls4630">volumes, </span><span class="pp-class-236 pa t46357 l46366 ls2969">operational </span><span class="pp-class-236 pa t46357 l46367 ls530">disruptions, </span><span class="pp-class-236 pa t46357 l46368 ls651">and </span><span class="pp-class-236 pa t46357 l46369 ls758">legacy </span><span class="pp-class-236 pa t46370 l3 ls724">performance </span><span class="pp-class-236 pa t46370 l42034 ls2036">issues, </span><span class="pp-class-236 pa t46370 l46371 ls731">particularly </span><span class="pp-class-236 pa t46370 l46372 ls811">in </span><span class="pp-class-236 pa t46370 l46373 ls572">the </span><span class="pp-class-236 pa t46370 l14617 ls538">first </span><span class="pp-class-236 pa t46370 l46374 ls8200">half. </span><span class="pp-class-236 pa t46370 l46375 ls811">In </span><span class="pp-class-236 pa t46370 l46376 ls681">response, </span><span class="pp-class-236 pa t46370 l38797 ls2222">DFDS </span><span class="pp-class-236 pa t46370 l46377 ls3234">executed </span><span class="pp-class-236 pa t46370 l46378 ls184">a </span><span class="pp-class-236 pa t46370 l46379 ls849">broad </span><span class="pp-class-236 pa t46370 l46380 ls667">turnaround </span><span class="pp-class-236 pa t46370 l46381 ls1131">programme, </span><span class="pp-class-236 pa t46382 l3 ls556">exiting </span><span class="pp-class-236 pa t46382 l46383 ls538">loss-making </span><span class="pp-class-236 pa t46382 l46384 ls1404">activities, </span><span class="pp-class-236 pa t46382 l28842 ls4558">improving </span><span class="pp-class-236 pa t46382 l46385 ls2969">operational </span><span class="pp-class-236 pa t46382 l46386 ls2629">efficiency, </span><span class="pp-class-236 pa t46382 l46387 ls572">and </span><span class="pp-class-236 pa t46382 l46388 ls849">materially </span><span class="pp-class-236 pa t46382 l46389 ls3855">reducing </span><span class="pp-class-236 pa t46382 l46390 ls651">the </span><span class="pp-class-236 pa t46382 l46391 ls2222">cost </span><span class="pp-class-236 pa t46382 l46392 ls608">base. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t10822 l3">2026 </span><span class="pp-class-236 pa t10822 l46393">is </span><span class="pp-class-236 pa t10822 l10789 ls177">budgeted </span><span class="pp-class-236 pa t10822 l46394">based </span><span class="pp-class-236 pa t10822 l46395">on </span><span class="pp-class-236 pa t10822 l40756">a </span><span class="pp-class-236 pa t10822 l9708 ls76">bottom-up, </span><span class="pp-class-236 pa t10822 l46396 ls121">market-driven </span><span class="pp-class-236 pa t10822 l46397 ls129">approach </span><span class="pp-class-236 pa t10822 l46398">and </span><span class="pp-class-236 pa t10822 l46399 ls428">reflects </span><span class="pp-class-236 pa t10822 l46400">a </span><span class="pp-class-236 pa t10822 l46401 ls181">more </span><span class="pp-class-236 pa t10822 l46402 ls162">stable </span><span class="pp-class-236 pa t10822 l46403 ls833">operational </span><span class="pp-class-236 pa t46404 l3 ls67">setup </span><span class="pp-class-236 pa t46404 l46405">with </span><span class="pp-class-236 pa t46404 l46406 ls1790">significantly </span><span class="pp-class-236 pa t46404 l46407 ls967">lower </span><span class="pp-class-236 pa t46404 l46408 ls1629">restructuring </span><span class="pp-class-236 pa t46404 l14857">costs </span><span class="pp-class-236 pa t46404 l46409">than </span><span class="pp-class-236 pa t46404 l46410">in </span><span class="pp-class-236 pa t46404 l46411 ls651">2025. </span><span class="pp-class-236 pa t46404 l46412 ls781">Earnings </span><span class="pp-class-236 pa t46404 l46413 ls80">are </span><span class="pp-class-236 pa t46404 l46414 ls570">expected </span><span class="pp-class-236 pa t46404 l46415 ls138">to </span><span class="pp-class-236 pa t46404 l46416 ls1583">benefit </span><span class="pp-class-236 pa t46404 l46417 ls181">from </span><span class="pp-class-236 pa t46404 l46418 ls26">a </span><span class="pp-class-236 pa t46419 l3 ls428">full-year </span><span class="pp-class-236 pa t46419 l46420 ls1790">effect </span><span class="pp-class-236 pa t46419 l46421 ls118">of </span><span class="pp-class-236 pa t46419 l42484 ls138">efficiency </span><span class="pp-class-236 pa t46419 l46422 ls227">measures, </span><span class="pp-class-236 pa t46419 l46423 ls118">continued </span><span class="pp-class-236 pa t46419 l46424 ls1467">optimisation </span><span class="pp-class-236 pa t46419 l46425 ls118">of </span><span class="pp-class-236 pa t46419 l46426 ls108">haulage </span><span class="pp-class-236 pa t46419 l46427">and </span><span class="pp-class-236 pa t46419 l46428 ls67">fleet </span><span class="pp-class-236 pa t46419 l46429 ls26">composition, </span><span class="pp-class-236 pa t46419 l46430 ls227">increased </span><span class="pp-class-236 pa t46431 l3">use </span><span class="pp-class-236 pa t46431 l46432 ls118">of </span><span class="pp-class-236 pa t46431 l46433 ls181">rail </span><span class="pp-class-236 pa t46431 l39461 ls91">solutions </span><span class="pp-class-236 pa t46431 l46434 ls106">where </span><span class="pp-class-236 pa t46431 l46435 ls135">feasible, </span><span class="pp-class-236 pa t46431 l46436">and </span><span class="pp-class-236 pa t46431 l21551 ls592">improved </span><span class="pp-class-236 pa t46431 l46437 ls67">asset </span><span class="pp-class-236 pa t46431 l46438 ls177">utilisation. </span><span class="pp-class-236 pa t46431 l46439 ls1133">Revenue </span><span class="pp-class-236 pa t46431 l46440 ls967">growth </span><span class="pp-class-236 pa t46431 l46441">is </span><span class="pp-class-236 pa t46431 l46442 ls570">expected </span><span class="pp-class-236 pa t46431 l46443 ls138">to </span><span class="pp-class-236 pa t46431 l46444 ls26">be </span><span class="pp-class-236 pa t46431 l46445 ls71">driven </span><span class="pp-class-236 pa t46446 l3 ls967">by </span><span class="pp-class-236 pa t46446 l3373 ls129">market </span><span class="pp-class-236 pa t46446 l46447 ls121">recovery </span><span class="pp-class-236 pa t46446 l46448">in </span><span class="pp-class-236 pa t46446 l46449 ls177">selected </span><span class="pp-class-236 pa t46446 l46450 ls135">geographies, </span><span class="pp-class-236 pa t46446 l46451">while </span><span class="pp-class-236 pa t46446 l46452 ls1467">focus </span><span class="pp-class-236 pa t46446 l46453 ls1661">remains </span><span class="pp-class-236 pa t46446 l46454 ls184">firmly </span><span class="pp-class-236 pa t46446 l46455">on </span><span class="pp-class-236 pa t46446 l46456 ls181">execution </span><span class="pp-class-236 pa t46446 l46457 ls26">discipline </span><span class="pp-class-236 pa t46446 l46458 ls26">and </span><span class="pp-class-236 pa t46459 l3 ls814">profitability </span><span class="pp-class-236 pa t46459 l46460 ls938">rather </span><span class="pp-class-236 pa t46459 l46461">than </span><span class="pp-class-236 pa t46459 l10749 ls1024">volume </span><span class="pp-class-236 pa t46459 l46462 ls967">growth.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43550 l3 ls1661">Over </span><span class="pp-class-236 pa t43550 l46463">the </span><span class="pp-class-236 pa t43550 l46464">longer </span><span class="pp-class-236 pa t43550 l43350 ls13">term, </span><span class="pp-class-236 pa t43550 l46465">the </span><span class="pp-class-236 pa t43550 l46466 ls1511">base-case </span><span class="pp-class-236 pa t43550 l46467">outlook </span><span class="pp-class-236 pa t43550 l46468">assumes </span><span class="pp-class-236 pa t43550 l46469 ls590">relatively </span><span class="pp-class-236 pa t43550 l46470 ls162">stable </span><span class="pp-class-236 pa t43550 l46471 ls94">revenue </span><span class="pp-class-236 pa t43550 l46472 ls967">growth </span><span class="pp-class-236 pa t43550 l46473 ls118">of </span><span class="pp-class-236 pa t43550 l46474 ls197">around </span><span class="pp-class-236 pa t43550 l46475 ls26">2% </span><span class="pp-class-236 pa t43550 l46476 ls26">per </span><span class="pp-class-236 pa t46477 l3 ls7832">year, </span><span class="pp-class-236 pa t46477 l46478">aligned </span><span class="pp-class-236 pa t46477 l18014">with </span><span class="pp-class-236 pa t46477 l46479">the </span><span class="pp-class-236 pa t46477 l46480 ls1133">broader </span><span class="pp-class-236 pa t46477 l46481">economic </span><span class="pp-class-236 pa t46477 l46482 ls71">environment. </span><span class="pp-class-236 pa t46477 l46483 ls7086">EBIT-margins </span><span class="pp-class-236 pa t46477 l46484 ls80">are </span><span class="pp-class-236 pa t46477 l46485 ls570">expected </span><span class="pp-class-236 pa t46477 l46486 ls138">to </span><span class="pp-class-236 pa t46477 l46487 ls576">gradually </span><span class="pp-class-236 pa t46477 l46488 ls94">improve </span><span class="pp-class-236 pa t46489 l3 ls1369">towards </span><span class="pp-class-236 pa t46489 l46490 ls1098">historical </span><span class="pp-class-236 pa t46489 l46491 ls1133">levels. </span><span class="pp-class-236 pa t46489 l46492">This </span><span class="pp-class-236 pa t46489 l46493 ls875">improvement </span><span class="pp-class-236 pa t46489 l22197">is </span><span class="pp-class-236 pa t46489 l46494 ls270">supported </span><span class="pp-class-236 pa t46489 l46495 ls967">by </span><span class="pp-class-236 pa t46489 l46496">a </span><span class="pp-class-236 pa t46489 l46497">simplified </span><span class="pp-class-236 pa t46489 l46498 ls106">operating </span><span class="pp-class-236 pa t46489 l46499 ls26">model, </span><span class="pp-class-236 pa t46489 l46500 ls118">continued </span><span class="pp-class-236 pa t46501 l3 ls138">efficiency </span><span class="pp-class-236 pa t46501 l36344 ls1790">initiatives, </span><span class="pp-class-236 pa t46501 l46502">and </span><span class="pp-class-236 pa t46501 l46503">a </span><span class="pp-class-236 pa t46501 l46504 ls181">structurally </span><span class="pp-class-236 pa t46501 l17467 ls203">stronger </span><span class="pp-class-236 pa t46501 l46505">and </span><span class="pp-class-236 pa t46501 l46506">less </span><span class="pp-class-236 pa t46501 l46507 ls143">volatile </span><span class="pp-class-236 pa t46501 l46508">business </span><span class="pp-class-236 pa t46501 l36471">mix </span><span class="pp-class-236 pa t46501 l46509 ls203">following </span><span class="pp-class-236 pa t46501 l46510 ls26">the </span><span class="pp-class-236 pa t46501 l42494 ls1629">turnaround </span><span class="pp-class-236 pa t46511 l3 ls108">actions </span><span class="pp-class-236 pa t46511 l46512 ls162">implemented </span><span class="pp-class-236 pa t46511 l45012">in </span><span class="pp-class-236 pa t46511 l46513 ls651">2025. </span><span class="pp-class-236 pa t46511 l46514">These </span><span class="pp-class-236 pa t46511 l27101 ls19">projections </span><span class="pp-class-236 pa t46511 l41726 ls4787">rely </span><span class="pp-class-236 pa t46511 l46515">on </span><span class="pp-class-236 pa t46511 l46516">a </span><span class="pp-class-236 pa t46511 l46517">successful </span><span class="pp-class-236 pa t46511 l46518 ls1629">turnaround </span><span class="pp-class-236 pa t46511 l46519 ls118">of </span><span class="pp-class-236 pa t46511 l46520 ls26">TES </span><span class="pp-class-236 pa t46511 l46521 ls26">and </span><span class="pp-class-236 pa t46511 l46522 ls80">are </span><span class="pp-class-236 pa t46511 l46523 ls164">therefore </span><span class="pp-class-236 pa t46524 l3 ls1444">contingent </span><span class="pp-class-236 pa t46524 l33067">on </span><span class="pp-class-236 pa t46524 l36222 ls85">both </span><span class="pp-class-236 pa t46524 l28606 ls217">internal </span><span class="pp-class-236 pa t46524 l46525 ls108">actions </span><span class="pp-class-236 pa t46524 l46526">and </span><span class="pp-class-236 pa t46524 l46527 ls1024">external </span><span class="pp-class-236 pa t46524 l46528 ls129">market </span><span class="pp-class-236 pa t46524 l30592 ls19">developments, </span><span class="pp-class-236 pa t46524 l46529">which </span><span class="pp-class-236 pa t46524 l46530 ls135">adds </span><span class="pp-class-236 pa t46524 l46531 ls138">to </span><span class="pp-class-236 pa t46524 l46532 ls26">the </span><span class="pp-class-236 pa t46524 l46533 ls94">overall </span><span class="pp-class-236 pa t46534 l3 ls252">uncertainty. </span><span class="pp-class-236 pa t46534 l46535">TES </span><span class="pp-class-236 pa t46534 l18799">is </span><span class="pp-class-236 pa t46534 l46536 ls570">expected </span><span class="pp-class-236 pa t46534 l18366 ls138">to </span><span class="pp-class-236 pa t46534 l18367 ls197">remain </span><span class="pp-class-236 pa t46534 l46537">lossmaking </span><span class="pp-class-236 pa t46534 l46538 ls1661">through </span><span class="pp-class-236 pa t46534 l46539 ls995">2026.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46540 l3 ls538">Based </span><span class="pp-class-236 pa t46540 l46541 ls811">on </span><span class="pp-class-236 pa t46540 l46542 ls538">these </span><span class="pp-class-236 pa t46540 l44319 ls530">assumptions, </span><span class="pp-class-236 pa t46540 l46543 ls2969">projected </span><span class="pp-class-236 pa t46540 l46544 ls2894">average </span><span class="pp-class-236 pa t46540 l27284 ls1764">annual </span><span class="pp-class-236 pa t46540 l2852 ls2222">EBIT </span><span class="pp-class-236 pa t46540 l46545 ls10269">growth </span><span class="pp-class-236 pa t46540 l46546 ls8384">rate </span><span class="pp-class-236 pa t46540 l46547 ls536">defined </span><span class="pp-class-236 pa t46540 l46548 ls811">as </span><span class="pp-class-236 pa t46540 l46549 ls1751">compound </span><span class="pp-class-236 pa t46540 l46550 ls1764">annual </span><span class="pp-class-236 pa t46540 l46551 ls1687">growth </span><span class="pp-class-236 pa t46552 l3 ls8384">rate </span><span class="pp-class-236 pa t46552 l46275 ls7832">(CAGR) </span><span class="pp-class-236 pa t46552 l46276 ls553">for </span><span class="pp-class-236 pa t46552 l46277 ls995">Logistics </span><span class="pp-class-236 pa t46552 l46553 ls553">for </span><span class="pp-class-236 pa t46552 l46554 ls651">the </span><span class="pp-class-236 pa t46552 l46555 ls838">years </span><span class="pp-class-236 pa t46552 l46556 ls12546">2026–2030 </span><span class="pp-class-236 pa t46552 l46528 ls811">is </span><span class="pp-class-236 pa t46552 l46557 ls2207">estimated </span><span class="pp-class-236 pa t46552 l46558 ls2197">at </span><span class="pp-class-236 pa t46552 l46559 ls572">35% </span><span class="pp-class-236 pa t46552 l46560 ls667">(2024: </span><span class="pp-class-236 pa t46552 l46561 ls538">20%). </span><span class="pp-class-236 pa t46552 l46562">The </span><span class="pp-class-236 pa t46552 l46563 ls297">pre-tax </span><span class="pp-class-236 pa t46552 l46564 ls118">discount </span><span class="pp-class-236 pa t46552 l46565 ls546">rate </span><span class="pp-class-236 pa t46566 l3">applied </span><span class="pp-class-236 pa t46566 l46567 ls1133">was </span><span class="pp-class-236 pa t46566 l46568 ls16835">7.8% </span><span class="pp-class-236 pa t46566 l6745 ls685">(2024: </span><span class="pp-class-236 pa t46566 l46569 ls1775">6.8%).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46570 l3 ls8644">To </span><span class="pp-class-236 pa t46570 l46571 ls2972">conclude, </span><span class="pp-class-236 pa t46570 l5319 ls847">the </span><span class="pp-class-236 pa t46570 l46572 ls1957">impairment </span><span class="pp-class-236 pa t46570 l46573 ls2855">tests </span><span class="pp-class-236 pa t46570 l46574 ls16417">performed </span><span class="pp-class-236 pa t46570 l46575 ls1775">in </span><span class="pp-class-236 pa t46570 l46576 ls2081">2025 </span><span class="pp-class-236 pa t46570 l46577 ls847">did </span><span class="pp-class-236 pa t46570 l46578 ls2258">not </span><span class="pp-class-236 pa t46570 l46579 ls11592">trigger </span><span class="pp-class-236 pa t46570 l46580 ls4149">any </span><span class="pp-class-236 pa t46570 l46581 ls1957">impairment </span><span class="pp-class-236 pa t46570 l46582 ls13284">losses </span><span class="pp-class-236 pa t46570 l46583 ls1775">on </span><span class="pp-class-236 pa t46570 l46584 ls847">the </span><span class="pp-class-236 pa t46570 l46585 ls2816">CGUs’ </span><span class="pp-class-236 pa t46570 l46586 ls2894">assets.</span><span class="pp-class-236 pa t46570 l2954"/></p></div></div><div class="pp-class-10" id="pp-id-5357" xmlns="http://www.w3.org/1999/xhtml"><div class="w46588 h38756 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls838">3.1.4 </span><span class="pp-class-234 pa t1122 l38307 ls1098">Impairment </span><span class="pp-class-234 pa t1122 l45813">testing </span><span class="pp-class-235 pa t1122 l46589 ls938">(continued)</span></p></div></div><div id="pp-id-5358" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h46590 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t283 l3 ls625">Sensitivity </span><span class="pp-class-237 pa t283 l4526 ls2687">analysis</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls811">As </span><span class="pp-class-236 pa t38325 l45116 ls875">part </span><span class="pp-class-236 pa t38325 l17524 ls98">of </span><span class="pp-class-236 pa t38325 l46591 ls651">the </span><span class="pp-class-236 pa t38325 l39988 ls12490">preparation </span><span class="pp-class-236 pa t38325 l20130 ls98">of </span><span class="pp-class-236 pa t38325 l46592 ls524">impairment </span><span class="pp-class-236 pa t38325 l46593 ls747">tests, </span><span class="pp-class-236 pa t38325 l46594 ls625">sensitivity </span><span class="pp-class-236 pa t38325 l46595 ls1131">analysis </span><span class="pp-class-236 pa t38325 l46596 ls811">is </span><span class="pp-class-236 pa t38325 l46597 ls11713">prepared </span><span class="pp-class-236 pa t38325 l46598 ls538">based </span><span class="pp-class-236 pa t38325 l46599 ls811">on </span><span class="pp-class-236 pa t38325 l46600 ls11072">relevant </span><span class="pp-class-236 pa t38325 l46601 ls2222">risk </span><span class="pp-class-236 pa t38325 l46602 ls8048">factors </span><span class="pp-class-236 pa t38337 l3 ls651">and </span><span class="pp-class-236 pa t38337 l17989 ls995">scenarios </span><span class="pp-class-236 pa t38337 l46603 ls616">that </span><span class="pp-class-236 pa t38337 l46604 ls30">Management </span><span class="pp-class-236 pa t38337 l42536 ls651">can </span><span class="pp-class-236 pa t38337 l46605 ls553">determine </span><span class="pp-class-236 pa t38337 l46606 ls2222">with </span><span class="pp-class-236 pa t38337 l46607 ls667">reasonable </span><span class="pp-class-236 pa t38337 l46608 ls3084">reliability. </span><span class="pp-class-236 pa t38337 l46609 ls625">Sensitivity </span><span class="pp-class-236 pa t38337 l46610 ls1131">analysis </span><span class="pp-class-236 pa t38337 l46611 ls811">is </span><span class="pp-class-236 pa t38337 l46612 ls11713">prepared </span><span class="pp-class-236 pa t38337 l46613 ls747">by </span><span class="pp-class-236 pa t38356 l3 ls548">altering </span><span class="pp-class-236 pa t38356 l46614 ls651">the </span><span class="pp-class-236 pa t38356 l46615 ls2207">estimates </span><span class="pp-class-236 pa t38356 l46616 ls536">until </span><span class="pp-class-236 pa t38356 l46617 ls811">it </span><span class="pp-class-236 pa t38356 l46618 ls877">reaches </span><span class="pp-class-236 pa t38356 l46619 ls184">a </span><span class="pp-class-236 pa t38356 l26214 ls536">point </span><span class="pp-class-236 pa t38356 l46620 ls706">where </span><span class="pp-class-236 pa t38356 l46621 ls572">the </span><span class="pp-class-236 pa t38356 l46622 ls608">value-in-use </span><span class="pp-class-236 pa t38356 l19269 ls811">is </span><span class="pp-class-236 pa t38356 l46623 ls538">equal </span><span class="pp-class-236 pa t38356 l46624 ls538">to </span><span class="pp-class-236 pa t38356 l46625 ls651">the </span><span class="pp-class-236 pa t38356 l46626 ls572">carrying </span><span class="pp-class-236 pa t38356 l46627 ls98">amount. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38598 l3 ls544">For </span><span class="pp-class-236 pa t38598 l46628 ls572">the </span><span class="pp-class-236 pa t38598 l46629 ls995">Logistics </span><span class="pp-class-236 pa t38598 l46630 ls3855">CGU, </span><span class="pp-class-236 pa t38598 l46631 ls811">an </span><span class="pp-class-236 pa t38598 l46632 ls3855">increase </span><span class="pp-class-236 pa t38598 l46633 ls811">in </span><span class="pp-class-236 pa t38598 l46634 ls651">the </span><span class="pp-class-236 pa t38598 l46635 ls4248">discount </span><span class="pp-class-236 pa t38598 l46636 ls8384">rate </span><span class="pp-class-236 pa t38598 l46637 ls98">of </span><span class="pp-class-236 pa t38598 l46638 ls2846">0.1% </span><span class="pp-class-236 pa t38598 l46639 ls667">(2024: </span><span class="pp-class-236 pa t38598 l46640 ls2222">1%), </span><span class="pp-class-236 pa t38598 l46641 ls651">all </span><span class="pp-class-236 pa t38598 l46642 ls949">other </span><span class="pp-class-236 pa t38598 l46643 ls530">assumptions </span><span class="pp-class-236 pa t38598 l46644 ls2222">held </span><span class="pp-class-236 pa t38598 l46645 ls205">constant, </span><span class="pp-class-236 pa t38378 l3 ls838">would </span><span class="pp-class-236 pa t38378 l46646 ls2197">reduce </span><span class="pp-class-236 pa t38378 l46647 ls651">the </span><span class="pp-class-236 pa t38378 l28243 ls608">value-in-use </span><span class="pp-class-236 pa t38378 l46648 ls538">to </span><span class="pp-class-236 pa t38378 l46649 ls651">the </span><span class="pp-class-236 pa t38378 l46650 ls849">level </span><span class="pp-class-236 pa t38378 l46651 ls98">of </span><span class="pp-class-236 pa t38378 l46652 ls651">the </span><span class="pp-class-236 pa t38378 l14075 ls572">carrying </span><span class="pp-class-236 pa t38378 l46653 ls670">amount. </span><span class="pp-class-236 pa t38378 l46654 ls1957">Similarly, </span><span class="pp-class-236 pa t38378 l46655 ls184">a </span><span class="pp-class-236 pa t38378 l46656 ls3855">decrease </span><span class="pp-class-236 pa t38378 l46657 ls811">in </span><span class="pp-class-236 pa t38378 l39353 ls651">the </span><span class="pp-class-236 pa t38378 l46658 ls2894">average </span><span class="pp-class-236 pa t38378 l46659 ls26702">EBIT- </span><span class="pp-class-236 pa t38394 l3 ls2197">margin </span><span class="pp-class-236 pa t38394 l46660 ls1764">during </span><span class="pp-class-236 pa t38394 l46661 ls651">the </span><span class="pp-class-236 pa t38394 l44411 ls2270">forecast </span><span class="pp-class-236 pa t38394 l46662 ls1764">period </span><span class="pp-class-236 pa t38394 l46663 ls98">of </span><span class="pp-class-236 pa t38394 l46664 ls1151">0.33 </span><span class="pp-class-236 pa t38394 l46665 ls5781">percentage </span><span class="pp-class-236 pa t38394 l46666 ls995">points </span><span class="pp-class-236 pa t38394 l42026 ls553">for </span><span class="pp-class-236 pa t38394 l46667 ls651">the </span><span class="pp-class-236 pa t38394 l46668 ls995">Logistics </span><span class="pp-class-236 pa t38394 l46669 ls3855">CGU, </span><span class="pp-class-236 pa t38394 l46670 ls572">all </span><span class="pp-class-236 pa t38394 l46671 ls949">other </span><span class="pp-class-236 pa t38394 l46672 ls1764">things </span><span class="pp-class-236 pa t38394 l46673 ls538">being </span><span class="pp-class-236 pa t38394 l46674 ls1792">equal, </span><span class="pp-class-236 pa t38413 l3 ls838">would </span><span class="pp-class-236 pa t38413 l46646 ls2808">result </span><span class="pp-class-236 pa t38413 l46675 ls811">in </span><span class="pp-class-236 pa t38413 l23081 ls651">the </span><span class="pp-class-236 pa t38413 l46676 ls608">value-in-use </span><span class="pp-class-236 pa t38413 l36314 ls995">equalling </span><span class="pp-class-236 pa t38413 l46677 ls572">the </span><span class="pp-class-236 pa t38413 l46678 ls572">carrying </span><span class="pp-class-236 pa t38413 l46679 ls670">amount. </span><span class="pp-class-236 pa t38413 l46680 ls544">For </span><span class="pp-class-236 pa t38413 l46681 ls572">the </span><span class="pp-class-236 pa t38413 l46682 ls995">Logistics </span><span class="pp-class-236 pa t38413 l46683 ls3855">CGU, </span><span class="pp-class-236 pa t38413 l46684 ls572">the </span><span class="pp-class-236 pa t38413 l46685 ls584">value-in-use </span><span class="pp-class-236 pa t38629 l3 ls3234">exceeds </span><span class="pp-class-236 pa t38629 l46686 ls651">the </span><span class="pp-class-236 pa t38629 l12921 ls572">carrying </span><span class="pp-class-236 pa t38629 l46687 ls995">amount </span><span class="pp-class-236 pa t38629 l31937 ls706">by </span><span class="pp-class-236 pa t38629 l46688 ls651">DKK </span><span class="pp-class-236 pa t38629 l46689 ls544">160m.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38428 l3 ls544">For </span><span class="pp-class-236 pa t38428 l38701 ls2222">Ferry </span><span class="pp-class-236 pa t38428 l46690 ls995">Division, </span><span class="pp-class-236 pa t38428 l46691 ls553">Management's </span><span class="pp-class-236 pa t38428 l46692 ls524">assessment </span><span class="pp-class-236 pa t38428 l4360 ls811">is </span><span class="pp-class-236 pa t38428 l3244 ls616">that </span><span class="pp-class-236 pa t38428 l46693 ls811">no </span><span class="pp-class-236 pa t38428 l46694 ls2036">changes </span><span class="pp-class-236 pa t38428 l46695 ls811">in </span><span class="pp-class-236 pa t38428 l46696 ls4284">key </span><span class="pp-class-236 pa t38428 l46697 ls530">assumptions </span><span class="pp-class-236 pa t38428 l46698 ls2808">are </span><span class="pp-class-236 pa t38428 l46699 ls1118">reasonably </span><span class="pp-class-236 pa t38428 l46700 ls7487">likely </span><span class="pp-class-236 pa t38428 l46701 ls184">to </span><span class="pp-class-236 pa t38439 l3 ls2197">reduce </span><span class="pp-class-236 pa t38439 l46702 ls572">the </span><span class="pp-class-236 pa t38439 l11163 ls608">value-in-use </span><span class="pp-class-236 pa t38439 l46703 ls838">below </span><span class="pp-class-236 pa t38439 l46704 ls651">the </span><span class="pp-class-236 pa t38439 l46705 ls572">carrying </span><span class="pp-class-236 pa t38439 l44482 ls713">value. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t46706 l3 ls524">Impairment </span><span class="pp-class-237 pa t46706 l46707 ls2222">tests</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46708 l3 ls538">Based </span><span class="pp-class-236 pa t46708 l46541 ls811">on </span><span class="pp-class-236 pa t46708 l46542 ls651">the </span><span class="pp-class-236 pa t46708 l46709 ls524">impairment </span><span class="pp-class-236 pa t46708 l18823 ls625">tests </span><span class="pp-class-236 pa t46708 l39961 ls11713">prepared </span><span class="pp-class-236 pa t46708 l46710 ls2197">at </span><span class="pp-class-236 pa t46708 l46711 ls1775">year-end </span><span class="pp-class-236 pa t46708 l46712 ls2565">2025, </span><span class="pp-class-236 pa t46708 l46713 ls811">no </span><span class="pp-class-236 pa t46708 l46714 ls667">cash-generating </span><span class="pp-class-236 pa t46708 l46715 ls538">units </span><span class="pp-class-236 pa t46708 l46716 ls2808">are </span><span class="pp-class-236 pa t46708 l46717 ls1764">deemed </span><span class="pp-class-236 pa t46708 l46718 ls3855">impaired </span><span class="pp-class-236 pa t46708 l46719 ls1547">in </span><span class="pp-class-236 pa t46720 l3 ls2565">2025. </span><span class="pp-class-236 pa t46720 l46721 ls811">In </span><span class="pp-class-236 pa t46720 l29733 ls2889">2024, </span><span class="pp-class-236 pa t46720 l46722 ls811">no </span><span class="pp-class-236 pa t46720 l29953 ls667">cash-generating </span><span class="pp-class-236 pa t46720 l15845 ls538">units </span><span class="pp-class-236 pa t46720 l46723 ls2258">were </span><span class="pp-class-236 pa t46720 l46724 ls1764">deemed </span><span class="pp-class-236 pa t46720 l46725 ls3855">impaired </span><span class="pp-class-236 pa t46720 l46726 ls572">and </span><span class="pp-class-236 pa t46720 l46727 ls651">DKK </span><span class="pp-class-236 pa t46720 l46728 ls651">33m </span><span class="pp-class-236 pa t46720 l45648 ls98">of </span><span class="pp-class-236 pa t46720 l46729 ls524">impairment </span><span class="pp-class-236 pa t46720 l46730 ls1764">losses </span><span class="pp-class-236 pa t46720 l46731 ls630">recognised </span><span class="pp-class-236 pa t46732 l3 ls811">in </span><span class="pp-class-236 pa t46732 l43543 ls538">prior </span><span class="pp-class-236 pa t46732 l46733 ls838">years </span><span class="pp-class-236 pa t46732 l46734 ls2258">were </span><span class="pp-class-236 pa t46732 l43106 ls110">reversed </span><span class="pp-class-236 pa t46732 l46735 ls811">in </span><span class="pp-class-236 pa t46732 l46736 ls278">connection </span><span class="pp-class-236 pa t46732 l46737 ls2222">with </span><span class="pp-class-236 pa t46732 l46738 ls572">the </span><span class="pp-class-236 pa t46732 l46739 ls2222">sale </span><span class="pp-class-236 pa t46732 l46740 ls98">of </span><span class="pp-class-236 pa t46732 l2919 ls572">the </span><span class="pp-class-236 pa t46732 l46741 ls731">Oslo-Frederikshavn-Copenhagen </span><span class="pp-class-236 pa t46732 l46742 ls603">route, </span><span class="pp-class-236 pa t46743 l3 ls2207">allocated </span><span class="pp-class-236 pa t46743 l3387 ls538">to </span><span class="pp-class-236 pa t46743 l46744 ls1792">ships. </span></p></div></div><div class="pp-class-10" id="pp-id-5359" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h46745 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">Recognised </span><span class="pp-class-236 pa t283 l34015">goodwill </span><span class="pp-class-236 pa t283 l16579">is </span><span class="pp-class-236 pa t283 l46746 ls203">attributable </span><span class="pp-class-236 pa t283 l46747 ls138">to </span><span class="pp-class-236 pa t283 l46748">the </span><span class="pp-class-236 pa t283 l46749 ls203">following </span><span class="pp-class-236 pa t283 l46750">CGUs:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36646 l3">DKK </span><span class="pp-class-236 pa t36646 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l37085">202</span></a><span class="pp-class-237 pa t36646 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36646 l46751 ls811">202</span></a><span class="pp-class-236 pa t36646 l46752">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44941 l3 ls3544">Ferry:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t46753 l3 ls833">Freight </span><span class="pp-class-236 pa t46753 l30620 ls88">Ferry </span><span class="pp-class-236 pa t46753 l46754 ls1026">(North </span><span class="pp-class-236 pa t46753 l46755 ls1928">Sea, </span><span class="pp-class-236 pa t46753 l32914 ls138">Baltic </span><span class="pp-class-236 pa t46753 l31251">Sea </span><span class="pp-class-236 pa t46753 l46756">and </span><span class="pp-class-236 pa t46753 l46757 ls1031">Mediterranean)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46753 l46758 ls3160">4,473</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46753 l41423 ls1463">3,386</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46759 l3 ls197">Strait </span><span class="pp-class-236 pa t46759 l9522 ls118">of </span><span class="pp-class-236 pa t46759 l46760 ls63">Gibraltar</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46759 l46761 ls1780">758</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46759 l46762 ls17626">757</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t46763 l3">Logistics:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46764 l3">Logistics</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46764 l46765 ls532">2,400</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t46764 l46766 ls1463">3,354</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t46767 l3 ls3141">Total</span></a><span class="pp-class-237 pa t46767 l40979"/><span class="pp-class-237 pa t46767 l20253 ls67">recognised </span><span class="pp-class-237 pa t46767 l46768">goodwill</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t46767 l46769 ls40492">7,631</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t46767 l46770 ls42891">7,497</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5360" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h46771 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3">The </span><span class="pp-class-236 pa t40754 l7349 ls3422">carrying </span><span class="pp-class-236 pa t40754 l32954 ls1098">amount </span><span class="pp-class-236 pa t40754 l46772 ls118">of </span><span class="pp-class-236 pa t40754 l46773">goodwill, </span><span class="pp-class-236 pa t40754 l46774 ls1629">non-current </span><span class="pp-class-236 pa t40754 l46775 ls85">intangible, </span><span class="pp-class-236 pa t40754 l46776 ls1444">tangible </span><span class="pp-class-236 pa t40754 l46777">and </span><span class="pp-class-236 pa t40754 l46778 ls181">right-of-use </span><span class="pp-class-236 pa t40754 l46779 ls781">assets </span><span class="pp-class-236 pa t40754 l46780 ls80">are </span><span class="pp-class-236 pa t40754 l46781 ls26">con-</span><span class="pp-class-236 pa t40763 l3 ls1024">tinuously </span><span class="pp-class-236 pa t40763 l46782">assessed, </span><span class="pp-class-236 pa t40763 l28646 ls2368">at </span><span class="pp-class-236 pa t40763 l34371">least </span><span class="pp-class-236 pa t40763 l10792">once </span><span class="pp-class-236 pa t40763 l46783">a </span><span class="pp-class-236 pa t40763 l28648 ls7832">year, </span><span class="pp-class-236 pa t40763 l46784 ls138">to </span><span class="pp-class-236 pa t40763 l46785 ls21">determine </span><span class="pp-class-236 pa t40763 l46786 ls13">whether </span><span class="pp-class-236 pa t40763 l46787 ls106">there </span><span class="pp-class-236 pa t40763 l46788">is </span><span class="pp-class-236 pa t40763 l46789">an </span><span class="pp-class-236 pa t40763 l46790 ls115">indication </span><span class="pp-class-236 pa t40763 l46791 ls118">of </span><span class="pp-class-236 pa t40763 l46792 ls88">impairment. </span><span class="pp-class-236 pa t40775 l3">When </span><span class="pp-class-236 pa t40775 l10672">such </span><span class="pp-class-236 pa t40775 l46793 ls115">indication </span><span class="pp-class-236 pa t40775 l46794 ls197">exists </span><span class="pp-class-236 pa t40775 l46795">the </span><span class="pp-class-236 pa t40775 l25097 ls771">recoverable </span><span class="pp-class-236 pa t40775 l46796 ls1098">amount </span><span class="pp-class-236 pa t40775 l46797 ls118">of </span><span class="pp-class-236 pa t40775 l46798">the </span><span class="pp-class-236 pa t40775 l46799 ls67">asset </span><span class="pp-class-236 pa t40775 l46800">is </span><span class="pp-class-236 pa t40775 l46801">assessed. </span><span class="pp-class-236 pa t40775 l46802">The </span><span class="pp-class-236 pa t40775 l46803 ls771">recoverable </span><span class="pp-class-236 pa t41664 l3 ls1098">amount </span><span class="pp-class-236 pa t41664 l16039">is </span><span class="pp-class-236 pa t41664 l46804">the </span><span class="pp-class-236 pa t41664 l17678">higher </span><span class="pp-class-236 pa t41664 l8470 ls118">of </span><span class="pp-class-236 pa t41664 l46407">the </span><span class="pp-class-236 pa t41664 l34114 ls1031">fair </span><span class="pp-class-236 pa t41664 l46805 ls129">value </span><span class="pp-class-236 pa t41664 l46806">less </span><span class="pp-class-236 pa t41664 l35298">costs </span><span class="pp-class-236 pa t41664 l46807 ls118">of </span><span class="pp-class-236 pa t41664 l46808">disposal </span><span class="pp-class-236 pa t41664 l46809">and </span><span class="pp-class-236 pa t41664 l46810">the </span><span class="pp-class-236 pa t41664 l46811 ls220">value-in-use. </span><span class="pp-class-236 pa t41664 l46812 ls26">The </span><span class="pp-class-236 pa t41664 l46813 ls1098">value-in-use </span><span class="pp-class-236 pa t40783 l3">is </span><span class="pp-class-236 pa t40783 l36586 ls135">calculated </span><span class="pp-class-236 pa t40783 l46814">as </span><span class="pp-class-236 pa t40783 l46815">the </span><span class="pp-class-236 pa t40783 l46816 ls833">present </span><span class="pp-class-236 pa t40783 l46817 ls129">value </span><span class="pp-class-236 pa t40783 l29828 ls118">of </span><span class="pp-class-236 pa t40783 l46818">the </span><span class="pp-class-236 pa t40783 l46819 ls197">future </span><span class="pp-class-236 pa t40783 l46820 ls113">net </span><span class="pp-class-236 pa t40783 l46821">cash </span><span class="pp-class-236 pa t40783 l43455 ls849">flow, </span><span class="pp-class-236 pa t40783 l46822">which </span><span class="pp-class-236 pa t40783 l46823">the </span><span class="pp-class-236 pa t40783 l46824 ls67">asset </span><span class="pp-class-236 pa t40783 l46825">is </span><span class="pp-class-236 pa t40783 l46297 ls570">expected </span><span class="pp-class-236 pa t40783 l46826 ls138">to </span><span class="pp-class-236 pa t40793 l3 ls2315">generate </span><span class="pp-class-236 pa t40793 l1403">either </span><span class="pp-class-236 pa t40793 l13251 ls967">by </span><span class="pp-class-236 pa t40793 l46827 ls1467">itself </span><span class="pp-class-236 pa t40793 l46828">or </span><span class="pp-class-236 pa t40793 l46829 ls181">from </span><span class="pp-class-236 pa t40793 l46830">the </span><span class="pp-class-236 pa t40793 l46831 ls234">lowest </span><span class="pp-class-236 pa t40793 l46832 ls1790">cash-generating </span><span class="pp-class-236 pa t40793 l46833">unit </span><span class="pp-class-236 pa t40793 l46834 ls138">to </span><span class="pp-class-236 pa t40793 l46835">which </span><span class="pp-class-236 pa t40793 l46836">the </span><span class="pp-class-236 pa t40793 l46837 ls67">asset </span><span class="pp-class-236 pa t40793 l46838 ls26">is </span><span class="pp-class-236 pa t40793 l46839 ls1031">allocated.</span></p></div></div><div class="pp-class-228 pp-class-256" id="pp-id-5361" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h46840 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177">accounting </span><span class="pp-class-248 pa t42503 l43791 ls227">estimates </span><span class="pp-class-248 pa t42503 l43845">and </span><span class="pp-class-248 pa t42503 l45306 ls118">judgements</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43792 l3 ls3855">Climate </span><span class="pp-class-237 pa t43792 l38712 ls7468">related </span><span class="pp-class-237 pa t43792 l38713 ls1131">matters</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43798 l3 ls30 wtro3142 wtr1091 tro3144 tr1093">Management </span><span class="pp-class-236 pa t43798 l46841 ls621 wtro3142 wtr1091 tro3144 tr1093">continuously </span><span class="pp-class-236 pa t43798 l46842 ls949 wtro3142 wtr1091 tro3144 tr1093">monitors </span><span class="pp-class-236 pa t43798 l46843 ls667 wtro3142 wtr1091 tro3144 tr1093">climate </span><span class="pp-class-236 pa t43798 l46844 ls3681 wtro3142 wtr1091 tro3144 tr1093">related </span><span class="pp-class-236 pa t43798 l46845 ls667 wtro3142 wtr1091 tro3144 tr1093">risks </span><span class="pp-class-236 pa t43798 l46846 ls2222 wtro3142 wtr1091 tro3144 tr1093">when </span><span class="pp-class-236 pa t43798 l46847 ls995 wtro3142 wtr1091 tro3144 tr1093">measuring </span><span class="pp-class-236 pa t43798 l46848 ls572 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43798 l46849 ls3084 wtro3142 wtr1091 tro3144 tr1093">recoverable </span><span class="pp-class-236 pa t43798 l46850 ls98 wtro3142 wtr1091 tro3144 tr1093">amount. </span><span class="pp-class-236 pa t43814 l3 ls538 wtro3142 wtr1091 tro3144 tr1093">While </span><span class="pp-class-236 pa t43814 l46851 ls651 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43814 l46852 ls556 wtro3142 wtr1091 tro3144 tr1093">Groups' </span><span class="pp-class-236 pa t43814 l46853 ls2270 wtro3142 wtr1091 tro3144 tr1093">operations </span><span class="pp-class-236 pa t43814 l46854 ls2808 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t43814 l46855 ls4248 wtro3142 wtr1091 tro3144 tr1093">not </span><span class="pp-class-236 pa t43814 l46856 ls6146 wtro3142 wtr1091 tro3144 tr1093">currently </span><span class="pp-class-236 pa t43814 l46857 ls556 wtro3142 wtr1091 tro3144 tr1093">exposed </span><span class="pp-class-236 pa t43814 l46858 ls538 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t43814 l46859 ls524 wtro3142 wtr1091 tro3144 tr1093">significant </span><span class="pp-class-236 pa t43814 l46860 ls1780 wtro3142 wtr1091 tro3144 tr1093">physical </span><span class="pp-class-236 pa t43814 l46861 ls538 wtro3142 wtr1091 tro3144 tr1093">risk, </span><span class="pp-class-236 pa t43814 l46862 ls572 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43814 l46863 ls584 wtro3142 wtr1091 tro3144 tr1093">value-in-use </span><span class="pp-class-236 pa t43829 l3 ls2969 wtro3142 wtr1091 tro3144 tr1093">may </span><span class="pp-class-236 pa t43829 l46864 ls811 wtro3142 wtr1091 tro3144 tr1093">be </span><span class="pp-class-236 pa t43829 l19430 ls838 wtro3142 wtr1091 tro3144 tr1093">impacted </span><span class="pp-class-236 pa t43829 l46865 ls706 wtro3142 wtr1091 tro3144 tr1093">by </span><span class="pp-class-236 pa t43829 l46866 ls667 wtro3142 wtr1091 tro3144 tr1093">transition </span><span class="pp-class-236 pa t43829 l46867 ls538 wtro3142 wtr1091 tro3144 tr1093">risk, </span><span class="pp-class-236 pa t43829 l46868 ls2222 wtro3142 wtr1091 tro3144 tr1093">such </span><span class="pp-class-236 pa t43829 l46869 ls811 wtro3142 wtr1091 tro3144 tr1093">as </span><span class="pp-class-236 pa t43829 l46870 ls630 wtro3142 wtr1091 tro3144 tr1093">legislation, </span><span class="pp-class-236 pa t43829 l46871 ls691 wtro3142 wtr1091 tro3144 tr1093">regulations, </span><span class="pp-class-236 pa t43829 l46872 ls572 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t43829 l46873 ls2036 wtro3142 wtr1091 tro3144 tr1093">changes </span><span class="pp-class-236 pa t43829 l43446 ls811 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t43829 l46874 ls1764 wtro3142 wtr1091 tro3144 tr1093">demand </span><span class="pp-class-236 pa t43829 l46875 ls553 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t43829 l46876 ls184 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43841 l3 ls877 wtro3142 wtr1091 tro3144 tr1093">Group's </span><span class="pp-class-236 pa t43841 l46877 ls94 wtro3142 wtr1091 tro3144 tr1093">services. </span><span class="pp-class-236 pa t43841 l46878 ls667 wtro3142 wtr1091 tro3144 tr1093">Expectations </span><span class="pp-class-236 pa t43841 l46879 ls553 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t43841 l46880 ls651 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t43841 l46881 ls9435 wtro3142 wtr1091 tro3144 tr1093">following </span><span class="pp-class-236 pa t43841 l46882 ls838 wtro3142 wtr1091 tro3144 tr1093">years </span><span class="pp-class-236 pa t43841 l46883 ls110 wtro3142 wtr1091 tro3144 tr1093">have </span><span class="pp-class-236 pa t43841 l46884 ls2222 wtro3142 wtr1091 tro3144 tr1093">been </span><span class="pp-class-236 pa t43841 l46885 ls4276 wtro3142 wtr1091 tro3144 tr1093">incorporated </span><span class="pp-class-236 pa t43841 l46886 ls546 wtro3142 wtr1091 tro3144 tr1093">into </span><span class="pp-class-236 pa t43841 l46887 ls2969 wtro3142 wtr1091 tro3144 tr1093">projected </span><span class="pp-class-236 pa t43841 l46888 ls967 wtro3142 wtr1091 tro3144 tr1093">cash </span><span class="pp-class-236 pa t46889 l3 ls2197 wtro3142 wtr1091 tro3144 tr1093">flows: </span><span class="pp-class-236 pa t46889 l46890 ls8048 wtro3142 wtr1091 tro3144 tr1093">increased </span><span class="pp-class-236 pa t46889 l46891 ls1775 wtro3142 wtr1091 tro3144 tr1093">operating </span><span class="pp-class-236 pa t46889 l46892 ls538 wtro3142 wtr1091 tro3144 tr1093">costs </span><span class="pp-class-236 pa t46889 l46893 ls553 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t46889 l46894 ls661 wtro3142 wtr1091 tro3144 tr1093">e-trucks </span><span class="pp-class-236 pa t46889 l46895 ls572 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t46889 l46896 ls713 wtro3142 wtr1091 tro3144 tr1093">investments </span><span class="pp-class-236 pa t46889 l46897 ls538 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t46889 l46898 ls3084 wtro3142 wtr1091 tro3144 tr1093">improve </span><span class="pp-class-236 pa t46889 l46899 ls2222 wtro3142 wtr1091 tro3144 tr1093">fuel </span><span class="pp-class-236 pa t46889 l46900 ls565 wtro3142 wtr1091 tro3144 tr1093">efficiency </span><span class="pp-class-236 pa t46889 l46901 ls184 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t45340 l3 ls2889 wtro3142 wtr1091 tro3144 tr1093">conversion </span><span class="pp-class-236 pa t45340 l46902 ls538 wtro3142 wtr1091 tro3144 tr1093">to </span><span class="pp-class-236 pa t45340 l46903 ls706 wtro3142 wtr1091 tro3144 tr1093">green </span><span class="pp-class-236 pa t45340 l46904 ls538 wtro3142 wtr1091 tro3144 tr1093">fuels.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t45352 l3 ls2207">Determination </span><span class="pp-class-237 pa t45352 l46905 ls811">of </span><span class="pp-class-237 pa t45352 l46906 ls2222">CGUs </span><span class="pp-class-237 pa t45352 l46907 ls651">and </span><span class="pp-class-237 pa t45352 l46908 ls524">assessment </span><span class="pp-class-237 pa t45352 l46909 ls1764">inputs </span><span class="pp-class-237 pa t45352 l46910 ls811">of </span><span class="pp-class-237 pa t45352 l46911 ls28063">key </span><span class="pp-class-237 pa t45352 l46912 ls1404">parameters</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t46913 l3 ls3852 wtro3142 wtr526 tro3144 tr528">Judgement </span><span class="pp-class-236 pa t46913 l46914 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46913 l46915 ls696 wtro3142 wtr526 tro3144 tr528">estimates </span><span class="pp-class-236 pa t46913 l46312 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t46913 l46916 ls938 wtro3142 wtr526 tro3144 tr528">applied </span><span class="pp-class-236 pa t46913 l46917 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46913 l46918 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46913 l46919 ls1764 wtro3142 wtr526 tro3144 tr528">determination </span><span class="pp-class-236 pa t46913 l46920 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46913 l46921 ls83 wtro3142 wtr526 tro3144 tr528">CGUs </span><span class="pp-class-236 pa t46913 l46922 ls587 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t46913 l46923 ls1574 wtro3142 wtr526 tro3144 tr528">which </span><span class="pp-class-236 pa t46913 l46924 ls10 wtro3142 wtr526 tro3144 tr528">goodwill </span><span class="pp-class-236 pa t46913 l46925 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t46913 l46926 ls696 wtro3142 wtr526 tro3144 tr528">allocated </span><span class="pp-class-236 pa t46913 l46927 ls10 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t46928 l3 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t46928 l46929 ls532 wtro3142 wtr526 tro3144 tr528">testing </span><span class="pp-class-236 pa t46928 l46930 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t46928 l46931 ls4248 wtro3142 wtr526 tro3144 tr528">well </span><span class="pp-class-236 pa t46928 l46932 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t46928 l28362 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46928 l46933 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46928 l46934 ls98 wtro3142 wtr526 tro3144 tr528">selection </span><span class="pp-class-236 pa t46928 l46935 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46928 l46936 ls98 wtro3142 wtr526 tro3144 tr528">methodologies </span><span class="pp-class-236 pa t46928 l46937 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46928 l46938 ls98 wtro3142 wtr526 tro3144 tr528">assumptions </span><span class="pp-class-236 pa t46928 l46939 ls938 wtro3142 wtr526 tro3144 tr528">applied </span><span class="pp-class-236 pa t46928 l46940 ls814 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46941 l3 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t46941 l46929 ls811 wtro3142 wtr526 tro3144 tr528">tests. </span><span class="pp-class-236 pa t46941 l46942 ls181 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t46941 l46943 ls1764 wtro3142 wtr526 tro3144 tr528">determination </span><span class="pp-class-236 pa t46941 l46944 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46941 l46945 ls83 wtro3142 wtr526 tro3144 tr528">CGUs </span><span class="pp-class-236 pa t46941 l46946 ls651 wtro3142 wtr526 tro3144 tr528">differs </span><span class="pp-class-236 pa t46941 l46947 ls1574 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t46941 l46948 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t46941 l46949 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46941 l46950 ls10 wtro3142 wtr526 tro3144 tr528">business </span><span class="pp-class-236 pa t46941 l46951 ls1792 wtro3142 wtr526 tro3144 tr528">area. </span><span class="pp-class-236 pa t46941 l46952 ls83 wtro3142 wtr526 tro3144 tr528">Most </span><span class="pp-class-236 pa t46941 l46953 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46941 l46954 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46941 l43913 ls536 wtro3142 wtr526 tro3144 tr528">freight </span><span class="pp-class-236 pa t46955 l3 ls651 wtro3142 wtr526 tro3144 tr528">ferries </span><span class="pp-class-236 pa t46955 l46956 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46955 l46957 ls197 wtro3142 wtr526 tro3144 tr528">North </span><span class="pp-class-236 pa t46955 l46958 ls135 wtro3142 wtr526 tro3144 tr528">Sea, </span><span class="pp-class-236 pa t46955 l46959 ls52 wtro3142 wtr526 tro3144 tr528">Baltic </span><span class="pp-class-236 pa t46955 l46960 ls181 wtro3142 wtr526 tro3144 tr528">Sea </span><span class="pp-class-236 pa t46955 l46961 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46955 l46962 ls590 wtro3142 wtr526 tro3144 tr528">Mediterranean </span><span class="pp-class-236 pa t46955 l46963 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t46955 l46964 ls590 wtro3142 wtr526 tro3144 tr528">interchangeable </span><span class="pp-class-236 pa t46955 l46965 ls83 wtro3142 wtr526 tro3144 tr528">with </span><span class="pp-class-236 pa t46955 l46966 ls33 wtro3142 wtr526 tro3144 tr528">each </span><span class="pp-class-236 pa t46955 l38625 ls98 wtro3142 wtr526 tro3144 tr528">other </span><span class="pp-class-236 pa t46955 l46967 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46955 l46968 ls995 wtro3142 wtr526 tro3144 tr528">where </span><span class="pp-class-236 pa t46969 l3 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46969 l46970 ls530 wtro3142 wtr526 tro3144 tr528">how </span><span class="pp-class-236 pa t46969 l46971 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46969 l46972 ls98 wtro3142 wtr526 tro3144 tr528">fleet </span><span class="pp-class-236 pa t46969 l46973 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46969 l46974 ls651 wtro3142 wtr526 tro3144 tr528">ferries </span><span class="pp-class-236 pa t46969 l46975 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t46969 l46976 ls553 wtro3142 wtr526 tro3144 tr528">deployed </span><span class="pp-class-236 pa t46969 l46977 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t46969 l46978 ls706 wtro3142 wtr526 tro3144 tr528">centrally </span><span class="pp-class-236 pa t46969 l46979 ls10 wtro3142 wtr526 tro3144 tr528">decided. </span><span class="pp-class-236 pa t46969 l46980 ls299 wtro3142 wtr526 tro3144 tr528">Consequently, </span><span class="pp-class-236 pa t46969 l46981 ls1574 wtro3142 wtr526 tro3144 tr528">these </span><span class="pp-class-236 pa t46969 l46982 ls551 wtro3142 wtr526 tro3144 tr528">areas </span><span class="pp-class-236 pa t46969 l46983 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t46969 l46984 ls651 wtro3142 wtr526 tro3144 tr528">tested </span><span class="pp-class-236 pa t46969 l46985 ls10 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t46986 l3 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t46986 l46929 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t46986 l21030 ls1024 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t46986 l46987 ls967 wtro3142 wtr526 tro3144 tr528">single </span><span class="pp-class-236 pa t46986 l46988 ls524 wtro3142 wtr526 tro3144 tr528">CGU. </span><span class="pp-class-236 pa t46986 l46989 ls4780 wtro3142 wtr526 tro3144 tr528">Conversely, </span><span class="pp-class-236 pa t46986 l46990 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46986 l46991 ls1369 wtro3142 wtr526 tro3144 tr528">vessels </span><span class="pp-class-236 pa t46986 l46992 ls1618 wtro3142 wtr526 tro3144 tr528">servicing </span><span class="pp-class-236 pa t46986 l46993 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t46986 l46994 ls10 wtro3142 wtr526 tro3144 tr528">Channel, </span><span class="pp-class-236 pa t46986 l46995 ls278 wtro3142 wtr526 tro3144 tr528">Strait </span><span class="pp-class-236 pa t46986 l46996 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t46986 l46997 ls3200 wtro3142 wtr526 tro3144 tr528">Gibraltar, </span><span class="pp-class-236 pa t46998 l3 ls546 wtro3142 wtr526 tro3144 tr528">Amsterdam-Newcastle </span><span class="pp-class-236 pa t46998 l46999 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t46998 l47000 ls1764 wtro3142 wtr526 tro3144 tr528">Jersey </span><span class="pp-class-236 pa t46998 l47001 ls168 wtro3142 wtr526 tro3144 tr528">routes </span><span class="pp-class-236 pa t46998 l47002 ls181 wtro3142 wtr526 tro3144 tr528">can </span><span class="pp-class-236 pa t46998 l47003 ls131 wtro3142 wtr526 tro3144 tr528">be </span><span class="pp-class-236 pa t46998 l47004 ls83 wtro3142 wtr526 tro3144 tr528">used </span><span class="pp-class-236 pa t46998 l47005 ls5202 wtro3142 wtr526 tro3144 tr528">exclusively </span><span class="pp-class-236 pa t46998 l47006 ls131 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t46998 l47007 ls33 wtro3142 wtr526 tro3144 tr528">each </span><span class="pp-class-236 pa t46998 l47008 ls10 wtro3142 wtr526 tro3144 tr528">specific </span><span class="pp-class-236 pa t46998 l47009 ls1687 wtro3142 wtr526 tro3144 tr528">itinerary. </span><span class="pp-class-236 pa t47010 l3 ls299 wtro3142 wtr526 tro3144 tr528">Consequently, </span><span class="pp-class-236 pa t47010 l47011 ls1574 wtro3142 wtr526 tro3144 tr528">these </span><span class="pp-class-236 pa t47010 l46816 ls551 wtro3142 wtr526 tro3144 tr528">areas </span><span class="pp-class-236 pa t47010 l47012 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47010 l47013 ls625 wtro3142 wtr526 tro3144 tr528">individually </span><span class="pp-class-236 pa t47010 l47014 ls651 wtro3142 wtr526 tro3144 tr528">tested </span><span class="pp-class-236 pa t47010 l47015 ls2222 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47010 l47016 ls3852 wtro3142 wtr526 tro3144 tr528">impairment </span><span class="pp-class-236 pa t47010 l47017 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t47010 l47018 ls1024 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t47010 l47019 ls4630 wtro3142 wtr526 tro3144 tr528">separate </span><span class="pp-class-236 pa t47010 l47020 ls1574 wtro3142 wtr526 tro3144 tr528">CGUs. </span><span class="pp-class-236 pa t47010 l47021 ls131 wtro3142 wtr526 tro3144 tr528">In </span><span class="pp-class-236 pa t47010 l47022 ls2368 wtro3142 wtr526 tro3144 tr528">logistics, </span><span class="pp-class-236 pa t47023 l3 ls572 wtro3142 wtr526 tro3144 tr528">Management </span><span class="pp-class-236 pa t47023 l47024 ls181 wtro3142 wtr526 tro3144 tr528">has </span><span class="pp-class-236 pa t47023 l47025 ls651 wtro3142 wtr526 tro3144 tr528">determined </span><span class="pp-class-236 pa t47023 l47026 ls995 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47023 l47027 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47023 l47028 ls758 wtro3142 wtr526 tro3144 tr528">lowest </span><span class="pp-class-236 pa t47023 l47029 ls713 wtro3142 wtr526 tro3144 tr528">level </span><span class="pp-class-236 pa t47023 l47030 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47023 l47031 ls811 wtro3142 wtr526 tro3144 tr528">identifiable </span><span class="pp-class-236 pa t47023 l15635 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47023 l47032 ls558 wtro3142 wtr526 tro3144 tr528">inflows </span><span class="pp-class-236 pa t47023 l47033 wtro3142 wtr526 tro3144 tr528">- </span><span class="pp-class-236 pa t47023 l10503 ls995 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47023 l47034 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47023 l47035 ls603 wtro3142 wtr526 tro3144 tr528">largely </span><span class="pp-class-236 pa t47036 l3 ls811 wtro3142 wtr526 tro3144 tr528">independent </span><span class="pp-class-236 pa t47036 l47037 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47036 l47038 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47036 l47039 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47036 l47040 ls558 wtro3142 wtr526 tro3144 tr528">inflows </span><span class="pp-class-236 pa t47036 l47041 ls548 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47036 l47042 ls98 wtro3142 wtr526 tro3144 tr528">other </span><span class="pp-class-236 pa t47036 l47043 ls98 wtro3142 wtr526 tro3144 tr528">assets </span><span class="pp-class-236 pa t47036 l47044 wtro3142 wtr526 tro3144 tr528">- </span><span class="pp-class-236 pa t47036 l47045 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t47036 l47046 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47036 l47047 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47036 l47048 ls558 wtro3142 wtr526 tro3144 tr528">inflows </span><span class="pp-class-236 pa t47036 l47049 ls560 wtro3142 wtr526 tro3144 tr528">generated </span><span class="pp-class-236 pa t47036 l47050 ls614 wtro3142 wtr526 tro3144 tr528">by </span><span class="pp-class-236 pa t47036 l47051 ls181 wtro3142 wtr526 tro3144 tr528">all </span><span class="pp-class-236 pa t47036 l47052 ls587 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t47036 l47053 ls949 wtro3142 wtr526 tro3144 tr528">routes </span><span class="pp-class-236 pa t47054 l3 ls8367 wtro3142 wtr526 tro3144 tr528">together. </span><span class="pp-class-236 pa t47054 l47055 ls83 wtro3142 wtr526 tro3144 tr528">This </span><span class="pp-class-236 pa t47054 l47056 ls131 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t47054 l47057 ls1574 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t47054 l47058 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t47054 l47059 ls1751 wtro3142 wtr526 tro3144 tr528">increased </span><span class="pp-class-236 pa t47054 l47060 ls558 wtro3142 wtr526 tro3144 tr528">integration, </span><span class="pp-class-236 pa t47054 l47061 ls1780 wtro3142 wtr526 tro3144 tr528">creation </span><span class="pp-class-236 pa t47054 l47062 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47054 l47063 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47054 l47064 ls3852 wtro3142 wtr526 tro3144 tr528">equipment </span><span class="pp-class-236 pa t47054 l47065 ls1574 wtro3142 wtr526 tro3144 tr528">pool, </span><span class="pp-class-236 pa t47054 l47066 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47054 l47067 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47054 l47068 ls2207 wtro3142 wtr526 tro3144 tr528">fact </span><span class="pp-class-236 pa t47054 l47069 ls995 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47054 l47070 ls1024 wtro3142 wtr526 tro3144 tr528">our </span><span class="pp-class-236 pa t47071 l3 ls587 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t47071 l4749 ls168 wtro3142 wtr526 tro3144 tr528">routes </span><span class="pp-class-236 pa t47071 l47038 ls3855 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47071 l47072 ls2245 wtro3142 wtr526 tro3144 tr528">largely </span><span class="pp-class-236 pa t47071 l47073 ls995 wtro3142 wtr526 tro3144 tr528">interdependent </span><span class="pp-class-236 pa t47071 l9252 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47071 l47074 ls584 wtro3142 wtr526 tro3144 tr528">managed </span><span class="pp-class-236 pa t47071 l47075 ls83 wtro3142 wtr526 tro3144 tr528">with </span><span class="pp-class-236 pa t47071 l47076 ls181 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47071 l47077 ls967 wtro3142 wtr526 tro3144 tr528">common </span><span class="pp-class-236 pa t47071 l47078 ls2036 wtro3142 wtr526 tro3144 tr528">objective </span><span class="pp-class-236 pa t47071 l47079 ls184 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47071 l47080 ls234 wtro3142 wtr526 tro3144 tr528">supporting </span><span class="pp-class-236 pa t47071 l47081 ls1024 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t47082 l3 ls1404 wtro3142 wtr526 tro3144 tr528">Group's </span><span class="pp-class-236 pa t47082 l47083 ls2368 wtro3142 wtr526 tro3144 tr528">ferry </span><span class="pp-class-236 pa t47082 l47084 ls10 wtro3142 wtr526 tro3144 tr528">business </span><span class="pp-class-236 pa t47082 l4930 ls758 wtro3142 wtr526 tro3144 tr528">across </span><span class="pp-class-236 pa t47082 l47085 ls538 wtro3142 wtr526 tro3144 tr528">regions. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47086 l3 ls3084">Key </span><span class="pp-class-237 pa t47086 l3085 ls118">assumptions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47087 l3 ls35 wtro3142 wtr526 tro3144 tr528">Value-in-use </span><span class="pp-class-236 pa t47087 l47088 ls94 wtro3142 wtr526 tro3144 tr528">calculations </span><span class="pp-class-236 pa t47087 l28353 ls4149 wtro3142 wtr526 tro3144 tr528">rely </span><span class="pp-class-236 pa t47087 l47089 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t47087 l47090 ls608 wtro3142 wtr526 tro3144 tr528">Management’s </span><span class="pp-class-236 pa t47087 l47091 ls614 wtro3142 wtr526 tro3144 tr528">expectations </span><span class="pp-class-236 pa t47087 l47092 ls2222 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47087 l47093 ls278 wtro3142 wtr526 tro3144 tr528">future </span><span class="pp-class-236 pa t47087 l47094 ls83 wtro3142 wtr526 tro3144 tr528">cash </span><span class="pp-class-236 pa t47087 l47095 ls551 wtro3142 wtr526 tro3144 tr528">flows </span><span class="pp-class-236 pa t47087 l47096 ls1574 wtro3142 wtr526 tro3144 tr528">based </span><span class="pp-class-236 pa t47087 l47097 ls131 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-236 pa t47087 l47098 ls938 wtro3142 wtr526 tro3144 tr528">budgets </span><span class="pp-class-236 pa t47099 l3 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47099 l46970 ls278 wtro3142 wtr526 tro3144 tr528">forecasts, </span><span class="pp-class-236 pa t47099 l47100 ls179 wtro3142 wtr526 tro3144 tr528">incorporating </span><span class="pp-class-236 pa t47099 l47101 ls884 wtro3142 wtr526 tro3144 tr528">several </span><span class="pp-class-236 pa t47099 l47102 ls98 wtro3142 wtr526 tro3144 tr528">assumptions </span><span class="pp-class-236 pa t47099 l47103 ls83 wtro3142 wtr526 tro3144 tr528">such </span><span class="pp-class-236 pa t47099 l47104 ls131 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t47099 l47105 ls544 wtro3142 wtr526 tro3144 tr528">market </span><span class="pp-class-236 pa t47099 l47106 ls164 wtro3142 wtr526 tro3144 tr528">conditions, </span><span class="pp-class-236 pa t47099 l47107 ls664 wtro3142 wtr526 tro3144 tr528">inflation, </span><span class="pp-class-236 pa t47099 l47108 ls181 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t47099 l47109 ls212 wtro3142 wtr526 tro3144 tr528">discount </span><span class="pp-class-236 pa t47110 l3 ls603 wtro3142 wtr526 tro3144 tr528">rates. </span><span class="pp-class-236 pa t47110 l47111 ls1574 wtro3142 wtr526 tro3144 tr528">While </span><span class="pp-class-236 pa t47110 l12289 ls1574 wtro3142 wtr526 tro3144 tr528">these </span><span class="pp-class-236 pa t47110 l47112 ls98 wtro3142 wtr526 tro3144 tr528">assumptions </span><span class="pp-class-236 pa t47110 l47113 ls2629 wtro3142 wtr526 tro3144 tr528">involve </span><span class="pp-class-236 pa t47110 l47114 ls838 wtro3142 wtr526 tro3144 tr528">uncertainty, </span><span class="pp-class-236 pa t47110 l47115 ls4248 wtro3142 wtr526 tro3144 tr528">they </span><span class="pp-class-236 pa t47110 l47116 ls3855 wtro3142 wtr526 tro3144 tr528">represent </span><span class="pp-class-236 pa t47110 l47117 ls608 wtro3142 wtr526 tro3144 tr528">Management’s </span><span class="pp-class-236 pa t47110 l47118 ls83 wtro3142 wtr526 tro3144 tr528">best </span><span class="pp-class-236 pa t47110 l47119 ls696 wtro3142 wtr526 tro3144 tr528">estimates.</span></p></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls179">Amortisation </span><span class="pp-class-236 pa t40754 l41753 ls651">and </span><span class="pp-class-236 pa t40754 l41754 ls691">depreciation </span><span class="pp-class-236 pa t40754 l38585 ls553">for </span><span class="pp-class-236 pa t40754 l41755 ls651">the </span><span class="pp-class-236 pa t40754 l41756 ls8048">year </span><span class="pp-class-236 pa t40754 l41757 ls2808">are </span><span class="pp-class-236 pa t40754 l41758 ls667">recognised </span><span class="pp-class-236 pa t40754 l18154 ls538">based </span><span class="pp-class-236 pa t40754 l41759 ls811">on </span><span class="pp-class-236 pa t40754 l41760 ls572">the </span><span class="pp-class-236 pa t40754 l41761 ls179">amortisation </span><span class="pp-class-236 pa t40754 l41762 ls184">and </span><span class="pp-class-236 pa t40763 l3 ls691">depreciation </span><span class="pp-class-236 pa t40763 l41763 ls9435">profiles </span><span class="pp-class-236 pa t40763 l41764 ls98">of </span><span class="pp-class-236 pa t40763 l41765 ls651">the </span><span class="pp-class-236 pa t40763 l41766 ls2197">underlying </span><span class="pp-class-236 pa t40763 l41767 ls546">assets. </span><span class="pp-class-236 pa t40763 l33411 ls2969">Reference </span><span class="pp-class-236 pa t40763 l41768 ls811">is </span><span class="pp-class-236 pa t40763 l41769 ls544">made </span><span class="pp-class-236 pa t40763 l38349 ls538">to </span><span class="pp-class-236 pa t40763 l41770 ls558">note </span><span class="pp-class-236 pa t40763 l41771 ls4807">3.1.1, </span><span class="pp-class-236 pa t40763 l41772 ls7468">3.1.2 </span><span class="pp-class-236 pa t40763 l41773 ls651">and </span><span class="pp-class-236 pa t40763 l41774 ls17762">3.1.3.</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5326" xmlns="http://www.w3.org/1999/xhtml"><div class="w43262 h43263 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5327" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43380 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies </span><span class="pp-class-236 pa t4556 l43381 ls833">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p></div></div><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls179">tangible </span><span class="pp-class-237 pa t43264 l51 ls536">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls651">The </span><span class="pp-class-236 pa t43270 l38379 ls9435">following </span><span class="pp-class-236 pa t43270 l44023 ls2036">applies </span><span class="pp-class-236 pa t43270 l17125 ls1764">unless </span><span class="pp-class-236 pa t43270 l33628 ls696">otherwise </span><span class="pp-class-236 pa t43270 l44024 ls681">stated:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43295 l3 ls184">• </span><span class="pp-class-236 pa t43295 l3804 ls44025">Assets </span><span class="pp-class-236 pa t43295 l44026 ls2808">are </span><span class="pp-class-236 pa t43295 l44027 ls3855">measured </span><span class="pp-class-236 pa t43295 l44028 ls2197">at </span><span class="pp-class-236 pa t43295 l44029 ls2222">cost </span><span class="pp-class-236 pa t43295 l44030 ls2222">less </span><span class="pp-class-236 pa t43295 l44031 ls713">accumulated </span><span class="pp-class-236 pa t43295 l44032 ls691">depreciation </span><span class="pp-class-236 pa t43295 l21665 ls572">and </span><span class="pp-class-236 pa t43295 l44033 ls524">impairment </span><span class="pp-class-236 pa t43295 l44034 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43309 l3 ls184">• </span><span class="pp-class-236 pa t43309 l3804 ls44035">The </span><span class="pp-class-236 pa t43309 l44036 ls2222">cost </span><span class="pp-class-236 pa t43309 l44037 ls179">includes </span><span class="pp-class-236 pa t43309 l16010 ls538">costs </span><span class="pp-class-236 pa t43309 l44038 ls538">to </span><span class="pp-class-236 pa t43309 l44039 ls2197">external </span><span class="pp-class-236 pa t43309 l44040 ls562">suppliers, </span><span class="pp-class-236 pa t43309 l44041 ls2207">materials </span><span class="pp-class-236 pa t43309 l44042 ls651">and </span><span class="pp-class-236 pa t43309 l44043 ls524">components, </span><span class="pp-class-236 pa t43309 l44044 ls1775">direct </span><span class="pp-class-236 pa t43309 l44045 ls691">wages, </span><span class="pp-class-236 pa t43309 l44046 ls94">salaries </span><span class="pp-class-236 pa t43319 l3804 ls651">and </span><span class="pp-class-236 pa t43319 l44047 ls7086">interests </span><span class="pp-class-236 pa t43319 l44048 ls2222">paid </span><span class="pp-class-236 pa t43319 l44049 ls811">as </span><span class="pp-class-236 pa t43319 l44050 ls877">from </span><span class="pp-class-236 pa t43319 l44051 ls651">the </span><span class="pp-class-236 pa t43319 l44052 ls2222">time </span><span class="pp-class-236 pa t43319 l44053 ls98">of </span><span class="pp-class-236 pa t43319 l44054 ls3855">payment </span><span class="pp-class-236 pa t43319 l44055 ls536">until </span><span class="pp-class-236 pa t43319 l44056 ls651">the </span><span class="pp-class-236 pa t43319 l44057 ls7086">date </span><span class="pp-class-236 pa t43319 l44058 ls2222">when </span><span class="pp-class-236 pa t43319 l44059 ls572">the </span><span class="pp-class-236 pa t43319 l44060 ls949">asset </span><span class="pp-class-236 pa t43319 l44061 ls811">is </span><span class="pp-class-236 pa t43319 l44062 ls4276">available </span><span class="pp-class-236 pa t43319 l44063 ls553">for </span><span class="pp-class-236 pa t43319 l44064 ls94">use. </span><span class="pp-class-236 pa t43330 l3804 ls651">The </span><span class="pp-class-236 pa t43330 l44036 ls2222">cost </span><span class="pp-class-236 pa t43330 l44037 ls538">price </span><span class="pp-class-236 pa t43330 l44065 ls2222">also </span><span class="pp-class-236 pa t43330 l30107 ls995">comprises </span><span class="pp-class-236 pa t43330 l44052 ls538">gains </span><span class="pp-class-236 pa t43330 l44066 ls572">and </span><span class="pp-class-236 pa t43330 l44067 ls1764">losses </span><span class="pp-class-236 pa t43330 l44068 ls811">on </span><span class="pp-class-236 pa t43330 l44069 ls691">transactions </span><span class="pp-class-236 pa t43330 l44070 ls560">designated </span><span class="pp-class-236 pa t43330 l44071 ls811">as </span><span class="pp-class-236 pa t43330 l44072 ls1764">hedges.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43426 l3 ls184">• </span><span class="pp-class-236 pa t43426 l3804 ls44035">The </span><span class="pp-class-236 pa t43426 l44036 ls538">basis </span><span class="pp-class-236 pa t43426 l44073 ls553">for </span><span class="pp-class-236 pa t43426 l44074 ls691">depreciation </span><span class="pp-class-236 pa t43426 l44075 ls811">is </span><span class="pp-class-236 pa t43426 l44076 ls551">determined </span><span class="pp-class-236 pa t43426 l44077 ls811">as </span><span class="pp-class-236 pa t43426 l44078 ls651">the </span><span class="pp-class-236 pa t43426 l44079 ls2222">cost </span><span class="pp-class-236 pa t43426 l44080 ls2222">less </span><span class="pp-class-236 pa t43426 l44081 ls2207">estimated </span><span class="pp-class-236 pa t43426 l44082 ls3855">residual </span><span class="pp-class-236 pa t43426 l44083 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43333 l3 ls184">• </span><span class="pp-class-236 pa t43333 l3804 ls44035">The </span><span class="pp-class-236 pa t43333 l44036 ls179">assets </span><span class="pp-class-236 pa t43333 l44084 ls2808">are </span><span class="pp-class-236 pa t43333 l44085 ls1687">depreciated </span><span class="pp-class-236 pa t43333 l44086 ls811">on </span><span class="pp-class-236 pa t43333 l44087 ls184">a </span><span class="pp-class-236 pa t43333 l44088 ls4276">straight-line </span><span class="pp-class-236 pa t43333 l44089 ls538">basis </span><span class="pp-class-236 pa t43333 l44090 ls3234">over </span><span class="pp-class-236 pa t43333 l44091 ls651">the </span><span class="pp-class-236 pa t43333 l44092 ls2207">estimated </span><span class="pp-class-236 pa t43333 l44093 ls590">useful </span><span class="pp-class-236 pa t43333 l44094 ls553">life </span><span class="pp-class-236 pa t43333 l44095 ls538">to </span><span class="pp-class-236 pa t43333 l44096 ls572">the </span><span class="pp-class-236 pa t43333 l44097 ls553">estimated </span><span class="pp-class-236 pa t43334 l3804 ls3855">residual </span><span class="pp-class-236 pa t43334 l44098 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls184">• </span><span class="pp-class-236 pa t43348 l3804 ls44099">Estimated </span><span class="pp-class-236 pa t43348 l44100 ls590">useful </span><span class="pp-class-236 pa t43348 l44101 ls553">life </span><span class="pp-class-236 pa t43348 l44102 ls651">and </span><span class="pp-class-236 pa t43348 l44103 ls2207">estimated </span><span class="pp-class-236 pa t43348 l44104 ls3855">residual </span><span class="pp-class-236 pa t43348 l44105 ls556">values </span><span class="pp-class-236 pa t43348 l44106 ls2808">are </span><span class="pp-class-236 pa t43348 l44107 ls667">reassessed </span><span class="pp-class-236 pa t43348 l44108 ls2197">at </span><span class="pp-class-236 pa t43348 l44109 ls538">least </span><span class="pp-class-236 pa t43348 l44110 ls2222">once </span><span class="pp-class-236 pa t43348 l44111 ls184">a </span><span class="pp-class-236 pa t43348 l44112 ls853">year. </span><span class="pp-class-236 pa t43348 l44113 ls1547">In </span><span class="pp-class-236 pa t43367 l3804 ls1404">estimating </span><span class="pp-class-236 pa t43367 l44114 ls651">the </span><span class="pp-class-236 pa t43367 l44115 ls2207">estimated </span><span class="pp-class-236 pa t43367 l44116 ls590">useful </span><span class="pp-class-236 pa t43367 l44117 ls553">life </span><span class="pp-class-236 pa t43367 l44118 ls553">for </span><span class="pp-class-236 pa t43367 l44119 ls551">ferries </span><span class="pp-class-236 pa t43367 l44120 ls572">and </span><span class="pp-class-236 pa t43367 l44121 ls949">other </span><span class="pp-class-236 pa t43367 l44122 ls538">ships </span><span class="pp-class-236 pa t43367 l44123 ls811">it </span><span class="pp-class-236 pa t43367 l44124 ls811">is </span><span class="pp-class-236 pa t43367 l44125 ls706">taken </span><span class="pp-class-236 pa t43367 l44126 ls546">into </span><span class="pp-class-236 pa t43367 l44127 ls7086">consideration </span><span class="pp-class-236 pa t43367 l44128 ls524">that </span><span class="pp-class-236 pa t43461 l3804 ls2222">DFDS </span><span class="pp-class-236 pa t43461 l44129 ls621">continuously </span><span class="pp-class-236 pa t43461 l44130 ls811">is </span><span class="pp-class-236 pa t43461 l44131 ls1751">spending </span><span class="pp-class-236 pa t43461 l44132 ls541">substantial </span><span class="pp-class-236 pa t43461 l44133 ls538">funds </span><span class="pp-class-236 pa t43461 l44134 ls811">on </span><span class="pp-class-236 pa t43461 l44135 ls2036">ongoing </span><span class="pp-class-236 pa t43461 l44136 ls1404">maintenance.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43475 l3 ls184">• </span><span class="pp-class-236 pa t43475 l3804 ls44035">The </span><span class="pp-class-236 pa t43475 l44036 ls838">effect </span><span class="pp-class-236 pa t43475 l44137 ls877">from </span><span class="pp-class-236 pa t43475 l44138 ls2036">changes </span><span class="pp-class-236 pa t43475 l44139 ls811">in </span><span class="pp-class-236 pa t43475 l44140 ls691">depreciation </span><span class="pp-class-236 pa t43475 l44141 ls1764">period </span><span class="pp-class-236 pa t43475 l44142 ls811">or </span><span class="pp-class-236 pa t43475 l44143 ls651">the </span><span class="pp-class-236 pa t43475 l44144 ls3855">residual </span><span class="pp-class-236 pa t43475 l44145 ls2197">value </span><span class="pp-class-236 pa t43475 l44146 ls811">is </span><span class="pp-class-236 pa t43475 l44147 ls667">recognised </span><span class="pp-class-236 pa t43475 l44148 ls1796">prospectively </span><span class="pp-class-236 pa t43475 l44149 ls1547">as </span><span class="pp-class-236 pa t43484 l3804 ls184">a </span><span class="pp-class-236 pa t43484 l44150 ls1764">change </span><span class="pp-class-236 pa t43484 l44151 ls811">in </span><span class="pp-class-236 pa t43484 l3723 ls651">the </span><span class="pp-class-236 pa t43484 l44152 ls30">accounting </span><span class="pp-class-236 pa t43484 l44153 ls2197">estimate.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls4248">Ferries </span><span class="pp-class-237 pa t44154 l44155 ls651">and </span><span class="pp-class-237 pa t44154 l44156 ls536">other </span><span class="pp-class-237 pa t44154 l44157 ls2222">ships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls651">The </span><span class="pp-class-236 pa t44158 l38379 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l38657 ls98">of </span><span class="pp-class-236 pa t44158 l7435 ls551">ferries </span><span class="pp-class-236 pa t44158 l10388 ls651">and </span><span class="pp-class-236 pa t44158 l44159 ls949">other </span><span class="pp-class-236 pa t44158 l44160 ls538">ships </span><span class="pp-class-236 pa t44158 l44161 ls811">is </span><span class="pp-class-236 pa t44158 l40130 ls546">capitalised </span><span class="pp-class-236 pa t44158 l44162 ls811">if </span><span class="pp-class-236 pa t44158 l44163 ls572">the </span><span class="pp-class-236 pa t44158 l44164 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l44165 ls651">can </span><span class="pp-class-236 pa t44158 l44166 ls1547">be </span><span class="pp-class-236 pa t44167 l3 ls691">attributed </span><span class="pp-class-236 pa t44167 l14460 ls538">to:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44168 l3 ls184">• </span><span class="pp-class-236 pa t44168 l3804 ls44169">Safety </span><span class="pp-class-236 pa t44168 l44170 ls3855">measures.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44171 l3 ls184">• </span><span class="pp-class-236 pa t44171 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44171 l44172 ls538">to </span><span class="pp-class-236 pa t44171 l44173 ls2270">extend </span><span class="pp-class-236 pa t44171 l44174 ls651">the </span><span class="pp-class-236 pa t44171 l44175 ls590">useful </span><span class="pp-class-236 pa t44171 l43850 ls553">life </span><span class="pp-class-236 pa t44171 l44176 ls98">of </span><span class="pp-class-236 pa t44171 l44177 ls651">the </span><span class="pp-class-236 pa t44171 l44178 ls551">ferries </span><span class="pp-class-236 pa t44171 l44179 ls651">and </span><span class="pp-class-236 pa t44171 l44180 ls949">other </span><span class="pp-class-236 pa t44171 l44181 ls538">ships.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44182 l3 ls184">• </span><span class="pp-class-236 pa t44182 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44182 l44172 ls538">to </span><span class="pp-class-236 pa t44182 l44173 ls2197">reduce </span><span class="pp-class-236 pa t44182 l44183 ls667">climate </span><span class="pp-class-236 pa t44182 l44184 ls544">impact.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44185 l3 ls184">• </span><span class="pp-class-236 pa t44185 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44185 l44172 ls538">to </span><span class="pp-class-236 pa t44185 l44173 ls3084">improve </span><span class="pp-class-236 pa t44185 l44186 ls1751">earnings.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44187 l3 ls184">• </span><span class="pp-class-236 pa t44187 l3804 ls3121">Docking.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44188 l3 ls541">Maintenance </span><span class="pp-class-236 pa t44188 l44189 ls651">and </span><span class="pp-class-236 pa t44188 l44190 ls7468">daily </span><span class="pp-class-236 pa t44188 l44191 ls2036">running </span><span class="pp-class-236 pa t44188 l44192 ls538">costs </span><span class="pp-class-236 pa t44188 l44193 ls553">for </span><span class="pp-class-236 pa t44188 l44194 ls651">the </span><span class="pp-class-236 pa t44188 l44195 ls551">ferries </span><span class="pp-class-236 pa t44188 l44196 ls651">and </span><span class="pp-class-236 pa t44188 l44197 ls949">other </span><span class="pp-class-236 pa t44188 l44198 ls538">ships </span><span class="pp-class-236 pa t44188 l44199 ls2808">are </span><span class="pp-class-236 pa t44188 l44200 ls3855">expensed </span><span class="pp-class-236 pa t44188 l44201 ls811">in </span><span class="pp-class-236 pa t44188 l44202 ls572">the </span><span class="pp-class-236 pa t44188 l44203 ls1792">income </span><span class="pp-class-236 pa t44204 l3 ls556">statement </span><span class="pp-class-236 pa t44204 l1995 ls811">as </span><span class="pp-class-236 pa t44204 l44205 ls8048">incurred. </span><span class="pp-class-236 pa t44204 l44206 ls2036">Docking </span><span class="pp-class-236 pa t44204 l44207 ls538">costs </span><span class="pp-class-236 pa t44204 l44208 ls2808">are </span><span class="pp-class-236 pa t44204 l44209 ls546">capitalised </span><span class="pp-class-236 pa t44204 l44210 ls651">and </span><span class="pp-class-236 pa t44204 l44211 ls1687">depreciated </span><span class="pp-class-236 pa t44204 l44212 ls811">on </span><span class="pp-class-236 pa t44204 l44213 ls184">a </span><span class="pp-class-236 pa t44204 l43759 ls4276">straight-line </span><span class="pp-class-236 pa t44204 l44214 ls538">basis </span><span class="pp-class-236 pa t44204 l44215 ls1792">until </span><span class="pp-class-236 pa t44216 l3 ls651">the </span><span class="pp-class-236 pa t44216 l28221 ls724">ferries' </span><span class="pp-class-236 pa t44216 l44217 ls811">or </span><span class="pp-class-236 pa t44216 l44218 ls1764">ships' </span><span class="pp-class-236 pa t44216 l44219 ls877">next </span><span class="pp-class-236 pa t44216 l44220 ls1751">docking. </span><span class="pp-class-236 pa t44216 l44221 ls811">In </span><span class="pp-class-236 pa t44216 l44222 ls2222">most </span><span class="pp-class-236 pa t44216 l44223 ls1764">cases, </span><span class="pp-class-236 pa t44216 l35253 ls651">the </span><span class="pp-class-236 pa t44216 l44224 ls2036">docking </span><span class="pp-class-236 pa t44216 l44225 ls168">interval </span><span class="pp-class-236 pa t44216 l44226 ls811">is </span><span class="pp-class-236 pa t44216 l44227 ls184">2 </span><span class="pp-class-236 pa t44216 l44228 ls838">years </span><span class="pp-class-236 pa t44216 l44229 ls553">for </span><span class="pp-class-236 pa t44216 l44230 ls995">passenger </span><span class="pp-class-236 pa t44216 l44231 ls1792">cruise </span><span class="pp-class-236 pa t44232 l3 ls551">ferries </span><span class="pp-class-236 pa t44232 l41452 ls651">and </span><span class="pp-class-236 pa t44232 l41453 ls811">2½ </span><span class="pp-class-236 pa t44232 l44233 ls838">years </span><span class="pp-class-236 pa t44232 l44234 ls553">for </span><span class="pp-class-236 pa t44232 l27061 ls7086">freight </span><span class="pp-class-236 pa t44232 l44235 ls651">and </span><span class="pp-class-236 pa t44232 l32933 ls995">passenger </span><span class="pp-class-236 pa t44232 l44236 ls551">ferries </span><span class="pp-class-236 pa t44232 l44237 ls811">as </span><span class="pp-class-236 pa t44232 l44238 ls8048">well </span><span class="pp-class-236 pa t44232 l44239 ls811">as </span><span class="pp-class-236 pa t44232 l44240 ls7086">freight </span><span class="pp-class-236 pa t44232 l44241 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls811">on </span><span class="pp-class-236 pa t44242 l43106 ls651">the </span><span class="pp-class-236 pa t44242 l44246 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44247 ls98">of </span><span class="pp-class-236 pa t44242 l44248 ls551">ferries </span><span class="pp-class-236 pa t44242 l44249 ls572">and </span><span class="pp-class-236 pa t44242 l44250 ls949">other </span><span class="pp-class-236 pa t44242 l44251 ls538">ships </span><span class="pp-class-236 pa t44242 l44252 ls2808">are </span><span class="pp-class-236 pa t44242 l44253 ls560">calculated </span><span class="pp-class-236 pa t44242 l44254 ls811">as </span><span class="pp-class-236 pa t44242 l44255 ls651">the </span><span class="pp-class-236 pa t44242 l44256 ls681">difference </span><span class="pp-class-236 pa t44242 l44257 ls1404">between </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls538">sales </span><span class="pp-class-236 pa t44258 l44259 ls538">price </span><span class="pp-class-236 pa t44258 l44260 ls2222">less </span><span class="pp-class-236 pa t44258 l5819 ls538">sales </span><span class="pp-class-236 pa t44258 l5137 ls538">costs </span><span class="pp-class-236 pa t44258 l42487 ls651">and </span><span class="pp-class-236 pa t44258 l44261 ls651">the </span><span class="pp-class-236 pa t44258 l44262 ls2222">book </span><span class="pp-class-236 pa t44258 l44263 ls2197">value </span><span class="pp-class-236 pa t44258 l44264 ls2197">at </span><span class="pp-class-236 pa t44258 l44265 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44266 ls1815">date. </span><span class="pp-class-236 pa t44258 l44267 ls538">Gains </span><span class="pp-class-236 pa t44258 l44268 ls811">or </span><span class="pp-class-236 pa t44258 l44269 ls1764">losses </span><span class="pp-class-236 pa t44258 l44270 ls811">on </span><span class="pp-class-236 pa t44258 l44271 ls572">the </span><span class="pp-class-236 pa t44258 l44272 ls94">disposal </span><span class="pp-class-236 pa t44273 l3 ls98">of </span><span class="pp-class-236 pa t44273 l39273 ls551">ferries </span><span class="pp-class-236 pa t44273 l44274 ls651">and </span><span class="pp-class-236 pa t44273 l44275 ls949">other </span><span class="pp-class-236 pa t44273 l44276 ls538">ships </span><span class="pp-class-236 pa t44273 l44277 ls2808">are </span><span class="pp-class-236 pa t44273 l44278 ls667">recognised </span><span class="pp-class-236 pa t44273 l44279 ls2222">when </span><span class="pp-class-236 pa t44273 l44280 ls7086">control </span><span class="pp-class-236 pa t44273 l44281 ls110">have </span><span class="pp-class-236 pa t44273 l44282 ls6270">transferred </span><span class="pp-class-236 pa t44273 l44283 ls538">to </span><span class="pp-class-236 pa t44273 l44284 ls572">the </span><span class="pp-class-236 pa t44273 l44285 ls838">buyer </span><span class="pp-class-236 pa t44273 l44286 ls572">and </span><span class="pp-class-236 pa t44273 l44287 ls667">are </span><span class="pp-class-236 pa t44288 l3 ls7086">presented </span><span class="pp-class-236 pa t44288 l6723 ls811">in </span><span class="pp-class-236 pa t44288 l37516 ls651">the </span><span class="pp-class-236 pa t44288 l44289 ls1764">income </span><span class="pp-class-236 pa t44288 l44290 ls556">statement </span><span class="pp-class-236 pa t44288 l44291 ls811">as </span><span class="pp-class-236 pa t44288 l44292 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44293 ls811">on </span><span class="pp-class-236 pa t44288 l44294 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44295 ls98">of </span><span class="pp-class-236 pa t44288 l44296 ls548">non-current </span><span class="pp-class-236 pa t44288 l44297 ls546">assets, </span><span class="pp-class-236 pa t44288 l44298 ls6038">net’.</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5337" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h44022 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span><span class="pp-class-248 pa t860 l22193"/><span class="pp-class-249 pa t860 l43381"/><span class="pp-class-249 pa t860 l478 ls143">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls524">Passenger </span><span class="pp-class-237 pa t43264 l44299 ls1764">cruise </span><span class="pp-class-237 pa t43264 l23572 ls4248">ferries </span><span class="pp-class-237 pa t43264 l44300 ls651">and </span><span class="pp-class-237 pa t43264 l44301 ls548">freight </span><span class="pp-class-237 pa t43264 l44302 ls651">and </span><span class="pp-class-237 pa t43264 l41656 ls995">passenger </span><span class="pp-class-237 pa t43264 l44303 ls544">(RoPax) </span><span class="pp-class-237 pa t43264 l44304 ls625">ferries</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls651">Due </span><span class="pp-class-236 pa t43270 l30955 ls538">to </span><span class="pp-class-236 pa t43270 l16855 ls4787">differences </span><span class="pp-class-236 pa t43270 l44305 ls811">in </span><span class="pp-class-236 pa t43270 l21956 ls651">the </span><span class="pp-class-236 pa t43270 l44306 ls8048">wear </span><span class="pp-class-236 pa t43270 l44307 ls651">and </span><span class="pp-class-236 pa t43270 l44308 ls995">tear </span><span class="pp-class-236 pa t43270 l44309 ls98">of </span><span class="pp-class-236 pa t43270 l44310 ls94">certain </span><span class="pp-class-236 pa t43270 l44311 ls524">components </span><span class="pp-class-236 pa t43270 l140 ls98">of </span><span class="pp-class-236 pa t43270 l44312 ls995">passenger </span><span class="pp-class-236 pa t43270 l44313 ls1764">cruise </span><span class="pp-class-236 pa t43270 l44314 ls551">ferries </span><span class="pp-class-236 pa t43270 l44315 ls651">and </span><span class="pp-class-236 pa t43270 l44316 ls590">RoPax </span><span class="pp-class-236 pa t43283 l3 ls724">ferries, </span><span class="pp-class-236 pa t43283 l44317 ls651">the </span><span class="pp-class-236 pa t43283 l44318 ls2222">cost </span><span class="pp-class-236 pa t43283 l44319 ls98">of </span><span class="pp-class-236 pa t43283 l44320 ls538">these </span><span class="pp-class-236 pa t43283 l44321 ls551">ferries </span><span class="pp-class-236 pa t43283 l44322 ls811">is </span><span class="pp-class-236 pa t43283 l44323 ls2036">divided </span><span class="pp-class-236 pa t43283 l44324 ls546">into </span><span class="pp-class-236 pa t43283 l44325 ls524">components </span><span class="pp-class-236 pa t43283 l44326 ls2222">with </span><span class="pp-class-236 pa t43283 l44327 ls556">low </span><span class="pp-class-236 pa t43283 l44328 ls853">wear, </span><span class="pp-class-236 pa t43283 l44329 ls2222">such </span><span class="pp-class-236 pa t43283 l44330 ls811">as </span><span class="pp-class-236 pa t43283 l44331 ls2222">hull </span><span class="pp-class-236 pa t43283 l15289 ls651">and </span><span class="pp-class-236 pa t43283 l44332 ls664">engine, </span><span class="pp-class-236 pa t43295 l3 ls651">and </span><span class="pp-class-236 pa t43295 l17989 ls524">components </span><span class="pp-class-236 pa t43295 l44333 ls2222">with </span><span class="pp-class-236 pa t43295 l8895 ls2222">high </span><span class="pp-class-236 pa t43295 l44334 ls853">wear, </span><span class="pp-class-236 pa t43295 l41887 ls2222">such </span><span class="pp-class-236 pa t43295 l44335 ls811">as </span><span class="pp-class-236 pa t43295 l44336 ls938">parts </span><span class="pp-class-236 pa t43295 l44337 ls98">of </span><span class="pp-class-236 pa t43295 l44338 ls572">the </span><span class="pp-class-236 pa t43295 l44339 ls30">hotel, </span><span class="pp-class-236 pa t43295 l44340 ls2816">catering/restaurants, </span><span class="pp-class-236 pa t43295 l44341 ls651">and </span><span class="pp-class-236 pa t43295 l44342 ls2222">shop </span><span class="pp-class-236 pa t43295 l44343 ls706">areas.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43319 l3 ls548">Freight </span><span class="pp-class-237 pa t43319 l44344 ls4248">ferries </span><span class="pp-class-237 pa t43319 l11303 ls2687">(RoRo)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls651">The </span><span class="pp-class-236 pa t43330 l38379 ls2222">cost </span><span class="pp-class-236 pa t43330 l17201 ls98">of </span><span class="pp-class-236 pa t43330 l44345 ls7086">freight </span><span class="pp-class-236 pa t43330 l3384 ls551">ferries </span><span class="pp-class-236 pa t43330 l44346 ls811">is </span><span class="pp-class-236 pa t43330 l27859 ls4248">not </span><span class="pp-class-236 pa t43330 l44347 ls2036">divided </span><span class="pp-class-236 pa t43330 l44348 ls546">into </span><span class="pp-class-236 pa t43330 l44349 ls524">components </span><span class="pp-class-236 pa t43330 l44350 ls811">as </span><span class="pp-class-236 pa t43330 l44351 ls706">there </span><span class="pp-class-236 pa t43330 l44352 ls811">is </span><span class="pp-class-236 pa t43330 l44353 ls811">no </span><span class="pp-class-236 pa t43330 l44354 ls838">material </span><span class="pp-class-236 pa t43330 l44355 ls681">difference </span><span class="pp-class-236 pa t43330 l44356 ls811">in </span><span class="pp-class-236 pa t43330 l44357 ls572">the </span><span class="pp-class-236 pa t43330 l44358 ls546">wear </span><span class="pp-class-236 pa t43426 l3 ls98">of </span><span class="pp-class-236 pa t43426 l39273 ls651">the </span><span class="pp-class-236 pa t43426 l39799 ls1780">various </span><span class="pp-class-236 pa t43426 l44359 ls524">components </span><span class="pp-class-236 pa t43426 l26669 ls98">of </span><span class="pp-class-236 pa t43426 l44360 ls7086">freight </span><span class="pp-class-236 pa t43426 l44361 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43334 l3 ls567">Depreciation </span><span class="pp-class-237 pa t43334 l44362 ls184">– </span><span class="pp-class-237 pa t43334 l27619 ls2270">expected </span><span class="pp-class-237 pa t43334 l17262 ls1764">useful </span><span class="pp-class-237 pa t43334 l44363 ls2036">life </span><span class="pp-class-237 pa t43334 l44364 ls572">and </span><span class="pp-class-237 pa t43334 l44365 ls30">residual </span><span class="pp-class-237 pa t43334 l44366 ls1780">value </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls691">depreciation </span><span class="pp-class-236 pa t43348 l44367 ls1764">period </span><span class="pp-class-236 pa t43348 l44368 ls553">for </span><span class="pp-class-236 pa t43348 l44369 ls524">components </span><span class="pp-class-236 pa t43348 l44370 ls2222">with </span><span class="pp-class-236 pa t43348 l44371 ls556">low </span><span class="pp-class-236 pa t43348 l44372 ls8048">wear </span><span class="pp-class-236 pa t43348 l44373 ls811">is </span><span class="pp-class-236 pa t43348 l44374 ls811">35 </span><span class="pp-class-236 pa t43348 l44375 ls838">years </span><span class="pp-class-236 pa t43348 l44376 ls553">for </span><span class="pp-class-236 pa t43348 l44377 ls524">both </span><span class="pp-class-236 pa t43348 l40567 ls30">RoPax </span><span class="pp-class-236 pa t43348 l44341 ls572">and </span><span class="pp-class-236 pa t43348 l44378 ls2222">RoRo </span><span class="pp-class-236 pa t43348 l44379 ls536">ferries </span><span class="pp-class-236 pa t43367 l3 ls877">from </span><span class="pp-class-236 pa t43367 l44380 ls572">the </span><span class="pp-class-236 pa t43367 l44381 ls8048">year </span><span class="pp-class-236 pa t43367 l44382 ls811">in </span><span class="pp-class-236 pa t43367 l44383 ls538">which </span><span class="pp-class-236 pa t43367 l44384 ls651">the </span><span class="pp-class-236 pa t43367 l31581 ls608">ferry </span><span class="pp-class-236 pa t43367 l44385 ls556">was </span><span class="pp-class-236 pa t43367 l44386 ls747">built. </span><span class="pp-class-236 pa t43367 l44387 ls651">The </span><span class="pp-class-236 pa t43367 l44388 ls691">depreciation </span><span class="pp-class-236 pa t43367 l44389 ls1764">period </span><span class="pp-class-236 pa t43367 l44390 ls553">for </span><span class="pp-class-236 pa t43367 l44391 ls995">passenger </span><span class="pp-class-236 pa t43367 l44392 ls1764">cruise </span><span class="pp-class-236 pa t43367 l44393 ls551">ferries </span><span class="pp-class-236 pa t43367 l44394 ls811">is </span><span class="pp-class-236 pa t43367 l44395 ls1547">45 </span><span class="pp-class-236 pa t43461 l3 ls758">years. </span><span class="pp-class-236 pa t43461 l44396 ls651">The </span><span class="pp-class-236 pa t43461 l43034 ls3855">residual </span><span class="pp-class-236 pa t43461 l44397 ls2197">value </span><span class="pp-class-236 pa t43461 l40169 ls98">of </span><span class="pp-class-236 pa t43461 l44398 ls551">ferries </span><span class="pp-class-236 pa t43461 l44399 ls811">is </span><span class="pp-class-236 pa t43461 l44400 ls2207">estimated </span><span class="pp-class-236 pa t43461 l44401 ls811">as </span><span class="pp-class-236 pa t43461 l38578 ls651">the </span><span class="pp-class-236 pa t43461 l24853 ls5781">expected </span><span class="pp-class-236 pa t43461 l44402 ls553">fair </span><span class="pp-class-236 pa t43461 l44403 ls2197">value </span><span class="pp-class-236 pa t43461 l44404 ls2197">at </span><span class="pp-class-236 pa t43461 l44405 ls572">the </span><span class="pp-class-236 pa t43461 l44406 ls572">end </span><span class="pp-class-236 pa t43461 l44407 ls98">of </span><span class="pp-class-236 pa t43461 l44408 ls538">their </span><span class="pp-class-236 pa t43461 l44409 ls771">useful </span><span class="pp-class-236 pa t43475 l3 ls713">lifetime.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44410 l3 ls30">Management </span><span class="pp-class-236 pa t44410 l43518 ls651">has </span><span class="pp-class-236 pa t44410 l44411 ls2222">also </span><span class="pp-class-236 pa t44410 l14792 ls667">considered </span><span class="pp-class-236 pa t44410 l44412 ls651">the </span><span class="pp-class-236 pa t44410 l44413 ls1780">impact </span><span class="pp-class-236 pa t44410 l44414 ls98">of </span><span class="pp-class-236 pa t44410 l44415 ls168">decarbonisation </span><span class="pp-class-236 pa t44410 l44416 ls572">and </span><span class="pp-class-236 pa t44410 l44417 ls556">climate-related </span><span class="pp-class-236 pa t44410 l44418 ls667">risks </span><span class="pp-class-236 pa t44410 l44419 ls811">on </span><span class="pp-class-236 pa t44410 l44420 ls184">the </span><span class="pp-class-236 pa t44154 l3 ls590">useful </span><span class="pp-class-236 pa t44154 l43320 ls838">lives </span><span class="pp-class-236 pa t44154 l44421 ls98">of </span><span class="pp-class-236 pa t44154 l44422 ls3855">existing </span><span class="pp-class-236 pa t44154 l44423 ls546">assets. </span><span class="pp-class-236 pa t44154 l44424 ls2222">Such </span><span class="pp-class-236 pa t44154 l44425 ls667">risks </span><span class="pp-class-236 pa t44154 l44426 ls949">include </span><span class="pp-class-236 pa t44154 l24128 ls556">new </span><span class="pp-class-236 pa t44154 l44427 ls556">climate-related </span><span class="pp-class-236 pa t44154 l44377 ls1404">legislation </span><span class="pp-class-236 pa t44154 l44428 ls9435">restricting </span><span class="pp-class-236 pa t44154 l44429 ls651">the </span><span class="pp-class-236 pa t44154 l44430 ls572">use </span><span class="pp-class-236 pa t44154 l44431 ls197">of </span><span class="pp-class-236 pa t44158 l3 ls94">certain </span><span class="pp-class-236 pa t44158 l44432 ls546">assets, </span><span class="pp-class-236 pa t44158 l44433 ls556">new </span><span class="pp-class-236 pa t44158 l3093 ls179">technology </span><span class="pp-class-236 pa t44158 l44434 ls1751">demanded </span><span class="pp-class-236 pa t44158 l44435 ls706">by </span><span class="pp-class-236 pa t44158 l44436 ls556">climate-related </span><span class="pp-class-236 pa t44158 l44437 ls630">legislation, </span><span class="pp-class-236 pa t44158 l43779 ls572">and </span><span class="pp-class-236 pa t44158 l44438 ls651">the </span><span class="pp-class-236 pa t44158 l44439 ls3855">increase </span><span class="pp-class-236 pa t44158 l44440 ls1547">in </span><span class="pp-class-236 pa t44167 l3 ls6824">restoration </span><span class="pp-class-236 pa t44167 l44441 ls538">costs </span><span class="pp-class-236 pa t44167 l44442 ls553">for </span><span class="pp-class-236 pa t44167 l12587 ls949">terminal </span><span class="pp-class-236 pa t44167 l44443 ls625">sites </span><span class="pp-class-236 pa t44167 l27082 ls651">due </span><span class="pp-class-236 pa t44167 l31630 ls538">to </span><span class="pp-class-236 pa t44167 l44444 ls556">new </span><span class="pp-class-236 pa t44167 l9191 ls7832">and/or </span><span class="pp-class-236 pa t44167 l44445 ls877">more </span><span class="pp-class-236 pa t44167 l44446 ls681">comprehensive </span><span class="pp-class-236 pa t44167 l44447 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls538">Other </span><span class="pp-class-237 pa t44168 l44448 ls278">non-current </span><span class="pp-class-237 pa t44168 l44449 ls179">tangible </span><span class="pp-class-237 pa t44168 l44450 ls536">assets</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls538">Other </span><span class="pp-class-236 pa t44171 l44451 ls548">non-current </span><span class="pp-class-236 pa t44171 l44452 ls949">tangible </span><span class="pp-class-236 pa t44171 l41766 ls179">assets </span><span class="pp-class-236 pa t44171 l44453 ls1751">comprise </span><span class="pp-class-236 pa t44171 l33295 ls562">buildings, </span><span class="pp-class-236 pa t44171 l44454 ls949">terminals </span><span class="pp-class-236 pa t44171 l44455 ls651">and </span><span class="pp-class-236 pa t44171 l44456 ls4290">machinery, </span><span class="pp-class-236 pa t44171 l44457 ls625">tools </span><span class="pp-class-236 pa t44171 l44458 ls184">and </span><span class="pp-class-236 pa t44182 l3 ls590">equipment, </span><span class="pp-class-236 pa t44182 l44459 ls651">and </span><span class="pp-class-236 pa t44182 l44460 ls995">leasehold </span><span class="pp-class-236 pa t44182 l44461 ls4017">improvements.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44187 l3 ls651">The </span><span class="pp-class-237 pa t44187 l44462 ls616">estimated </span><span class="pp-class-237 pa t44187 l3321 ls1764">useful </span><span class="pp-class-237 pa t44187 l44463 ls278">lifetimes </span><span class="pp-class-237 pa t44187 l44464 ls548">are </span><span class="pp-class-237 pa t44187 l44465 ls811">as </span><span class="pp-class-237 pa t44187 l44466 ls6270">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44188 l3 ls184">• </span><span class="pp-class-236 pa t44188 l3804 ls18603">Buildings </span><span class="pp-class-236 pa t44188 l44467 ls811">25-50 </span><span class="pp-class-236 pa t44188 l44468 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44204 l3 ls184">• </span><span class="pp-class-236 pa t44204 l3804 ls44469">Terminals </span><span class="pp-class-236 pa t44204 l11787 ls4787">etc. </span><span class="pp-class-236 pa t44204 l44467 ls538">10-40 </span><span class="pp-class-236 pa t44204 l8948 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44216 l3 ls184">• </span><span class="pp-class-236 pa t44216 l3804 ls44470">Equipment </span><span class="pp-class-236 pa t44216 l44471 ls4787">etc. </span><span class="pp-class-236 pa t44216 l44467 ls2222">4-10 </span><span class="pp-class-236 pa t44216 l10033 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls184">• </span><span class="pp-class-236 pa t44232 l3804 ls18603">Leasehold </span><span class="pp-class-236 pa t44232 l15092 ls4017">improvements </span><span class="pp-class-236 pa t44232 l44467 ls2222">Max. </span><span class="pp-class-236 pa t44232 l44472 ls1687">depreciated </span><span class="pp-class-236 pa t44232 l44473 ls3234">over </span><span class="pp-class-236 pa t44232 l28141 ls572">the </span><span class="pp-class-236 pa t44232 l44474 ls995">term </span><span class="pp-class-236 pa t44232 l44475 ls98">of </span><span class="pp-class-236 pa t44232 l44476 ls651">the </span><span class="pp-class-236 pa t44232 l44477 ls811">lease </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls2036">arising </span><span class="pp-class-236 pa t44242 l44478 ls877">from </span><span class="pp-class-236 pa t44242 l44479 ls651">the </span><span class="pp-class-236 pa t44242 l44480 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44481 ls98">of </span><span class="pp-class-236 pa t44242 l44482 ls949">other </span><span class="pp-class-236 pa t44242 l44483 ls548">non-current </span><span class="pp-class-236 pa t44242 l44484 ls949">tangible </span><span class="pp-class-236 pa t44242 l44485 ls179">assets </span><span class="pp-class-236 pa t44242 l38894 ls2808">are </span><span class="pp-class-236 pa t44242 l44486 ls560">calculated </span><span class="pp-class-236 pa t44242 l44487 ls811">as </span><span class="pp-class-236 pa t44242 l44488 ls184">the </span><span class="pp-class-236 pa t44258 l3 ls681">difference </span><span class="pp-class-236 pa t44258 l44489 ls713">between </span><span class="pp-class-236 pa t44258 l40878 ls651">the </span><span class="pp-class-236 pa t44258 l44490 ls538">sales </span><span class="pp-class-236 pa t44258 l44491 ls538">price </span><span class="pp-class-236 pa t44258 l44492 ls2222">less </span><span class="pp-class-236 pa t44258 l44493 ls538">sales </span><span class="pp-class-236 pa t44258 l44494 ls538">costs </span><span class="pp-class-236 pa t44258 l44495 ls651">and </span><span class="pp-class-236 pa t44258 l44496 ls572">the </span><span class="pp-class-236 pa t44258 l24306 ls572">carrying </span><span class="pp-class-236 pa t44258 l44497 ls995">amount </span><span class="pp-class-236 pa t44258 l44498 ls2197">at </span><span class="pp-class-236 pa t44258 l44499 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44500 ls1815">date. </span><span class="pp-class-236 pa t44258 l44316 ls811">Gains </span><span class="pp-class-236 pa t44273 l3 ls811">or </span><span class="pp-class-236 pa t44273 l44501 ls1764">losses </span><span class="pp-class-236 pa t44273 l38519 ls811">on </span><span class="pp-class-236 pa t44273 l41790 ls651">the </span><span class="pp-class-236 pa t44273 l44502 ls1751">disposal </span><span class="pp-class-236 pa t44273 l44503 ls98">of </span><span class="pp-class-236 pa t44273 l44504 ls538">these </span><span class="pp-class-236 pa t44273 l44505 ls548">non-current </span><span class="pp-class-236 pa t44273 l12658 ls179">assets </span><span class="pp-class-236 pa t44273 l44506 ls2808">are </span><span class="pp-class-236 pa t44273 l44507 ls667">recognised </span><span class="pp-class-236 pa t44273 l44508 ls811">in </span><span class="pp-class-236 pa t44273 l44509 ls572">the </span><span class="pp-class-236 pa t44273 l44510 ls1764">income </span><span class="pp-class-236 pa t44273 l44511 ls556">statement </span><span class="pp-class-236 pa t44273 l44512 ls1547">as </span><span class="pp-class-236 pa t44288 l3 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44513 ls811">on </span><span class="pp-class-236 pa t44288 l23086 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44452 ls98">of </span><span class="pp-class-236 pa t44288 l620 ls548">non-current </span><span class="pp-class-236 pa t44288 l28838 ls546">assets, </span><span class="pp-class-236 pa t44288 l44514 ls524">net'.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5354" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h45362 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls168">Group </span><span class="pp-class-237 pa t43264 l45202 ls811">as </span><span class="pp-class-237 pa t43264 l45203 ls949">lessee </span><span class="pp-class-237 pa t43264 l45363 ls949">(lease </span><span class="pp-class-237 pa t43264 l45364 ls811">in)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls572 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t43270 l45365 ls4276 wtro3142 wtr526 tro3144 tr528">right-of-use </span><span class="pp-class-236 pa t43270 l45366 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43270 l45367 ls651 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43270 l45368 ls758 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43270 l45369 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43270 l45370 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43270 l45371 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43270 l45372 ls667 wtro3142 wtr526 tro3144 tr528">recognised </span><span class="pp-class-236 pa t43270 l45373 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43270 l45374 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43270 l45375 ls949 wtro3142 wtr526 tro3144 tr528">commencement </span><span class="pp-class-236 pa t43270 l45376 ls1815 wtro3142 wtr526 tro3144 tr528">date, </span><span class="pp-class-236 pa t43270 l45377 ls546 wtro3142 wtr526 tro3144 tr528">i.e. </span><span class="pp-class-236 pa t43283 l3 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45378 ls7086 wtro3142 wtr526 tro3144 tr528">date </span><span class="pp-class-236 pa t43283 l45379 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45380 ls2197 wtro3142 wtr526 tro3144 tr528">underlying </span><span class="pp-class-236 pa t43283 l45381 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43283 l45382 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43283 l15109 ls849 wtro3142 wtr526 tro3144 tr528">ready </span><span class="pp-class-236 pa t43283 l45383 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43283 l45384 ls530 wtro3142 wtr526 tro3144 tr528">use. </span><span class="pp-class-236 pa t43283 l45385 ls4276 wtro3142 wtr526 tro3144 tr528">Right-of-use </span><span class="pp-class-236 pa t43283 l45386 ls179 wtro3142 wtr526 tro3144 tr528">assets </span><span class="pp-class-236 pa t43283 l45387 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43283 l2934 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43283 l45388 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43283 l45389 ls2222 wtro3142 wtr526 tro3144 tr528">cost </span><span class="pp-class-236 pa t43283 l45390 ls168 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43295 l3 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43295 l45391 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43295 l45392 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45393 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43295 l45394 ls838 wtro3142 wtr526 tro3144 tr528">recognised, </span><span class="pp-class-236 pa t43295 l45395 ls630 wtro3142 wtr526 tro3144 tr528">adjusted </span><span class="pp-class-236 pa t43295 l39911 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43295 l45396 ls553 wtro3142 wtr526 tro3144 tr528">any </span><span class="pp-class-236 pa t43295 l45397 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45398 ls1775 wtro3142 wtr526 tro3144 tr528">prepayments </span><span class="pp-class-236 pa t43295 l45399 ls546 wtro3142 wtr526 tro3144 tr528">including </span><span class="pp-class-236 pa t43295 l45400 ls524 wtro3142 wtr526 tro3144 tr528">dismantling </span><span class="pp-class-236 pa t43295 l45401 ls184 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43309 l3 ls6824 wtro3142 wtr526 tro3144 tr528">restoration </span><span class="pp-class-236 pa t43309 l45402 ls1764 wtro3142 wtr526 tro3144 tr528">costs, </span><span class="pp-class-236 pa t43309 l45403 ls556 wtro3142 wtr526 tro3144 tr528">whereas </span><span class="pp-class-236 pa t43309 l45404 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45405 ls625 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t43309 l45406 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43309 l45407 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43309 l45408 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43309 l45409 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43309 l45410 ls7086 wtro3142 wtr526 tro3144 tr528">present </span><span class="pp-class-236 pa t43309 l45411 ls2197 wtro3142 wtr526 tro3144 tr528">value </span><span class="pp-class-236 pa t43309 l45412 ls98 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t43309 l45413 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45414 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43309 l45415 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43309 l45416 ls1547 wtro3142 wtr526 tro3144 tr528">be </span><span class="pp-class-236 pa t43319 l3 ls544 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t43319 l45417 ls3234 wtro3142 wtr526 tro3144 tr528">over </span><span class="pp-class-236 pa t43319 l45418 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43319 l45419 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43319 l45420 ls625 wtro3142 wtr526 tro3144 tr528">term. </span><span class="pp-class-236 pa t43319 l45421 ls538 wtro3142 wtr526 tro3144 tr528">Lease </span><span class="pp-class-236 pa t43319 l45422 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43319 l5703 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43319 l45423 ls541 wtro3142 wtr526 tro3144 tr528">discounted </span><span class="pp-class-236 pa t43319 l45424 ls538 wtro3142 wtr526 tro3144 tr528">using </span><span class="pp-class-236 pa t43319 l45425 ls538 wtro3142 wtr526 tro3144 tr528">DFDS’ </span><span class="pp-class-236 pa t43319 l45426 ls556 wtro3142 wtr526 tro3144 tr528">incremental </span><span class="pp-class-236 pa t43319 l45427 ls4558 wtro3142 wtr526 tro3144 tr528">borrowing </span><span class="pp-class-236 pa t43319 l45428 ls2767 wtro3142 wtr526 tro3144 tr528">rate. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls691">Depreciation </span><span class="pp-class-236 pa t43330 l45429 ls4558">follows </span><span class="pp-class-236 pa t43330 l45430 ls651">the </span><span class="pp-class-236 pa t43330 l45431 ls4276">straight-line </span><span class="pp-class-236 pa t43330 l45432 ls179">method </span><span class="pp-class-236 pa t43330 l45433 ls3234">over </span><span class="pp-class-236 pa t43330 l45434 ls651">the </span><span class="pp-class-236 pa t43330 l45435 ls538">lease </span><span class="pp-class-236 pa t43330 l45436 ls995">term </span><span class="pp-class-236 pa t43330 l45437 ls811">or </span><span class="pp-class-236 pa t43330 l45438 ls651">the </span><span class="pp-class-236 pa t43330 l45439 ls590">useful </span><span class="pp-class-236 pa t43330 l45440 ls553">life </span><span class="pp-class-236 pa t43330 l45441 ls98">of </span><span class="pp-class-236 pa t43330 l45442 ls572">the </span><span class="pp-class-236 pa t43330 l45443 ls621">right-of-use </span><span class="pp-class-236 pa t43426 l3 ls546">assets, </span><span class="pp-class-236 pa t43426 l14614 ls1463">whichever </span><span class="pp-class-236 pa t43426 l45444 ls811">is </span><span class="pp-class-236 pa t43426 l45445 ls572">shortest. </span><span class="pp-class-236 pa t43426 l45446 ls33174">However, </span><span class="pp-class-236 pa t43426 l45447 ls553">for </span><span class="pp-class-236 pa t43426 l28756 ls651">one </span><span class="pp-class-236 pa t43426 l45448 ls949">terminal </span><span class="pp-class-236 pa t43426 l45449 ls651">the </span><span class="pp-class-236 pa t43426 l45450 ls691">depreciation </span><span class="pp-class-236 pa t43426 l45451 ls811">is </span><span class="pp-class-236 pa t43426 l45452 ls538">based </span><span class="pp-class-236 pa t43426 l45453 ls811">on </span><span class="pp-class-236 pa t43426 l45454 ls168">volumes </span><span class="pp-class-236 pa t43333 l3 ls2036">handled </span><span class="pp-class-236 pa t43333 l31586 ls811">in </span><span class="pp-class-236 pa t43333 l45455 ls651">the </span><span class="pp-class-236 pa t43333 l45456 ls949">terminal. </span><span class="pp-class-236 pa t43333 l45457 ls115">The </span><span class="pp-class-236 pa t43333 l45458 ls138">lease </span><span class="pp-class-236 pa t43333 l17441 ls1133">payments </span><span class="pp-class-236 pa t43333 l5647 ls1078">include </span><span class="pp-class-236 pa t43333 l45459 ls967">fixed </span><span class="pp-class-236 pa t43333 l45460 ls1133">payments </span><span class="pp-class-236 pa t43333 l45461 ls297">less </span><span class="pp-class-236 pa t43333 l45462 ls570">any </span><span class="pp-class-236 pa t43333 l45463 ls138">lease </span><span class="pp-class-236 pa t43333 l45464 ls236">incentives </span><span class="pp-class-236 pa t43334 l3 ls1574">receivable </span><span class="pp-class-236 pa t43334 l2834 ls1011">and </span><span class="pp-class-236 pa t43334 l45465 ls428">variable </span><span class="pp-class-236 pa t43334 l30659 ls138">lease </span><span class="pp-class-236 pa t43334 l28271 ls1133">payments </span><span class="pp-class-236 pa t43334 l28530 ls184">that </span><span class="pp-class-236 pa t43334 l45466 ls138">depend </span><span class="pp-class-236 pa t43334 l45467 ls177">on </span><span class="pp-class-236 pa t43334 l45468 ls177">an </span><span class="pp-class-236 pa t43334 l3089 ls967">index </span><span class="pp-class-236 pa t43334 l45469 ls177">or </span><span class="pp-class-236 pa t43334 l45470 ls781">a </span><span class="pp-class-236 pa t43334 l45471 ls758">rate. </span><span class="pp-class-236 pa t43334 l45472 ls177">If </span><span class="pp-class-236 pa t43334 l45473 ls1011">the </span><span class="pp-class-236 pa t43334 l45474 ls3791">contract </span><span class="pp-class-236 pa t43334 l45475 ls138">holds </span><span class="pp-class-236 pa t43334 l45476 ls162">an </span><span class="pp-class-236 pa t43348 l3 ls1790">option </span><span class="pp-class-236 pa t43348 l45477 ls73">to </span><span class="pp-class-236 pa t43348 l31247 ls2315">purchase, </span><span class="pp-class-236 pa t43348 l45478 ls938">extend </span><span class="pp-class-236 pa t43348 l45479 ls177">or </span><span class="pp-class-236 pa t43348 l45480 ls1133">terminate </span><span class="pp-class-236 pa t43348 l45481 ls781">a </span><span class="pp-class-236 pa t43348 l45482 ls138">lease </span><span class="pp-class-236 pa t43348 l45483 ls115">and </span><span class="pp-class-236 pa t43348 l45484 ls177">it </span><span class="pp-class-236 pa t43348 l45485 ls177">is </span><span class="pp-class-236 pa t43348 l17214 ls584">reasonably </span><span class="pp-class-236 pa t43348 l45486 ls1535">certain </span><span class="pp-class-236 pa t43348 l38594 ls73">to </span><span class="pp-class-236 pa t43348 l45487 ls177">be </span><span class="pp-class-236 pa t43348 l45488 ls546">exercised </span><span class="pp-class-236 pa t43348 l45489 ls771">by </span><span class="pp-class-236 pa t43348 l45490 ls781">the </span><span class="pp-class-236 pa t43367 l3 ls811">Group, </span><span class="pp-class-236 pa t43367 l45491 ls115">the </span><span class="pp-class-236 pa t43367 l7365 ls138">lease </span><span class="pp-class-236 pa t43367 l45492 ls113">liability </span><span class="pp-class-236 pa t43367 l45493 ls297">will </span><span class="pp-class-236 pa t43367 l40252 ls1078">include </span><span class="pp-class-236 pa t43367 l45494 ls73">those. </span><span class="pp-class-236 pa t43367 l39320 ls115">The </span><span class="pp-class-236 pa t43367 l45495 ls428">variable </span><span class="pp-class-236 pa t43367 l45496 ls138">lease </span><span class="pp-class-236 pa t43367 l45497 ls1133">payments </span><span class="pp-class-236 pa t43367 l45498 ls184">that </span><span class="pp-class-236 pa t43367 l45499 ls177">do </span><span class="pp-class-236 pa t43367 l45500 ls1661">not </span><span class="pp-class-236 pa t43367 l45501 ls138">depend </span><span class="pp-class-236 pa t43367 l45502 ls177">on </span><span class="pp-class-236 pa t43367 l45503 ls162">an </span><span class="pp-class-236 pa t43461 l3 ls967">index </span><span class="pp-class-236 pa t43461 l45504 ls177">or </span><span class="pp-class-236 pa t43461 l45505 ls781">a </span><span class="pp-class-236 pa t43461 l41014 ls2207">rate </span><span class="pp-class-236 pa t43461 l45506 ls2222">are </span><span class="pp-class-236 pa t43461 l18527 ls15">recognised </span><span class="pp-class-236 pa t43461 l45507 ls177">as </span><span class="pp-class-236 pa t43461 l45508 ls131">expenses </span><span class="pp-class-236 pa t43461 l33939 ls177">in </span><span class="pp-class-236 pa t43461 l45509 ls1011">the </span><span class="pp-class-236 pa t43461 l45510 ls138">period </span><span class="pp-class-236 pa t43461 l45511 ls177">on </span><span class="pp-class-236 pa t43461 l45512 ls138">which </span><span class="pp-class-236 pa t43461 l45513 ls115">the </span><span class="pp-class-236 pa t43461 l45514 ls608">event </span><span class="pp-class-236 pa t43461 l45515 ls177">or </span><span class="pp-class-236 pa t43461 l45516 ls113">condition </span><span class="pp-class-236 pa t43461 l45517 ls1757">that </span><span class="pp-class-236 pa t43475 l3 ls113">triggers </span><span class="pp-class-236 pa t43475 l45518 ls1011">the </span><span class="pp-class-236 pa t43475 l45519 ls63">payment </span><span class="pp-class-236 pa t43475 l45520 ls113">occurs. </span><span class="pp-class-236 pa t43475 l45521 ls651">The </span><span class="pp-class-236 pa t43475 l45522 ls706">Group </span><span class="pp-class-236 pa t43475 l45523 ls2036">applies </span><span class="pp-class-236 pa t43475 l45524 ls572">the </span><span class="pp-class-236 pa t43475 l45525 ls558">short-term </span><span class="pp-class-236 pa t43475 l45526 ls538">lease </span><span class="pp-class-236 pa t43475 l45527 ls838">recognition </span><span class="pp-class-236 pa t43475 l45528 ls12490">exemption </span><span class="pp-class-236 pa t43475 l45529 ls553">for </span><span class="pp-class-236 pa t43475 l45530 ls811">lease </span><span class="pp-class-236 pa t43484 l3 ls4793">contracts </span><span class="pp-class-236 pa t43484 l45531 ls544">that, </span><span class="pp-class-236 pa t43484 l45532 ls2197">at </span><span class="pp-class-236 pa t43484 l18792 ls651">the </span><span class="pp-class-236 pa t43484 l2133 ls949">commencement </span><span class="pp-class-236 pa t43484 l38906 ls1815">date, </span><span class="pp-class-236 pa t43484 l45533 ls110">have </span><span class="pp-class-236 pa t43484 l45534 ls184">a </span><span class="pp-class-236 pa t43484 l45535 ls538">lease </span><span class="pp-class-236 pa t43484 l45536 ls995">term </span><span class="pp-class-236 pa t43484 l45537 ls98">of </span><span class="pp-class-236 pa t43484 l45538 ls811">12 </span><span class="pp-class-236 pa t43484 l45539 ls995">months </span><span class="pp-class-236 pa t43484 l45540 ls811">or </span><span class="pp-class-236 pa t43484 l45541 ls538">less, </span><span class="pp-class-236 pa t43484 l45542 ls572">and </span><span class="pp-class-236 pa t43484 l45543 ls184">the </span><span class="pp-class-236 pa t44410 l3 ls12490">exemption </span><span class="pp-class-236 pa t44410 l45544 ls553">for </span><span class="pp-class-236 pa t44410 l20470 ls538">lease </span><span class="pp-class-236 pa t44410 l45545 ls4793">contracts </span><span class="pp-class-236 pa t44410 l45546 ls553">for </span><span class="pp-class-236 pa t44410 l45547 ls538">which </span><span class="pp-class-236 pa t44410 l45548 ls651">the </span><span class="pp-class-236 pa t44410 l33224 ls2197">underlying </span><span class="pp-class-236 pa t44410 l45549 ls949">asset </span><span class="pp-class-236 pa t44410 l45550 ls811">is </span><span class="pp-class-236 pa t44410 l45551 ls98">of </span><span class="pp-class-236 pa t44410 l45552 ls556">low </span><span class="pp-class-236 pa t44410 l45553 ls1775">value. </span><span class="pp-class-236 pa t44410 l45554 ls538">Lease </span><span class="pp-class-236 pa t44410 l45555 ls4630">payments </span><span class="pp-class-236 pa t44410 l45556 ls1547">on </span><span class="pp-class-236 pa t44154 l3 ls558">short-term </span><span class="pp-class-236 pa t44154 l28296 ls1764">leases </span><span class="pp-class-236 pa t44154 l7356 ls651">and </span><span class="pp-class-236 pa t44154 l17961 ls1764">leases </span><span class="pp-class-236 pa t44154 l45557 ls98">of </span><span class="pp-class-236 pa t44154 l45558 ls4017">low-value </span><span class="pp-class-236 pa t44154 l24627 ls179">assets </span><span class="pp-class-236 pa t44154 l45559 ls2808">are </span><span class="pp-class-236 pa t44154 l40715 ls667">recognised </span><span class="pp-class-236 pa t44154 l45560 ls811">as </span><span class="pp-class-236 pa t44154 l45561 ls3855">expenses </span><span class="pp-class-236 pa t44154 l45562 ls811">on </span><span class="pp-class-236 pa t44154 l45563 ls184">a </span><span class="pp-class-236 pa t44154 l45564 ls4276">straight-line </span><span class="pp-class-236 pa t44154 l45565 ls811">basis </span><span class="pp-class-236 pa t44158 l3 ls3234">over </span><span class="pp-class-236 pa t44158 l45566 ls572">the </span><span class="pp-class-236 pa t44158 l45567 ls538">lease </span><span class="pp-class-236 pa t44158 l45568 ls625">term. </span><span class="pp-class-236 pa t44158 l19591 ls544">For </span><span class="pp-class-236 pa t44158 l45569 ls4793">contracts </span><span class="pp-class-236 pa t44158 l45570 ls2222">with </span><span class="pp-class-236 pa t44158 l45571 ls184">a </span><span class="pp-class-236 pa t44158 l45572 ls556">rolling </span><span class="pp-class-236 pa t44158 l45573 ls995">term </span><span class="pp-class-236 pa t44158 l45574 ls11050">(evergreen </span><span class="pp-class-236 pa t44158 l45575 ls1744">leases), </span><span class="pp-class-236 pa t44158 l45576 ls30">Management </span><span class="pp-class-236 pa t44158 l45577 ls110">exercises </span><span class="pp-class-236 pa t44167 l3 ls747">judgement </span><span class="pp-class-236 pa t44167 l33769 ls811">in </span><span class="pp-class-236 pa t44167 l28500 ls551">determining </span><span class="pp-class-236 pa t44167 l45578 ls590">useful </span><span class="pp-class-236 pa t44167 l18023 ls731">lifetime </span><span class="pp-class-236 pa t44167 l45579 ls98">of </span><span class="pp-class-236 pa t44167 l45580 ls651">the </span><span class="pp-class-236 pa t44167 l45581 ls2197">underlying </span><span class="pp-class-236 pa t44167 l45582 ls4276">right-of-use </span><span class="pp-class-236 pa t44167 l42313 ls538">asset.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls168">Group </span><span class="pp-class-237 pa t44168 l45202 ls811">as </span><span class="pp-class-237 pa t44168 l45203 ls949">lessor </span><span class="pp-class-237 pa t44168 l45583 ls949">(lease </span><span class="pp-class-237 pa t44168 l45584 ls651">out)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls544">For </span><span class="pp-class-236 pa t44171 l38701 ls30">accounting </span><span class="pp-class-236 pa t44171 l45585 ls995">purposes, </span><span class="pp-class-236 pa t44171 l45586 ls179">assets </span><span class="pp-class-236 pa t44171 l45587 ls1764">leased </span><span class="pp-class-236 pa t44171 l45588 ls651">out </span><span class="pp-class-236 pa t44171 l25089 ls2808">are </span><span class="pp-class-236 pa t44171 l45589 ls2036">divided </span><span class="pp-class-236 pa t44171 l45590 ls546">into </span><span class="pp-class-236 pa t44171 l45591 ls2036">finance </span><span class="pp-class-236 pa t44171 l45592 ls572">and </span><span class="pp-class-236 pa t44171 l45593 ls1775">operating </span><span class="pp-class-236 pa t44171 l45594 ls2036">leases. </span><span class="pp-class-236 pa t44171 l45595 ls811">In </span><span class="pp-class-236 pa t44171 l45596 ls8048">respect </span><span class="pp-class-236 pa t44182 l3 ls98">of </span><span class="pp-class-236 pa t44182 l39273 ls179">assets </span><span class="pp-class-236 pa t44182 l44259 ls1764">leased </span><span class="pp-class-236 pa t44182 l45597 ls651">out </span><span class="pp-class-236 pa t44182 l45598 ls811">on </span><span class="pp-class-236 pa t44182 l45599 ls184">a </span><span class="pp-class-236 pa t44182 l45600 ls2036">finance </span><span class="pp-class-236 pa t44182 l45601 ls541">lease, </span><span class="pp-class-236 pa t44182 l45602 ls811">an </span><span class="pp-class-236 pa t44182 l12537 ls995">amount </span><span class="pp-class-236 pa t44182 l45603 ls538">equal </span><span class="pp-class-236 pa t44182 l45604 ls538">to </span><span class="pp-class-236 pa t44182 l45605 ls572">the </span><span class="pp-class-236 pa t44182 l45606 ls4248">net </span><span class="pp-class-236 pa t44182 l42644 ls7086">present </span><span class="pp-class-236 pa t44182 l45607 ls2197">value </span><span class="pp-class-236 pa t44182 l45608 ls98">of </span><span class="pp-class-236 pa t44182 l45609 ls651">the </span><span class="pp-class-236 pa t44182 l45610 ls2197">future </span><span class="pp-class-236 pa t44182 l45611 ls811">lease </span><span class="pp-class-236 pa t44185 l3 ls4630">payments </span><span class="pp-class-236 pa t44185 l36228 ls811">is </span><span class="pp-class-236 pa t44185 l45612 ls667">recognised </span><span class="pp-class-236 pa t44185 l37360 ls811">in </span><span class="pp-class-236 pa t44185 l45613 ls651">the </span><span class="pp-class-236 pa t44185 l45614 ls2036">balance </span><span class="pp-class-236 pa t44185 l45615 ls949">sheet </span><span class="pp-class-236 pa t44185 l45616 ls811">as </span><span class="pp-class-236 pa t44185 l45617 ls184">a </span><span class="pp-class-236 pa t44185 l45618 ls538">lease </span><span class="pp-class-236 pa t44185 l45619 ls5781">receivable </span><span class="pp-class-236 pa t44185 l45620 ls877">from </span><span class="pp-class-236 pa t44185 l45621 ls541">lessee. </span><span class="pp-class-236 pa t44185 l45622 ls572">The </span><span class="pp-class-236 pa t44185 l45623 ls949">asset </span><span class="pp-class-236 pa t44185 l45624 ls1764">leased </span><span class="pp-class-236 pa t44185 l45625 ls184">out </span><span class="pp-class-236 pa t44187 l3 ls811">is </span><span class="pp-class-236 pa t44187 l40693 ls2207">reclassified </span><span class="pp-class-236 pa t44187 l45626 ls877">from </span><span class="pp-class-236 pa t44187 l43512 ls548">non-current </span><span class="pp-class-236 pa t44187 l17040 ls949">asset </span><span class="pp-class-236 pa t44187 l45627 ls538">to </span><span class="pp-class-236 pa t44187 l45628 ls1764">leases </span><span class="pp-class-236 pa t44187 l45629 ls603">receivables </span><span class="pp-class-236 pa t44187 l45630 ls572">and </span><span class="pp-class-236 pa t44187 l45276 ls553">any </span><span class="pp-class-236 pa t44187 l45631 ls2222">gain </span><span class="pp-class-236 pa t44187 l45632 ls811">or </span><span class="pp-class-236 pa t44187 l45633 ls2222">loss </span><span class="pp-class-236 pa t44187 l45634 ls2036">arising </span><span class="pp-class-236 pa t44187 l45635 ls877">from </span><span class="pp-class-236 pa t44187 l45636 ls2222">this </span><span class="pp-class-236 pa t44187 l45637 ls1547">is </span><span class="pp-class-236 pa t45638 l3 ls667">recognised </span><span class="pp-class-236 pa t45638 l39250 ls811">in </span><span class="pp-class-236 pa t45638 l39251 ls651">the </span><span class="pp-class-236 pa t45638 l45639 ls1764">income </span><span class="pp-class-236 pa t45638 l45640 ls758">statement. </span><span class="pp-class-236 pa t45638 l45641 ls538">Lease </span><span class="pp-class-236 pa t45638 l45642 ls1764">income </span><span class="pp-class-236 pa t45638 l45643 ls877">from </span><span class="pp-class-236 pa t45638 l45644 ls179">assets </span><span class="pp-class-236 pa t45638 l45645 ls1764">leased </span><span class="pp-class-236 pa t45638 l45646 ls572">out </span><span class="pp-class-236 pa t45638 l45647 ls811">on </span><span class="pp-class-236 pa t45638 l45648 ls811">an </span><span class="pp-class-236 pa t45638 l45649 ls1775">operating </span><span class="pp-class-236 pa t45638 l45650 ls538">lease </span><span class="pp-class-236 pa t45638 l45651 ls1547">is </span><span class="pp-class-236 pa t44188 l3 ls667">recognised </span><span class="pp-class-236 pa t44188 l39250 ls811">in </span><span class="pp-class-236 pa t44188 l39251 ls651">the </span><span class="pp-class-236 pa t44188 l45639 ls1764">income </span><span class="pp-class-236 pa t44188 l45640 ls556">statement </span><span class="pp-class-236 pa t44188 l45652 ls811">on </span><span class="pp-class-236 pa t44188 l45653 ls184">a </span><span class="pp-class-236 pa t44188 l45654 ls4276">straight-line </span><span class="pp-class-236 pa t44188 l45655 ls538">basis </span><span class="pp-class-236 pa t44188 l45656 ls3234">over </span><span class="pp-class-236 pa t44188 l45657 ls651">the </span><span class="pp-class-236 pa t44188 l45658 ls538">lease </span><span class="pp-class-236 pa t44188 l45659 ls651">term. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44216 l3 ls4248">Sale </span><span class="pp-class-237 pa t44216 l45660 ls572">and </span><span class="pp-class-237 pa t44216 l45661 ls1404">leaseback </span><span class="pp-class-237 pa t44216 l37138 ls838">transactions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls2222">Sale </span><span class="pp-class-236 pa t44232 l39447 ls572">and </span><span class="pp-class-236 pa t44232 l45662 ls544">leaseback </span><span class="pp-class-236 pa t44232 l45663 ls691">transactions </span><span class="pp-class-236 pa t44232 l45664 ls2808">are </span><span class="pp-class-236 pa t44232 l5060 ls1751">assessed </span><span class="pp-class-236 pa t44232 l45665 ls538">to </span><span class="pp-class-236 pa t44232 l45666 ls553">determine </span><span class="pp-class-236 pa t44232 l45667 ls546">whether </span><span class="pp-class-236 pa t44232 l45668 ls572">the </span><span class="pp-class-236 pa t44232 l45669 ls2270">transfer </span><span class="pp-class-236 pa t44232 l45670 ls98">of </span><span class="pp-class-236 pa t44232 l45671 ls572">the </span><span class="pp-class-236 pa t44232 l45672 ls35">asset </span><span class="pp-class-236 pa t45673 l3 ls995">qualifies </span><span class="pp-class-236 pa t45673 l45674 ls811">as </span><span class="pp-class-236 pa t45673 l6041 ls184">a </span><span class="pp-class-236 pa t45673 l45675 ls2222">true </span><span class="pp-class-236 pa t45673 l45676 ls2222">sale </span><span class="pp-class-236 pa t45673 l45677 ls811">in </span><span class="pp-class-236 pa t45673 l45678 ls7086">accordance </span><span class="pp-class-236 pa t45673 l41756 ls2222">with </span><span class="pp-class-236 pa t45673 l45679 ls1369">IFRS </span><span class="pp-class-236 pa t45673 l45680 ls811">15 </span><span class="pp-class-236 pa t45673 l45681 ls877">Revenue </span><span class="pp-class-236 pa t45673 l45682 ls877">from </span><span class="pp-class-236 pa t45673 l45683 ls4793">Contracts </span><span class="pp-class-236 pa t45673 l45684 ls2222">with </span><span class="pp-class-236 pa t45673 l45685 ls179">Customers. </span><span class="pp-class-236 pa t45673 l45686 ls811">If </span><span class="pp-class-236 pa t45673 l45687 ls758">control </span><span class="pp-class-236 pa t44242 l3 ls811">is </span><span class="pp-class-236 pa t44242 l40693 ls6270">transferred </span><span class="pp-class-236 pa t44242 l18014 ls538">to </span><span class="pp-class-236 pa t44242 l33336 ls572">the </span><span class="pp-class-236 pa t44242 l42572 ls838">buyer </span><span class="pp-class-236 pa t44242 l45688 ls651">and </span><span class="pp-class-236 pa t44242 l45689 ls651">the </span><span class="pp-class-236 pa t44242 l45690 ls2969">transaction </span><span class="pp-class-236 pa t44242 l18081 ls995">qualifies </span><span class="pp-class-236 pa t44242 l45691 ls811">as </span><span class="pp-class-236 pa t44242 l45692 ls184">a </span><span class="pp-class-236 pa t44242 l45693 ls2222">true </span><span class="pp-class-236 pa t44242 l45694 ls541">sale, </span><span class="pp-class-236 pa t44242 l45695 ls2222">DFDS </span><span class="pp-class-236 pa t44242 l45696 ls2207">derecognises </span><span class="pp-class-236 pa t44242 l45697 ls651">the </span><span class="pp-class-236 pa t44242 l45698 ls35">asset </span><span class="pp-class-236 pa t44258 l3 ls651">and </span><span class="pp-class-236 pa t44258 l17989 ls667">recognises </span><span class="pp-class-236 pa t44258 l45699 ls184">a </span><span class="pp-class-236 pa t44258 l45700 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45701 ls949">asset </span><span class="pp-class-236 pa t44258 l45702 ls572">and </span><span class="pp-class-236 pa t44258 l45703 ls184">a </span><span class="pp-class-236 pa t44258 l45704 ls538">lease </span><span class="pp-class-236 pa t44258 l18518 ls6824">liability. </span><span class="pp-class-236 pa t44258 l45705 ls651">The </span><span class="pp-class-236 pa t44258 l45706 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45707 ls949">asset </span><span class="pp-class-236 pa t44258 l45708 ls811">is </span><span class="pp-class-236 pa t44258 l45709 ls3855">measured </span><span class="pp-class-236 pa t44258 l45710 ls811">as </span><span class="pp-class-236 pa t44258 l45711 ls184">the </span><span class="pp-class-236 pa t44273 l3 ls30">proportion </span><span class="pp-class-236 pa t44273 l45712 ls98">of </span><span class="pp-class-236 pa t44273 l45713 ls651">the </span><span class="pp-class-236 pa t44273 l45714 ls2245">previous </span><span class="pp-class-236 pa t44273 l37856 ls572">carrying </span><span class="pp-class-236 pa t44273 l45715 ls995">amount </span><span class="pp-class-236 pa t44273 l29075 ls98">of </span><span class="pp-class-236 pa t44273 l45716 ls651">the </span><span class="pp-class-236 pa t44273 l17171 ls949">asset </span><span class="pp-class-236 pa t44273 l45717 ls616">that </span><span class="pp-class-236 pa t44273 l45718 ls3681">relates </span><span class="pp-class-236 pa t44273 l45719 ls538">to </span><span class="pp-class-236 pa t44273 l45720 ls572">the </span><span class="pp-class-236 pa t44273 l45721 ls5781">retained </span><span class="pp-class-236 pa t44273 l45722 ls536">right </span><span class="pp-class-236 pa t44273 l45723 ls98">of </span><span class="pp-class-236 pa t44273 l45724 ls530">use. </span><span class="pp-class-236 pa t44273 l45725 ls184">The </span><span class="pp-class-236 pa t44288 l3 ls538">lease </span><span class="pp-class-236 pa t44288 l45726 ls995">liability </span><span class="pp-class-236 pa t44288 l45727 ls811">is </span><span class="pp-class-236 pa t44288 l45728 ls3855">measured </span><span class="pp-class-236 pa t44288 l45729 ls2197">at </span><span class="pp-class-236 pa t44288 l40252 ls651">the </span><span class="pp-class-236 pa t44288 l45730 ls7086">present </span><span class="pp-class-236 pa t44288 l45731 ls2197">value </span><span class="pp-class-236 pa t44288 l45732 ls98">of </span><span class="pp-class-236 pa t44288 l45733 ls2197">future </span><span class="pp-class-236 pa t44288 l45734 ls538">lease </span><span class="pp-class-236 pa t44288 l45735 ls616">payments. </span><span class="pp-class-236 pa t44288 l45736 ls553">Any </span><span class="pp-class-236 pa t44288 l45737 ls2222">gain </span><span class="pp-class-236 pa t44288 l45738 ls811">or </span><span class="pp-class-236 pa t44288 l45739 ls2222">loss </span><span class="pp-class-236 pa t44288 l45740 ls2036">arising </span><span class="pp-class-236 pa t44288 l45741 ls1547">on </span><span class="pp-class-236 pa t45742 l3 ls651">the </span><span class="pp-class-236 pa t45742 l28221 ls2222">sale </span><span class="pp-class-236 pa t45742 l45743 ls811">is </span><span class="pp-class-236 pa t45742 l45744 ls667">recognised </span><span class="pp-class-236 pa t45742 l45745 ls811">in </span><span class="pp-class-236 pa t45742 l45746 ls651">the </span><span class="pp-class-236 pa t45742 l45747 ls1764">income </span><span class="pp-class-236 pa t45742 l45748 ls556">statement </span><span class="pp-class-236 pa t45742 l38708 ls847">only </span><span class="pp-class-236 pa t45742 l45749 ls538">to </span><span class="pp-class-236 pa t45742 l45750 ls572">the </span><span class="pp-class-236 pa t45742 l45751 ls1815">extent </span><span class="pp-class-236 pa t45742 l45752 ls616">that </span><span class="pp-class-236 pa t45742 l45753 ls811">it </span><span class="pp-class-236 pa t45742 l27472 ls3681">relates </span><span class="pp-class-236 pa t45742 l42846 ls538">to </span><span class="pp-class-236 pa t45742 l45754 ls572">the </span><span class="pp-class-236 pa t45742 l45755 ls572">rights </span><span class="pp-class-236 pa t45756 l3 ls6270">transferred </span><span class="pp-class-236 pa t45756 l45041 ls538">to </span><span class="pp-class-236 pa t45756 l27492 ls651">the </span><span class="pp-class-236 pa t45756 l45757 ls3305">buyer. </span><span class="pp-class-236 pa t45756 l39616 ls651">The </span><span class="pp-class-236 pa t45756 l45758 ls1792">portion </span><span class="pp-class-236 pa t45756 l45759 ls98">of </span><span class="pp-class-236 pa t45756 l45760 ls651">the </span><span class="pp-class-236 pa t45756 l45761 ls2222">gain </span><span class="pp-class-236 pa t45756 l31272 ls811">or </span><span class="pp-class-236 pa t45756 l45762 ls2222">loss </span><span class="pp-class-236 pa t45756 l45763 ls616">that </span><span class="pp-class-236 pa t45756 l45764 ls3681">relates </span><span class="pp-class-236 pa t45756 l45765 ls538">to </span><span class="pp-class-236 pa t45756 l45766 ls572">the </span><span class="pp-class-236 pa t45756 l45767 ls536">right </span><span class="pp-class-236 pa t45756 l45768 ls98">of </span><span class="pp-class-236 pa t45756 l45769 ls572">use </span><span class="pp-class-236 pa t45756 l45770 ls5781">retained </span><span class="pp-class-236 pa t45756 l45771 ls1547">is </span><span class="pp-class-236 pa t45772 l3 ls179">included </span><span class="pp-class-236 pa t45772 l20387 ls811">as </span><span class="pp-class-236 pa t45772 l45773 ls875">part </span><span class="pp-class-236 pa t45772 l45774 ls98">of </span><span class="pp-class-236 pa t45772 l29171 ls572">the </span><span class="pp-class-236 pa t45772 l16995 ls4276">right-of-use </span><span class="pp-class-236 pa t45772 l45775 ls1764">asset. </span><span class="pp-class-236 pa t45772 l45776 ls811">In </span><span class="pp-class-236 pa t45772 l45777 ls2222">case </span><span class="pp-class-236 pa t45772 l45778 ls651">the </span><span class="pp-class-236 pa t45772 l45779 ls2222">sale </span><span class="pp-class-236 pa t45772 l45780 ls572">and </span><span class="pp-class-236 pa t45772 l45781 ls544">leaseback </span><span class="pp-class-236 pa t45772 l45782 ls2969">transaction </span><span class="pp-class-236 pa t45772 l45783 ls2222">does </span><span class="pp-class-236 pa t45772 l45784 ls532">not </span><span class="pp-class-236 pa t45785 l3 ls33">qualify </span><span class="pp-class-236 pa t45785 l45786 ls811">as </span><span class="pp-class-236 pa t45785 l28687 ls184">a </span><span class="pp-class-236 pa t45785 l1348 ls2222">true </span><span class="pp-class-236 pa t45785 l45787 ls541">sale, </span><span class="pp-class-236 pa t45785 l45788 ls2222">then </span><span class="pp-class-236 pa t45785 l45789 ls651">the </span><span class="pp-class-236 pa t45785 l45790 ls2969">transaction </span><span class="pp-class-236 pa t45785 l45791 ls811">is </span><span class="pp-class-236 pa t45785 l13181 ls667">considered </span><span class="pp-class-236 pa t45785 l45792 ls184">a </span><span class="pp-class-236 pa t45785 l45793 ls995">financial </span><span class="pp-class-236 pa t45785 l45794 ls8048">arrangement </span><span class="pp-class-236 pa t45785 l45795 ls706">where </span><span class="pp-class-236 pa t45785 l45796 ls572">the </span><span class="pp-class-236 pa t45785 l45797 ls608">assets </span><span class="pp-class-236 pa t45798 l3 ls4248">continue </span><span class="pp-class-236 pa t45798 l28762 ls538">to </span><span class="pp-class-236 pa t45798 l16609 ls811">be </span><span class="pp-class-236 pa t45798 l28862 ls667">recognised </span><span class="pp-class-236 pa t45798 l45799 ls811">on </span><span class="pp-class-236 pa t45798 l45800 ls651">the </span><span class="pp-class-236 pa t45798 l45801 ls2036">balance </span><span class="pp-class-236 pa t45798 l45802 ls949">sheet </span><span class="pp-class-236 pa t45798 l45803 ls572">and </span><span class="pp-class-236 pa t45798 l45804 ls651">the </span><span class="pp-class-236 pa t45798 l45805 ls556">proceed </span><span class="pp-class-236 pa t45798 l45806 ls2245">received </span><span class="pp-class-236 pa t45798 l45807 ls811">is </span><span class="pp-class-236 pa t45798 l34147 ls667">recognised </span><span class="pp-class-236 pa t45798 l45808 ls811">as </span><span class="pp-class-236 pa t45798 l45809 ls26">a </span><span class="pp-class-236 pa t45810 l3 ls995">financial </span><span class="pp-class-236 pa t45810 l1599 ls110">liability.</span></p></div></div> <div id="pp-id-5309" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41775 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3084">2.6 </span><span class="pp-class-234 pa t1122 l38307 ls41776">Tax</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41777 l3">DKK </span><span class="pp-class-236 pa t41777 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41777 l37085">202</span></a><span class="pp-class-237 pa t41777 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41777 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41778 l3 ls833">Current </span><span class="pp-class-236 pa t41778 l41779 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41778 l41780 ls1547">100</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41778 l41781 ls538">157</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41782 l3 ls106">Movement </span><span class="pp-class-236 pa t41782 l41783">in </span><span class="pp-class-236 pa t41782 l41784 ls570">deferred </span><span class="pp-class-236 pa t41782 l18139 ls21">tax </span><span class="pp-class-236 pa t41782 l41785 ls19">for </span><span class="pp-class-236 pa t41782 l41786">the </span><span class="pp-class-236 pa t41782 l41787 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41782 l41573">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41782 l41788">-5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41789 l3 ls115">Adjustment </span><span class="pp-class-236 pa t41789 l41790 ls138">to </span><span class="pp-class-236 pa t41789 l41791 ls833">corporation </span><span class="pp-class-236 pa t41789 l41792 ls21">tax </span><span class="pp-class-236 pa t41789 l41793">in </span><span class="pp-class-236 pa t41789 l41794 ls15">respect </span><span class="pp-class-236 pa t41789 l41795 ls118">of </span><span class="pp-class-236 pa t41789 l41796">prior </span><span class="pp-class-236 pa t41789 l41797 ls73">years </span><span class="pp-class-236 pa t41789 l41798">and </span><span class="pp-class-236 pa t41789 l41799 ls5358">one-offs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41789 l41800 ls1547">-10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41789 l41801">-19</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41802 l3 ls115">Adjustment </span><span class="pp-class-236 pa t41802 l41790 ls138">to </span><span class="pp-class-236 pa t41802 l41791 ls570">deferred </span><span class="pp-class-236 pa t41802 l41803 ls21">tax </span><span class="pp-class-236 pa t41802 l41804">in </span><span class="pp-class-236 pa t41802 l41805 ls15">respect </span><span class="pp-class-236 pa t41802 l41806 ls118">of </span><span class="pp-class-236 pa t41802 l41807">prior </span><span class="pp-class-236 pa t41802 l41808 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41802 l41809">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41802 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41810 l3 ls17592">Tax </span><span class="pp-class-237 pa t41810 l41811 ls781">for </span><span class="pp-class-237 pa t41810 l41812">the </span><span class="pp-class-237 pa t41810 l2532 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41810 l41813 ls814">110</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41810 l41814 ls73">144</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41815 l3 ls17592">Tax </span><span class="pp-class-237 pa t41815 l41811 ls781">for </span><span class="pp-class-237 pa t41815 l41812">the </span><span class="pp-class-237 pa t41815 l2532 ls63">year </span><span class="pp-class-237 pa t41815 l16743">is </span><span class="pp-class-237 pa t41815 l41816 ls67">recognised </span><span class="pp-class-237 pa t41815 l41817">as </span><span class="pp-class-237 pa t41815 l41818 ls83">follows:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41819 l3 ls3197">Tax </span><span class="pp-class-236 pa t41819 l37181">in </span><span class="pp-class-236 pa t41819 l41820">the </span><span class="pp-class-236 pa t41819 l10730">income </span><span class="pp-class-236 pa t41819 l41821 ls1547">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41819 l37183 ls1790">127</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41819 l37184 ls2368">142</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41822 l3 ls3197">Tax </span><span class="pp-class-236 pa t41822 l37181">in </span><span class="pp-class-236 pa t41822 l41820">Other </span><span class="pp-class-236 pa t41822 l41823 ls1707">comprehensive </span><span class="pp-class-236 pa t41822 l41824">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41822 l41825 ls4381">-17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41822 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41826 l3 ls17592">Tax </span><span class="pp-class-237 pa t41826 l41811 ls781">for </span><span class="pp-class-237 pa t41826 l41812">the </span><span class="pp-class-237 pa t41826 l2532 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41826 l41813 ls814">110</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41826 l41814 ls73">144</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41827 l3 ls17592">Tax </span><span class="pp-class-237 pa t41827 l41811">in </span><span class="pp-class-237 pa t41827 l41828">the </span><span class="pp-class-237 pa t41827 l31440">income </span><span class="pp-class-237 pa t41827 l41829 ls1790">statement </span><span class="pp-class-237 pa t41827 l41830">can </span><span class="pp-class-237 pa t41827 l41831">be </span><span class="pp-class-237 pa t41827 l41832 ls1107">specified </span><span class="pp-class-237 pa t41827 l41833">as </span><span class="pp-class-237 pa t41827 l27525 ls184">follows: </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41834 l3 ls1031">Profit/loss </span><span class="pp-class-236 pa t41834 l2956 ls875">before </span><span class="pp-class-236 pa t41834 l41835 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41834 l41836">-298</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41834 l41837">683</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41838 l3">Income </span><span class="pp-class-236 pa t41838 l41839 ls13">subject </span><span class="pp-class-236 pa t41838 l41840 ls138">to </span><span class="pp-class-236 pa t41838 l29417 ls1467">tonnage </span><span class="pp-class-236 pa t41838 l41841 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41838 l41842 ls73">318</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41838 l41583">399</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41843 l3 ls162">Profit/loss </span><span class="pp-class-237 pa t41843 l37177 ls1078">before </span><span class="pp-class-237 pa t41843 l32066 ls1011">tax </span><span class="pp-class-237 pa t41843 l41844 ls101">subject </span><span class="pp-class-237 pa t41843 l41845">to </span><span class="pp-class-237 pa t41843 l41846 ls197">corporate </span><span class="pp-class-237 pa t41843 l41847">income </span><span class="pp-class-237 pa t41843 l41848 ls135">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41843 l41849 ls113">-616</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41843 l41850">284</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41851 l3">22% </span><span class="pp-class-236 pa t41851 l41852 ls21">tax </span><span class="pp-class-236 pa t41851 l41853 ls118">of </span><span class="pp-class-236 pa t41851 l41854 ls244">profit </span><span class="pp-class-236 pa t41851 l41855 ls875">before </span><span class="pp-class-236 pa t41851 l41856 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41851 l41857">-135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41851 l41858">63</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41859 l3 ls115">Adjustment </span><span class="pp-class-236 pa t41859 l41790 ls118">of </span><span class="pp-class-236 pa t41859 l41860 ls135">calculated </span><span class="pp-class-236 pa t41859 l21838 ls21">tax </span><span class="pp-class-236 pa t41859 l11893">in </span><span class="pp-class-236 pa t41859 l41861 ls1757">foreign </span><span class="pp-class-236 pa t41859 l31349">subsidiaries </span><span class="pp-class-236 pa t41859 l41862 ls203">compared </span><span class="pp-class-236 pa t41859 l41863 ls138">to </span><span class="pp-class-236 pa t41859 l41864">22%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41859 l41865">-29</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41859 l41866">-1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41867 l3 ls17592">Tax </span><span class="pp-class-237 pa t41867 l41811 ls781">effect </span><span class="pp-class-237 pa t41867 l41868">of:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41869 l3 ls833">Non-taxable/non-deductible </span><span class="pp-class-236 pa t41869 l41870 ls781">items</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41869 l41842">120</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41869 l41871">-62</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41872 l3 ls3197">Tax </span><span class="pp-class-236 pa t41872 l37181 ls67">asset </span><span class="pp-class-236 pa t41872 l41873 ls19">for </span><span class="pp-class-236 pa t41872 l8530">the </span><span class="pp-class-236 pa t41872 l4063 ls7832">year, </span><span class="pp-class-236 pa t41872 l41874 ls113">not </span><span class="pp-class-236 pa t41872 l41875 ls227">recognised</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41872 l41876 ls3296">172</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41872 l41877 ls2368">148</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41878 l3 ls85">Utilisation </span><span class="pp-class-236 pa t41878 l41879 ls118">of </span><span class="pp-class-236 pa t41878 l41880 ls118">non-capitalised </span><span class="pp-class-236 pa t41878 l24534 ls21">tax </span><span class="pp-class-236 pa t41878 l41881 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41878 l37287">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41878 l41866">-1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41882 l3 ls85">Adjustments </span><span class="pp-class-236 pa t41882 l37794 ls118">of </span><span class="pp-class-236 pa t41882 l41883 ls21">tax </span><span class="pp-class-236 pa t41882 l41884">in </span><span class="pp-class-236 pa t41882 l41885 ls15">respect </span><span class="pp-class-236 pa t41882 l41886 ls118">of </span><span class="pp-class-236 pa t41882 l41887">prior </span><span class="pp-class-236 pa t41882 l41888 ls73">years </span><span class="pp-class-236 pa t41882 l33048">and </span><span class="pp-class-236 pa t41882 l41889 ls5358">one-offs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41882 l41890">-6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41882 l41891">-9</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41892 l3 ls197">Corporate </span><span class="pp-class-237 pa t41892 l41893">income </span><span class="pp-class-237 pa t41892 l41894 ls135">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41892 l41895">123</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41892 l41896">138</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41897 l3 ls6270">Tonnage </span><span class="pp-class-236 pa t41897 l21954 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41897 l41898">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41897 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41899 l3 ls6824">Total </span><span class="pp-class-237 pa t41899 l20253 ls1011">tax </span><span class="pp-class-237 pa t41899 l19878">in </span><span class="pp-class-237 pa t41899 l39002">the </span><span class="pp-class-237 pa t41899 l41900">income </span><span class="pp-class-237 pa t41899 l41901 ls73">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41899 l41902 ls177">127</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41899 l41903 ls73">142</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41904 l3 ls833">Effective </span><span class="pp-class-236 pa t41904 l37403 ls21">tax </span><span class="pp-class-236 pa t41904 l41905 ls546">rate </span><span class="pp-class-236 pa t41904 l41906">(%)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41904 l41907 ls664">-42.5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41904 l41908 ls17592">20.8</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41909 l3 ls833">Effective </span><span class="pp-class-236 pa t41909 l37403 ls21">tax </span><span class="pp-class-236 pa t41909 l41905 ls546">rate </span><span class="pp-class-236 pa t41909 l41906 ls875">before </span><span class="pp-class-236 pa t41909 l37932 ls67">adjustment </span><span class="pp-class-236 pa t41909 l41910 ls118">of </span><span class="pp-class-236 pa t41909 l41911">prior </span><span class="pp-class-236 pa t41909 l41912 ls814">years’ </span><span class="pp-class-236 pa t41909 l41913 ls21">tax </span><span class="pp-class-236 pa t41909 l41914">and </span><span class="pp-class-236 pa t41909 l41915 ls5449">one-offs </span><span class="pp-class-236 pa t41909 l41916">(%)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41909 l41917 ls532">-44.4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41909 l41918">22.2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41919 l3 ls17592">Tax </span><span class="pp-class-237 pa t41919 l41811">in </span><span class="pp-class-237 pa t41919 l41828">Other </span><span class="pp-class-237 pa t41919 l1816 ls227">comprehensive </span><span class="pp-class-237 pa t41919 l33395">income </span><span class="pp-class-237 pa t41919 l41920">can </span><span class="pp-class-237 pa t41919 l41921">be </span><span class="pp-class-237 pa t41919 l41922 ls1107">specified </span><span class="pp-class-237 pa t41919 l41923">as </span><span class="pp-class-237 pa t41919 l41924 ls83">follows:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41925 l3 ls63">Corporate </span><span class="pp-class-236 pa t41925 l13356">income </span><span class="pp-class-236 pa t41925 l40058 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41925 l37287">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41925 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41927 l3 ls106">Movement </span><span class="pp-class-236 pa t41927 l41783 ls570">deferred </span><span class="pp-class-236 pa t41927 l41928 ls138">tax</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41927 l41825 ls4381">-17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41927 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41929 l3 ls6824">Total </span><span class="pp-class-237 pa t41929 l20253 ls1011">tax </span><span class="pp-class-237 pa t41929 l19878">in </span><span class="pp-class-237 pa t41929 l39002">Other </span><span class="pp-class-237 pa t41929 l41930 ls227">comprehensive </span><span class="pp-class-237 pa t41929 l41931">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41929 l41932 ls3796">-17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t41929 l41933">2</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5310" xmlns="http://www.w3.org/1999/xhtml"><div class="w41935 h41936 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3084">2.6 </span><span class="pp-class-234 pa t1122 l38307 ls3221">Tax </span><span class="pp-class-235 pa t1122 l41937"/><span class="pp-class-235 pa t1122 l41938 ls938">(continued)</span></p></div></div><div id="pp-id-5313" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h41939 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls651">The </span><span class="pp-class-236 pa t283 l38379 ls1751">majority </span><span class="pp-class-236 pa t283 l41940 ls98">of </span><span class="pp-class-236 pa t283 l41941 ls651">the </span><span class="pp-class-236 pa t283 l41942 ls608">ferry </span><span class="pp-class-236 pa t283 l29745 ls1404">activities </span><span class="pp-class-236 pa t283 l41943 ls724">performed </span><span class="pp-class-236 pa t283 l22174 ls811">in </span><span class="pp-class-236 pa t283 l41944 ls572">the </span><span class="pp-class-236 pa t283 l41945 ls2036">Danish, </span><span class="pp-class-236 pa t283 l41946 ls2846">Turkish, </span><span class="pp-class-236 pa t283 l41947 ls1751">Spanish, </span><span class="pp-class-236 pa t283 l41948 ls556">French, </span><span class="pp-class-236 pa t283 l41949 ls572">and </span><span class="pp-class-236 pa t283 l41950 ls608">Lithuanian </span><span class="pp-class-236 pa t38325 l3 ls541">enterprises </span><span class="pp-class-236 pa t38325 l41951 ls811">in </span><span class="pp-class-236 pa t38325 l33421 ls651">the </span><span class="pp-class-236 pa t38325 l41952 ls706">Group </span><span class="pp-class-236 pa t38325 l18349 ls2808">are </span><span class="pp-class-236 pa t38325 l41953 ls179">included </span><span class="pp-class-236 pa t38325 l41954 ls811">in </span><span class="pp-class-236 pa t38325 l41955 ls538">local </span><span class="pp-class-236 pa t38325 l41956 ls1404">tonnage </span><span class="pp-class-236 pa t38325 l41957 ls2036">tax </span><span class="pp-class-236 pa t38325 l41958 ls2036">schemes </span><span class="pp-class-236 pa t38325 l41959 ls706">where </span><span class="pp-class-236 pa t38325 l41960 ls572">the </span><span class="pp-class-236 pa t38325 l41961 ls1463">taxable </span><span class="pp-class-236 pa t38325 l41962 ls1764">income </span><span class="pp-class-236 pa t38325 l41963 ls3681">related </span><span class="pp-class-236 pa t38325 l41964 ls184">to </span><span class="pp-class-236 pa t38337 l3 ls2889">transportation </span><span class="pp-class-236 pa t38337 l41965 ls98">of </span><span class="pp-class-236 pa t38337 l41966 ls562">passengers </span><span class="pp-class-236 pa t38337 l33162 ls651">and </span><span class="pp-class-236 pa t38337 l41967 ls7086">freight </span><span class="pp-class-236 pa t38337 l41968 ls811">is </span><span class="pp-class-236 pa t38337 l41969 ls560">calculated </span><span class="pp-class-236 pa t38337 l41970 ls538">based </span><span class="pp-class-236 pa t38337 l38348 ls811">on </span><span class="pp-class-236 pa t38337 l41971 ls651">the </span><span class="pp-class-236 pa t38337 l41972 ls1404">tonnage </span><span class="pp-class-236 pa t38337 l41973 ls4276">deployed </span><span class="pp-class-236 pa t38337 l41974 ls1764">during </span><span class="pp-class-236 pa t38337 l41975 ls572">the </span><span class="pp-class-236 pa t38337 l41976 ls8048">year </span><span class="pp-class-236 pa t38337 l41977 ls651">and </span><span class="pp-class-236 pa t38337 l41978 ls532">not </span><span class="pp-class-236 pa t38356 l3 ls651">the </span><span class="pp-class-236 pa t38356 l28221 ls1780">actual </span><span class="pp-class-236 pa t38356 l41979 ls621">profits </span><span class="pp-class-236 pa t38356 l6439 ls1815">generated. </span><span class="pp-class-236 pa t38356 l29172 ls30818">Taxable </span><span class="pp-class-236 pa t38356 l41980 ls1764">income </span><span class="pp-class-236 pa t38356 l41981 ls3681">related </span><span class="pp-class-236 pa t38356 l41982 ls538">to </span><span class="pp-class-236 pa t38356 l41983 ls949">other </span><span class="pp-class-236 pa t38356 l41984 ls1404">activities </span><span class="pp-class-236 pa t38356 l41985 ls811">is </span><span class="pp-class-236 pa t38356 l41986 ls1815">taxed </span><span class="pp-class-236 pa t38356 l41987 ls1463">according </span><span class="pp-class-236 pa t38356 l41988 ls538">to </span><span class="pp-class-236 pa t38356 l41989 ls651">the </span><span class="pp-class-236 pa t38356 l41990 ls1792">normal </span><span class="pp-class-236 pa t38370 l3 ls2245">corporate </span><span class="pp-class-236 pa t38370 l3269 ls1764">income </span><span class="pp-class-236 pa t38370 l33863 ls2036">tax </span><span class="pp-class-236 pa t38370 l41991 ls538">rules </span><span class="pp-class-236 pa t38370 l41992 ls651">and </span><span class="pp-class-236 pa t38370 l41993 ls2197">at </span><span class="pp-class-236 pa t38370 l41994 ls651">the </span><span class="pp-class-236 pa t38370 l41995 ls2197">standard </span><span class="pp-class-236 pa t38370 l41996 ls2245">corporate </span><span class="pp-class-236 pa t38370 l41997 ls2036">tax </span><span class="pp-class-236 pa t38370 l38517 ls2816">rates.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38378 l3 ls811">In </span><span class="pp-class-236 pa t38378 l38573 ls2565">2025, </span><span class="pp-class-236 pa t38378 l29733 ls651">the </span><span class="pp-class-236 pa t38378 l1348 ls706">Group </span><span class="pp-class-236 pa t38378 l19860 ls3855">realised </span><span class="pp-class-236 pa t38378 l27859 ls184">a </span><span class="pp-class-236 pa t38378 l41998 ls758">total </span><span class="pp-class-236 pa t38378 l41999 ls706">effective </span><span class="pp-class-236 pa t38378 l42000 ls2036">tax </span><span class="pp-class-236 pa t38378 l14910 ls8384">rate </span><span class="pp-class-236 pa t38378 l42001 ls630">adjusted </span><span class="pp-class-236 pa t38378 l42002 ls553">for </span><span class="pp-class-236 pa t38378 l42003 ls538">prior </span><span class="pp-class-236 pa t38378 l42004 ls565">years’ </span><span class="pp-class-236 pa t38378 l42005 ls2036">tax </span><span class="pp-class-236 pa t38378 l42006 ls572">and </span><span class="pp-class-236 pa t38378 l42007 ls247">one-offs </span><span class="pp-class-236 pa t38378 l42008 ls98">of </span><span class="pp-class-236 pa t38378 l42009 ls556">-44.4% </span><span class="pp-class-236 pa t38378 l42010 ls544">(2024: </span><span class="pp-class-236 pa t38394 l3 ls651">22.2%). </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38629 l3 ls2222">DFDS </span><span class="pp-class-236 pa t38629 l28172 ls4787">A/S </span><span class="pp-class-236 pa t38629 l42011 ls651">and </span><span class="pp-class-236 pa t38629 l42012 ls651">its </span><span class="pp-class-236 pa t38629 l42013 ls1764">Danish </span><span class="pp-class-236 pa t38629 l42014 ls4248">subsidiaries </span><span class="pp-class-236 pa t38629 l42015 ls2808">are </span><span class="pp-class-236 pa t38629 l42016 ls546">subject </span><span class="pp-class-236 pa t38629 l42017 ls538">to </span><span class="pp-class-236 pa t38629 l42018 ls2222">compulsory </span><span class="pp-class-236 pa t38629 l42019 ls536">joint </span><span class="pp-class-236 pa t38629 l42020 ls4017">taxation </span><span class="pp-class-236 pa t38629 l42021 ls2222">with </span><span class="pp-class-236 pa t38629 l42022 ls168">Lauritzen </span><span class="pp-class-236 pa t38629 l42023 ls544">Fonden </span><span class="pp-class-236 pa t38629 l42024 ls651">Holding </span><span class="pp-class-236 pa t38426 l3 ls651">ApS </span><span class="pp-class-236 pa t38426 l29319 ls651">and </span><span class="pp-class-236 pa t38426 l18227 ls651">its </span><span class="pp-class-236 pa t38426 l38631 ls1764">Danish </span><span class="pp-class-236 pa t38426 l5201 ls2889">controlled </span><span class="pp-class-236 pa t38426 l39211 ls541">enterprises. </span><span class="pp-class-236 pa t38426 l39015 ls168">Lauritzen </span><span class="pp-class-236 pa t38426 l42025 ls544">Fonden </span><span class="pp-class-236 pa t38426 l42026 ls2036">Holding </span><span class="pp-class-236 pa t38426 l42027 ls572">ApS </span><span class="pp-class-236 pa t38426 l42028 ls811">is </span><span class="pp-class-236 pa t38426 l42029 ls572">the </span><span class="pp-class-236 pa t38426 l40006 ls603">administration </span><span class="pp-class-236 pa t38426 l42030 ls551">company </span><span class="pp-class-236 pa t38426 l42031 ls811">in </span><span class="pp-class-236 pa t38426 l42032 ls184">the </span><span class="pp-class-236 pa t38428 l3 ls536">joint </span><span class="pp-class-236 pa t38428 l42033 ls4017">taxation </span><span class="pp-class-236 pa t38428 l42034 ls651">and </span><span class="pp-class-236 pa t38428 l42035 ls8048">settles </span><span class="pp-class-236 pa t38428 l42036 ls651">all </span><span class="pp-class-236 pa t38428 l42037 ls4630">payments </span><span class="pp-class-236 pa t38428 l42038 ls98">of </span><span class="pp-class-236 pa t38428 l42039 ls2969">corporation </span><span class="pp-class-236 pa t38428 l42040 ls2036">tax </span><span class="pp-class-236 pa t38428 l42041 ls651">due </span><span class="pp-class-236 pa t38428 l42042 ls706">by </span><span class="pp-class-236 pa t38428 l18197 ls572">the </span><span class="pp-class-236 pa t38428 l42043 ls536">joint </span><span class="pp-class-236 pa t38428 l42044 ls1815">taxed </span><span class="pp-class-236 pa t38428 l42045 ls541">enterprises. </span><span class="pp-class-236 pa t38428 l42046 ls811">In </span><span class="pp-class-236 pa t38428 l42047 ls667">accordance </span><span class="pp-class-236 pa t38439 l3 ls2222">with </span><span class="pp-class-236 pa t38439 l8961 ls572">the </span><span class="pp-class-236 pa t38439 l42048 ls1764">Danish </span><span class="pp-class-236 pa t38439 l42049 ls538">rules </span><span class="pp-class-236 pa t38439 l42050 ls811">on </span><span class="pp-class-236 pa t38439 l42051 ls536">joint </span><span class="pp-class-236 pa t38439 l42052 ls2245">taxation, </span><span class="pp-class-236 pa t38439 l42053 ls2222">DFDS </span><span class="pp-class-236 pa t38439 l31786 ls4787">A/S </span><span class="pp-class-236 pa t38439 l24172 ls572">and </span><span class="pp-class-236 pa t38439 l42054 ls572">its </span><span class="pp-class-236 pa t38439 l42055 ls1764">Danish </span><span class="pp-class-236 pa t38439 l39290 ls4248">subsidiaries </span><span class="pp-class-236 pa t38439 l42056 ls2808">are </span><span class="pp-class-236 pa t38439 l42057 ls1764">liable </span><span class="pp-class-236 pa t38439 l42058 ls553">for </span><span class="pp-class-236 pa t38439 l42059 ls538">their </span><span class="pp-class-236 pa t38439 l42060 ls556">own </span><span class="pp-class-236 pa t38439 l42061 ls2969">corporate </span><span class="pp-class-236 pa t38453 l3 ls2036">tax </span><span class="pp-class-236 pa t38453 l40092 ls651">due </span><span class="pp-class-236 pa t38453 l20714 ls651">and </span><span class="pp-class-236 pa t38453 l20172 ls2808">are </span><span class="pp-class-236 pa t38453 l35037 ls847">only </span><span class="pp-class-236 pa t38453 l42062 ls2222">subsidiary </span><span class="pp-class-236 pa t38453 l42063 ls651">and </span><span class="pp-class-236 pa t38453 l42064 ls2808">pro </span><span class="pp-class-236 pa t38453 l42065 ls8384">rata </span><span class="pp-class-236 pa t38453 l42066 ls1764">liable </span><span class="pp-class-236 pa t38453 l42067 ls553">for </span><span class="pp-class-236 pa t38453 l42068 ls572">the </span><span class="pp-class-236 pa t38453 l42069 ls2969">corporation </span><span class="pp-class-236 pa t38453 l42070 ls2036">tax </span><span class="pp-class-236 pa t38453 l42071 ls625">liabilities </span><span class="pp-class-236 pa t38453 l42072 ls13284">towards </span><span class="pp-class-236 pa t38453 l24462 ls572">the </span><span class="pp-class-236 pa t38453 l42073 ls1764">Danish </span><span class="pp-class-236 pa t38453 l42074 ls10">tax </span><span class="pp-class-236 pa t38465 l3 ls530">authorities </span><span class="pp-class-236 pa t38465 l42075 ls553">for </span><span class="pp-class-236 pa t38465 l42076 ls651">all </span><span class="pp-class-236 pa t38465 l42077 ls949">other </span><span class="pp-class-236 pa t38465 l31135 ls541">enterprises </span><span class="pp-class-236 pa t38465 l42078 ls616">that </span><span class="pp-class-236 pa t38465 l30372 ls2808">are </span><span class="pp-class-236 pa t38465 l42079 ls875">part </span><span class="pp-class-236 pa t38465 l18566 ls98">of </span><span class="pp-class-236 pa t38465 l42080 ls572">the </span><span class="pp-class-236 pa t38465 l42081 ls1764">Danish </span><span class="pp-class-236 pa t38465 l42082 ls536">joint </span><span class="pp-class-236 pa t38465 l42083 ls4017">taxation.</span></p></div></div><div id="pp-id-5314" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h42084 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l42085">202</span></a><span class="pp-class-237 pa t283 l42086">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42087 l3">DKK </span><span class="pp-class-236 pa t42087 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42088 l42089 ls811">Other </span><span class="pp-class-237 pa t42087 l42090 ls853">intangible </span><span class="pp-class-237 pa t42087 l42091 ls536">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42088 l42092 ls4248">Ferries </span><span class="pp-class-237 pa t42088 l42093 ls184">and </span><span class="pp-class-237 pa t42087 l42094 ls536">other </span><span class="pp-class-237 pa t42087 l42095 ls2222">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l42096">Land </span><span class="pp-class-237 pa t27896 l42097">and </span><span class="pp-class-237 pa t27896 l42098 ls1444">buildings, </span><span class="pp-class-237 pa t42088 l42099">terminals </span><span class="pp-class-237 pa t42088 l42100">and </span><span class="pp-class-237 pa t42088 l42101 ls1098">other </span><span class="pp-class-237 pa t42087 l42102 ls118">equipment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42087 l42103 ls197">Provisions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42088 l42104 ls538">Other </span><span class="pp-class-237 pa t42088 l42105 ls2036">accrued </span><span class="pp-class-237 pa t42087 l42106 ls538">costs </span><span class="pp-class-237 pa t42087 l42107 ls651">and </span><span class="pp-class-237 pa t42087 l42108 ls538">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l42109 ls17592">Tax </span><span class="pp-class-237 pa t27896 l42110 ls21">loss </span><span class="pp-class-237 pa t42088 l42111">carried </span><span class="pp-class-237 pa t42087 l42112 ls1133">forward</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42087 l42113 ls30">Set-off</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42087 l42114 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42115 l3 ls548">Deferred </span><span class="pp-class-237 pa t42115 l42116 ls995">tax:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l3 ls570">Deferred </span><span class="pp-class-236 pa t42117 l37403 ls21">tax </span><span class="pp-class-236 pa t42117 l41905 ls2368">at </span><span class="pp-class-236 pa t42117 l26682">1 </span><span class="pp-class-236 pa t42117 l42118 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42119">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42120">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42121 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42122">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42123 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42124">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42125">440</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t42126 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t42126 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42129">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42130">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42131">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42134">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42135">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l3 ls781">Internal</span><span class="pp-class-240 pa t42137 l39210"/><span class="pp-class-236 pa t42136 l42138 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42139">129</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42140">-112</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42141">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42142">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42143">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42145">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l3 ls115">Addition </span><span class="pp-class-236 pa t42146 l42147">on </span><span class="pp-class-236 pa t42146 l42148 ls13">acquisition </span><span class="pp-class-236 pa t42146 l42149 ls118">of </span><span class="pp-class-236 pa t42146 l35302 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42152">48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42153">-35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42154">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l3">Recognised </span><span class="pp-class-236 pa t42155 l34015">in </span><span class="pp-class-236 pa t42155 l42156">the </span><span class="pp-class-236 pa t42155 l24540">income </span><span class="pp-class-236 pa t42155 l42157 ls1547">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42158">-21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42159">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42160 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42161">40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42162">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42163 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42164">32</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l3">Recognised </span><span class="pp-class-236 pa t42165 l34015">in </span><span class="pp-class-236 pa t42165 l42156 ls67">other </span><span class="pp-class-236 pa t42165 l19449 ls1707">comprehensive </span><span class="pp-class-236 pa t42165 l42166">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42168 ls4381">-17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42169 ls4381">-17</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l3 ls115">Adjustment </span><span class="pp-class-236 pa t42170 l41790 ls181">regarding </span><span class="pp-class-236 pa t42170 l42171">prior </span><span class="pp-class-236 pa t42170 l42172 ls73">years </span><span class="pp-class-236 pa t42170 l42173 ls1629">recognised </span><span class="pp-class-236 pa t42170 l42174">in </span><span class="pp-class-236 pa t42170 l42175">the </span><span class="pp-class-236 pa t42170 l42176">income </span><span class="pp-class-236 pa t42170 l42177 ls1547">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42129">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42178 ls1547">105</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42179">-91</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42180">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42181">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42135">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42182 l42183 ls1011">tax </span><span class="pp-class-237 pa t42182 l42184 ls2222">at </span><span class="pp-class-237 pa t42182 l42185">31 </span><span class="pp-class-237 pa t42182 l42186">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42187">154</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42188 ls73">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42189">225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42190">-13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42191">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42192">-31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42193 ls2811">476</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l3 ls570">Deferred </span><span class="pp-class-236 pa t37615 l37403 ls21">tax </span><span class="pp-class-236 pa t37615 l41905 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42194">13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42195">45</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42196">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42197 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42198 ls23128">74</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l3 ls570">Deferred </span><span class="pp-class-236 pa t37618 l37403 ls21">tax </span><span class="pp-class-236 pa t37618 l41905">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42199">154</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42200 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42201">225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42202">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42197 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42203">550</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42204 l42183 ls1011">tax </span><span class="pp-class-237 pa t42204 l42184 ls2222">at </span><span class="pp-class-237 pa t42204 l42185">31 </span><span class="pp-class-237 pa t42204 l42186 ls995">December, </span><span class="pp-class-237 pa t42204 l42205 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42187">154</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42188 ls73">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42189">225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42190">-13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42191">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42192">-31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42206">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42193 ls2811">476</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5311" xmlns="http://www.w3.org/1999/xhtml"><div class="w41935 h41936 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3084">2.6 </span><span class="pp-class-234 pa t1122 l38307 ls3221">Tax </span><span class="pp-class-235 pa t1122 l41937"/><span class="pp-class-235 pa t1122 l41938 ls938">(continued)</span></p></div></div><div id="pp-id-5315" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h42208 pa t2 l3 wtro4 xx281 tro6 xx282"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l42209 ls184">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42087 l3">DKK </span><span class="pp-class-236 pa t42087 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42088 l42089 ls811">Other </span><span class="pp-class-237 pa t42087 l42090 ls853">intangible </span><span class="pp-class-237 pa t42087 l42091 ls536">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42088 l42092 ls4248">Ferries </span><span class="pp-class-237 pa t42088 l42093 ls184">and </span><span class="pp-class-237 pa t42087 l42094 ls536">other </span><span class="pp-class-237 pa t42087 l42095 ls2222">ships</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l42096">Land </span><span class="pp-class-237 pa t27896 l42097">and </span><span class="pp-class-237 pa t27896 l42098 ls1444">buildings, </span><span class="pp-class-237 pa t42088 l42099">terminals </span><span class="pp-class-237 pa t42088 l42100">and </span><span class="pp-class-237 pa t42088 l42101 ls1098">other </span><span class="pp-class-237 pa t42087 l42102 ls118">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l42103 ls197">Provisions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42088 l42104 ls538">Other </span><span class="pp-class-237 pa t42088 l42105 ls2036">accrued </span><span class="pp-class-237 pa t42087 l42106 ls538">costs </span><span class="pp-class-237 pa t42087 l42107 ls651">and </span><span class="pp-class-237 pa t42087 l42108 ls538">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l42109 ls17592">Tax </span><span class="pp-class-237 pa t27896 l42110 ls21">loss </span><span class="pp-class-237 pa t42088 l42111">carried </span><span class="pp-class-237 pa t42087 l42112 ls1133">forward</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l42113 ls30">Set-off</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l42114 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42115 l3 ls548">Deferred </span><span class="pp-class-237 pa t42115 l42116 ls995">tax:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42117 l3 ls570">Deferred </span><span class="pp-class-236 pa t42117 l37403 ls21">tax </span><span class="pp-class-236 pa t42117 l41905 ls2368">at </span><span class="pp-class-236 pa t42117 l26682">1 </span><span class="pp-class-236 pa t42117 l42118 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42210">50</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42211 ls1790">127</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42212 ls30">273</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42213 ls2368">-14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42214">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42215">-54</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42117 l42216">388</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42126 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t42126 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t42126 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42217">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42218">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42219">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42220">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42221">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42222">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42126 l42223">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42136 l3 ls115">Addition </span><span class="pp-class-236 pa t42136 l42147">on </span><span class="pp-class-236 pa t42136 l42148 ls13">acquisition </span><span class="pp-class-236 pa t42136 l42149 ls118">of </span><span class="pp-class-236 pa t42136 l35302 ls162">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42224 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42136 l42226">42</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42146 l3">Recognised </span><span class="pp-class-236 pa t42146 l34015">in </span><span class="pp-class-236 pa t42146 l42156">the </span><span class="pp-class-236 pa t42146 l24540">income </span><span class="pp-class-236 pa t42146 l42157 ls1547">statement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42227">-6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42228">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42229">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42230 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42214">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42231">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42146 l42232">-7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42155 l3">Recognised </span><span class="pp-class-236 pa t42155 l34015">in </span><span class="pp-class-236 pa t42155 l42156 ls67">other </span><span class="pp-class-236 pa t42155 l19449 ls1707">comprehensive </span><span class="pp-class-236 pa t42155 l42166">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42233">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42155 l42234">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42165 l3 ls115">Adjustment </span><span class="pp-class-236 pa t42165 l41790 ls181">regarding </span><span class="pp-class-236 pa t42165 l42171">prior </span><span class="pp-class-236 pa t42165 l42172 ls73">years </span><span class="pp-class-236 pa t42165 l42173 ls1629">recognised </span><span class="pp-class-236 pa t42165 l42174">in </span><span class="pp-class-236 pa t42165 l42175">the </span><span class="pp-class-236 pa t42165 l42176">income </span><span class="pp-class-236 pa t42165 l42177 ls1547">statement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42235">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42236">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42237">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42165 l42238">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42239 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42239 l42183 ls1011">tax </span><span class="pp-class-237 pa t42239 l42184 ls2222">at </span><span class="pp-class-237 pa t42239 l42185">31 </span><span class="pp-class-237 pa t42239 l42186">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42240">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42241">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42242 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42243">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42244 ls1024">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42245">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42246">440</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42247 l3 ls570">Deferred </span><span class="pp-class-236 pa t42247 l37403 ls21">tax </span><span class="pp-class-236 pa t42247 l41905 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42248">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42249">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42250">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42251">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42247 l42252">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t37615 l3 ls570">Deferred </span><span class="pp-class-236 pa t37615 l37403 ls21">tax </span><span class="pp-class-236 pa t37615 l41905">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42119">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42120">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42121 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42253">48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42251">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37615 l42254">522</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42255 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42255 l42183 ls1011">tax </span><span class="pp-class-237 pa t42255 l42184 ls2222">at </span><span class="pp-class-237 pa t42255 l42185">31 </span><span class="pp-class-237 pa t42255 l42186 ls995">December, </span><span class="pp-class-237 pa t42255 l42205 ls781">net</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42240">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42241">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42242 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42243">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42244 ls1024">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42245">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42206">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42246">440</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5316" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h42256 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls1031">The </span><span class="pp-class-236 pa t283 l42257 ls3791">Group </span><span class="pp-class-236 pa t283 l2711 ls1031">has </span><span class="pp-class-236 pa t283 l42258 ls63">unrecognised </span><span class="pp-class-236 pa t283 l42259 ls1024">tax </span><span class="pp-class-236 pa t283 l42260 ls71">losses </span><span class="pp-class-236 pa t283 l42261 ls227">carried </span><span class="pp-class-236 pa t283 l42262 ls2222">forward </span><span class="pp-class-236 pa t283 l42263 ls814">of </span><span class="pp-class-236 pa t283 l42264 ls1031">DKK </span><span class="pp-class-236 pa t283 l42265 ls19231">2,767m </span><span class="pp-class-236 pa t283 l42266 ls1629">with </span><span class="pp-class-236 pa t283 l42267 ls115">a </span><span class="pp-class-236 pa t283 l42268 ls1024">tax </span><span class="pp-class-236 pa t283 l42269 ls80">value </span><span class="pp-class-236 pa t283 l42270 ls814">of </span><span class="pp-class-236 pa t283 l42271 ls1031">DKK </span><span class="pp-class-236 pa t283 l42272 ls1629">691m </span><span class="pp-class-236 pa t283 l42273 ls184">(2024: </span><span class="pp-class-236 pa t38325 l3 ls1024">tax </span><span class="pp-class-236 pa t38325 l42274 ls71">losses </span><span class="pp-class-236 pa t38325 l42275 ls814">of </span><span class="pp-class-236 pa t38325 l7361 ls1031">DKK </span><span class="pp-class-236 pa t38325 l36285 ls670">1,946m, </span><span class="pp-class-236 pa t38325 l17934 ls1024">tax </span><span class="pp-class-236 pa t38325 l42276 ls80">value </span><span class="pp-class-236 pa t38325 l42277 ls814">of </span><span class="pp-class-236 pa t38325 l42278 ls1031">DKK </span><span class="pp-class-236 pa t38325 l42279 ls71">482m). </span><span class="pp-class-236 pa t38325 l42280 ls135">Of </span><span class="pp-class-236 pa t38325 l42281 ls1031">the </span><span class="pp-class-236 pa t38325 l42282 ls63">unrecognised </span><span class="pp-class-236 pa t38325 l42283 ls1024">tax </span><span class="pp-class-236 pa t38325 l40195 ls71">losses </span><span class="pp-class-236 pa t38325 l42284 ls227">carried </span><span class="pp-class-236 pa t38325 l42285 ls2222">forward </span><span class="pp-class-236 pa t38325 l42286 ls814">of </span><span class="pp-class-236 pa t38325 l42287 ls115">DKK </span><span class="pp-class-236 pa t38337 l3 ls19231">2,767m </span><span class="pp-class-236 pa t38337 l42288 ls1747">(2024: </span><span class="pp-class-236 pa t38337 l42289 ls1031">DKK </span><span class="pp-class-236 pa t38337 l42290 ls52">1,946m), </span><span class="pp-class-236 pa t38337 l42291 ls1031">DKK </span><span class="pp-class-236 pa t38337 l42292 ls19231">1,703m </span><span class="pp-class-236 pa t38337 l42293 ls625">expires </span><span class="pp-class-236 pa t38337 l42294 ls71">within </span><span class="pp-class-236 pa t38337 l42295 ls1031">the </span><span class="pp-class-236 pa t38337 l42296 ls33">next </span><span class="pp-class-236 pa t38337 l42297 ls967">five </span><span class="pp-class-236 pa t38337 l42298 ls1747">years </span><span class="pp-class-236 pa t38337 l42299 ls1747">(2024: </span><span class="pp-class-236 pa t38337 l42300 ls1031">DKK </span><span class="pp-class-236 pa t38337 l42301 ls13284">1,714m) </span><span class="pp-class-236 pa t38337 l42302 ls1031">and </span><span class="pp-class-236 pa t38337 l42303 ls115">DKK </span><span class="pp-class-236 pa t38356 l3 ls995">1,064m </span><span class="pp-class-236 pa t38356 l42304 ls625">expires </span><span class="pp-class-236 pa t38356 l42305 ls131">after </span><span class="pp-class-236 pa t38356 l24018 ls33">more </span><span class="pp-class-236 pa t38356 l42306 ls1629">than </span><span class="pp-class-236 pa t38356 l29732 ls967">five </span><span class="pp-class-236 pa t38356 l42307 ls1747">years </span><span class="pp-class-236 pa t38356 l42308 ls1747">(2024: </span><span class="pp-class-236 pa t38356 l42309 ls1031">DKK </span><span class="pp-class-236 pa t38356 l42310 ls71">232m). </span><span class="pp-class-236 pa t38356 l42311 ls1031">The </span><span class="pp-class-236 pa t38356 l42312 ls1024">tax </span><span class="pp-class-236 pa t38356 l42313 ls71">losses </span><span class="pp-class-236 pa t38356 l39822 ls814">of </span><span class="pp-class-236 pa t38356 l42314 ls1031">DKK </span><span class="pp-class-236 pa t38356 l39149 ls19231">2,767m </span><span class="pp-class-236 pa t38356 l33389 ls1747">(2024: </span><span class="pp-class-236 pa t38356 l42315 ls115">DKK </span><span class="pp-class-236 pa t38370 l3 ls670">1,946m) </span><span class="pp-class-236 pa t38370 l42316 ls553">have </span><span class="pp-class-236 pa t38370 l18373 ls129">not </span><span class="pp-class-236 pa t38370 l42317 ls1629">been </span><span class="pp-class-236 pa t38370 l42318 ls1618">recognised </span><span class="pp-class-236 pa t38370 l42319 ls135">as </span><span class="pp-class-236 pa t38370 l42320 ls135">it </span><span class="pp-class-236 pa t38370 l42321 ls1031">has </span><span class="pp-class-236 pa t38370 l42322 ls1629">been </span><span class="pp-class-236 pa t38370 l42323 ls1790">assessed </span><span class="pp-class-236 pa t38370 l42324 ls212">that </span><span class="pp-class-236 pa t38370 l42325 ls1031">the </span><span class="pp-class-236 pa t38370 l42326 ls71">losses </span><span class="pp-class-236 pa t38370 l42327 ls236">cannot </span><span class="pp-class-236 pa t38370 l42328 ls135">be </span><span class="pp-class-236 pa t38370 l42329 ls1790">utilised </span><span class="pp-class-236 pa t38370 l42330 ls135">in </span><span class="pp-class-236 pa t38370 l42331 ls115">the </span><span class="pp-class-236 pa t38598 l3 ls1574">foreseeable </span><span class="pp-class-236 pa t38598 l42332 ls3852">future. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38394 l3 ls1031">The </span><span class="pp-class-236 pa t38394 l42257 ls3791">Group </span><span class="pp-class-236 pa t38394 l2711 ls135">is </span><span class="pp-class-236 pa t38394 l42333 ls71">liable </span><span class="pp-class-236 pa t38394 l42334 ls197">to </span><span class="pp-class-236 pa t38394 l42335 ls115">a </span><span class="pp-class-236 pa t38394 l38398 ls1547">contingent </span><span class="pp-class-236 pa t38394 l42336 ls1024">tax </span><span class="pp-class-236 pa t38394 l42337 ls212">that </span><span class="pp-class-236 pa t38394 l4134 ls651">may </span><span class="pp-class-236 pa t38394 l42338 ls1078">arise </span><span class="pp-class-236 pa t38394 l42339 ls52">at </span><span class="pp-class-236 pa t38394 l42340 ls1031">the </span><span class="pp-class-236 pa t38394 l38500 ls664">withdrawal </span><span class="pp-class-236 pa t38394 l42341 ls33">from </span><span class="pp-class-236 pa t38394 l42342 ls1133">tonnage </span><span class="pp-class-236 pa t38394 l42343 ls2222">taxation </span><span class="pp-class-236 pa t38394 l42344 ls1790">schemes. </span><span class="pp-class-236 pa t38394 l42345 ls1011">The </span><span class="pp-class-236 pa t38413 l3 ls3791">Group </span><span class="pp-class-236 pa t38413 l42346 ls247">controls </span><span class="pp-class-236 pa t38413 l40923 ls1031">the </span><span class="pp-class-236 pa t38413 l42347 ls664">withdrawal </span><span class="pp-class-236 pa t38413 l42348 ls1031">and </span><span class="pp-class-236 pa t38413 l42349 ls1031">has </span><span class="pp-class-236 pa t38413 l42350 ls135">no </span><span class="pp-class-236 pa t38413 l42351 ls71">plans </span><span class="pp-class-236 pa t38413 l33439 ls197">to </span><span class="pp-class-236 pa t38413 l42352 ls661">withdraw </span><span class="pp-class-236 pa t38413 l42353 ls33">from </span><span class="pp-class-236 pa t38413 l42354 ls1031">the </span><span class="pp-class-236 pa t38413 l42355 ls227">schemes </span><span class="pp-class-236 pa t38413 l42356 ls1031">and </span><span class="pp-class-236 pa t38413 l42357 ls2368">consequently </span><span class="pp-class-236 pa t38413 l42358 ls135">no </span><span class="pp-class-236 pa t38413 l42359 ls574">deferred </span><span class="pp-class-236 pa t38629 l3 ls1024">tax </span><span class="pp-class-236 pa t38629 l42274 ls1031">has </span><span class="pp-class-236 pa t38629 l42360 ls1629">been </span><span class="pp-class-236 pa t38629 l42361 ls1618">recognised.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls706">Group </span><span class="pp-class-236 pa t38428 l1995 ls811">is </span><span class="pp-class-236 pa t38428 l42362 ls1764">within </span><span class="pp-class-236 pa t38428 l42363 ls572">the </span><span class="pp-class-236 pa t38428 l42364 ls538">scope </span><span class="pp-class-236 pa t38428 l10737 ls98">of </span><span class="pp-class-236 pa t38428 l32057 ls651">the </span><span class="pp-class-236 pa t38428 l10787 ls2222">OECD </span><span class="pp-class-236 pa t38428 l42365 ls1764">Pillar </span><span class="pp-class-236 pa t38428 l42366 ls811">II </span><span class="pp-class-236 pa t38428 l42367 ls538">model </span><span class="pp-class-236 pa t38428 l18259 ls538">rules </span><span class="pp-class-236 pa t38428 l42368 ls4017">regarding </span><span class="pp-class-236 pa t38428 l42369 ls2036">minimum </span><span class="pp-class-236 pa t38428 l42370 ls4017">taxation </span><span class="pp-class-236 pa t38428 l42371 ls98">of </span><span class="pp-class-236 pa t38428 l42372 ls2222">15%. </span><span class="pp-class-236 pa t38428 l42373 ls651">The </span><span class="pp-class-236 pa t38428 l42374 ls811">rules </span><span class="pp-class-236 pa t38439 l3 ls2258">were </span><span class="pp-class-236 pa t38439 l42375 ls541">implemented </span><span class="pp-class-236 pa t38439 l42376 ls667">throughout </span><span class="pp-class-236 pa t38439 l42377 ls811">EU </span><span class="pp-class-236 pa t38439 l42378 ls811">in </span><span class="pp-class-236 pa t38439 l42379 ls2222">2023 </span><span class="pp-class-236 pa t38439 l18087 ls2222">with </span><span class="pp-class-236 pa t38439 l42380 ls838">effect </span><span class="pp-class-236 pa t38439 l42381 ls877">from </span><span class="pp-class-236 pa t38439 l42382 ls184">1 </span><span class="pp-class-236 pa t38439 l42383 ls534">January </span><span class="pp-class-236 pa t38439 l42384 ls2889">2024. </span><span class="pp-class-236 pa t38439 l42385 ls572">The </span><span class="pp-class-236 pa t38439 l42386 ls706">Group </span><span class="pp-class-236 pa t38439 l42387 ls651">has </span><span class="pp-class-236 pa t38439 l42388 ls2036">applied </span><span class="pp-class-236 pa t38439 l42389 ls184">the </span><span class="pp-class-236 pa t38453 l3 ls12490">exception </span><span class="pp-class-236 pa t38453 l42390 ls538">to </span><span class="pp-class-236 pa t38453 l42391 ls838">recognising </span><span class="pp-class-236 pa t38453 l42392 ls651">and </span><span class="pp-class-236 pa t38453 l42393 ls562">disclosing </span><span class="pp-class-236 pa t38453 l42394 ls621">information </span><span class="pp-class-236 pa t38453 l42395 ls538">about </span><span class="pp-class-236 pa t38453 l42396 ls5781">deferred </span><span class="pp-class-236 pa t38453 l42397 ls2036">tax </span><span class="pp-class-236 pa t38453 l42398 ls179">assets </span><span class="pp-class-236 pa t38453 l42399 ls651">and </span><span class="pp-class-236 pa t38453 l42400 ls625">liabilities </span><span class="pp-class-236 pa t38453 l42401 ls3681">related </span><span class="pp-class-236 pa t38453 l42402 ls538">to </span><span class="pp-class-236 pa t38453 l42403 ls1764">Pillar </span><span class="pp-class-236 pa t38453 l42404 ls1547">II </span><span class="pp-class-236 pa t38465 l3 ls1764">income </span><span class="pp-class-236 pa t38465 l42405 ls2270">taxes, </span><span class="pp-class-236 pa t38465 l42406 ls811">as </span><span class="pp-class-236 pa t38465 l42407 ls2245">provided </span><span class="pp-class-236 pa t38465 l42408 ls811">in </span><span class="pp-class-236 pa t38465 l21952 ls651">the </span><span class="pp-class-236 pa t38465 l42409 ls524">amendments </span><span class="pp-class-236 pa t38465 l42410 ls538">to </span><span class="pp-class-236 pa t38465 l42411 ls530">IAS </span><span class="pp-class-236 pa t38465 l42412 ls811">12 </span><span class="pp-class-236 pa t38465 l42413 ls811">in </span><span class="pp-class-236 pa t38465 l42414 ls2969">May </span><span class="pp-class-236 pa t38465 l42415 ls7468">2023. </span><span class="pp-class-236 pa t38465 l42416 ls538">Under </span><span class="pp-class-236 pa t38465 l42417 ls572">the </span><span class="pp-class-236 pa t38465 l42418 ls630">legislation, </span><span class="pp-class-236 pa t38465 l42419 ls572">the </span><span class="pp-class-236 pa t38465 l42420 ls706">Group </span><span class="pp-class-236 pa t38465 l39855 ls811">is </span><span class="pp-class-236 pa t38465 l42421 ls1792">liable </span><span class="pp-class-236 pa t38476 l3 ls538">to </span><span class="pp-class-236 pa t38476 l10830 ls2969">pay </span><span class="pp-class-236 pa t38476 l42422 ls184">a </span><span class="pp-class-236 pa t38476 l42423 ls2315">top-up </span><span class="pp-class-236 pa t38476 l42424 ls2036">tax </span><span class="pp-class-236 pa t38476 l42425 ls553">for </span><span class="pp-class-236 pa t38476 l42426 ls651">the </span><span class="pp-class-236 pa t38476 l42427 ls681">difference </span><span class="pp-class-236 pa t38476 l42428 ls713">between </span><span class="pp-class-236 pa t38476 l42429 ls572">the </span><span class="pp-class-236 pa t38476 l42430 ls706">effective </span><span class="pp-class-236 pa t38476 l42431 ls2036">tax </span><span class="pp-class-236 pa t38476 l42432 ls8384">rate </span><span class="pp-class-236 pa t38476 l42433 ls651">per </span><span class="pp-class-236 pa t38476 l42434 ls530">jurisdiction </span><span class="pp-class-236 pa t38476 l42435 ls560">calculated </span><span class="pp-class-236 pa t38476 l42436 ls811">as </span><span class="pp-class-236 pa t38476 l42437 ls651">per </span><span class="pp-class-236 pa t38476 l42438 ls1764">Pillar </span><span class="pp-class-236 pa t38476 l42439 ls1547">II </span><span class="pp-class-236 pa t38693 l3 ls1404">legislation </span><span class="pp-class-236 pa t38693 l40101 ls651">and </span><span class="pp-class-236 pa t38693 l40102 ls651">the </span><span class="pp-class-236 pa t38693 l20471 ls572">15% </span><span class="pp-class-236 pa t38693 l42440 ls2036">minimum </span><span class="pp-class-236 pa t38693 l42441 ls3844">rate. </span><span class="pp-class-236 pa t38693 l42442 ls538">Since </span><span class="pp-class-236 pa t38693 l42443 ls1764">income </span><span class="pp-class-236 pa t38693 l42444 ls877">from </span><span class="pp-class-236 pa t38693 l42445 ls1751">shipping </span><span class="pp-class-236 pa t38693 l42446 ls811">is </span><span class="pp-class-236 pa t38693 l42447 ls6824">excluded </span><span class="pp-class-236 pa t38693 l42448 ls877">from </span><span class="pp-class-236 pa t38693 l42449 ls651">the </span><span class="pp-class-236 pa t38693 l42450 ls2036">minimum </span><span class="pp-class-236 pa t38693 l42451 ls5781">taxation </span><span class="pp-class-236 pa t38478 l3 ls1764">rules, </span><span class="pp-class-236 pa t38478 l42452 ls651">the </span><span class="pp-class-236 pa t38478 l13306 ls538">rules </span><span class="pp-class-236 pa t38478 l42453 ls811">do </span><span class="pp-class-236 pa t38478 l4692 ls4248">not </span><span class="pp-class-236 pa t38478 l14131 ls110">have </span><span class="pp-class-236 pa t38478 l42454 ls553">any </span><span class="pp-class-236 pa t38478 l27800 ls838">material </span><span class="pp-class-236 pa t38478 l42455 ls1780">impact </span><span class="pp-class-236 pa t38478 l42456 ls553">for </span><span class="pp-class-236 pa t38478 l42457 ls651">the </span><span class="pp-class-236 pa t38478 l42458 ls4807">Group. </span><span class="pp-class-236 pa t38478 l42459 ls538">Based </span><span class="pp-class-236 pa t38478 l42460 ls811">on </span><span class="pp-class-236 pa t38478 l42461 ls30">preliminary </span><span class="pp-class-236 pa t38478 l42462 ls168">calculations, </span><span class="pp-class-236 pa t38478 l42463 ls811">in </span><span class="pp-class-236 pa t38478 l42464 ls2222">2025 </span><span class="pp-class-236 pa t38478 l42465 ls1547">an </span><span class="pp-class-236 pa t38491 l3 ls949">insignificant </span><span class="pp-class-236 pa t38491 l42466 ls995">amount </span><span class="pp-class-236 pa t38491 l42467 ls98">of </span><span class="pp-class-236 pa t38491 l42468 ls2222">less </span><span class="pp-class-236 pa t38491 l42469 ls2222">than </span><span class="pp-class-236 pa t38491 l42470 ls651">DKK </span><span class="pp-class-236 pa t38491 l23990 ls811">5m </span><span class="pp-class-236 pa t38491 l42471 ls651">has </span><span class="pp-class-236 pa t38491 l42472 ls2222">been </span><span class="pp-class-236 pa t38491 l42473 ls2245">provided </span><span class="pp-class-236 pa t38491 l42474 ls553">for </span><span class="pp-class-236 pa t38491 l42475 ls811">in </span><span class="pp-class-236 pa t38491 l42476 ls2315">top-up </span><span class="pp-class-236 pa t38491 l42477 ls1815">taxes </span><span class="pp-class-236 pa t38491 l42478 ls3681">related </span><span class="pp-class-236 pa t38491 l42479 ls538">to </span><span class="pp-class-236 pa t38491 l42480 ls706">Group </span><span class="pp-class-236 pa t38491 l42481 ls747">entities. </span><span class="pp-class-236 pa t38491 l42482 ls184">Due </span><span class="pp-class-236 pa t38508 l3 ls538">to </span><span class="pp-class-236 pa t38508 l10830 ls651">the </span><span class="pp-class-236 pa t38508 l42483 ls30">preliminary </span><span class="pp-class-236 pa t38508 l42484 ls11713">nature </span><span class="pp-class-236 pa t38508 l42485 ls98">of </span><span class="pp-class-236 pa t38508 l42486 ls651">the </span><span class="pp-class-236 pa t38508 l42487 ls168">calculations, </span><span class="pp-class-236 pa t38508 l42488 ls4787">differences </span><span class="pp-class-236 pa t38508 l42489 ls2969">may </span><span class="pp-class-236 pa t38508 l42490 ls538">occur </span><span class="pp-class-236 pa t38508 l42491 ls2222">when </span><span class="pp-class-236 pa t38508 l42492 ls8048">preparing </span><span class="pp-class-236 pa t38508 l42493 ls651">the </span><span class="pp-class-236 pa t38508 l34072 ls1764">Pillar </span><span class="pp-class-236 pa t38508 l42494 ls811">II </span><span class="pp-class-236 pa t38508 l42495 ls2036">filing, </span><span class="pp-class-236 pa t38508 l42496 ls3084">however </span><span class="pp-class-236 pa t38711 l3 ls553">any </span><span class="pp-class-236 pa t38711 l42497 ls2222">such </span><span class="pp-class-236 pa t38711 l33275 ls4787">differences </span><span class="pp-class-236 pa t38711 l42498 ls2808">are </span><span class="pp-class-236 pa t38711 l42499 ls4248">not </span><span class="pp-class-236 pa t38711 l42500 ls838">material.</span></p></div></div><div class="pp-class-10 pp-class-256" id="pp-id-5317" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h42501 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3 ls884">!</span><span class="pp-class-248 pa t42503 l42504"/><span class="pp-class-248 pa t42503 l42505 ls625">Significant </span><span class="pp-class-248 pa t42503 l42506 ls560">accounting </span><span class="pp-class-248 pa t42503 l42507 ls681">estimates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42508 l3 ls967">Deferred </span><span class="pp-class-236 pa t42508 l42509 ls19">tax </span><span class="pp-class-236 pa t42508 l42510 ls227">assets, </span><span class="pp-class-236 pa t42508 l42511 ls1629">including </span><span class="pp-class-236 pa t42508 l42512 ls115">the </span><span class="pp-class-236 pa t42508 l21870 ls19">tax </span><span class="pp-class-236 pa t42508 l25434 ls2368">value </span><span class="pp-class-236 pa t42508 l42513 ls138">of </span><span class="pp-class-236 pa t42508 l42514 ls19">tax </span><span class="pp-class-236 pa t42508 l42515 ls138">losses </span><span class="pp-class-236 pa t42508 l39191 ls113">carried </span><span class="pp-class-236 pa t42508 l42516 ls574">forward, </span><span class="pp-class-236 pa t42508 l42517 ls2222">are </span><span class="pp-class-236 pa t42508 l42518 ls15">recognised </span><span class="pp-class-236 pa t42508 l42519 ls73">to </span><span class="pp-class-236 pa t42508 l42520 ls781">the </span><span class="pp-class-236 pa t42521 l3 ls574">extent </span><span class="pp-class-236 pa t42521 l42522 ls184">that </span><span class="pp-class-236 pa t42521 l34077 ls73">Management </span><span class="pp-class-236 pa t42521 l42523 ls113">assesses </span><span class="pp-class-236 pa t42521 l42524 ls184">that </span><span class="pp-class-236 pa t42521 l42525 ls115">the </span><span class="pp-class-236 pa t42521 l42526 ls19">tax </span><span class="pp-class-236 pa t42521 l42527 ls685">asset </span><span class="pp-class-236 pa t42521 l42528 ls115">can </span><span class="pp-class-236 pa t42521 l42529 ls177">be </span><span class="pp-class-236 pa t42521 l42530 ls113">utilised </span><span class="pp-class-236 pa t42521 l42531 ls184">through </span><span class="pp-class-236 pa t42521 l42532 ls428">positive </span><span class="pp-class-236 pa t42521 l42533 ls875">taxable </span><span class="pp-class-236 pa t42534 l3 ls138">income </span><span class="pp-class-236 pa t42534 l3359 ls177">in </span><span class="pp-class-236 pa t42534 l42535 ls1011">the </span><span class="pp-class-236 pa t42534 l13544 ls800">foreseeable </span><span class="pp-class-236 pa t42534 l32167 ls1747">future </span><span class="pp-class-236 pa t42534 l42536 ls138">which </span><span class="pp-class-236 pa t42534 l42537 ls938">usually </span><span class="pp-class-236 pa t42534 l42538 ls177">is </span><span class="pp-class-236 pa t42534 l42539 ls138">within </span><span class="pp-class-236 pa t42534 l42540 ls781">3-5 </span><span class="pp-class-236 pa t42534 l42541 ls106">years. </span><span class="pp-class-236 pa t42534 l42542 ls129">Estimates </span><span class="pp-class-236 pa t42534 l42543 ls2222">are </span><span class="pp-class-236 pa t42534 l42544 ls1790">performed </span><span class="pp-class-236 pa t42545 l3 ls2368">annually </span><span class="pp-class-236 pa t42545 l42546 ls138">based </span><span class="pp-class-236 pa t42545 l19454 ls177">on </span><span class="pp-class-236 pa t42545 l42547 ls234">forecasts, </span><span class="pp-class-236 pa t42545 l42548 ls113">business </span><span class="pp-class-236 pa t42545 l42549 ls63">initiatives </span><span class="pp-class-236 pa t42545 l42550 ls115">and </span><span class="pp-class-236 pa t42545 l42551 ls278">likely </span><span class="pp-class-236 pa t42545 l42552 ls252">structural </span><span class="pp-class-236 pa t42545 l42553 ls113">changes </span><span class="pp-class-236 pa t42545 l42554 ls570">for </span><span class="pp-class-236 pa t42545 l42555 ls115">the </span><span class="pp-class-236 pa t42545 l42556 ls138">coming </span><span class="pp-class-236 pa t42545 l42557 ls131">years.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5318" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h42558 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls13324">Tax </span><span class="pp-class-236 pa t40754 l42559 ls553">for </span><span class="pp-class-236 pa t40754 l40652 ls651">the </span><span class="pp-class-236 pa t40754 l42560 ls8048">year </span><span class="pp-class-236 pa t40754 l42561 ls995">comprises </span><span class="pp-class-236 pa t40754 l42562 ls1764">income </span><span class="pp-class-236 pa t40754 l4232 ls995">tax, </span><span class="pp-class-236 pa t40754 l12494 ls1404">tonnage </span><span class="pp-class-236 pa t40754 l42563 ls995">tax, </span><span class="pp-class-236 pa t40754 l39043 ls651">and </span><span class="pp-class-236 pa t40754 l42564 ls536">joint </span><span class="pp-class-236 pa t40754 l42565 ls4017">taxation </span><span class="pp-class-236 pa t40754 l42566 ls949">contribution </span><span class="pp-class-236 pa t40754 l42567 ls553">for </span><span class="pp-class-236 pa t40754 l42568 ls572">the </span><span class="pp-class-236 pa t40754 l42569 ls8048">year </span><span class="pp-class-236 pa t40754 l42570 ls197">of </span><span class="pp-class-236 pa t40763 l3 ls1764">Danish </span><span class="pp-class-236 pa t40763 l42571 ls4248">subsidiaries </span><span class="pp-class-236 pa t40763 l42572 ls811">as </span><span class="pp-class-236 pa t40763 l42573 ls8048">well </span><span class="pp-class-236 pa t40763 l42574 ls811">as </span><span class="pp-class-236 pa t40763 l42575 ls2036">changes </span><span class="pp-class-236 pa t40763 l42576 ls811">in </span><span class="pp-class-236 pa t40763 l42577 ls5781">deferred </span><span class="pp-class-236 pa t40763 l42578 ls2036">tax </span><span class="pp-class-236 pa t40763 l42579 ls553">for </span><span class="pp-class-236 pa t40763 l42580 ls651">the </span><span class="pp-class-236 pa t40763 l42581 ls853">year. </span><span class="pp-class-236 pa t40763 l42582 ls8384">Additionally, </span><span class="pp-class-236 pa t40763 l42583 ls651">the </span><span class="pp-class-236 pa t40763 l42584 ls2036">tax </span><span class="pp-class-236 pa t40763 l42585 ls553">for </span><span class="pp-class-236 pa t40763 l42586 ls572">the </span><span class="pp-class-236 pa t40763 l42587 ls546">year </span><span class="pp-class-236 pa t40775 l3 ls995">comprises </span><span class="pp-class-236 pa t40775 l34231 ls553">adjustments </span><span class="pp-class-236 pa t40775 l30738 ls538">to </span><span class="pp-class-236 pa t40775 l42588 ls538">prior </span><span class="pp-class-236 pa t40775 l42589 ls758">years' </span><span class="pp-class-236 pa t40775 l31583 ls1815">taxes </span><span class="pp-class-236 pa t40775 l42590 ls651">and </span><span class="pp-class-236 pa t40775 l28614 ls2036">changes </span><span class="pp-class-236 pa t40775 l42591 ls811">in </span><span class="pp-class-236 pa t40775 l42592 ls651">the </span><span class="pp-class-236 pa t40775 l42593 ls524">assessment </span><span class="pp-class-236 pa t40775 l42594 ls98">of </span><span class="pp-class-236 pa t40775 l42595 ls5781">provisions </span><span class="pp-class-236 pa t40775 l42596 ls94">for </span><span class="pp-class-236 pa t41664 l3 ls670">uncertain </span><span class="pp-class-236 pa t41664 l12742 ls2036">tax </span><span class="pp-class-236 pa t41664 l42597 ls562">positions. </span><span class="pp-class-236 pa t41664 l42598 ls651">The </span><span class="pp-class-236 pa t41664 l42599 ls2036">tax </span><span class="pp-class-236 pa t41664 l28812 ls553">for </span><span class="pp-class-236 pa t41664 l38383 ls651">the </span><span class="pp-class-236 pa t41664 l42600 ls8048">year </span><span class="pp-class-236 pa t41664 l13210 ls811">is </span><span class="pp-class-236 pa t41664 l42601 ls667">recognised </span><span class="pp-class-236 pa t41664 l42602 ls811">in </span><span class="pp-class-236 pa t41664 l42603 ls651">the </span><span class="pp-class-236 pa t41664 l42604 ls1764">income </span><span class="pp-class-236 pa t41664 l42605 ls556">statement </span><span class="pp-class-236 pa t41664 l42606 ls811">or </span><span class="pp-class-236 pa t41664 l42607 ls811">in </span><span class="pp-class-236 pa t41664 l42608 ls651">the </span><span class="pp-class-236 pa t41664 l42609 ls1764">equity </span><span class="pp-class-236 pa t41664 l42610 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls2969">correlation </span><span class="pp-class-236 pa t40783 l42611 ls538">to </span><span class="pp-class-236 pa t40783 l42612 ls651">the </span><span class="pp-class-236 pa t40783 l42613 ls2197">underlying </span><span class="pp-class-236 pa t40783 l42614 ls2969">transaction.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40806 l3 ls428">The </span><span class="pp-class-236 pa t40806 l42615 ls2222">current </span><span class="pp-class-236 pa t40806 l33778 ls4248">payable </span><span class="pp-class-236 pa t40806 l42616 ls106">Danish </span><span class="pp-class-236 pa t40806 l42617 ls608">corporation </span><span class="pp-class-236 pa t40806 l38443 ls184">tax </span><span class="pp-class-236 pa t40806 l40300 ls1547">is </span><span class="pp-class-236 pa t40806 l42618 ls811">allocated </span><span class="pp-class-236 pa t40806 l42619 ls747">by </span><span class="pp-class-236 pa t40806 l42620 ls428">the </span><span class="pp-class-236 pa t40806 l42621 ls592">settlement </span><span class="pp-class-236 pa t40806 l42622 ls197">of </span><span class="pp-class-236 pa t40806 l42623 ls71">a </span><span class="pp-class-236 pa t40806 l42624 ls131">joint </span><span class="pp-class-236 pa t40806 l42625 ls4248">taxation </span><span class="pp-class-236 pa t40818 l3 ls252">contribution </span><span class="pp-class-236 pa t40818 l10769 ls651">between </span><span class="pp-class-236 pa t40818 l42626 ls428">the </span><span class="pp-class-236 pa t40818 l33338 ls625">jointly </span><span class="pp-class-236 pa t40818 l42627 ls747">taxed </span><span class="pp-class-236 pa t40818 l42628 ls1133">companies </span><span class="pp-class-236 pa t40818 l42629 ls1547">in </span><span class="pp-class-236 pa t40818 l42630 ls2368">proportion </span><span class="pp-class-236 pa t40818 l42631 ls184">to </span><span class="pp-class-236 pa t40818 l42632 ls15">their </span><span class="pp-class-236 pa t40818 l42633 ls670">taxable </span><span class="pp-class-236 pa t40818 l42634 ls1747">income. </span><span class="pp-class-236 pa t40818 l42635 ls129">Companies </span><span class="pp-class-236 pa t42636 l3 ls129">with </span><span class="pp-class-236 pa t42636 l17175 ls184">tax </span><span class="pp-class-236 pa t42636 l42637 ls106">losses </span><span class="pp-class-236 pa t42636 l42638 ls541">receive </span><span class="pp-class-236 pa t42636 l42639 ls131">joint </span><span class="pp-class-236 pa t42636 l42640 ls530">taxation </span><span class="pp-class-236 pa t42636 l42641 ls252">contributions </span><span class="pp-class-236 pa t42636 l42642 ls4248">from </span><span class="pp-class-236 pa t42636 l42643 ls1645">companies </span><span class="pp-class-236 pa t42636 l42644 ls584">that </span><span class="pp-class-236 pa t42636 l42645 ls3855">have </span><span class="pp-class-236 pa t42636 l42646 ls129">been </span><span class="pp-class-236 pa t42636 l42647 ls129">able </span><span class="pp-class-236 pa t42636 l42648 ls184">to </span><span class="pp-class-236 pa t42636 l42649 ls807">utilise </span><span class="pp-class-236 pa t42636 l42650 ls71">the </span><span class="pp-class-236 pa t42651 l3 ls184">tax </span><span class="pp-class-236 pa t42651 l42652 ls106">losses </span><span class="pp-class-236 pa t42651 l42653 ls184">to </span><span class="pp-class-236 pa t42651 l42654 ls2222">reduce </span><span class="pp-class-236 pa t42651 l42655 ls15">their </span><span class="pp-class-236 pa t42651 l42656 ls670">own </span><span class="pp-class-236 pa t42651 l17116 ls670">taxable </span><span class="pp-class-236 pa t42651 l42657 ls3791">profit. </span><span class="pp-class-236 pa t42651 l42658 ls3139">Tax </span><span class="pp-class-236 pa t42651 l42659 ls184">computed </span><span class="pp-class-236 pa t42651 l42660 ls1547">on </span><span class="pp-class-236 pa t42651 l42661 ls428">the </span><span class="pp-class-236 pa t42651 l42662 ls670">taxable </span><span class="pp-class-236 pa t42651 l42663 ls106">income </span><span class="pp-class-236 pa t42651 l42664 ls428">and </span><span class="pp-class-236 pa t42651 l42665 ls10">tonnage </span><span class="pp-class-236 pa t42651 l39024 ls428">tax </span><span class="pp-class-236 pa t42666 l3 ls80">for </span><span class="pp-class-236 pa t42666 l42667 ls428">the </span><span class="pp-class-236 pa t42666 l19883 ls33">year </span><span class="pp-class-236 pa t42666 l42668 ls1547">is </span><span class="pp-class-236 pa t42666 l13544 ls592">recognised </span><span class="pp-class-236 pa t42666 l42656 ls1547">in </span><span class="pp-class-236 pa t42666 l42669 ls428">the </span><span class="pp-class-236 pa t42666 l42670 ls807">balance </span><span class="pp-class-236 pa t42666 l42671 ls2315">sheet </span><span class="pp-class-236 pa t42666 l38708 ls1547">as </span><span class="pp-class-236 pa t42666 l42672 ls4248">payable </span><span class="pp-class-236 pa t42666 l42673 ls1547">or </span><span class="pp-class-236 pa t42666 l42674 ls1764">receivable </span><span class="pp-class-236 pa t42666 l42675 ls747">corporate </span><span class="pp-class-236 pa t42666 l42676 ls184">tax </span><span class="pp-class-236 pa t42666 l42677 ls15">considering </span><span class="pp-class-236 pa t42678 l3 ls553">on-account/advance </span><span class="pp-class-236 pa t42678 l42679 ls576">payments.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42680 l33989 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42680 l42681 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42680 l42682 ls773 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t42680 l42683 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42680 l42684 ls2889 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t42680 l42685 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42686 ls1463 wtro3142 wtr3143 tro3144 tr3145">liability </span><span class="pp-class-236 pa t42680 l12340 ls2270 wtro3142 wtr3143 tro3144 tr3145">method </span><span class="pp-class-236 pa t42680 l42687 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42680 l42688 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42680 l42689 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42680 l42690 ls6146 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t42680 l42691 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42692 ls179 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42693 l3 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42693 l42694 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42695 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l13110 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42696 ls2207 wtro3142 wtr3143 tro3144 tr3145">base </span><span class="pp-class-236 pa t42693 l42697 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42693 l42698 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42699 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42693 l42700 ls168 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42701 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42693 l42702 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42693 l42703 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42704 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42693 l42705 ls1882 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t42693 l42706 ls2977 wtro3142 wtr3143 tro3144 tr3145">However, </span><span class="pp-class-236 pa t42693 l42707 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42693 l42708 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42709 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42693 l42710 ls2036 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t42711 l3 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42711 l42712 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42713 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42711 l42714 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42711 l42715 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42711 l42716 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42711 l42717 ls6146 wtro3142 wtr3143 tro3144 tr3145">non-tax-deductible </span><span class="pp-class-236 pa t42711 l42718 ls681 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t42711 l42719 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42711 l42720 ls2081 wtro3142 wtr3143 tro3144 tr3145">arose </span><span class="pp-class-236 pa t42711 l42721 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42722 ls681 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t42723 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t42723 l42724 ls4787 wtro3142 wtr3143 tro3144 tr3145">without </span><span class="pp-class-236 pa t42723 l42725 ls849 wtro3142 wtr3143 tro3144 tr3145">impacting </span><span class="pp-class-236 pa t42723 l42726 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42723 l42727 ls2855 wtro3142 wtr3143 tro3144 tr3145">result </span><span class="pp-class-236 pa t42723 l42728 ls747 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t42723 l42729 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42723 l19588 ls4558 wtro3142 wtr3143 tro3144 tr3145">income. </span><span class="pp-class-236 pa t42723 l42730 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42723 l42731 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42723 l42732 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42723 l42733 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42723 l42734 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42723 l42735 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42723 l42736 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42723 l42737 ls616 wtro3142 wtr3143 tro3144 tr3145">subject </span><span class="pp-class-236 pa t42738 l3 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42739 ls7468 wtro3142 wtr3143 tro3144 tr3145">tonnage </span><span class="pp-class-236 pa t42738 l42740 ls4149 wtro3142 wtr3143 tro3144 tr3145">taxation </span><span class="pp-class-236 pa t42738 l42741 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42742 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42738 l42743 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42744 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42738 l42745 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42738 l42746 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42738 l42747 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42738 l42748 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42738 l42749 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42750 ls8367 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t42738 l42751 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42752 ls1131 wtro3142 wtr3143 tro3144 tr3145">crystallise. </span><span class="pp-class-236 pa t42738 l42753 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42738 l42754 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42755 l3 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42755 l42756 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42755 l42757 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42755 l42758 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42755 l42759 ls168 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t42755 l8060 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42755 l42760 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42755 l42761 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42755 l42762 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42755 l42763 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42755 l19269 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42755 l42764 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42755 l42765 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42755 l36826 ls877 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t42755 l42766 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42755 l42767 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses. </span><span class="pp-class-236 pa t42768 l42769 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42768 l42770 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l42771 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42768 l42772 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42768 l42773 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42768 l42774 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42768 l42775 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42768 l42776 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42768 l42777 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42778 ls747 wtro3142 wtr3143 tro3144 tr3145">it </span><span class="pp-class-236 pa t42768 l42779 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42768 l42780 ls6824 wtro3142 wtr3143 tro3144 tr3145">probable </span><span class="pp-class-236 pa t42768 l42781 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42782 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42768 l42783 ls2565 wtro3142 wtr3143 tro3144 tr3145">profit </span><span class="pp-class-236 pa t42768 l42784 ls2207 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t42768 l42785 ls131 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42786 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">available </span><span class="pp-class-236 pa t42786 l42787 ls1815 wtro3142 wtr3143 tro3144 tr3145">against </span><span class="pp-class-236 pa t42786 l42788 ls2889 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t42786 l42789 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42790 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42786 l42791 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42786 l42792 ls110 wtro3142 wtr3143 tro3144 tr3145">differences, </span><span class="pp-class-236 pa t42786 l42793 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42786 l42794 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42795 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42786 l42796 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42786 l42797 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42786 l42798 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42786 l42799 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42800 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses, </span><span class="pp-class-236 pa t42800 l42769 ls630 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t42800 l42801 ls747 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42800 l42802 ls681 wtro3142 wtr3143 tro3144 tr3145">utilised </span><span class="pp-class-236 pa t42800 l42803 ls747 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t42800 l42804 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42800 l42805 ls4609 wtro3142 wtr3143 tro3144 tr3145">foreseeable </span><span class="pp-class-236 pa t42800 l42806 ls2848 wtro3142 wtr3143 tro3144 tr3145">future. </span><span class="pp-class-236 pa t42800 l42807 ls630 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t42800 l42808 ls560 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42800 l42809 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42800 l42810 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42800 l42811 ls8200 wtro3142 wtr3143 tro3144 tr3145">reviewed </span><span class="pp-class-236 pa t42800 l42812 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42800 l42813 ls877 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t42800 l42814 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42800 l42815 ls4780 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42816 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">Deferred </span><span class="pp-class-236 pa t42816 l42817 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42816 l42818 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42816 l35333 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured </span><span class="pp-class-236 pa t42816 l42819 ls2846 wtro3142 wtr23376 tro3144 tr23377">based </span><span class="pp-class-236 pa t42816 l42820 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42816 l42821 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42822 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42816 l42823 ls3200 wtro3142 wtr23376 tro3144 tr23377">use </span><span class="pp-class-236 pa t42816 l42824 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42825 ls4371 wtro3142 wtr23376 tro3144 tr23377">settlement </span><span class="pp-class-236 pa t42816 l42826 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42816 l42827 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42828 ls17551 wtro3142 wtr23376 tro3144 tr23377">individual </span><span class="pp-class-236 pa t42816 l42829 ls913 wtro3142 wtr23376 tro3144 tr23377">assets </span><span class="pp-class-236 pa t42816 l42830 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42831 ls2846 wtro3142 wtr23376 tro3144 tr23377">liabilities </span><span class="pp-class-236 pa t42832 l3 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l42833 ls3579 wtro3142 wtr23376 tro3144 tr23377">according </span><span class="pp-class-236 pa t42832 l42834 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42832 l42835 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42836 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42837 ls2846 wtro3142 wtr23376 tro3144 tr23377">rules </span><span class="pp-class-236 pa t42832 l42838 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l3730 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42839 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42053 ls2260 wtro3142 wtr23376 tro3144 tr23377">known </span><span class="pp-class-236 pa t42832 l42840 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42841 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42832 l42842 ls17551 wtro3142 wtr23376 tro3144 tr23377">applicable </span><span class="pp-class-236 pa t42832 l42843 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42844 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42845 ls1017 wtro3142 wtr23376 tro3144 tr23377">balance </span><span class="pp-class-236 pa t42832 l42846 ls17606 wtro3142 wtr23376 tro3144 tr23377">sheet </span><span class="pp-class-236 pa t42832 l42847 ls30681 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t42832 l42848 ls17548 wtro3142 wtr23376 tro3144 tr23377">when </span><span class="pp-class-236 pa t42832 l42849 ls556 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42850 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42851 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42852 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42850 l42853 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42850 l42854 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42850 l33920 ls25295 wtro3142 wtr23376 tro3144 tr23377">crystallise </span><span class="pp-class-236 pa t42850 l42855 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42856 ls894 wtro3142 wtr23376 tro3144 tr23377">current </span><span class="pp-class-236 pa t42850 l42857 ls3170 wtro3142 wtr23376 tro3144 tr23377">tax. </span><span class="pp-class-236 pa t42850 l42858 ls3200 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t42850 l42859 ls10811 wtro3142 wtr23376 tro3144 tr23377">change </span><span class="pp-class-236 pa t42850 l42860 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42861 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42862 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42863 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42864 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42850 l42865 ls3124 wtro3142 wtr23376 tro3144 tr23377">result </span><span class="pp-class-236 pa t42850 l42866 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42850 l42867 ls1017 wtro3142 wtr23376 tro3144 tr23377">changes </span><span class="pp-class-236 pa t42850 l42868 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42869 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l3 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42870 l42871 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42870 l42872 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42870 l42873 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42870 l42874 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42875 ls10811 wtro3142 wtr23376 tro3144 tr23377">income </span><span class="pp-class-236 pa t42870 l42876 ls23417 wtro3142 wtr23376 tro3144 tr23377">statement. </span><span class="pp-class-236 pa t42870 l42877 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42870 l42878 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l42879 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42870 l42880 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42870 l42881 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured, </span><span class="pp-class-236 pa t42870 l42882 ls15952 wtro3142 wtr23376 tro3144 tr23377">depending </span><span class="pp-class-236 pa t42870 l42883 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42870 l42884 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42885 ls2855 wtro3142 wtr23376 tro3144 tr23377">type, </span><span class="pp-class-236 pa t42886 l3 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42886 l42887 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42888 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42886 l42889 ls30818 wtro3142 wtr23376 tro3144 tr23377">probability-weighted </span><span class="pp-class-236 pa t42886 l42890 ls42891 wtro3142 wtr23376 tro3144 tr23377">average </span><span class="pp-class-236 pa t42886 l42892 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42886 l42893 ls8200 wtro3142 wtr23376 tro3144 tr23377">possible </span><span class="pp-class-236 pa t42886 l42894 ls1075 wtro3142 wtr23376 tro3144 tr23377">outcomes </span><span class="pp-class-236 pa t42886 l42895 ls2081 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t42886 l42896 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42897 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42886 l42898 ls17548 wtro3142 wtr23376 tro3144 tr23377">most </span><span class="pp-class-236 pa t42886 l42899 ls12451 wtro3142 wtr23376 tro3144 tr23377">likely </span><span class="pp-class-236 pa t42886 l42900 ls29281 wtro3142 wtr23376 tro3144 tr23377">outcome. </span><span class="pp-class-236 pa t42886 l42901 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42886 l42902 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l3 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42903 l42904 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42903 l42905 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42903 l42906 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42903 l42907 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42908 ls37533 wtro3142 wtr23376 tro3144 tr23377">payable/receivable </span><span class="pp-class-236 pa t42903 l42909 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l22646 ls16724 wtro3142 wtr23376 tro3144 tr23377">and/or </span><span class="pp-class-236 pa t42903 l42910 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42911 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42903 l42912 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l42913 ls13390 wtro3142 wtr23376 tro3144 tr23377">assets/liabilities.</span></p></div></div> <div id="pp-id-5314" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h42084 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l42085">202</span></a><span class="pp-class-237 pa t283 l42086">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42087 l3">DKK </span><span class="pp-class-236 pa t42087 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42088 l42089 ls811">Other </span><span class="pp-class-237 pa t42087 l42090 ls853">intangible </span><span class="pp-class-237 pa t42087 l42091 ls536">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42088 l42092 ls4248">Ferries </span><span class="pp-class-237 pa t42088 l42093 ls184">and </span><span class="pp-class-237 pa t42087 l42094 ls536">other </span><span class="pp-class-237 pa t42087 l42095 ls2222">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l42096">Land </span><span class="pp-class-237 pa t27896 l42097">and </span><span class="pp-class-237 pa t27896 l42098 ls1444">buildings, </span><span class="pp-class-237 pa t42088 l42099">terminals </span><span class="pp-class-237 pa t42088 l42100">and </span><span class="pp-class-237 pa t42088 l42101 ls1098">other </span><span class="pp-class-237 pa t42087 l42102 ls118">equipment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42087 l42103 ls197">Provisions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42088 l42104 ls538">Other </span><span class="pp-class-237 pa t42088 l42105 ls2036">accrued </span><span class="pp-class-237 pa t42087 l42106 ls538">costs </span><span class="pp-class-237 pa t42087 l42107 ls651">and </span><span class="pp-class-237 pa t42087 l42108 ls538">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l42109 ls17592">Tax </span><span class="pp-class-237 pa t27896 l42110 ls21">loss </span><span class="pp-class-237 pa t42088 l42111">carried </span><span class="pp-class-237 pa t42087 l42112 ls1133">forward</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42087 l42113 ls30">Set-off</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42087 l42114 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42115 l3 ls548">Deferred </span><span class="pp-class-237 pa t42115 l42116 ls995">tax:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l3 ls570">Deferred </span><span class="pp-class-236 pa t42117 l37403 ls21">tax </span><span class="pp-class-236 pa t42117 l41905 ls2368">at </span><span class="pp-class-236 pa t42117 l26682">1 </span><span class="pp-class-236 pa t42117 l42118 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42119">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42120">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42121 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42122">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42123 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42124">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42125">440</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t42126 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t42126 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42129">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42130">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42131">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42134">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42135">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l3 ls781">Internal</span><span class="pp-class-240 pa t42137 l39210"/><span class="pp-class-236 pa t42136 l42138 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42139">129</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42140">-112</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42141">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42142">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42143">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42145">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l3 ls115">Addition </span><span class="pp-class-236 pa t42146 l42147">on </span><span class="pp-class-236 pa t42146 l42148 ls13">acquisition </span><span class="pp-class-236 pa t42146 l42149 ls118">of </span><span class="pp-class-236 pa t42146 l35302 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42152">48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42153">-35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42154">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l3">Recognised </span><span class="pp-class-236 pa t42155 l34015">in </span><span class="pp-class-236 pa t42155 l42156">the </span><span class="pp-class-236 pa t42155 l24540">income </span><span class="pp-class-236 pa t42155 l42157 ls1547">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42158">-21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42159">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42160 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42161">40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42162">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42163 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42164">32</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l3">Recognised </span><span class="pp-class-236 pa t42165 l34015">in </span><span class="pp-class-236 pa t42165 l42156 ls67">other </span><span class="pp-class-236 pa t42165 l19449 ls1707">comprehensive </span><span class="pp-class-236 pa t42165 l42166">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42168 ls4381">-17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42169 ls4381">-17</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l3 ls115">Adjustment </span><span class="pp-class-236 pa t42170 l41790 ls181">regarding </span><span class="pp-class-236 pa t42170 l42171">prior </span><span class="pp-class-236 pa t42170 l42172 ls73">years </span><span class="pp-class-236 pa t42170 l42173 ls1629">recognised </span><span class="pp-class-236 pa t42170 l42174">in </span><span class="pp-class-236 pa t42170 l42175">the </span><span class="pp-class-236 pa t42170 l42176">income </span><span class="pp-class-236 pa t42170 l42177 ls1547">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42129">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42178 ls1547">105</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42179">-91</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42180">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42181">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42170 l42135">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42182 l42183 ls1011">tax </span><span class="pp-class-237 pa t42182 l42184 ls2222">at </span><span class="pp-class-237 pa t42182 l42185">31 </span><span class="pp-class-237 pa t42182 l42186">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42187">154</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42188 ls73">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42189">225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42190">-13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42191">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42192">-31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42182 l42193 ls2811">476</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l3 ls570">Deferred </span><span class="pp-class-236 pa t37615 l37403 ls21">tax </span><span class="pp-class-236 pa t37615 l41905 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42194">13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42195">45</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42196">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42197 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42198 ls23128">74</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l3 ls570">Deferred </span><span class="pp-class-236 pa t37618 l37403 ls21">tax </span><span class="pp-class-236 pa t37618 l41905">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42199">154</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42200 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42201">225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42202">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42197 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37618 l42203">550</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42204 l42183 ls1011">tax </span><span class="pp-class-237 pa t42204 l42184 ls2222">at </span><span class="pp-class-237 pa t42204 l42185">31 </span><span class="pp-class-237 pa t42204 l42186 ls995">December, </span><span class="pp-class-237 pa t42204 l42205 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42187">154</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42188 ls73">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42189">225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42190">-13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42191">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42192">-31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42206">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42204 l42193 ls2811">476</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5311" xmlns="http://www.w3.org/1999/xhtml"><div class="w41935 h41936 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3084">2.6 </span><span class="pp-class-234 pa t1122 l38307 ls3221">Tax </span><span class="pp-class-235 pa t1122 l41937"/><span class="pp-class-235 pa t1122 l41938 ls938">(continued)</span></p></div></div><div id="pp-id-5315" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h42208 pa t2 l3 wtro4 xx281 tro6 xx282"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l42209 ls184">2024</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42087 l3">DKK </span><span class="pp-class-236 pa t42087 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42088 l42089 ls811">Other </span><span class="pp-class-237 pa t42087 l42090 ls853">intangible </span><span class="pp-class-237 pa t42087 l42091 ls536">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42088 l42092 ls4248">Ferries </span><span class="pp-class-237 pa t42088 l42093 ls184">and </span><span class="pp-class-237 pa t42087 l42094 ls536">other </span><span class="pp-class-237 pa t42087 l42095 ls2222">ships</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l42096">Land </span><span class="pp-class-237 pa t27896 l42097">and </span><span class="pp-class-237 pa t27896 l42098 ls1444">buildings, </span><span class="pp-class-237 pa t42088 l42099">terminals </span><span class="pp-class-237 pa t42088 l42100">and </span><span class="pp-class-237 pa t42088 l42101 ls1098">other </span><span class="pp-class-237 pa t42087 l42102 ls118">equipment</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l42103 ls197">Provisions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42088 l42104 ls538">Other </span><span class="pp-class-237 pa t42088 l42105 ls2036">accrued </span><span class="pp-class-237 pa t42087 l42106 ls538">costs </span><span class="pp-class-237 pa t42087 l42107 ls651">and </span><span class="pp-class-237 pa t42087 l42108 ls538">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l42109 ls17592">Tax </span><span class="pp-class-237 pa t27896 l42110 ls21">loss </span><span class="pp-class-237 pa t42088 l42111">carried </span><span class="pp-class-237 pa t42087 l42112 ls1133">forward</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l42113 ls30">Set-off</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l42114 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42115 l3 ls548">Deferred </span><span class="pp-class-237 pa t42115 l42116 ls995">tax:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42117 l3 ls570">Deferred </span><span class="pp-class-236 pa t42117 l37403 ls21">tax </span><span class="pp-class-236 pa t42117 l41905 ls2368">at </span><span class="pp-class-236 pa t42117 l26682">1 </span><span class="pp-class-236 pa t42117 l42118 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42210">50</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42211 ls1790">127</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42212 ls30">273</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42213 ls2368">-14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42214">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42117 l42215">-54</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42117 l42216">388</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42126 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t42126 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t42126 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42217">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42218">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42219">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42220">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42221">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42126 l42222">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42126 l42223">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42136 l3 ls115">Addition </span><span class="pp-class-236 pa t42136 l42147">on </span><span class="pp-class-236 pa t42136 l42148 ls13">acquisition </span><span class="pp-class-236 pa t42136 l42149 ls118">of </span><span class="pp-class-236 pa t42136 l35302 ls162">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42224 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42136 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42136 l42226">42</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42146 l3">Recognised </span><span class="pp-class-236 pa t42146 l34015">in </span><span class="pp-class-236 pa t42146 l42156">the </span><span class="pp-class-236 pa t42146 l24540">income </span><span class="pp-class-236 pa t42146 l42157 ls1547">statement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42227">-6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42228">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42229">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42230 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42214">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42146 l42231">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42146 l42232">-7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42155 l3">Recognised </span><span class="pp-class-236 pa t42155 l34015">in </span><span class="pp-class-236 pa t42155 l42156 ls67">other </span><span class="pp-class-236 pa t42155 l19449 ls1707">comprehensive </span><span class="pp-class-236 pa t42155 l42166">income</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42233">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42155 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42155 l42234">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42165 l3 ls115">Adjustment </span><span class="pp-class-236 pa t42165 l41790 ls181">regarding </span><span class="pp-class-236 pa t42165 l42171">prior </span><span class="pp-class-236 pa t42165 l42172 ls73">years </span><span class="pp-class-236 pa t42165 l42173 ls1629">recognised </span><span class="pp-class-236 pa t42165 l42174">in </span><span class="pp-class-236 pa t42165 l42175">the </span><span class="pp-class-236 pa t42165 l42176">income </span><span class="pp-class-236 pa t42165 l42177 ls1547">statement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42235">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42236">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42133">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42165 l42237">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42165 l42238">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42239 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42239 l42183 ls1011">tax </span><span class="pp-class-237 pa t42239 l42184 ls2222">at </span><span class="pp-class-237 pa t42239 l42185">31 </span><span class="pp-class-237 pa t42239 l42186">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42240">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42241">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42242 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42243">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42244 ls1024">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42245">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42239 l42246">440</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42247 l3 ls570">Deferred </span><span class="pp-class-236 pa t42247 l37403 ls21">tax </span><span class="pp-class-236 pa t42247 l41905 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42150">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42151">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42167">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42248">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42249">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42250">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t42247 l42251">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42247 l42252">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t37615 l3 ls570">Deferred </span><span class="pp-class-236 pa t37615 l37403 ls21">tax </span><span class="pp-class-236 pa t37615 l41905">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42119">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42120">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42121 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42132">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42253">48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42144">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37615 l42251">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37615 l42254">522</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42255 l3 ls1700">Deferred </span><span class="pp-class-237 pa t42255 l42183 ls1011">tax </span><span class="pp-class-237 pa t42255 l42184 ls2222">at </span><span class="pp-class-237 pa t42255 l42185">31 </span><span class="pp-class-237 pa t42255 l42186 ls995">December, </span><span class="pp-class-237 pa t42255 l42205 ls781">net</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42240">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42241">158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42242 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42243">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42244 ls1024">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42245">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42206">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t42255 l42246">440</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5316" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h42256 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls1031">The </span><span class="pp-class-236 pa t283 l42257 ls3791">Group </span><span class="pp-class-236 pa t283 l2711 ls1031">has </span><span class="pp-class-236 pa t283 l42258 ls63">unrecognised </span><span class="pp-class-236 pa t283 l42259 ls1024">tax </span><span class="pp-class-236 pa t283 l42260 ls71">losses </span><span class="pp-class-236 pa t283 l42261 ls227">carried </span><span class="pp-class-236 pa t283 l42262 ls2222">forward </span><span class="pp-class-236 pa t283 l42263 ls814">of </span><span class="pp-class-236 pa t283 l42264 ls1031">DKK </span><span class="pp-class-236 pa t283 l42265 ls19231">2,767m </span><span class="pp-class-236 pa t283 l42266 ls1629">with </span><span class="pp-class-236 pa t283 l42267 ls115">a </span><span class="pp-class-236 pa t283 l42268 ls1024">tax </span><span class="pp-class-236 pa t283 l42269 ls80">value </span><span class="pp-class-236 pa t283 l42270 ls814">of </span><span class="pp-class-236 pa t283 l42271 ls1031">DKK </span><span class="pp-class-236 pa t283 l42272 ls1629">691m </span><span class="pp-class-236 pa t283 l42273 ls184">(2024: </span><span class="pp-class-236 pa t38325 l3 ls1024">tax </span><span class="pp-class-236 pa t38325 l42274 ls71">losses </span><span class="pp-class-236 pa t38325 l42275 ls814">of </span><span class="pp-class-236 pa t38325 l7361 ls1031">DKK </span><span class="pp-class-236 pa t38325 l36285 ls670">1,946m, </span><span class="pp-class-236 pa t38325 l17934 ls1024">tax </span><span class="pp-class-236 pa t38325 l42276 ls80">value </span><span class="pp-class-236 pa t38325 l42277 ls814">of </span><span class="pp-class-236 pa t38325 l42278 ls1031">DKK </span><span class="pp-class-236 pa t38325 l42279 ls71">482m). </span><span class="pp-class-236 pa t38325 l42280 ls135">Of </span><span class="pp-class-236 pa t38325 l42281 ls1031">the </span><span class="pp-class-236 pa t38325 l42282 ls63">unrecognised </span><span class="pp-class-236 pa t38325 l42283 ls1024">tax </span><span class="pp-class-236 pa t38325 l40195 ls71">losses </span><span class="pp-class-236 pa t38325 l42284 ls227">carried </span><span class="pp-class-236 pa t38325 l42285 ls2222">forward </span><span class="pp-class-236 pa t38325 l42286 ls814">of </span><span class="pp-class-236 pa t38325 l42287 ls115">DKK </span><span class="pp-class-236 pa t38337 l3 ls19231">2,767m </span><span class="pp-class-236 pa t38337 l42288 ls1747">(2024: </span><span class="pp-class-236 pa t38337 l42289 ls1031">DKK </span><span class="pp-class-236 pa t38337 l42290 ls52">1,946m), </span><span class="pp-class-236 pa t38337 l42291 ls1031">DKK </span><span class="pp-class-236 pa t38337 l42292 ls19231">1,703m </span><span class="pp-class-236 pa t38337 l42293 ls625">expires </span><span class="pp-class-236 pa t38337 l42294 ls71">within </span><span class="pp-class-236 pa t38337 l42295 ls1031">the </span><span class="pp-class-236 pa t38337 l42296 ls33">next </span><span class="pp-class-236 pa t38337 l42297 ls967">five </span><span class="pp-class-236 pa t38337 l42298 ls1747">years </span><span class="pp-class-236 pa t38337 l42299 ls1747">(2024: </span><span class="pp-class-236 pa t38337 l42300 ls1031">DKK </span><span class="pp-class-236 pa t38337 l42301 ls13284">1,714m) </span><span class="pp-class-236 pa t38337 l42302 ls1031">and </span><span class="pp-class-236 pa t38337 l42303 ls115">DKK </span><span class="pp-class-236 pa t38356 l3 ls995">1,064m </span><span class="pp-class-236 pa t38356 l42304 ls625">expires </span><span class="pp-class-236 pa t38356 l42305 ls131">after </span><span class="pp-class-236 pa t38356 l24018 ls33">more </span><span class="pp-class-236 pa t38356 l42306 ls1629">than </span><span class="pp-class-236 pa t38356 l29732 ls967">five </span><span class="pp-class-236 pa t38356 l42307 ls1747">years </span><span class="pp-class-236 pa t38356 l42308 ls1747">(2024: </span><span class="pp-class-236 pa t38356 l42309 ls1031">DKK </span><span class="pp-class-236 pa t38356 l42310 ls71">232m). </span><span class="pp-class-236 pa t38356 l42311 ls1031">The </span><span class="pp-class-236 pa t38356 l42312 ls1024">tax </span><span class="pp-class-236 pa t38356 l42313 ls71">losses </span><span class="pp-class-236 pa t38356 l39822 ls814">of </span><span class="pp-class-236 pa t38356 l42314 ls1031">DKK </span><span class="pp-class-236 pa t38356 l39149 ls19231">2,767m </span><span class="pp-class-236 pa t38356 l33389 ls1747">(2024: </span><span class="pp-class-236 pa t38356 l42315 ls115">DKK </span><span class="pp-class-236 pa t38370 l3 ls670">1,946m) </span><span class="pp-class-236 pa t38370 l42316 ls553">have </span><span class="pp-class-236 pa t38370 l18373 ls129">not </span><span class="pp-class-236 pa t38370 l42317 ls1629">been </span><span class="pp-class-236 pa t38370 l42318 ls1618">recognised </span><span class="pp-class-236 pa t38370 l42319 ls135">as </span><span class="pp-class-236 pa t38370 l42320 ls135">it </span><span class="pp-class-236 pa t38370 l42321 ls1031">has </span><span class="pp-class-236 pa t38370 l42322 ls1629">been </span><span class="pp-class-236 pa t38370 l42323 ls1790">assessed </span><span class="pp-class-236 pa t38370 l42324 ls212">that </span><span class="pp-class-236 pa t38370 l42325 ls1031">the </span><span class="pp-class-236 pa t38370 l42326 ls71">losses </span><span class="pp-class-236 pa t38370 l42327 ls236">cannot </span><span class="pp-class-236 pa t38370 l42328 ls135">be </span><span class="pp-class-236 pa t38370 l42329 ls1790">utilised </span><span class="pp-class-236 pa t38370 l42330 ls135">in </span><span class="pp-class-236 pa t38370 l42331 ls115">the </span><span class="pp-class-236 pa t38598 l3 ls1574">foreseeable </span><span class="pp-class-236 pa t38598 l42332 ls3852">future. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38394 l3 ls1031">The </span><span class="pp-class-236 pa t38394 l42257 ls3791">Group </span><span class="pp-class-236 pa t38394 l2711 ls135">is </span><span class="pp-class-236 pa t38394 l42333 ls71">liable </span><span class="pp-class-236 pa t38394 l42334 ls197">to </span><span class="pp-class-236 pa t38394 l42335 ls115">a </span><span class="pp-class-236 pa t38394 l38398 ls1547">contingent </span><span class="pp-class-236 pa t38394 l42336 ls1024">tax </span><span class="pp-class-236 pa t38394 l42337 ls212">that </span><span class="pp-class-236 pa t38394 l4134 ls651">may </span><span class="pp-class-236 pa t38394 l42338 ls1078">arise </span><span class="pp-class-236 pa t38394 l42339 ls52">at </span><span class="pp-class-236 pa t38394 l42340 ls1031">the </span><span class="pp-class-236 pa t38394 l38500 ls664">withdrawal </span><span class="pp-class-236 pa t38394 l42341 ls33">from </span><span class="pp-class-236 pa t38394 l42342 ls1133">tonnage </span><span class="pp-class-236 pa t38394 l42343 ls2222">taxation </span><span class="pp-class-236 pa t38394 l42344 ls1790">schemes. </span><span class="pp-class-236 pa t38394 l42345 ls1011">The </span><span class="pp-class-236 pa t38413 l3 ls3791">Group </span><span class="pp-class-236 pa t38413 l42346 ls247">controls </span><span class="pp-class-236 pa t38413 l40923 ls1031">the </span><span class="pp-class-236 pa t38413 l42347 ls664">withdrawal </span><span class="pp-class-236 pa t38413 l42348 ls1031">and </span><span class="pp-class-236 pa t38413 l42349 ls1031">has </span><span class="pp-class-236 pa t38413 l42350 ls135">no </span><span class="pp-class-236 pa t38413 l42351 ls71">plans </span><span class="pp-class-236 pa t38413 l33439 ls197">to </span><span class="pp-class-236 pa t38413 l42352 ls661">withdraw </span><span class="pp-class-236 pa t38413 l42353 ls33">from </span><span class="pp-class-236 pa t38413 l42354 ls1031">the </span><span class="pp-class-236 pa t38413 l42355 ls227">schemes </span><span class="pp-class-236 pa t38413 l42356 ls1031">and </span><span class="pp-class-236 pa t38413 l42357 ls2368">consequently </span><span class="pp-class-236 pa t38413 l42358 ls135">no </span><span class="pp-class-236 pa t38413 l42359 ls574">deferred </span><span class="pp-class-236 pa t38629 l3 ls1024">tax </span><span class="pp-class-236 pa t38629 l42274 ls1031">has </span><span class="pp-class-236 pa t38629 l42360 ls1629">been </span><span class="pp-class-236 pa t38629 l42361 ls1618">recognised.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38428 l3 ls651">The </span><span class="pp-class-236 pa t38428 l38379 ls706">Group </span><span class="pp-class-236 pa t38428 l1995 ls811">is </span><span class="pp-class-236 pa t38428 l42362 ls1764">within </span><span class="pp-class-236 pa t38428 l42363 ls572">the </span><span class="pp-class-236 pa t38428 l42364 ls538">scope </span><span class="pp-class-236 pa t38428 l10737 ls98">of </span><span class="pp-class-236 pa t38428 l32057 ls651">the </span><span class="pp-class-236 pa t38428 l10787 ls2222">OECD </span><span class="pp-class-236 pa t38428 l42365 ls1764">Pillar </span><span class="pp-class-236 pa t38428 l42366 ls811">II </span><span class="pp-class-236 pa t38428 l42367 ls538">model </span><span class="pp-class-236 pa t38428 l18259 ls538">rules </span><span class="pp-class-236 pa t38428 l42368 ls4017">regarding </span><span class="pp-class-236 pa t38428 l42369 ls2036">minimum </span><span class="pp-class-236 pa t38428 l42370 ls4017">taxation </span><span class="pp-class-236 pa t38428 l42371 ls98">of </span><span class="pp-class-236 pa t38428 l42372 ls2222">15%. </span><span class="pp-class-236 pa t38428 l42373 ls651">The </span><span class="pp-class-236 pa t38428 l42374 ls811">rules </span><span class="pp-class-236 pa t38439 l3 ls2258">were </span><span class="pp-class-236 pa t38439 l42375 ls541">implemented </span><span class="pp-class-236 pa t38439 l42376 ls667">throughout </span><span class="pp-class-236 pa t38439 l42377 ls811">EU </span><span class="pp-class-236 pa t38439 l42378 ls811">in </span><span class="pp-class-236 pa t38439 l42379 ls2222">2023 </span><span class="pp-class-236 pa t38439 l18087 ls2222">with </span><span class="pp-class-236 pa t38439 l42380 ls838">effect </span><span class="pp-class-236 pa t38439 l42381 ls877">from </span><span class="pp-class-236 pa t38439 l42382 ls184">1 </span><span class="pp-class-236 pa t38439 l42383 ls534">January </span><span class="pp-class-236 pa t38439 l42384 ls2889">2024. </span><span class="pp-class-236 pa t38439 l42385 ls572">The </span><span class="pp-class-236 pa t38439 l42386 ls706">Group </span><span class="pp-class-236 pa t38439 l42387 ls651">has </span><span class="pp-class-236 pa t38439 l42388 ls2036">applied </span><span class="pp-class-236 pa t38439 l42389 ls184">the </span><span class="pp-class-236 pa t38453 l3 ls12490">exception </span><span class="pp-class-236 pa t38453 l42390 ls538">to </span><span class="pp-class-236 pa t38453 l42391 ls838">recognising </span><span class="pp-class-236 pa t38453 l42392 ls651">and </span><span class="pp-class-236 pa t38453 l42393 ls562">disclosing </span><span class="pp-class-236 pa t38453 l42394 ls621">information </span><span class="pp-class-236 pa t38453 l42395 ls538">about </span><span class="pp-class-236 pa t38453 l42396 ls5781">deferred </span><span class="pp-class-236 pa t38453 l42397 ls2036">tax </span><span class="pp-class-236 pa t38453 l42398 ls179">assets </span><span class="pp-class-236 pa t38453 l42399 ls651">and </span><span class="pp-class-236 pa t38453 l42400 ls625">liabilities </span><span class="pp-class-236 pa t38453 l42401 ls3681">related </span><span class="pp-class-236 pa t38453 l42402 ls538">to </span><span class="pp-class-236 pa t38453 l42403 ls1764">Pillar </span><span class="pp-class-236 pa t38453 l42404 ls1547">II </span><span class="pp-class-236 pa t38465 l3 ls1764">income </span><span class="pp-class-236 pa t38465 l42405 ls2270">taxes, </span><span class="pp-class-236 pa t38465 l42406 ls811">as </span><span class="pp-class-236 pa t38465 l42407 ls2245">provided </span><span class="pp-class-236 pa t38465 l42408 ls811">in </span><span class="pp-class-236 pa t38465 l21952 ls651">the </span><span class="pp-class-236 pa t38465 l42409 ls524">amendments </span><span class="pp-class-236 pa t38465 l42410 ls538">to </span><span class="pp-class-236 pa t38465 l42411 ls530">IAS </span><span class="pp-class-236 pa t38465 l42412 ls811">12 </span><span class="pp-class-236 pa t38465 l42413 ls811">in </span><span class="pp-class-236 pa t38465 l42414 ls2969">May </span><span class="pp-class-236 pa t38465 l42415 ls7468">2023. </span><span class="pp-class-236 pa t38465 l42416 ls538">Under </span><span class="pp-class-236 pa t38465 l42417 ls572">the </span><span class="pp-class-236 pa t38465 l42418 ls630">legislation, </span><span class="pp-class-236 pa t38465 l42419 ls572">the </span><span class="pp-class-236 pa t38465 l42420 ls706">Group </span><span class="pp-class-236 pa t38465 l39855 ls811">is </span><span class="pp-class-236 pa t38465 l42421 ls1792">liable </span><span class="pp-class-236 pa t38476 l3 ls538">to </span><span class="pp-class-236 pa t38476 l10830 ls2969">pay </span><span class="pp-class-236 pa t38476 l42422 ls184">a </span><span class="pp-class-236 pa t38476 l42423 ls2315">top-up </span><span class="pp-class-236 pa t38476 l42424 ls2036">tax </span><span class="pp-class-236 pa t38476 l42425 ls553">for </span><span class="pp-class-236 pa t38476 l42426 ls651">the </span><span class="pp-class-236 pa t38476 l42427 ls681">difference </span><span class="pp-class-236 pa t38476 l42428 ls713">between </span><span class="pp-class-236 pa t38476 l42429 ls572">the </span><span class="pp-class-236 pa t38476 l42430 ls706">effective </span><span class="pp-class-236 pa t38476 l42431 ls2036">tax </span><span class="pp-class-236 pa t38476 l42432 ls8384">rate </span><span class="pp-class-236 pa t38476 l42433 ls651">per </span><span class="pp-class-236 pa t38476 l42434 ls530">jurisdiction </span><span class="pp-class-236 pa t38476 l42435 ls560">calculated </span><span class="pp-class-236 pa t38476 l42436 ls811">as </span><span class="pp-class-236 pa t38476 l42437 ls651">per </span><span class="pp-class-236 pa t38476 l42438 ls1764">Pillar </span><span class="pp-class-236 pa t38476 l42439 ls1547">II </span><span class="pp-class-236 pa t38693 l3 ls1404">legislation </span><span class="pp-class-236 pa t38693 l40101 ls651">and </span><span class="pp-class-236 pa t38693 l40102 ls651">the </span><span class="pp-class-236 pa t38693 l20471 ls572">15% </span><span class="pp-class-236 pa t38693 l42440 ls2036">minimum </span><span class="pp-class-236 pa t38693 l42441 ls3844">rate. </span><span class="pp-class-236 pa t38693 l42442 ls538">Since </span><span class="pp-class-236 pa t38693 l42443 ls1764">income </span><span class="pp-class-236 pa t38693 l42444 ls877">from </span><span class="pp-class-236 pa t38693 l42445 ls1751">shipping </span><span class="pp-class-236 pa t38693 l42446 ls811">is </span><span class="pp-class-236 pa t38693 l42447 ls6824">excluded </span><span class="pp-class-236 pa t38693 l42448 ls877">from </span><span class="pp-class-236 pa t38693 l42449 ls651">the </span><span class="pp-class-236 pa t38693 l42450 ls2036">minimum </span><span class="pp-class-236 pa t38693 l42451 ls5781">taxation </span><span class="pp-class-236 pa t38478 l3 ls1764">rules, </span><span class="pp-class-236 pa t38478 l42452 ls651">the </span><span class="pp-class-236 pa t38478 l13306 ls538">rules </span><span class="pp-class-236 pa t38478 l42453 ls811">do </span><span class="pp-class-236 pa t38478 l4692 ls4248">not </span><span class="pp-class-236 pa t38478 l14131 ls110">have </span><span class="pp-class-236 pa t38478 l42454 ls553">any </span><span class="pp-class-236 pa t38478 l27800 ls838">material </span><span class="pp-class-236 pa t38478 l42455 ls1780">impact </span><span class="pp-class-236 pa t38478 l42456 ls553">for </span><span class="pp-class-236 pa t38478 l42457 ls651">the </span><span class="pp-class-236 pa t38478 l42458 ls4807">Group. </span><span class="pp-class-236 pa t38478 l42459 ls538">Based </span><span class="pp-class-236 pa t38478 l42460 ls811">on </span><span class="pp-class-236 pa t38478 l42461 ls30">preliminary </span><span class="pp-class-236 pa t38478 l42462 ls168">calculations, </span><span class="pp-class-236 pa t38478 l42463 ls811">in </span><span class="pp-class-236 pa t38478 l42464 ls2222">2025 </span><span class="pp-class-236 pa t38478 l42465 ls1547">an </span><span class="pp-class-236 pa t38491 l3 ls949">insignificant </span><span class="pp-class-236 pa t38491 l42466 ls995">amount </span><span class="pp-class-236 pa t38491 l42467 ls98">of </span><span class="pp-class-236 pa t38491 l42468 ls2222">less </span><span class="pp-class-236 pa t38491 l42469 ls2222">than </span><span class="pp-class-236 pa t38491 l42470 ls651">DKK </span><span class="pp-class-236 pa t38491 l23990 ls811">5m </span><span class="pp-class-236 pa t38491 l42471 ls651">has </span><span class="pp-class-236 pa t38491 l42472 ls2222">been </span><span class="pp-class-236 pa t38491 l42473 ls2245">provided </span><span class="pp-class-236 pa t38491 l42474 ls553">for </span><span class="pp-class-236 pa t38491 l42475 ls811">in </span><span class="pp-class-236 pa t38491 l42476 ls2315">top-up </span><span class="pp-class-236 pa t38491 l42477 ls1815">taxes </span><span class="pp-class-236 pa t38491 l42478 ls3681">related </span><span class="pp-class-236 pa t38491 l42479 ls538">to </span><span class="pp-class-236 pa t38491 l42480 ls706">Group </span><span class="pp-class-236 pa t38491 l42481 ls747">entities. </span><span class="pp-class-236 pa t38491 l42482 ls184">Due </span><span class="pp-class-236 pa t38508 l3 ls538">to </span><span class="pp-class-236 pa t38508 l10830 ls651">the </span><span class="pp-class-236 pa t38508 l42483 ls30">preliminary </span><span class="pp-class-236 pa t38508 l42484 ls11713">nature </span><span class="pp-class-236 pa t38508 l42485 ls98">of </span><span class="pp-class-236 pa t38508 l42486 ls651">the </span><span class="pp-class-236 pa t38508 l42487 ls168">calculations, </span><span class="pp-class-236 pa t38508 l42488 ls4787">differences </span><span class="pp-class-236 pa t38508 l42489 ls2969">may </span><span class="pp-class-236 pa t38508 l42490 ls538">occur </span><span class="pp-class-236 pa t38508 l42491 ls2222">when </span><span class="pp-class-236 pa t38508 l42492 ls8048">preparing </span><span class="pp-class-236 pa t38508 l42493 ls651">the </span><span class="pp-class-236 pa t38508 l34072 ls1764">Pillar </span><span class="pp-class-236 pa t38508 l42494 ls811">II </span><span class="pp-class-236 pa t38508 l42495 ls2036">filing, </span><span class="pp-class-236 pa t38508 l42496 ls3084">however </span><span class="pp-class-236 pa t38711 l3 ls553">any </span><span class="pp-class-236 pa t38711 l42497 ls2222">such </span><span class="pp-class-236 pa t38711 l33275 ls4787">differences </span><span class="pp-class-236 pa t38711 l42498 ls2808">are </span><span class="pp-class-236 pa t38711 l42499 ls4248">not </span><span class="pp-class-236 pa t38711 l42500 ls838">material.</span></p></div></div><div class="pp-class-10 pp-class-256" id="pp-id-5317" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h42501 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3 ls884">!</span><span class="pp-class-248 pa t42503 l42504"/><span class="pp-class-248 pa t42503 l42505 ls625">Significant </span><span class="pp-class-248 pa t42503 l42506 ls560">accounting </span><span class="pp-class-248 pa t42503 l42507 ls681">estimates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42508 l3 ls967">Deferred </span><span class="pp-class-236 pa t42508 l42509 ls19">tax </span><span class="pp-class-236 pa t42508 l42510 ls227">assets, </span><span class="pp-class-236 pa t42508 l42511 ls1629">including </span><span class="pp-class-236 pa t42508 l42512 ls115">the </span><span class="pp-class-236 pa t42508 l21870 ls19">tax </span><span class="pp-class-236 pa t42508 l25434 ls2368">value </span><span class="pp-class-236 pa t42508 l42513 ls138">of </span><span class="pp-class-236 pa t42508 l42514 ls19">tax </span><span class="pp-class-236 pa t42508 l42515 ls138">losses </span><span class="pp-class-236 pa t42508 l39191 ls113">carried </span><span class="pp-class-236 pa t42508 l42516 ls574">forward, </span><span class="pp-class-236 pa t42508 l42517 ls2222">are </span><span class="pp-class-236 pa t42508 l42518 ls15">recognised </span><span class="pp-class-236 pa t42508 l42519 ls73">to </span><span class="pp-class-236 pa t42508 l42520 ls781">the </span><span class="pp-class-236 pa t42521 l3 ls574">extent </span><span class="pp-class-236 pa t42521 l42522 ls184">that </span><span class="pp-class-236 pa t42521 l34077 ls73">Management </span><span class="pp-class-236 pa t42521 l42523 ls113">assesses </span><span class="pp-class-236 pa t42521 l42524 ls184">that </span><span class="pp-class-236 pa t42521 l42525 ls115">the </span><span class="pp-class-236 pa t42521 l42526 ls19">tax </span><span class="pp-class-236 pa t42521 l42527 ls685">asset </span><span class="pp-class-236 pa t42521 l42528 ls115">can </span><span class="pp-class-236 pa t42521 l42529 ls177">be </span><span class="pp-class-236 pa t42521 l42530 ls113">utilised </span><span class="pp-class-236 pa t42521 l42531 ls184">through </span><span class="pp-class-236 pa t42521 l42532 ls428">positive </span><span class="pp-class-236 pa t42521 l42533 ls875">taxable </span><span class="pp-class-236 pa t42534 l3 ls138">income </span><span class="pp-class-236 pa t42534 l3359 ls177">in </span><span class="pp-class-236 pa t42534 l42535 ls1011">the </span><span class="pp-class-236 pa t42534 l13544 ls800">foreseeable </span><span class="pp-class-236 pa t42534 l32167 ls1747">future </span><span class="pp-class-236 pa t42534 l42536 ls138">which </span><span class="pp-class-236 pa t42534 l42537 ls938">usually </span><span class="pp-class-236 pa t42534 l42538 ls177">is </span><span class="pp-class-236 pa t42534 l42539 ls138">within </span><span class="pp-class-236 pa t42534 l42540 ls781">3-5 </span><span class="pp-class-236 pa t42534 l42541 ls106">years. </span><span class="pp-class-236 pa t42534 l42542 ls129">Estimates </span><span class="pp-class-236 pa t42534 l42543 ls2222">are </span><span class="pp-class-236 pa t42534 l42544 ls1790">performed </span><span class="pp-class-236 pa t42545 l3 ls2368">annually </span><span class="pp-class-236 pa t42545 l42546 ls138">based </span><span class="pp-class-236 pa t42545 l19454 ls177">on </span><span class="pp-class-236 pa t42545 l42547 ls234">forecasts, </span><span class="pp-class-236 pa t42545 l42548 ls113">business </span><span class="pp-class-236 pa t42545 l42549 ls63">initiatives </span><span class="pp-class-236 pa t42545 l42550 ls115">and </span><span class="pp-class-236 pa t42545 l42551 ls278">likely </span><span class="pp-class-236 pa t42545 l42552 ls252">structural </span><span class="pp-class-236 pa t42545 l42553 ls113">changes </span><span class="pp-class-236 pa t42545 l42554 ls570">for </span><span class="pp-class-236 pa t42545 l42555 ls115">the </span><span class="pp-class-236 pa t42545 l42556 ls138">coming </span><span class="pp-class-236 pa t42545 l42557 ls131">years.</span></p></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42680 l33989 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42680 l42681 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42680 l42682 ls773 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t42680 l42683 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42680 l42684 ls2889 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t42680 l42685 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42686 ls1463 wtro3142 wtr3143 tro3144 tr3145">liability </span><span class="pp-class-236 pa t42680 l12340 ls2270 wtro3142 wtr3143 tro3144 tr3145">method </span><span class="pp-class-236 pa t42680 l42687 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42680 l42688 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42680 l42689 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42680 l42690 ls6146 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t42680 l42691 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42692 ls179 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42693 l3 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42693 l42694 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42695 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l13110 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42696 ls2207 wtro3142 wtr3143 tro3144 tr3145">base </span><span class="pp-class-236 pa t42693 l42697 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42693 l42698 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42699 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42693 l42700 ls168 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42701 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42693 l42702 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42693 l42703 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42704 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42693 l42705 ls1882 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t42693 l42706 ls2977 wtro3142 wtr3143 tro3144 tr3145">However, </span><span class="pp-class-236 pa t42693 l42707 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42693 l42708 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42709 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42693 l42710 ls2036 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t42711 l3 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42711 l42712 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42713 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42711 l42714 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42711 l42715 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42711 l42716 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42711 l42717 ls6146 wtro3142 wtr3143 tro3144 tr3145">non-tax-deductible </span><span class="pp-class-236 pa t42711 l42718 ls681 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t42711 l42719 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42711 l42720 ls2081 wtro3142 wtr3143 tro3144 tr3145">arose </span><span class="pp-class-236 pa t42711 l42721 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42722 ls681 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t42723 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t42723 l42724 ls4787 wtro3142 wtr3143 tro3144 tr3145">without </span><span class="pp-class-236 pa t42723 l42725 ls849 wtro3142 wtr3143 tro3144 tr3145">impacting </span><span class="pp-class-236 pa t42723 l42726 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42723 l42727 ls2855 wtro3142 wtr3143 tro3144 tr3145">result </span><span class="pp-class-236 pa t42723 l42728 ls747 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t42723 l42729 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42723 l19588 ls4558 wtro3142 wtr3143 tro3144 tr3145">income. </span><span class="pp-class-236 pa t42723 l42730 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42723 l42731 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42723 l42732 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42723 l42733 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42723 l42734 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42723 l42735 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42723 l42736 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42723 l42737 ls616 wtro3142 wtr3143 tro3144 tr3145">subject </span><span class="pp-class-236 pa t42738 l3 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42739 ls7468 wtro3142 wtr3143 tro3144 tr3145">tonnage </span><span class="pp-class-236 pa t42738 l42740 ls4149 wtro3142 wtr3143 tro3144 tr3145">taxation </span><span class="pp-class-236 pa t42738 l42741 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42742 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42738 l42743 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42744 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42738 l42745 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42738 l42746 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42738 l42747 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42738 l42748 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42738 l42749 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42750 ls8367 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t42738 l42751 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42752 ls1131 wtro3142 wtr3143 tro3144 tr3145">crystallise. </span><span class="pp-class-236 pa t42738 l42753 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42738 l42754 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42755 l3 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42755 l42756 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42755 l42757 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42755 l42758 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42755 l42759 ls168 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t42755 l8060 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42755 l42760 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42755 l42761 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42755 l42762 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42755 l42763 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42755 l19269 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42755 l42764 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42755 l42765 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42755 l36826 ls877 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t42755 l42766 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42755 l42767 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses. </span><span class="pp-class-236 pa t42768 l42769 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42768 l42770 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l42771 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42768 l42772 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42768 l42773 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42768 l42774 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42768 l42775 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42768 l42776 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42768 l42777 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42778 ls747 wtro3142 wtr3143 tro3144 tr3145">it </span><span class="pp-class-236 pa t42768 l42779 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42768 l42780 ls6824 wtro3142 wtr3143 tro3144 tr3145">probable </span><span class="pp-class-236 pa t42768 l42781 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42782 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42768 l42783 ls2565 wtro3142 wtr3143 tro3144 tr3145">profit </span><span class="pp-class-236 pa t42768 l42784 ls2207 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t42768 l42785 ls131 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42786 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">available </span><span class="pp-class-236 pa t42786 l42787 ls1815 wtro3142 wtr3143 tro3144 tr3145">against </span><span class="pp-class-236 pa t42786 l42788 ls2889 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t42786 l42789 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42790 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42786 l42791 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42786 l42792 ls110 wtro3142 wtr3143 tro3144 tr3145">differences, </span><span class="pp-class-236 pa t42786 l42793 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42786 l42794 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42795 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42786 l42796 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42786 l42797 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42786 l42798 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42786 l42799 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42800 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses, </span><span class="pp-class-236 pa t42800 l42769 ls630 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t42800 l42801 ls747 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42800 l42802 ls681 wtro3142 wtr3143 tro3144 tr3145">utilised </span><span class="pp-class-236 pa t42800 l42803 ls747 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t42800 l42804 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42800 l42805 ls4609 wtro3142 wtr3143 tro3144 tr3145">foreseeable </span><span class="pp-class-236 pa t42800 l42806 ls2848 wtro3142 wtr3143 tro3144 tr3145">future. </span><span class="pp-class-236 pa t42800 l42807 ls630 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t42800 l42808 ls560 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42800 l42809 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42800 l42810 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42800 l42811 ls8200 wtro3142 wtr3143 tro3144 tr3145">reviewed </span><span class="pp-class-236 pa t42800 l42812 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42800 l42813 ls877 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t42800 l42814 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42800 l42815 ls4780 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42816 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">Deferred </span><span class="pp-class-236 pa t42816 l42817 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42816 l42818 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42816 l35333 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured </span><span class="pp-class-236 pa t42816 l42819 ls2846 wtro3142 wtr23376 tro3144 tr23377">based </span><span class="pp-class-236 pa t42816 l42820 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42816 l42821 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42822 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42816 l42823 ls3200 wtro3142 wtr23376 tro3144 tr23377">use </span><span class="pp-class-236 pa t42816 l42824 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42825 ls4371 wtro3142 wtr23376 tro3144 tr23377">settlement </span><span class="pp-class-236 pa t42816 l42826 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42816 l42827 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42828 ls17551 wtro3142 wtr23376 tro3144 tr23377">individual </span><span class="pp-class-236 pa t42816 l42829 ls913 wtro3142 wtr23376 tro3144 tr23377">assets </span><span class="pp-class-236 pa t42816 l42830 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42831 ls2846 wtro3142 wtr23376 tro3144 tr23377">liabilities </span><span class="pp-class-236 pa t42832 l3 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l42833 ls3579 wtro3142 wtr23376 tro3144 tr23377">according </span><span class="pp-class-236 pa t42832 l42834 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42832 l42835 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42836 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42837 ls2846 wtro3142 wtr23376 tro3144 tr23377">rules </span><span class="pp-class-236 pa t42832 l42838 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l3730 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42839 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42053 ls2260 wtro3142 wtr23376 tro3144 tr23377">known </span><span class="pp-class-236 pa t42832 l42840 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42841 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42832 l42842 ls17551 wtro3142 wtr23376 tro3144 tr23377">applicable </span><span class="pp-class-236 pa t42832 l42843 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42844 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42845 ls1017 wtro3142 wtr23376 tro3144 tr23377">balance </span><span class="pp-class-236 pa t42832 l42846 ls17606 wtro3142 wtr23376 tro3144 tr23377">sheet </span><span class="pp-class-236 pa t42832 l42847 ls30681 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t42832 l42848 ls17548 wtro3142 wtr23376 tro3144 tr23377">when </span><span class="pp-class-236 pa t42832 l42849 ls556 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42850 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42851 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42852 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42850 l42853 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42850 l42854 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42850 l33920 ls25295 wtro3142 wtr23376 tro3144 tr23377">crystallise </span><span class="pp-class-236 pa t42850 l42855 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42856 ls894 wtro3142 wtr23376 tro3144 tr23377">current </span><span class="pp-class-236 pa t42850 l42857 ls3170 wtro3142 wtr23376 tro3144 tr23377">tax. </span><span class="pp-class-236 pa t42850 l42858 ls3200 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t42850 l42859 ls10811 wtro3142 wtr23376 tro3144 tr23377">change </span><span class="pp-class-236 pa t42850 l42860 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42861 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42862 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42863 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42864 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42850 l42865 ls3124 wtro3142 wtr23376 tro3144 tr23377">result </span><span class="pp-class-236 pa t42850 l42866 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42850 l42867 ls1017 wtro3142 wtr23376 tro3144 tr23377">changes </span><span class="pp-class-236 pa t42850 l42868 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42869 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l3 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42870 l42871 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42870 l42872 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42870 l42873 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42870 l42874 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42875 ls10811 wtro3142 wtr23376 tro3144 tr23377">income </span><span class="pp-class-236 pa t42870 l42876 ls23417 wtro3142 wtr23376 tro3144 tr23377">statement. </span><span class="pp-class-236 pa t42870 l42877 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42870 l42878 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l42879 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42870 l42880 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42870 l42881 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured, </span><span class="pp-class-236 pa t42870 l42882 ls15952 wtro3142 wtr23376 tro3144 tr23377">depending </span><span class="pp-class-236 pa t42870 l42883 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42870 l42884 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42885 ls2855 wtro3142 wtr23376 tro3144 tr23377">type, </span><span class="pp-class-236 pa t42886 l3 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42886 l42887 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42888 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42886 l42889 ls30818 wtro3142 wtr23376 tro3144 tr23377">probability-weighted </span><span class="pp-class-236 pa t42886 l42890 ls42891 wtro3142 wtr23376 tro3144 tr23377">average </span><span class="pp-class-236 pa t42886 l42892 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42886 l42893 ls8200 wtro3142 wtr23376 tro3144 tr23377">possible </span><span class="pp-class-236 pa t42886 l42894 ls1075 wtro3142 wtr23376 tro3144 tr23377">outcomes </span><span class="pp-class-236 pa t42886 l42895 ls2081 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t42886 l42896 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42897 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42886 l42898 ls17548 wtro3142 wtr23376 tro3144 tr23377">most </span><span class="pp-class-236 pa t42886 l42899 ls12451 wtro3142 wtr23376 tro3144 tr23377">likely </span><span class="pp-class-236 pa t42886 l42900 ls29281 wtro3142 wtr23376 tro3144 tr23377">outcome. </span><span class="pp-class-236 pa t42886 l42901 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42886 l42902 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l3 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42903 l42904 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42903 l42905 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42903 l42906 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42903 l42907 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42908 ls37533 wtro3142 wtr23376 tro3144 tr23377">payable/receivable </span><span class="pp-class-236 pa t42903 l42909 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l22646 ls16724 wtro3142 wtr23376 tro3144 tr23377">and/or </span><span class="pp-class-236 pa t42903 l42910 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42911 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42903 l42912 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l42913 ls13390 wtro3142 wtr23376 tro3144 tr23377">assets/liabilities.</span></p> <div class="pp-class-227 pp-class-256" id="pp-id-5318" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h42558 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls13324">Tax </span><span class="pp-class-236 pa t40754 l42559 ls553">for </span><span class="pp-class-236 pa t40754 l40652 ls651">the </span><span class="pp-class-236 pa t40754 l42560 ls8048">year </span><span class="pp-class-236 pa t40754 l42561 ls995">comprises </span><span class="pp-class-236 pa t40754 l42562 ls1764">income </span><span class="pp-class-236 pa t40754 l4232 ls995">tax, </span><span class="pp-class-236 pa t40754 l12494 ls1404">tonnage </span><span class="pp-class-236 pa t40754 l42563 ls995">tax, </span><span class="pp-class-236 pa t40754 l39043 ls651">and </span><span class="pp-class-236 pa t40754 l42564 ls536">joint </span><span class="pp-class-236 pa t40754 l42565 ls4017">taxation </span><span class="pp-class-236 pa t40754 l42566 ls949">contribution </span><span class="pp-class-236 pa t40754 l42567 ls553">for </span><span class="pp-class-236 pa t40754 l42568 ls572">the </span><span class="pp-class-236 pa t40754 l42569 ls8048">year </span><span class="pp-class-236 pa t40754 l42570 ls197">of </span><span class="pp-class-236 pa t40763 l3 ls1764">Danish </span><span class="pp-class-236 pa t40763 l42571 ls4248">subsidiaries </span><span class="pp-class-236 pa t40763 l42572 ls811">as </span><span class="pp-class-236 pa t40763 l42573 ls8048">well </span><span class="pp-class-236 pa t40763 l42574 ls811">as </span><span class="pp-class-236 pa t40763 l42575 ls2036">changes </span><span class="pp-class-236 pa t40763 l42576 ls811">in </span><span class="pp-class-236 pa t40763 l42577 ls5781">deferred </span><span class="pp-class-236 pa t40763 l42578 ls2036">tax </span><span class="pp-class-236 pa t40763 l42579 ls553">for </span><span class="pp-class-236 pa t40763 l42580 ls651">the </span><span class="pp-class-236 pa t40763 l42581 ls853">year. </span><span class="pp-class-236 pa t40763 l42582 ls8384">Additionally, </span><span class="pp-class-236 pa t40763 l42583 ls651">the </span><span class="pp-class-236 pa t40763 l42584 ls2036">tax </span><span class="pp-class-236 pa t40763 l42585 ls553">for </span><span class="pp-class-236 pa t40763 l42586 ls572">the </span><span class="pp-class-236 pa t40763 l42587 ls546">year </span><span class="pp-class-236 pa t40775 l3 ls995">comprises </span><span class="pp-class-236 pa t40775 l34231 ls553">adjustments </span><span class="pp-class-236 pa t40775 l30738 ls538">to </span><span class="pp-class-236 pa t40775 l42588 ls538">prior </span><span class="pp-class-236 pa t40775 l42589 ls758">years' </span><span class="pp-class-236 pa t40775 l31583 ls1815">taxes </span><span class="pp-class-236 pa t40775 l42590 ls651">and </span><span class="pp-class-236 pa t40775 l28614 ls2036">changes </span><span class="pp-class-236 pa t40775 l42591 ls811">in </span><span class="pp-class-236 pa t40775 l42592 ls651">the </span><span class="pp-class-236 pa t40775 l42593 ls524">assessment </span><span class="pp-class-236 pa t40775 l42594 ls98">of </span><span class="pp-class-236 pa t40775 l42595 ls5781">provisions </span><span class="pp-class-236 pa t40775 l42596 ls94">for </span><span class="pp-class-236 pa t41664 l3 ls670">uncertain </span><span class="pp-class-236 pa t41664 l12742 ls2036">tax </span><span class="pp-class-236 pa t41664 l42597 ls562">positions. </span><span class="pp-class-236 pa t41664 l42598 ls651">The </span><span class="pp-class-236 pa t41664 l42599 ls2036">tax </span><span class="pp-class-236 pa t41664 l28812 ls553">for </span><span class="pp-class-236 pa t41664 l38383 ls651">the </span><span class="pp-class-236 pa t41664 l42600 ls8048">year </span><span class="pp-class-236 pa t41664 l13210 ls811">is </span><span class="pp-class-236 pa t41664 l42601 ls667">recognised </span><span class="pp-class-236 pa t41664 l42602 ls811">in </span><span class="pp-class-236 pa t41664 l42603 ls651">the </span><span class="pp-class-236 pa t41664 l42604 ls1764">income </span><span class="pp-class-236 pa t41664 l42605 ls556">statement </span><span class="pp-class-236 pa t41664 l42606 ls811">or </span><span class="pp-class-236 pa t41664 l42607 ls811">in </span><span class="pp-class-236 pa t41664 l42608 ls651">the </span><span class="pp-class-236 pa t41664 l42609 ls1764">equity </span><span class="pp-class-236 pa t41664 l42610 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls2969">correlation </span><span class="pp-class-236 pa t40783 l42611 ls538">to </span><span class="pp-class-236 pa t40783 l42612 ls651">the </span><span class="pp-class-236 pa t40783 l42613 ls2197">underlying </span><span class="pp-class-236 pa t40783 l42614 ls2969">transaction.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40806 l3 ls428">The </span><span class="pp-class-236 pa t40806 l42615 ls2222">current </span><span class="pp-class-236 pa t40806 l33778 ls4248">payable </span><span class="pp-class-236 pa t40806 l42616 ls106">Danish </span><span class="pp-class-236 pa t40806 l42617 ls608">corporation </span><span class="pp-class-236 pa t40806 l38443 ls184">tax </span><span class="pp-class-236 pa t40806 l40300 ls1547">is </span><span class="pp-class-236 pa t40806 l42618 ls811">allocated </span><span class="pp-class-236 pa t40806 l42619 ls747">by </span><span class="pp-class-236 pa t40806 l42620 ls428">the </span><span class="pp-class-236 pa t40806 l42621 ls592">settlement </span><span class="pp-class-236 pa t40806 l42622 ls197">of </span><span class="pp-class-236 pa t40806 l42623 ls71">a </span><span class="pp-class-236 pa t40806 l42624 ls131">joint </span><span class="pp-class-236 pa t40806 l42625 ls4248">taxation </span><span class="pp-class-236 pa t40818 l3 ls252">contribution </span><span class="pp-class-236 pa t40818 l10769 ls651">between </span><span class="pp-class-236 pa t40818 l42626 ls428">the </span><span class="pp-class-236 pa t40818 l33338 ls625">jointly </span><span class="pp-class-236 pa t40818 l42627 ls747">taxed </span><span class="pp-class-236 pa t40818 l42628 ls1133">companies </span><span class="pp-class-236 pa t40818 l42629 ls1547">in </span><span class="pp-class-236 pa t40818 l42630 ls2368">proportion </span><span class="pp-class-236 pa t40818 l42631 ls184">to </span><span class="pp-class-236 pa t40818 l42632 ls15">their </span><span class="pp-class-236 pa t40818 l42633 ls670">taxable </span><span class="pp-class-236 pa t40818 l42634 ls1747">income. </span><span class="pp-class-236 pa t40818 l42635 ls129">Companies </span><span class="pp-class-236 pa t42636 l3 ls129">with </span><span class="pp-class-236 pa t42636 l17175 ls184">tax </span><span class="pp-class-236 pa t42636 l42637 ls106">losses </span><span class="pp-class-236 pa t42636 l42638 ls541">receive </span><span class="pp-class-236 pa t42636 l42639 ls131">joint </span><span class="pp-class-236 pa t42636 l42640 ls530">taxation </span><span class="pp-class-236 pa t42636 l42641 ls252">contributions </span><span class="pp-class-236 pa t42636 l42642 ls4248">from </span><span class="pp-class-236 pa t42636 l42643 ls1645">companies </span><span class="pp-class-236 pa t42636 l42644 ls584">that </span><span class="pp-class-236 pa t42636 l42645 ls3855">have </span><span class="pp-class-236 pa t42636 l42646 ls129">been </span><span class="pp-class-236 pa t42636 l42647 ls129">able </span><span class="pp-class-236 pa t42636 l42648 ls184">to </span><span class="pp-class-236 pa t42636 l42649 ls807">utilise </span><span class="pp-class-236 pa t42636 l42650 ls71">the </span><span class="pp-class-236 pa t42651 l3 ls184">tax </span><span class="pp-class-236 pa t42651 l42652 ls106">losses </span><span class="pp-class-236 pa t42651 l42653 ls184">to </span><span class="pp-class-236 pa t42651 l42654 ls2222">reduce </span><span class="pp-class-236 pa t42651 l42655 ls15">their </span><span class="pp-class-236 pa t42651 l42656 ls670">own </span><span class="pp-class-236 pa t42651 l17116 ls670">taxable </span><span class="pp-class-236 pa t42651 l42657 ls3791">profit. </span><span class="pp-class-236 pa t42651 l42658 ls3139">Tax </span><span class="pp-class-236 pa t42651 l42659 ls184">computed </span><span class="pp-class-236 pa t42651 l42660 ls1547">on </span><span class="pp-class-236 pa t42651 l42661 ls428">the </span><span class="pp-class-236 pa t42651 l42662 ls670">taxable </span><span class="pp-class-236 pa t42651 l42663 ls106">income </span><span class="pp-class-236 pa t42651 l42664 ls428">and </span><span class="pp-class-236 pa t42651 l42665 ls10">tonnage </span><span class="pp-class-236 pa t42651 l39024 ls428">tax </span><span class="pp-class-236 pa t42666 l3 ls80">for </span><span class="pp-class-236 pa t42666 l42667 ls428">the </span><span class="pp-class-236 pa t42666 l19883 ls33">year </span><span class="pp-class-236 pa t42666 l42668 ls1547">is </span><span class="pp-class-236 pa t42666 l13544 ls592">recognised </span><span class="pp-class-236 pa t42666 l42656 ls1547">in </span><span class="pp-class-236 pa t42666 l42669 ls428">the </span><span class="pp-class-236 pa t42666 l42670 ls807">balance </span><span class="pp-class-236 pa t42666 l42671 ls2315">sheet </span><span class="pp-class-236 pa t42666 l38708 ls1547">as </span><span class="pp-class-236 pa t42666 l42672 ls4248">payable </span><span class="pp-class-236 pa t42666 l42673 ls1547">or </span><span class="pp-class-236 pa t42666 l42674 ls1764">receivable </span><span class="pp-class-236 pa t42666 l42675 ls747">corporate </span><span class="pp-class-236 pa t42666 l42676 ls184">tax </span><span class="pp-class-236 pa t42666 l42677 ls15">considering </span><span class="pp-class-236 pa t42678 l3 ls553">on-account/advance </span><span class="pp-class-236 pa t42678 l42679 ls576">payments.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42680 l33989 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42680 l42681 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42680 l42682 ls773 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t42680 l42683 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42680 l42684 ls2889 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t42680 l42685 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42686 ls1463 wtro3142 wtr3143 tro3144 tr3145">liability </span><span class="pp-class-236 pa t42680 l12340 ls2270 wtro3142 wtr3143 tro3144 tr3145">method </span><span class="pp-class-236 pa t42680 l42687 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42680 l42688 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42680 l42689 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42680 l42690 ls6146 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t42680 l42691 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42692 ls179 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42693 l3 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42693 l42694 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42695 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l13110 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42696 ls2207 wtro3142 wtr3143 tro3144 tr3145">base </span><span class="pp-class-236 pa t42693 l42697 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42693 l42698 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42699 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42693 l42700 ls168 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42701 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42693 l42702 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42693 l42703 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42704 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42693 l42705 ls1882 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t42693 l42706 ls2977 wtro3142 wtr3143 tro3144 tr3145">However, </span><span class="pp-class-236 pa t42693 l42707 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42693 l42708 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42709 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42693 l42710 ls2036 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t42711 l3 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42711 l42712 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42713 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42711 l42714 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42711 l42715 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42711 l42716 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42711 l42717 ls6146 wtro3142 wtr3143 tro3144 tr3145">non-tax-deductible </span><span class="pp-class-236 pa t42711 l42718 ls681 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t42711 l42719 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42711 l42720 ls2081 wtro3142 wtr3143 tro3144 tr3145">arose </span><span class="pp-class-236 pa t42711 l42721 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42722 ls681 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t42723 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t42723 l42724 ls4787 wtro3142 wtr3143 tro3144 tr3145">without </span><span class="pp-class-236 pa t42723 l42725 ls849 wtro3142 wtr3143 tro3144 tr3145">impacting </span><span class="pp-class-236 pa t42723 l42726 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42723 l42727 ls2855 wtro3142 wtr3143 tro3144 tr3145">result </span><span class="pp-class-236 pa t42723 l42728 ls747 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t42723 l42729 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42723 l19588 ls4558 wtro3142 wtr3143 tro3144 tr3145">income. </span><span class="pp-class-236 pa t42723 l42730 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42723 l42731 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42723 l42732 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42723 l42733 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42723 l42734 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42723 l42735 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42723 l42736 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42723 l42737 ls616 wtro3142 wtr3143 tro3144 tr3145">subject </span><span class="pp-class-236 pa t42738 l3 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42739 ls7468 wtro3142 wtr3143 tro3144 tr3145">tonnage </span><span class="pp-class-236 pa t42738 l42740 ls4149 wtro3142 wtr3143 tro3144 tr3145">taxation </span><span class="pp-class-236 pa t42738 l42741 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42742 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42738 l42743 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42744 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42738 l42745 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42738 l42746 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42738 l42747 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42738 l42748 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42738 l42749 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42750 ls8367 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t42738 l42751 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42752 ls1131 wtro3142 wtr3143 tro3144 tr3145">crystallise. </span><span class="pp-class-236 pa t42738 l42753 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42738 l42754 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42755 l3 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42755 l42756 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42755 l42757 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42755 l42758 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42755 l42759 ls168 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t42755 l8060 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42755 l42760 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42755 l42761 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42755 l42762 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42755 l42763 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42755 l19269 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42755 l42764 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42755 l42765 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42755 l36826 ls877 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t42755 l42766 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42755 l42767 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses. </span><span class="pp-class-236 pa t42768 l42769 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42768 l42770 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l42771 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42768 l42772 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42768 l42773 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42768 l42774 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42768 l42775 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42768 l42776 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42768 l42777 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42778 ls747 wtro3142 wtr3143 tro3144 tr3145">it </span><span class="pp-class-236 pa t42768 l42779 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42768 l42780 ls6824 wtro3142 wtr3143 tro3144 tr3145">probable </span><span class="pp-class-236 pa t42768 l42781 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42782 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42768 l42783 ls2565 wtro3142 wtr3143 tro3144 tr3145">profit </span><span class="pp-class-236 pa t42768 l42784 ls2207 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t42768 l42785 ls131 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42786 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">available </span><span class="pp-class-236 pa t42786 l42787 ls1815 wtro3142 wtr3143 tro3144 tr3145">against </span><span class="pp-class-236 pa t42786 l42788 ls2889 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t42786 l42789 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42790 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42786 l42791 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42786 l42792 ls110 wtro3142 wtr3143 tro3144 tr3145">differences, </span><span class="pp-class-236 pa t42786 l42793 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42786 l42794 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42795 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42786 l42796 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42786 l42797 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42786 l42798 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42786 l42799 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42800 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses, </span><span class="pp-class-236 pa t42800 l42769 ls630 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t42800 l42801 ls747 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42800 l42802 ls681 wtro3142 wtr3143 tro3144 tr3145">utilised </span><span class="pp-class-236 pa t42800 l42803 ls747 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t42800 l42804 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42800 l42805 ls4609 wtro3142 wtr3143 tro3144 tr3145">foreseeable </span><span class="pp-class-236 pa t42800 l42806 ls2848 wtro3142 wtr3143 tro3144 tr3145">future. </span><span class="pp-class-236 pa t42800 l42807 ls630 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t42800 l42808 ls560 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42800 l42809 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42800 l42810 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42800 l42811 ls8200 wtro3142 wtr3143 tro3144 tr3145">reviewed </span><span class="pp-class-236 pa t42800 l42812 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42800 l42813 ls877 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t42800 l42814 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42800 l42815 ls4780 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42816 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">Deferred </span><span class="pp-class-236 pa t42816 l42817 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42816 l42818 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42816 l35333 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured </span><span class="pp-class-236 pa t42816 l42819 ls2846 wtro3142 wtr23376 tro3144 tr23377">based </span><span class="pp-class-236 pa t42816 l42820 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42816 l42821 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42822 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42816 l42823 ls3200 wtro3142 wtr23376 tro3144 tr23377">use </span><span class="pp-class-236 pa t42816 l42824 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42825 ls4371 wtro3142 wtr23376 tro3144 tr23377">settlement </span><span class="pp-class-236 pa t42816 l42826 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42816 l42827 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42828 ls17551 wtro3142 wtr23376 tro3144 tr23377">individual </span><span class="pp-class-236 pa t42816 l42829 ls913 wtro3142 wtr23376 tro3144 tr23377">assets </span><span class="pp-class-236 pa t42816 l42830 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42831 ls2846 wtro3142 wtr23376 tro3144 tr23377">liabilities </span><span class="pp-class-236 pa t42832 l3 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l42833 ls3579 wtro3142 wtr23376 tro3144 tr23377">according </span><span class="pp-class-236 pa t42832 l42834 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42832 l42835 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42836 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42837 ls2846 wtro3142 wtr23376 tro3144 tr23377">rules </span><span class="pp-class-236 pa t42832 l42838 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l3730 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42839 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42053 ls2260 wtro3142 wtr23376 tro3144 tr23377">known </span><span class="pp-class-236 pa t42832 l42840 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42841 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42832 l42842 ls17551 wtro3142 wtr23376 tro3144 tr23377">applicable </span><span class="pp-class-236 pa t42832 l42843 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42844 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42845 ls1017 wtro3142 wtr23376 tro3144 tr23377">balance </span><span class="pp-class-236 pa t42832 l42846 ls17606 wtro3142 wtr23376 tro3144 tr23377">sheet </span><span class="pp-class-236 pa t42832 l42847 ls30681 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t42832 l42848 ls17548 wtro3142 wtr23376 tro3144 tr23377">when </span><span class="pp-class-236 pa t42832 l42849 ls556 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42850 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42851 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42852 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42850 l42853 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42850 l42854 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42850 l33920 ls25295 wtro3142 wtr23376 tro3144 tr23377">crystallise </span><span class="pp-class-236 pa t42850 l42855 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42856 ls894 wtro3142 wtr23376 tro3144 tr23377">current </span><span class="pp-class-236 pa t42850 l42857 ls3170 wtro3142 wtr23376 tro3144 tr23377">tax. </span><span class="pp-class-236 pa t42850 l42858 ls3200 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t42850 l42859 ls10811 wtro3142 wtr23376 tro3144 tr23377">change </span><span class="pp-class-236 pa t42850 l42860 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42861 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42862 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42863 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42864 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42850 l42865 ls3124 wtro3142 wtr23376 tro3144 tr23377">result </span><span class="pp-class-236 pa t42850 l42866 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42850 l42867 ls1017 wtro3142 wtr23376 tro3144 tr23377">changes </span><span class="pp-class-236 pa t42850 l42868 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42869 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l3 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42870 l42871 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42870 l42872 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42870 l42873 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42870 l42874 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42875 ls10811 wtro3142 wtr23376 tro3144 tr23377">income </span><span class="pp-class-236 pa t42870 l42876 ls23417 wtro3142 wtr23376 tro3144 tr23377">statement. </span><span class="pp-class-236 pa t42870 l42877 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42870 l42878 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l42879 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42870 l42880 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42870 l42881 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured, </span><span class="pp-class-236 pa t42870 l42882 ls15952 wtro3142 wtr23376 tro3144 tr23377">depending </span><span class="pp-class-236 pa t42870 l42883 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42870 l42884 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42885 ls2855 wtro3142 wtr23376 tro3144 tr23377">type, </span><span class="pp-class-236 pa t42886 l3 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42886 l42887 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42888 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42886 l42889 ls30818 wtro3142 wtr23376 tro3144 tr23377">probability-weighted </span><span class="pp-class-236 pa t42886 l42890 ls42891 wtro3142 wtr23376 tro3144 tr23377">average </span><span class="pp-class-236 pa t42886 l42892 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42886 l42893 ls8200 wtro3142 wtr23376 tro3144 tr23377">possible </span><span class="pp-class-236 pa t42886 l42894 ls1075 wtro3142 wtr23376 tro3144 tr23377">outcomes </span><span class="pp-class-236 pa t42886 l42895 ls2081 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t42886 l42896 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42897 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42886 l42898 ls17548 wtro3142 wtr23376 tro3144 tr23377">most </span><span class="pp-class-236 pa t42886 l42899 ls12451 wtro3142 wtr23376 tro3144 tr23377">likely </span><span class="pp-class-236 pa t42886 l42900 ls29281 wtro3142 wtr23376 tro3144 tr23377">outcome. </span><span class="pp-class-236 pa t42886 l42901 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42886 l42902 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l3 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42903 l42904 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42903 l42905 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42903 l42906 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42903 l42907 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42908 ls37533 wtro3142 wtr23376 tro3144 tr23377">payable/receivable </span><span class="pp-class-236 pa t42903 l42909 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l22646 ls16724 wtro3142 wtr23376 tro3144 tr23377">and/or </span><span class="pp-class-236 pa t42903 l42910 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42911 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42903 l42912 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l42913 ls13390 wtro3142 wtr23376 tro3144 tr23377">assets/liabilities.</span></p></div></div> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42680 l33989 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42680 l42681 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42680 l42682 ls773 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t42680 l42683 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42680 l42684 ls2889 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t42680 l42685 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42686 ls1463 wtro3142 wtr3143 tro3144 tr3145">liability </span><span class="pp-class-236 pa t42680 l12340 ls2270 wtro3142 wtr3143 tro3144 tr3145">method </span><span class="pp-class-236 pa t42680 l42687 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42680 l42688 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42680 l42689 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42680 l42690 ls6146 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t42680 l42691 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42680 l42692 ls179 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42693 l3 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42693 l42694 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42695 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l13110 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42696 ls2207 wtro3142 wtr3143 tro3144 tr3145">base </span><span class="pp-class-236 pa t42693 l42697 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42693 l42698 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42699 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42693 l42700 ls168 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42693 l42701 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42693 l42702 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42693 l42703 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42693 l42704 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42693 l42705 ls1882 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t42693 l42706 ls2977 wtro3142 wtr3143 tro3144 tr3145">However, </span><span class="pp-class-236 pa t42693 l42707 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42693 l42708 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42693 l42709 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42693 l42710 ls2036 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t42711 l3 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42711 l42712 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42713 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42711 l42714 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42711 l42715 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42711 l42716 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42711 l42717 ls6146 wtro3142 wtr3143 tro3144 tr3145">non-tax-deductible </span><span class="pp-class-236 pa t42711 l42718 ls681 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t42711 l42719 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42711 l42720 ls2081 wtro3142 wtr3143 tro3144 tr3145">arose </span><span class="pp-class-236 pa t42711 l42721 ls747 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t42711 l42722 ls681 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t42723 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t42723 l42724 ls4787 wtro3142 wtr3143 tro3144 tr3145">without </span><span class="pp-class-236 pa t42723 l42725 ls849 wtro3142 wtr3143 tro3144 tr3145">impacting </span><span class="pp-class-236 pa t42723 l42726 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42723 l42727 ls2855 wtro3142 wtr3143 tro3144 tr3145">result </span><span class="pp-class-236 pa t42723 l42728 ls747 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t42723 l42729 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42723 l19588 ls4558 wtro3142 wtr3143 tro3144 tr3145">income. </span><span class="pp-class-236 pa t42723 l42730 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42723 l42731 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42723 l42732 ls4284 wtro3142 wtr3143 tro3144 tr3145">relating </span><span class="pp-class-236 pa t42723 l42733 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42723 l42734 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42723 l42735 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42723 l42736 ls603 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t42723 l42737 ls616 wtro3142 wtr3143 tro3144 tr3145">subject </span><span class="pp-class-236 pa t42738 l3 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42739 ls7468 wtro3142 wtr3143 tro3144 tr3145">tonnage </span><span class="pp-class-236 pa t42738 l42740 ls4149 wtro3142 wtr3143 tro3144 tr3145">taxation </span><span class="pp-class-236 pa t42738 l42741 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42742 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42738 l42743 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42744 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42738 l42745 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42738 l42746 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42738 l42747 ls8367 wtro3142 wtr3143 tro3144 tr3145">deferred </span><span class="pp-class-236 pa t42738 l42748 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42738 l42749 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42738 l42750 ls8367 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t42738 l42751 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42738 l42752 ls1131 wtro3142 wtr3143 tro3144 tr3145">crystallise. </span><span class="pp-class-236 pa t42738 l42753 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42738 l42754 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42755 l3 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42755 l42756 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42755 l42757 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42755 l42758 ls877 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t42755 l42759 ls168 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t42755 l8060 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42755 l42760 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42755 l42761 ls4609 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t42755 l42762 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42755 l42763 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42755 l19269 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42755 l42764 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42755 l42765 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42755 l36826 ls877 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t42755 l42766 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42755 l42767 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses. </span><span class="pp-class-236 pa t42768 l42769 ls8367 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t42768 l42770 ls3855 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42768 l42771 ls2270 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t42768 l42772 ls3292 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t42768 l42773 ls4290 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t42768 l42774 ls1780 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t42768 l42775 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42768 l42776 ls1882 wtro3142 wtr3143 tro3144 tr3145">extent </span><span class="pp-class-236 pa t42768 l42777 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42778 ls747 wtro3142 wtr3143 tro3144 tr3145">it </span><span class="pp-class-236 pa t42768 l42779 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42768 l42780 ls6824 wtro3142 wtr3143 tro3144 tr3145">probable </span><span class="pp-class-236 pa t42768 l42781 ls1118 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t42768 l42782 ls2767 wtro3142 wtr3143 tro3144 tr3145">taxable </span><span class="pp-class-236 pa t42768 l42783 ls2565 wtro3142 wtr3143 tro3144 tr3145">profit </span><span class="pp-class-236 pa t42768 l42784 ls2207 wtro3142 wtr3143 tro3144 tr3145">will </span><span class="pp-class-236 pa t42768 l42785 ls131 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42786 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">available </span><span class="pp-class-236 pa t42786 l42787 ls1815 wtro3142 wtr3143 tro3144 tr3145">against </span><span class="pp-class-236 pa t42786 l42788 ls2889 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t42786 l42789 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42790 ls4558 wtro3142 wtr3143 tro3144 tr3145">deductible </span><span class="pp-class-236 pa t42786 l42791 ls2687 wtro3142 wtr3143 tro3144 tr3145">temporary </span><span class="pp-class-236 pa t42786 l42792 ls110 wtro3142 wtr3143 tro3144 tr3145">differences, </span><span class="pp-class-236 pa t42786 l42793 ls630 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t42786 l42794 ls630 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42786 l42795 ls278 wtro3142 wtr3143 tro3144 tr3145">carry </span><span class="pp-class-236 pa t42786 l42796 ls8384 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t42786 l42797 ls278 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t42786 l42798 ls556 wtro3142 wtr3143 tro3144 tr3145">unused </span><span class="pp-class-236 pa t42786 l42799 ls670 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t42800 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">losses, </span><span class="pp-class-236 pa t42800 l42769 ls630 wtro3142 wtr3143 tro3144 tr3145">can </span><span class="pp-class-236 pa t42800 l42801 ls747 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t42800 l42802 ls681 wtro3142 wtr3143 tro3144 tr3145">utilised </span><span class="pp-class-236 pa t42800 l42803 ls747 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t42800 l42804 ls168 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t42800 l42805 ls4609 wtro3142 wtr3143 tro3144 tr3145">foreseeable </span><span class="pp-class-236 pa t42800 l42806 ls2848 wtro3142 wtr3143 tro3144 tr3145">future. </span><span class="pp-class-236 pa t42800 l42807 ls630 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t42800 l42808 ls560 wtro3142 wtr3143 tro3144 tr3145">carrying </span><span class="pp-class-236 pa t42800 l42809 ls681 wtro3142 wtr3143 tro3144 tr3145">amount </span><span class="pp-class-236 pa t42800 l42810 ls747 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t42800 l42811 ls8200 wtro3142 wtr3143 tro3144 tr3145">reviewed </span><span class="pp-class-236 pa t42800 l42812 ls847 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t42800 l42813 ls877 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t42800 l42814 ls4775 wtro3142 wtr3143 tro3144 tr3145">reporting </span><span class="pp-class-236 pa t42800 l42815 ls4780 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42816 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">Deferred </span><span class="pp-class-236 pa t42816 l42817 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42816 l42818 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42816 l35333 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured </span><span class="pp-class-236 pa t42816 l42819 ls2846 wtro3142 wtr23376 tro3144 tr23377">based </span><span class="pp-class-236 pa t42816 l42820 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42816 l42821 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42822 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42816 l42823 ls3200 wtro3142 wtr23376 tro3144 tr23377">use </span><span class="pp-class-236 pa t42816 l42824 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42825 ls4371 wtro3142 wtr23376 tro3144 tr23377">settlement </span><span class="pp-class-236 pa t42816 l42826 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42816 l42827 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42816 l42828 ls17551 wtro3142 wtr23376 tro3144 tr23377">individual </span><span class="pp-class-236 pa t42816 l42829 ls913 wtro3142 wtr23376 tro3144 tr23377">assets </span><span class="pp-class-236 pa t42816 l42830 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42816 l42831 ls2846 wtro3142 wtr23376 tro3144 tr23377">liabilities </span><span class="pp-class-236 pa t42832 l3 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l42833 ls3579 wtro3142 wtr23376 tro3144 tr23377">according </span><span class="pp-class-236 pa t42832 l42834 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42832 l42835 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42836 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42837 ls2846 wtro3142 wtr23376 tro3144 tr23377">rules </span><span class="pp-class-236 pa t42832 l42838 ls3200 wtro3142 wtr23376 tro3144 tr23377">and </span><span class="pp-class-236 pa t42832 l3730 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42839 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42053 ls2260 wtro3142 wtr23376 tro3144 tr23377">known </span><span class="pp-class-236 pa t42832 l42840 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42832 l42841 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42832 l42842 ls17551 wtro3142 wtr23376 tro3144 tr23377">applicable </span><span class="pp-class-236 pa t42832 l42843 ls6721 wtro3142 wtr23376 tro3144 tr23377">at </span><span class="pp-class-236 pa t42832 l42844 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42832 l42845 ls1017 wtro3142 wtr23376 tro3144 tr23377">balance </span><span class="pp-class-236 pa t42832 l42846 ls17606 wtro3142 wtr23376 tro3144 tr23377">sheet </span><span class="pp-class-236 pa t42832 l42847 ls30681 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t42832 l42848 ls17548 wtro3142 wtr23376 tro3144 tr23377">when </span><span class="pp-class-236 pa t42832 l42849 ls556 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42850 l3 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42851 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42852 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42850 l42853 ls2984 wtro3142 wtr23376 tro3144 tr23377">expected </span><span class="pp-class-236 pa t42850 l42854 ls4823 wtro3142 wtr23376 tro3144 tr23377">to </span><span class="pp-class-236 pa t42850 l33920 ls25295 wtro3142 wtr23376 tro3144 tr23377">crystallise </span><span class="pp-class-236 pa t42850 l42855 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42856 ls894 wtro3142 wtr23376 tro3144 tr23377">current </span><span class="pp-class-236 pa t42850 l42857 ls3170 wtro3142 wtr23376 tro3144 tr23377">tax. </span><span class="pp-class-236 pa t42850 l42858 ls3200 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t42850 l42859 ls10811 wtro3142 wtr23376 tro3144 tr23377">change </span><span class="pp-class-236 pa t42850 l42860 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42861 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42850 l42862 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42850 l42863 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42850 l42864 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42850 l42865 ls3124 wtro3142 wtr23376 tro3144 tr23377">result </span><span class="pp-class-236 pa t42850 l42866 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42850 l42867 ls1017 wtro3142 wtr23376 tro3144 tr23377">changes </span><span class="pp-class-236 pa t42850 l42868 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42850 l42869 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l3 ls4381 wtro3142 wtr23376 tro3144 tr23377">rates </span><span class="pp-class-236 pa t42870 l42871 ls2081 wtro3142 wtr23376 tro3144 tr23377">is </span><span class="pp-class-236 pa t42870 l42872 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42870 l42873 ls2081 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t42870 l42874 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42875 ls10811 wtro3142 wtr23376 tro3144 tr23377">income </span><span class="pp-class-236 pa t42870 l42876 ls23417 wtro3142 wtr23376 tro3144 tr23377">statement. </span><span class="pp-class-236 pa t42870 l42877 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42870 l42878 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42870 l42879 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42870 l42880 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42870 l42881 ls3993 wtro3142 wtr23376 tro3144 tr23377">measured, </span><span class="pp-class-236 pa t42870 l42882 ls15952 wtro3142 wtr23376 tro3144 tr23377">depending </span><span class="pp-class-236 pa t42870 l42883 ls2081 wtro3142 wtr23376 tro3144 tr23377">on </span><span class="pp-class-236 pa t42870 l42884 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42870 l42885 ls2855 wtro3142 wtr23376 tro3144 tr23377">type, </span><span class="pp-class-236 pa t42886 l3 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42886 l42887 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42888 ls556 wtro3142 wtr23376 tro3144 tr23377">a </span><span class="pp-class-236 pa t42886 l42889 ls30818 wtro3142 wtr23376 tro3144 tr23377">probability-weighted </span><span class="pp-class-236 pa t42886 l42890 ls42891 wtro3142 wtr23376 tro3144 tr23377">average </span><span class="pp-class-236 pa t42886 l42892 ls2816 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t42886 l42893 ls8200 wtro3142 wtr23376 tro3144 tr23377">possible </span><span class="pp-class-236 pa t42886 l42894 ls1075 wtro3142 wtr23376 tro3144 tr23377">outcomes </span><span class="pp-class-236 pa t42886 l42895 ls2081 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t42886 l42896 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42886 l42897 ls3200 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t42886 l42898 ls17548 wtro3142 wtr23376 tro3144 tr23377">most </span><span class="pp-class-236 pa t42886 l42899 ls12451 wtro3142 wtr23376 tro3144 tr23377">likely </span><span class="pp-class-236 pa t42886 l42900 ls29281 wtro3142 wtr23376 tro3144 tr23377">outcome. </span><span class="pp-class-236 pa t42886 l42901 ls17589 wtro3142 wtr23376 tro3144 tr23377">Uncertain </span><span class="pp-class-236 pa t42886 l42902 ls877 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l3 ls15952 wtro3142 wtr23376 tro3144 tr23377">positions </span><span class="pp-class-236 pa t42903 l42904 ls3022 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t42903 l42905 ls4371 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t42903 l42906 ls10811 wtro3142 wtr23376 tro3144 tr23377">either </span><span class="pp-class-236 pa t42903 l42907 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42908 ls37533 wtro3142 wtr23376 tro3144 tr23377">payable/receivable </span><span class="pp-class-236 pa t42903 l42909 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l22646 ls16724 wtro3142 wtr23376 tro3144 tr23377">and/or </span><span class="pp-class-236 pa t42903 l42910 ls2081 wtro3142 wtr23376 tro3144 tr23377">as </span><span class="pp-class-236 pa t42903 l42911 ls2984 wtro3142 wtr23376 tro3144 tr23377">deferred </span><span class="pp-class-236 pa t42903 l42912 ls17548 wtro3142 wtr23376 tro3144 tr23377">tax </span><span class="pp-class-236 pa t42903 l42913 ls13390 wtro3142 wtr23376 tro3144 tr23377">assets/liabilities.</span></p> <div id="pp-id-5324" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43086 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.1.1 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Non-current </span><span class="pp-class-234 pa t1122 l43087 ls85">intangible </span><span class="pp-class-234 pa t1122 l43088 ls13">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l40370">202</span></a><span class="pp-class-237 pa t43089 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43091 l3">DKK </span><span class="pp-class-236 pa t43091 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l43092">Goodwill</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43093 l43094 ls2118">Port </span><span class="pp-class-237 pa t43095 l43096">concession </span><span class="pp-class-237 pa t43091 l43097 ls1098">rights </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43095 l43098 ls10 wtro3142 wtr1091 tro3144 tr1093">Customer </span><span class="pp-class-237 pa t43091 l35437 ls19266 wtro3142 wtr23376 tro3144 tr23377">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l43099 ls1757">Software</span></a><span class="pp-class-240 pa t43100 l43101">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43102 l3">Cost </span><span class="pp-class-236 pa t43102 l43103 ls2368">at </span><span class="pp-class-236 pa t43102 l43104">1 </span><span class="pp-class-236 pa t43102 l43105 ls1448">January </span><span class="pp-class-236 pa t43102 l43106">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43107 ls3106">7,610</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43108 ls532">1,464</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43109 ls995">1,012</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43110 ls11713">875</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43111 ls11726">10,961</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43112 l3 ls1957 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43112 l43113 ls2846 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43112 l43114 ls5202 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43115">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43116">-9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43117 ls811">-24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43118 l3 ls115">Addition </span><span class="pp-class-236 pa t43118 l42147">on </span><span class="pp-class-236 pa t43118 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43118 l42149 ls118">of </span><span class="pp-class-236 pa t43119 l3 ls162">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43120 ls2368">149</span><span class="pp-class-240 pa t43121 l43122">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43125 ls2368">149</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43126 l3 ls115">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43127">95</span><span class="pp-class-240 pa t43128 l43129">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43130">95</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43131 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43135 l3 ls3234">Transfers</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43136">-25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43137">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43138">-8</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43139 l3">Cost </span><span class="pp-class-237 pa t43139 l28264 ls2222">at </span><span class="pp-class-237 pa t43139 l43140">31 </span><span class="pp-class-237 pa t43139 l43141">December </span><span class="pp-class-237 pa t43139 l43142">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43143 ls43144">7,744</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43145 ls76">1,439</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43146 ls94">1,028</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43147">941</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43148">11,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43149 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43149 l37160">and </span><span class="pp-class-236 pa t43149 l28523 ls118">impairment </span><span class="pp-class-236 pa t43150 l3">losses </span><span class="pp-class-236 pa t43150 l43151 ls2368">at </span><span class="pp-class-236 pa t43150 l43152">1 </span><span class="pp-class-236 pa t43150 l43153 ls1448">January </span><span class="pp-class-236 pa t43150 l38311">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43154">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43155 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l40428 ls538">257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43156">480</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43157">1,125</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43158 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43158 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43158 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43159">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l37258">-2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43160 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43160 l37160 ls106">charge</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l42961 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43161">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43162">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43163 ls1790">227</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43164 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l43166">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l43167">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43168 l3 ls85">Amortisation </span><span class="pp-class-237 pa t43168 l41684">and </span><span class="pp-class-237 pa t43168 l41685 ls118">impairment </span><span class="pp-class-237 pa t43169 l3 ls13">losses </span><span class="pp-class-237 pa t43169 l28665 ls2222">at </span><span class="pp-class-237 pa t43169 l43170">31 </span><span class="pp-class-237 pa t43169 l43171">December </span><span class="pp-class-237 pa t43169 l31262">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43172">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43173 ls3796">317</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43174">351</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43175 ls2813">547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43176 ls428">1,328</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43177 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43177 l37578 ls1098">amount </span><span class="pp-class-237 pa t43177 l43178 ls2222">at </span><span class="pp-class-237 pa t43179 l3">31 </span><span class="pp-class-237 pa t43179 l43180">December </span><span class="pp-class-237 pa t43179 l43181">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43182 ls40492">7,631</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43183">1,122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43184 ls177">677</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43185">394</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43186 ls2808">9,825</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43187 l3 ls544">For </span><span class="pp-class-236 pa t43187 l38701 ls621">information </span><span class="pp-class-236 pa t43187 l43188 ls4017">regarding </span><span class="pp-class-236 pa t43187 l43189 ls651">the </span><span class="pp-class-236 pa t43187 l34198 ls524">impairment </span><span class="pp-class-236 pa t43187 l43190 ls625">tests </span><span class="pp-class-236 pa t43187 l43191 ls6146">reference </span><span class="pp-class-236 pa t43187 l43192 ls811">is </span><span class="pp-class-236 pa t43187 l43193 ls544">made </span><span class="pp-class-236 pa t43187 l43194 ls538">to </span><span class="pp-class-236 pa t43187 l43195 ls558">note </span><span class="pp-class-236 pa t43187 l43196 ls8391">3.1.4.</span></p></div></div><div id="pp-id-5325" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43197 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t23079 l3">DKK </span><span class="pp-class-236 pa t23079 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l43092">Goodwill</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l43094 ls2118">Port </span><span class="pp-class-237 pa t43198 l43096">concession </span><span class="pp-class-237 pa t23079 l43097 ls1098">rights </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43198 l43098 ls10 wtro3142 wtr1091 tro3144 tr1093">Customer </span><span class="pp-class-237 pa t23079 l35437 ls19266 wtro3142 wtr23376 tro3144 tr23377">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l43099 ls1757">Software</span></a><span class="pp-class-240 pa t43199 l43101">3</span><span class="pp-class-237 pa t23079 l9765"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l3">Cost </span><span class="pp-class-236 pa t43200 l43103 ls2368">at </span><span class="pp-class-236 pa t43200 l43104">1 </span><span class="pp-class-236 pa t43200 l43105 ls1448">January </span><span class="pp-class-236 pa t43200 l43106 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43201 ls3200">5,066</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43202 ls76">1,214</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43203 ls995">1,008</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43204 ls5393">7</span></a><span class="pp-class-236 pa t43200 l43205 ls3084">75</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43206 ls2081">8,063</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l3 ls1957 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43207 l43113 ls2846 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43207 l43114 ls5202 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43208 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43209">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43210">9 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43211">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43212 l3 ls115">Addition </span><span class="pp-class-236 pa t43212 l42147">on </span><span class="pp-class-236 pa t43212 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43212 l42149 ls118">of </span><span class="pp-class-236 pa t43213 l3 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43214 ls558">2,518</span></a><span class="pp-class-240 pa t43215 l43216">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43217">13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43218 ls664">2,531</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l3 ls115">Additions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l43220 ls811">246</span></a><span class="pp-class-240 pa t43221 l43222">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l43223">96</span><span class="pp-class-240 pa t43221 l43129">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l40897">342</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l39037">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43226 ls696">14</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l3">Cost </span><span class="pp-class-237 pa t43227 l28264 ls2222">at </span><span class="pp-class-237 pa t43227 l43140">31 </span><span class="pp-class-237 pa t43227 l43141">December </span><span class="pp-class-237 pa t43227 l43142 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43228 ls11455">7,610</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43229 ls76">1,464</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43230 ls94">1,012</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43231 ls544">8</span></a><span class="pp-class-237 pa t43227 l43232 ls3084">75</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43233 ls1815">10,961</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43234 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43234 l37160">and </span><span class="pp-class-236 pa t43234 l28523 ls118">impairment </span><span class="pp-class-236 pa t43235 l3">losses </span><span class="pp-class-236 pa t43235 l43151 ls2368">at </span><span class="pp-class-236 pa t43235 l43152">1 </span><span class="pp-class-236 pa t43235 l43153 ls1448">January </span><span class="pp-class-236 pa t43235 l38311 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43236 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43237">223</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43238 ls28039">178</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43239">412</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43240">926</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43241 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43241 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43242">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43243">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43244 l37160 ls106">charge</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l33415">52</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l43245">82</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l43246 ls3084">76</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l37166 ls1547">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l39037">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43249 l3 ls85">Amortisation </span><span class="pp-class-237 pa t43249 l41684">and </span><span class="pp-class-237 pa t43249 l41685 ls118">impairment </span><span class="pp-class-237 pa t43250 l3 ls13">losses </span><span class="pp-class-237 pa t43250 l28665 ls2222">at </span><span class="pp-class-237 pa t43250 l43170">31 </span><span class="pp-class-237 pa t43250 l43171">December </span><span class="pp-class-237 pa t43250 l31262 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43172">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l37916 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43251 ls1780">257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43252">480</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43253">1,125</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43254 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43254 l37578 ls1098">amount </span><span class="pp-class-237 pa t43254 l43178 ls2222">at </span><span class="pp-class-237 pa t43255 l3">31 </span><span class="pp-class-237 pa t43255 l43180">December </span><span class="pp-class-237 pa t43255 l43181 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43256 ls42891">7,497</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43257 ls85">1,189</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43258 ls1780">755</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43259">3</span></a><span class="pp-class-237 pa t43255 l43260">95</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43261 ls2081">9,837</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5326" xmlns="http://www.w3.org/1999/xhtml"><div class="w43262 h43263 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5327" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43380 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies </span><span class="pp-class-236 pa t4556 l43381 ls833">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p></div></div><div id="pp-id-5328" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t38325 l3 ls115">Addition </span><span class="pp-class-239 pa t38325 l42147 ls181">from </span><span class="pp-class-239 pa t38337 l3 ls13">acquisition </span><span class="pp-class-239 pa t38337 l29771 ls118">of </span><span class="pp-class-239 pa t38356 l3 ls162">enterprises </span><span class="pp-class-239 pa t38356 l11802 ls3791">relate </span><span class="pp-class-239 pa t38356 l43490 ls138">to </span><span class="pp-class-239 pa t38370 l3 ls570">Ekol </span><span class="pp-class-239 pa t38370 l43491 ls838">Transport </span><span class="pp-class-239 pa t38370 l36332 ls184">Group, </span><span class="pp-class-239 pa t38598 l3 ls164">reference </span><span class="pp-class-239 pa t38598 l43492">is </span><span class="pp-class-239 pa t38598 l10758 ls135">made </span><span class="pp-class-239 pa t38598 l43493 ls138">to </span><span class="pp-class-239 pa t38378 l3 ls1629">note </span><span class="pp-class-239 pa t38378 l43494 ls24054">5.5.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43495 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43496 l3 ls681">Primarily </span><span class="pp-class-239 pa t43496 l17975 ls3681">relates </span><span class="pp-class-239 pa t43496 l43497 ls538">to </span><span class="pp-class-239 pa t43496 l43498 ls184">the </span><span class="pp-class-239 pa t43499 l3 ls1780">implementation </span><span class="pp-class-239 pa t43499 l43500 ls98">of </span><span class="pp-class-239 pa t43499 l43501 ls184">a </span><span class="pp-class-239 pa t43499 l43502 ls949">new </span><span class="pp-class-239 pa t43503 l3 ls651">ERP </span><span class="pp-class-239 pa t43503 l43504 ls1780">system. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43505 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43506 l3 ls651">The </span><span class="pp-class-239 pa t43506 l38379 ls572">carrying </span><span class="pp-class-239 pa t43506 l43507 ls995">amount </span><span class="pp-class-239 pa t43506 l28758 ls197">of </span><span class="pp-class-239 pa t43508 l3 ls553">completed </span><span class="pp-class-239 pa t43508 l43509 ls706">software </span><span class="pp-class-239 pa t43510 l3 ls681">primarily </span><span class="pp-class-239 pa t43510 l40179 ls3681">relates </span><span class="pp-class-239 pa t43510 l43511 ls538">to </span><span class="pp-class-239 pa t43510 l43512">a </span><span class="pp-class-239 pa t43513 l3 ls553">Passenger </span><span class="pp-class-239 pa t43513 l43514 ls651">booking </span><span class="pp-class-239 pa t43515 l3 ls4787">system, </span><span class="pp-class-239 pa t43515 l43516 ls184">a </span><span class="pp-class-239 pa t43515 l28315 ls17626">Transport </span><span class="pp-class-239 pa t43517 l3 ls30">Management </span><span class="pp-class-239 pa t43517 l43518 ls558">System, </span><span class="pp-class-239 pa t43517 l4071 ls1547">an </span><span class="pp-class-239 pa t43519 l3 ls556">onboard </span><span class="pp-class-239 pa t43519 l43520 ls538">sales </span><span class="pp-class-239 pa t43519 l43521 ls1780">system, </span><span class="pp-class-239 pa t43522 l3 ls811">an </span><span class="pp-class-239 pa t43522 l43523 ls651">ERP </span><span class="pp-class-239 pa t43522 l19225 ls4787">system, </span><span class="pp-class-239 pa t43522 l41900 ls184">and </span><span class="pp-class-239 pa t43524 l3 ls1780">various </span><span class="pp-class-239 pa t43524 l43525 ls524">digital </span><span class="pp-class-239 pa t43524 l43526 ls691">products.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43527 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43528 l3 ls667">Relates </span><span class="pp-class-239 pa t43528 l43529 ls538">to </span><span class="pp-class-239 pa t43528 l43530 ls811">an </span><span class="pp-class-239 pa t43528 l43531 ls9435">agreement </span><span class="pp-class-239 pa t43532 l3 ls553">for </span><span class="pp-class-239 pa t43532 l43533 ls184">a </span><span class="pp-class-239 pa t43532 l43534 ls544">10 </span><span class="pp-class-239 pa t43532 l43535 ls8048">year </span><span class="pp-class-239 pa t43532 l43536 ls608">concession </span><span class="pp-class-239 pa t43537 l3 ls536">right </span><span class="pp-class-239 pa t43537 l29748 ls553">for </span><span class="pp-class-239 pa t43537 l43538 ls184">a </span><span class="pp-class-239 pa t43537 l43539 ls949">terminal. </span><span class="pp-class-239 pa t43537 l21852 ls184">The </span><span class="pp-class-239 pa t43540 l3 ls995">amount </span><span class="pp-class-239 pa t43540 l29490 ls556">was </span><span class="pp-class-239 pa t43540 l43541 ls548">prepaid </span><span class="pp-class-239 pa t43542 l3 ls811">in </span><span class="pp-class-239 pa t43542 l43543 ls2245">previous </span><span class="pp-class-239 pa t43542 l43544 ls838">years </span><span class="pp-class-239 pa t43542 l43545 ls184">and </span><span class="pp-class-239 pa t43546 l3 ls651">has </span><span class="pp-class-239 pa t43546 l42497 ls524">subsequent </span><span class="pp-class-239 pa t43546 l43547 ls184">to </span><span class="pp-class-239 pa t43548 l3 ls651">the </span><span class="pp-class-239 pa t43548 l28221 ls630">finalisation </span><span class="pp-class-239 pa t43548 l43549 ls98">of </span><span class="pp-class-239 pa t43548 l27577 ls184">the </span><span class="pp-class-239 pa t43550 l3 ls4276">agreement </span><span class="pp-class-239 pa t43550 l43551 ls2222">been </span><span class="pp-class-239 pa t43550 l43552 ls706">moved </span><span class="pp-class-239 pa t43553 l3 ls538">to </span><span class="pp-class-239 pa t43553 l10830 ls548">non-current </span><span class="pp-class-239 pa t43553 l43554 ls1751">intangible </span><span class="pp-class-239 pa t43555 l3 ls1369">assets. </span></p></div></div> <div id="pp-id-5324" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43086 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.1.1 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Non-current </span><span class="pp-class-234 pa t1122 l43087 ls85">intangible </span><span class="pp-class-234 pa t1122 l43088 ls13">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l40370">202</span></a><span class="pp-class-237 pa t43089 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43091 l3">DKK </span><span class="pp-class-236 pa t43091 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l43092">Goodwill</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43093 l43094 ls2118">Port </span><span class="pp-class-237 pa t43095 l43096">concession </span><span class="pp-class-237 pa t43091 l43097 ls1098">rights </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43095 l43098 ls10 wtro3142 wtr1091 tro3144 tr1093">Customer </span><span class="pp-class-237 pa t43091 l35437 ls19266 wtro3142 wtr23376 tro3144 tr23377">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l43099 ls1757">Software</span></a><span class="pp-class-240 pa t43100 l43101">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43102 l3">Cost </span><span class="pp-class-236 pa t43102 l43103 ls2368">at </span><span class="pp-class-236 pa t43102 l43104">1 </span><span class="pp-class-236 pa t43102 l43105 ls1448">January </span><span class="pp-class-236 pa t43102 l43106">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43107 ls3106">7,610</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43108 ls532">1,464</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43109 ls995">1,012</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43110 ls11713">875</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43111 ls11726">10,961</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43112 l3 ls1957 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43112 l43113 ls2846 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43112 l43114 ls5202 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43115">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43116">-9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43117 ls811">-24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43118 l3 ls115">Addition </span><span class="pp-class-236 pa t43118 l42147">on </span><span class="pp-class-236 pa t43118 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43118 l42149 ls118">of </span><span class="pp-class-236 pa t43119 l3 ls162">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43120 ls2368">149</span><span class="pp-class-240 pa t43121 l43122">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43125 ls2368">149</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43126 l3 ls115">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43127">95</span><span class="pp-class-240 pa t43128 l43129">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43130">95</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43131 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43135 l3 ls3234">Transfers</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43136">-25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43137">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43138">-8</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43139 l3">Cost </span><span class="pp-class-237 pa t43139 l28264 ls2222">at </span><span class="pp-class-237 pa t43139 l43140">31 </span><span class="pp-class-237 pa t43139 l43141">December </span><span class="pp-class-237 pa t43139 l43142">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43143 ls43144">7,744</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43145 ls76">1,439</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43146 ls94">1,028</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43147">941</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43148">11,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43149 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43149 l37160">and </span><span class="pp-class-236 pa t43149 l28523 ls118">impairment </span><span class="pp-class-236 pa t43150 l3">losses </span><span class="pp-class-236 pa t43150 l43151 ls2368">at </span><span class="pp-class-236 pa t43150 l43152">1 </span><span class="pp-class-236 pa t43150 l43153 ls1448">January </span><span class="pp-class-236 pa t43150 l38311">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43154">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43155 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l40428 ls538">257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43156">480</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43157">1,125</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43158 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43158 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43158 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43159">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l37258">-2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43160 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43160 l37160 ls106">charge</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l42961 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43161">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43162">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43163 ls1790">227</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43164 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l43166">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l43167">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43168 l3 ls85">Amortisation </span><span class="pp-class-237 pa t43168 l41684">and </span><span class="pp-class-237 pa t43168 l41685 ls118">impairment </span><span class="pp-class-237 pa t43169 l3 ls13">losses </span><span class="pp-class-237 pa t43169 l28665 ls2222">at </span><span class="pp-class-237 pa t43169 l43170">31 </span><span class="pp-class-237 pa t43169 l43171">December </span><span class="pp-class-237 pa t43169 l31262">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43172">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43173 ls3796">317</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43174">351</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43175 ls2813">547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43176 ls428">1,328</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43177 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43177 l37578 ls1098">amount </span><span class="pp-class-237 pa t43177 l43178 ls2222">at </span><span class="pp-class-237 pa t43179 l3">31 </span><span class="pp-class-237 pa t43179 l43180">December </span><span class="pp-class-237 pa t43179 l43181">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43182 ls40492">7,631</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43183">1,122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43184 ls177">677</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43185">394</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43186 ls2808">9,825</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43187 l3 ls544">For </span><span class="pp-class-236 pa t43187 l38701 ls621">information </span><span class="pp-class-236 pa t43187 l43188 ls4017">regarding </span><span class="pp-class-236 pa t43187 l43189 ls651">the </span><span class="pp-class-236 pa t43187 l34198 ls524">impairment </span><span class="pp-class-236 pa t43187 l43190 ls625">tests </span><span class="pp-class-236 pa t43187 l43191 ls6146">reference </span><span class="pp-class-236 pa t43187 l43192 ls811">is </span><span class="pp-class-236 pa t43187 l43193 ls544">made </span><span class="pp-class-236 pa t43187 l43194 ls538">to </span><span class="pp-class-236 pa t43187 l43195 ls558">note </span><span class="pp-class-236 pa t43187 l43196 ls8391">3.1.4.</span></p></div></div><div id="pp-id-5325" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43197 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t23079 l3">DKK </span><span class="pp-class-236 pa t23079 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l43092">Goodwill</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l43094 ls2118">Port </span><span class="pp-class-237 pa t43198 l43096">concession </span><span class="pp-class-237 pa t23079 l43097 ls1098">rights </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43198 l43098 ls10 wtro3142 wtr1091 tro3144 tr1093">Customer </span><span class="pp-class-237 pa t23079 l35437 ls19266 wtro3142 wtr23376 tro3144 tr23377">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l43099 ls1757">Software</span></a><span class="pp-class-240 pa t43199 l43101">3</span><span class="pp-class-237 pa t23079 l9765"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l3">Cost </span><span class="pp-class-236 pa t43200 l43103 ls2368">at </span><span class="pp-class-236 pa t43200 l43104">1 </span><span class="pp-class-236 pa t43200 l43105 ls1448">January </span><span class="pp-class-236 pa t43200 l43106 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43201 ls3200">5,066</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43202 ls76">1,214</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43203 ls995">1,008</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43204 ls5393">7</span></a><span class="pp-class-236 pa t43200 l43205 ls3084">75</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43206 ls2081">8,063</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l3 ls1957 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43207 l43113 ls2846 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43207 l43114 ls5202 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43208 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43209">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43210">9 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43211">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43212 l3 ls115">Addition </span><span class="pp-class-236 pa t43212 l42147">on </span><span class="pp-class-236 pa t43212 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43212 l42149 ls118">of </span><span class="pp-class-236 pa t43213 l3 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43214 ls558">2,518</span></a><span class="pp-class-240 pa t43215 l43216">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43217">13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43218 ls664">2,531</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l3 ls115">Additions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l43220 ls811">246</span></a><span class="pp-class-240 pa t43221 l43222">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l43223">96</span><span class="pp-class-240 pa t43221 l43129">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l40897">342</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l39037">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43226 ls696">14</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l3">Cost </span><span class="pp-class-237 pa t43227 l28264 ls2222">at </span><span class="pp-class-237 pa t43227 l43140">31 </span><span class="pp-class-237 pa t43227 l43141">December </span><span class="pp-class-237 pa t43227 l43142 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43228 ls11455">7,610</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43229 ls76">1,464</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43230 ls94">1,012</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43231 ls544">8</span></a><span class="pp-class-237 pa t43227 l43232 ls3084">75</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43233 ls1815">10,961</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43234 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43234 l37160">and </span><span class="pp-class-236 pa t43234 l28523 ls118">impairment </span><span class="pp-class-236 pa t43235 l3">losses </span><span class="pp-class-236 pa t43235 l43151 ls2368">at </span><span class="pp-class-236 pa t43235 l43152">1 </span><span class="pp-class-236 pa t43235 l43153 ls1448">January </span><span class="pp-class-236 pa t43235 l38311 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43236 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43237">223</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43238 ls28039">178</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43239">412</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43240">926</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43241 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43241 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43242">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43243">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43244 l37160 ls106">charge</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l33415">52</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l43245">82</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l43246 ls3084">76</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l37166 ls1547">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l39037">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43249 l3 ls85">Amortisation </span><span class="pp-class-237 pa t43249 l41684">and </span><span class="pp-class-237 pa t43249 l41685 ls118">impairment </span><span class="pp-class-237 pa t43250 l3 ls13">losses </span><span class="pp-class-237 pa t43250 l28665 ls2222">at </span><span class="pp-class-237 pa t43250 l43170">31 </span><span class="pp-class-237 pa t43250 l43171">December </span><span class="pp-class-237 pa t43250 l31262 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43172">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l37916 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43251 ls1780">257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43252">480</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43253">1,125</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43254 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43254 l37578 ls1098">amount </span><span class="pp-class-237 pa t43254 l43178 ls2222">at </span><span class="pp-class-237 pa t43255 l3">31 </span><span class="pp-class-237 pa t43255 l43180">December </span><span class="pp-class-237 pa t43255 l43181 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43256 ls42891">7,497</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43257 ls85">1,189</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43258 ls1780">755</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43259">3</span></a><span class="pp-class-237 pa t43255 l43260">95</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43261 ls2081">9,837</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5326" xmlns="http://www.w3.org/1999/xhtml"><div class="w43262 h43263 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5327" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43380 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies </span><span class="pp-class-236 pa t4556 l43381 ls833">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p></div></div><div id="pp-id-5328" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t38325 l3 ls115">Addition </span><span class="pp-class-239 pa t38325 l42147 ls181">from </span><span class="pp-class-239 pa t38337 l3 ls13">acquisition </span><span class="pp-class-239 pa t38337 l29771 ls118">of </span><span class="pp-class-239 pa t38356 l3 ls162">enterprises </span><span class="pp-class-239 pa t38356 l11802 ls3791">relate </span><span class="pp-class-239 pa t38356 l43490 ls138">to </span><span class="pp-class-239 pa t38370 l3 ls570">Ekol </span><span class="pp-class-239 pa t38370 l43491 ls838">Transport </span><span class="pp-class-239 pa t38370 l36332 ls184">Group, </span><span class="pp-class-239 pa t38598 l3 ls164">reference </span><span class="pp-class-239 pa t38598 l43492">is </span><span class="pp-class-239 pa t38598 l10758 ls135">made </span><span class="pp-class-239 pa t38598 l43493 ls138">to </span><span class="pp-class-239 pa t38378 l3 ls1629">note </span><span class="pp-class-239 pa t38378 l43494 ls24054">5.5.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43495 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43496 l3 ls681">Primarily </span><span class="pp-class-239 pa t43496 l17975 ls3681">relates </span><span class="pp-class-239 pa t43496 l43497 ls538">to </span><span class="pp-class-239 pa t43496 l43498 ls184">the </span><span class="pp-class-239 pa t43499 l3 ls1780">implementation </span><span class="pp-class-239 pa t43499 l43500 ls98">of </span><span class="pp-class-239 pa t43499 l43501 ls184">a </span><span class="pp-class-239 pa t43499 l43502 ls949">new </span><span class="pp-class-239 pa t43503 l3 ls651">ERP </span><span class="pp-class-239 pa t43503 l43504 ls1780">system. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43505 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43506 l3 ls651">The </span><span class="pp-class-239 pa t43506 l38379 ls572">carrying </span><span class="pp-class-239 pa t43506 l43507 ls995">amount </span><span class="pp-class-239 pa t43506 l28758 ls197">of </span><span class="pp-class-239 pa t43508 l3 ls553">completed </span><span class="pp-class-239 pa t43508 l43509 ls706">software </span><span class="pp-class-239 pa t43510 l3 ls681">primarily </span><span class="pp-class-239 pa t43510 l40179 ls3681">relates </span><span class="pp-class-239 pa t43510 l43511 ls538">to </span><span class="pp-class-239 pa t43510 l43512">a </span><span class="pp-class-239 pa t43513 l3 ls553">Passenger </span><span class="pp-class-239 pa t43513 l43514 ls651">booking </span><span class="pp-class-239 pa t43515 l3 ls4787">system, </span><span class="pp-class-239 pa t43515 l43516 ls184">a </span><span class="pp-class-239 pa t43515 l28315 ls17626">Transport </span><span class="pp-class-239 pa t43517 l3 ls30">Management </span><span class="pp-class-239 pa t43517 l43518 ls558">System, </span><span class="pp-class-239 pa t43517 l4071 ls1547">an </span><span class="pp-class-239 pa t43519 l3 ls556">onboard </span><span class="pp-class-239 pa t43519 l43520 ls538">sales </span><span class="pp-class-239 pa t43519 l43521 ls1780">system, </span><span class="pp-class-239 pa t43522 l3 ls811">an </span><span class="pp-class-239 pa t43522 l43523 ls651">ERP </span><span class="pp-class-239 pa t43522 l19225 ls4787">system, </span><span class="pp-class-239 pa t43522 l41900 ls184">and </span><span class="pp-class-239 pa t43524 l3 ls1780">various </span><span class="pp-class-239 pa t43524 l43525 ls524">digital </span><span class="pp-class-239 pa t43524 l43526 ls691">products.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43527 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43528 l3 ls667">Relates </span><span class="pp-class-239 pa t43528 l43529 ls538">to </span><span class="pp-class-239 pa t43528 l43530 ls811">an </span><span class="pp-class-239 pa t43528 l43531 ls9435">agreement </span><span class="pp-class-239 pa t43532 l3 ls553">for </span><span class="pp-class-239 pa t43532 l43533 ls184">a </span><span class="pp-class-239 pa t43532 l43534 ls544">10 </span><span class="pp-class-239 pa t43532 l43535 ls8048">year </span><span class="pp-class-239 pa t43532 l43536 ls608">concession </span><span class="pp-class-239 pa t43537 l3 ls536">right </span><span class="pp-class-239 pa t43537 l29748 ls553">for </span><span class="pp-class-239 pa t43537 l43538 ls184">a </span><span class="pp-class-239 pa t43537 l43539 ls949">terminal. </span><span class="pp-class-239 pa t43537 l21852 ls184">The </span><span class="pp-class-239 pa t43540 l3 ls995">amount </span><span class="pp-class-239 pa t43540 l29490 ls556">was </span><span class="pp-class-239 pa t43540 l43541 ls548">prepaid </span><span class="pp-class-239 pa t43542 l3 ls811">in </span><span class="pp-class-239 pa t43542 l43543 ls2245">previous </span><span class="pp-class-239 pa t43542 l43544 ls838">years </span><span class="pp-class-239 pa t43542 l43545 ls184">and </span><span class="pp-class-239 pa t43546 l3 ls651">has </span><span class="pp-class-239 pa t43546 l42497 ls524">subsequent </span><span class="pp-class-239 pa t43546 l43547 ls184">to </span><span class="pp-class-239 pa t43548 l3 ls651">the </span><span class="pp-class-239 pa t43548 l28221 ls630">finalisation </span><span class="pp-class-239 pa t43548 l43549 ls98">of </span><span class="pp-class-239 pa t43548 l27577 ls184">the </span><span class="pp-class-239 pa t43550 l3 ls4276">agreement </span><span class="pp-class-239 pa t43550 l43551 ls2222">been </span><span class="pp-class-239 pa t43550 l43552 ls706">moved </span><span class="pp-class-239 pa t43553 l3 ls538">to </span><span class="pp-class-239 pa t43553 l10830 ls548">non-current </span><span class="pp-class-239 pa t43553 l43554 ls1751">intangible </span><span class="pp-class-239 pa t43555 l3 ls1369">assets. </span></p></div></div> <div id="pp-id-5324" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43086 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.1.1 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Non-current </span><span class="pp-class-234 pa t1122 l43087 ls85">intangible </span><span class="pp-class-234 pa t1122 l43088 ls13">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43089 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l40370">202</span></a><span class="pp-class-237 pa t43089 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43091 l3">DKK </span><span class="pp-class-236 pa t43091 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l43092">Goodwill</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43093 l43094 ls2118">Port </span><span class="pp-class-237 pa t43095 l43096">concession </span><span class="pp-class-237 pa t43091 l43097 ls1098">rights </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43095 l43098 ls10 wtro3142 wtr1091 tro3144 tr1093">Customer </span><span class="pp-class-237 pa t43091 l35437 ls19266 wtro3142 wtr23376 tro3144 tr23377">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l43099 ls1757">Software</span></a><span class="pp-class-240 pa t43100 l43101">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43091 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43102 l3">Cost </span><span class="pp-class-236 pa t43102 l43103 ls2368">at </span><span class="pp-class-236 pa t43102 l43104">1 </span><span class="pp-class-236 pa t43102 l43105 ls1448">January </span><span class="pp-class-236 pa t43102 l43106">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43107 ls3106">7,610</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43108 ls532">1,464</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43109 ls995">1,012</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43110 ls11713">875</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43102 l43111 ls11726">10,961</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43112 l3 ls1957 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43112 l43113 ls2846 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43112 l43114 ls5202 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43115">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43116">-9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43117 ls811">-24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43118 l3 ls115">Addition </span><span class="pp-class-236 pa t43118 l42147">on </span><span class="pp-class-236 pa t43118 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43118 l42149 ls118">of </span><span class="pp-class-236 pa t43119 l3 ls162">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43120 ls2368">149</span><span class="pp-class-240 pa t43121 l43122">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43119 l43125 ls2368">149</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43126 l3 ls115">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43127">95</span><span class="pp-class-240 pa t43128 l43129">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43126 l43130">95</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43131 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l40402">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43131 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43135 l3 ls3234">Transfers</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43136">-25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43137">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43135 l43138">-8</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43139 l3">Cost </span><span class="pp-class-237 pa t43139 l28264 ls2222">at </span><span class="pp-class-237 pa t43139 l43140">31 </span><span class="pp-class-237 pa t43139 l43141">December </span><span class="pp-class-237 pa t43139 l43142">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43143 ls43144">7,744</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43145 ls76">1,439</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43146 ls94">1,028</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43147">941</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43139 l43148">11,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43149 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43149 l37160">and </span><span class="pp-class-236 pa t43149 l28523 ls118">impairment </span><span class="pp-class-236 pa t43150 l3">losses </span><span class="pp-class-236 pa t43150 l43151 ls2368">at </span><span class="pp-class-236 pa t43150 l43152">1 </span><span class="pp-class-236 pa t43150 l43153 ls1448">January </span><span class="pp-class-236 pa t43150 l38311">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43154">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43155 ls1131">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l40428 ls538">257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43156">480</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43150 l43157">1,125</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43158 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43158 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43158 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l43159">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43158 l37258">-2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43160 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43160 l37160 ls106">charge</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l42961 ls681">57</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43161">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43162">88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43160 l43163 ls1790">227</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43164 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43132">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43164 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l43166">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l43167">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43165 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43168 l3 ls85">Amortisation </span><span class="pp-class-237 pa t43168 l41684">and </span><span class="pp-class-237 pa t43168 l41685 ls118">impairment </span><span class="pp-class-237 pa t43169 l3 ls13">losses </span><span class="pp-class-237 pa t43169 l28665 ls2222">at </span><span class="pp-class-237 pa t43169 l43170">31 </span><span class="pp-class-237 pa t43169 l43171">December </span><span class="pp-class-237 pa t43169 l31262">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43172">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43173 ls3796">317</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43174">351</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43175 ls2813">547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43169 l43176 ls428">1,328</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43177 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43177 l37578 ls1098">amount </span><span class="pp-class-237 pa t43177 l43178 ls2222">at </span><span class="pp-class-237 pa t43179 l3">31 </span><span class="pp-class-237 pa t43179 l43180">December </span><span class="pp-class-237 pa t43179 l43181">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43182 ls40492">7,631</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43183">1,122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43184 ls177">677</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43185">394</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43179 l43186 ls2808">9,825</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43187 l3 ls544">For </span><span class="pp-class-236 pa t43187 l38701 ls621">information </span><span class="pp-class-236 pa t43187 l43188 ls4017">regarding </span><span class="pp-class-236 pa t43187 l43189 ls651">the </span><span class="pp-class-236 pa t43187 l34198 ls524">impairment </span><span class="pp-class-236 pa t43187 l43190 ls625">tests </span><span class="pp-class-236 pa t43187 l43191 ls6146">reference </span><span class="pp-class-236 pa t43187 l43192 ls811">is </span><span class="pp-class-236 pa t43187 l43193 ls544">made </span><span class="pp-class-236 pa t43187 l43194 ls538">to </span><span class="pp-class-236 pa t43187 l43195 ls558">note </span><span class="pp-class-236 pa t43187 l43196 ls8391">3.1.4.</span></p></div></div><div id="pp-id-5325" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43197 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40367"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40368"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t23079 l3">DKK </span><span class="pp-class-236 pa t23079 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l43092">Goodwill</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l43094 ls2118">Port </span><span class="pp-class-237 pa t43198 l43096">concession </span><span class="pp-class-237 pa t23079 l43097 ls1098">rights </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43198 l43098 ls10 wtro3142 wtr1091 tro3144 tr1093">Customer </span><span class="pp-class-237 pa t23079 l35437 ls19266 wtro3142 wtr23376 tro3144 tr23377">relationships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l43099 ls1757">Software</span></a><span class="pp-class-240 pa t43199 l43101">3</span><span class="pp-class-237 pa t23079 l9765"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t23079 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l3">Cost </span><span class="pp-class-236 pa t43200 l43103 ls2368">at </span><span class="pp-class-236 pa t43200 l43104">1 </span><span class="pp-class-236 pa t43200 l43105 ls1448">January </span><span class="pp-class-236 pa t43200 l43106 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43201 ls3200">5,066</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43202 ls76">1,214</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43203 ls995">1,008</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43204 ls5393">7</span></a><span class="pp-class-236 pa t43200 l43205 ls3084">75</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43200 l43206 ls2081">8,063</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l3 ls1957 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43207 l43113 ls2846 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43207 l43114 ls5202 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43208 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43209">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43210">9 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43207 l43211">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43212 l3 ls115">Addition </span><span class="pp-class-236 pa t43212 l42147">on </span><span class="pp-class-236 pa t43212 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43212 l42149 ls118">of </span><span class="pp-class-236 pa t43213 l3 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43214 ls558">2,518</span></a><span class="pp-class-240 pa t43215 l43216">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43217">13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43213 l43218 ls664">2,531</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l3 ls115">Additions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l43220 ls811">246</span></a><span class="pp-class-240 pa t43221 l43222">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l43223">96</span><span class="pp-class-240 pa t43221 l43129">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43219 l40897">342</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l39037">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43224 l43226 ls696">14</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l40409">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t40187 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l3">Cost </span><span class="pp-class-237 pa t43227 l28264 ls2222">at </span><span class="pp-class-237 pa t43227 l43140">31 </span><span class="pp-class-237 pa t43227 l43141">December </span><span class="pp-class-237 pa t43227 l43142 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43228 ls11455">7,610</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43229 ls76">1,464</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43230 ls94">1,012</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43231 ls544">8</span></a><span class="pp-class-237 pa t43227 l43232 ls3084">75</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43227 l43233 ls1815">10,961</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43234 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43234 l37160">and </span><span class="pp-class-236 pa t43234 l28523 ls118">impairment </span><span class="pp-class-236 pa t43235 l3">losses </span><span class="pp-class-236 pa t43235 l43151 ls2368">at </span><span class="pp-class-236 pa t43235 l43152">1 </span><span class="pp-class-236 pa t43235 l43153 ls1448">January </span><span class="pp-class-236 pa t43235 l38311 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43236 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43237">223</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43238 ls28039">178</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43239">412</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43235 l43240">926</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Foreign </span><span class="pp-class-236 pa t43241 l42127 ls16417 wtro3142 wtr526 tro3144 tr528">exchange </span><span class="pp-class-236 pa t43241 l42128 ls1186 wtro3142 wtr526 tro3144 tr528">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43242">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l43243">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43241 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l3 ls118">Amortisation </span><span class="pp-class-236 pa t43244 l37160 ls106">charge</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l33415">52</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l43245">82</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l43246 ls3084">76</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43244 l37166 ls1547">210</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43225">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l39037">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43247 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43249 l3 ls85">Amortisation </span><span class="pp-class-237 pa t43249 l41684">and </span><span class="pp-class-237 pa t43249 l41685 ls118">impairment </span><span class="pp-class-237 pa t43250 l3 ls13">losses </span><span class="pp-class-237 pa t43250 l28665 ls2222">at </span><span class="pp-class-237 pa t43250 l43170">31 </span><span class="pp-class-237 pa t43250 l43171">December </span><span class="pp-class-237 pa t43250 l31262 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43172">113</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l37916 ls2197">275</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43251 ls1780">257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43252">480</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43250 l43253">1,125</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43254 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43254 l37578 ls1098">amount </span><span class="pp-class-237 pa t43254 l43178 ls2222">at </span><span class="pp-class-237 pa t43255 l3">31 </span><span class="pp-class-237 pa t43255 l43180">December </span><span class="pp-class-237 pa t43255 l43181 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43256 ls42891">7,497</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43257 ls85">1,189</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43258 ls1780">755</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43259">3</span></a><span class="pp-class-237 pa t43255 l43260">95</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43255 l43261 ls2081">9,837</span></a></p></td></tr></table></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5326" xmlns="http://www.w3.org/1999/xhtml"><div class="w43262 h43263 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5327" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43380 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies </span><span class="pp-class-236 pa t4556 l43381 ls833">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p></div></div><div id="pp-id-5328" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t38325 l3 ls115">Addition </span><span class="pp-class-239 pa t38325 l42147 ls181">from </span><span class="pp-class-239 pa t38337 l3 ls13">acquisition </span><span class="pp-class-239 pa t38337 l29771 ls118">of </span><span class="pp-class-239 pa t38356 l3 ls162">enterprises </span><span class="pp-class-239 pa t38356 l11802 ls3791">relate </span><span class="pp-class-239 pa t38356 l43490 ls138">to </span><span class="pp-class-239 pa t38370 l3 ls570">Ekol </span><span class="pp-class-239 pa t38370 l43491 ls838">Transport </span><span class="pp-class-239 pa t38370 l36332 ls184">Group, </span><span class="pp-class-239 pa t38598 l3 ls164">reference </span><span class="pp-class-239 pa t38598 l43492">is </span><span class="pp-class-239 pa t38598 l10758 ls135">made </span><span class="pp-class-239 pa t38598 l43493 ls138">to </span><span class="pp-class-239 pa t38378 l3 ls1629">note </span><span class="pp-class-239 pa t38378 l43494 ls24054">5.5.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43495 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43496 l3 ls681">Primarily </span><span class="pp-class-239 pa t43496 l17975 ls3681">relates </span><span class="pp-class-239 pa t43496 l43497 ls538">to </span><span class="pp-class-239 pa t43496 l43498 ls184">the </span><span class="pp-class-239 pa t43499 l3 ls1780">implementation </span><span class="pp-class-239 pa t43499 l43500 ls98">of </span><span class="pp-class-239 pa t43499 l43501 ls184">a </span><span class="pp-class-239 pa t43499 l43502 ls949">new </span><span class="pp-class-239 pa t43503 l3 ls651">ERP </span><span class="pp-class-239 pa t43503 l43504 ls1780">system. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43505 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43506 l3 ls651">The </span><span class="pp-class-239 pa t43506 l38379 ls572">carrying </span><span class="pp-class-239 pa t43506 l43507 ls995">amount </span><span class="pp-class-239 pa t43506 l28758 ls197">of </span><span class="pp-class-239 pa t43508 l3 ls553">completed </span><span class="pp-class-239 pa t43508 l43509 ls706">software </span><span class="pp-class-239 pa t43510 l3 ls681">primarily </span><span class="pp-class-239 pa t43510 l40179 ls3681">relates </span><span class="pp-class-239 pa t43510 l43511 ls538">to </span><span class="pp-class-239 pa t43510 l43512">a </span><span class="pp-class-239 pa t43513 l3 ls553">Passenger </span><span class="pp-class-239 pa t43513 l43514 ls651">booking </span><span class="pp-class-239 pa t43515 l3 ls4787">system, </span><span class="pp-class-239 pa t43515 l43516 ls184">a </span><span class="pp-class-239 pa t43515 l28315 ls17626">Transport </span><span class="pp-class-239 pa t43517 l3 ls30">Management </span><span class="pp-class-239 pa t43517 l43518 ls558">System, </span><span class="pp-class-239 pa t43517 l4071 ls1547">an </span><span class="pp-class-239 pa t43519 l3 ls556">onboard </span><span class="pp-class-239 pa t43519 l43520 ls538">sales </span><span class="pp-class-239 pa t43519 l43521 ls1780">system, </span><span class="pp-class-239 pa t43522 l3 ls811">an </span><span class="pp-class-239 pa t43522 l43523 ls651">ERP </span><span class="pp-class-239 pa t43522 l19225 ls4787">system, </span><span class="pp-class-239 pa t43522 l41900 ls184">and </span><span class="pp-class-239 pa t43524 l3 ls1780">various </span><span class="pp-class-239 pa t43524 l43525 ls524">digital </span><span class="pp-class-239 pa t43524 l43526 ls691">products.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43527 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43528 l3 ls667">Relates </span><span class="pp-class-239 pa t43528 l43529 ls538">to </span><span class="pp-class-239 pa t43528 l43530 ls811">an </span><span class="pp-class-239 pa t43528 l43531 ls9435">agreement </span><span class="pp-class-239 pa t43532 l3 ls553">for </span><span class="pp-class-239 pa t43532 l43533 ls184">a </span><span class="pp-class-239 pa t43532 l43534 ls544">10 </span><span class="pp-class-239 pa t43532 l43535 ls8048">year </span><span class="pp-class-239 pa t43532 l43536 ls608">concession </span><span class="pp-class-239 pa t43537 l3 ls536">right </span><span class="pp-class-239 pa t43537 l29748 ls553">for </span><span class="pp-class-239 pa t43537 l43538 ls184">a </span><span class="pp-class-239 pa t43537 l43539 ls949">terminal. </span><span class="pp-class-239 pa t43537 l21852 ls184">The </span><span class="pp-class-239 pa t43540 l3 ls995">amount </span><span class="pp-class-239 pa t43540 l29490 ls556">was </span><span class="pp-class-239 pa t43540 l43541 ls548">prepaid </span><span class="pp-class-239 pa t43542 l3 ls811">in </span><span class="pp-class-239 pa t43542 l43543 ls2245">previous </span><span class="pp-class-239 pa t43542 l43544 ls838">years </span><span class="pp-class-239 pa t43542 l43545 ls184">and </span><span class="pp-class-239 pa t43546 l3 ls651">has </span><span class="pp-class-239 pa t43546 l42497 ls524">subsequent </span><span class="pp-class-239 pa t43546 l43547 ls184">to </span><span class="pp-class-239 pa t43548 l3 ls651">the </span><span class="pp-class-239 pa t43548 l28221 ls630">finalisation </span><span class="pp-class-239 pa t43548 l43549 ls98">of </span><span class="pp-class-239 pa t43548 l27577 ls184">the </span><span class="pp-class-239 pa t43550 l3 ls4276">agreement </span><span class="pp-class-239 pa t43550 l43551 ls2222">been </span><span class="pp-class-239 pa t43550 l43552 ls706">moved </span><span class="pp-class-239 pa t43553 l3 ls538">to </span><span class="pp-class-239 pa t43553 l10830 ls548">non-current </span><span class="pp-class-239 pa t43553 l43554 ls1751">intangible </span><span class="pp-class-239 pa t43555 l3 ls1369">assets. </span></p></div></div> <div class="pp-class-227 pp-class-256" id="pp-id-5326" xmlns="http://www.w3.org/1999/xhtml"><div class="w43262 h43263 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5327" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43380 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies </span><span class="pp-class-236 pa t4556 l43381 ls833">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p></div></div> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls1744">intangible </span><span class="pp-class-237 pa t43264 l43266 ls995">assets </span><span class="pp-class-237 pa t43264 l43267 ls184">– </span><span class="pp-class-237 pa t43264 l43268 ls538">Other </span><span class="pp-class-237 pa t43264 l41725 ls2222">than </span><span class="pp-class-237 pa t43264 l43269 ls94">goodwill </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls11722">Generally, </span><span class="pp-class-236 pa t43270 l43271 ls541">intangible </span><span class="pp-class-236 pa t43270 l43272 ls179">assets </span><span class="pp-class-236 pa t43270 l43273 ls2808">are </span><span class="pp-class-236 pa t43270 l43274 ls3855">measured </span><span class="pp-class-236 pa t43270 l43275 ls2197">at </span><span class="pp-class-236 pa t43270 l43276 ls1792">cost, </span><span class="pp-class-236 pa t43270 l43277 ls2222">less </span><span class="pp-class-236 pa t43270 l43278 ls713">accumulated </span><span class="pp-class-236 pa t43270 l43279 ls179">amortisation </span><span class="pp-class-236 pa t43270 l43280 ls651">and </span><span class="pp-class-236 pa t43270 l43281 ls553">any </span><span class="pp-class-236 pa t43270 l43282 ls696">impairment </span><span class="pp-class-236 pa t43283 l3 ls2036">losses, </span><span class="pp-class-236 pa t43283 l43284 ls1764">unless </span><span class="pp-class-236 pa t43283 l43285 ls696">otherwise </span><span class="pp-class-236 pa t43283 l43286 ls621">stated. </span><span class="pp-class-236 pa t43283 l43287 ls651">The </span><span class="pp-class-236 pa t43283 l18517 ls2222">cost </span><span class="pp-class-236 pa t43283 l43288 ls995">comprises </span><span class="pp-class-236 pa t43283 l43289 ls3855">expenses </span><span class="pp-class-236 pa t43283 l43290 ls538">to </span><span class="pp-class-236 pa t43283 l43291 ls2197">external </span><span class="pp-class-236 pa t43283 l43292 ls562">suppliers, </span><span class="pp-class-236 pa t43283 l43293 ls2207">materials </span><span class="pp-class-236 pa t43283 l43294 ls184">and </span><span class="pp-class-236 pa t43295 l3 ls524">components, </span><span class="pp-class-236 pa t43295 l21872 ls1775">direct </span><span class="pp-class-236 pa t43295 l43296 ls2270">wages </span><span class="pp-class-236 pa t43295 l43297 ls651">and </span><span class="pp-class-236 pa t43295 l43298 ls995">salaries, </span><span class="pp-class-236 pa t43295 l43299 ls811">as </span><span class="pp-class-236 pa t43295 l43300 ls8048">well </span><span class="pp-class-236 pa t43295 l43301 ls811">as </span><span class="pp-class-236 pa t43295 l43302 ls706">interest </span><span class="pp-class-236 pa t43295 l43303 ls3855">incurred </span><span class="pp-class-236 pa t43295 l38333 ls877">from </span><span class="pp-class-236 pa t43295 l43304 ls572">the </span><span class="pp-class-236 pa t43295 l43305 ls2222">time </span><span class="pp-class-236 pa t43295 l39494 ls98">of </span><span class="pp-class-236 pa t43295 l43306 ls3855">payment </span><span class="pp-class-236 pa t43295 l43307 ls536">until </span><span class="pp-class-236 pa t43295 l43308 ls184">the </span><span class="pp-class-236 pa t43309 l3 ls949">asset </span><span class="pp-class-236 pa t43309 l31310 ls2036">becomes </span><span class="pp-class-236 pa t43309 l31054 ls4276">available </span><span class="pp-class-236 pa t43309 l43310 ls553">for </span><span class="pp-class-236 pa t43309 l21952 ls530">use. </span><span class="pp-class-236 pa t43309 l43311 ls179">Assets </span><span class="pp-class-236 pa t43309 l43312 ls2808">are </span><span class="pp-class-236 pa t43309 l39763 ls52">amortised </span><span class="pp-class-236 pa t43309 l43313 ls811">on </span><span class="pp-class-236 pa t43309 l43314 ls184">a </span><span class="pp-class-236 pa t43309 l43315 ls4276">straight-line </span><span class="pp-class-236 pa t43309 l43316 ls538">basis </span><span class="pp-class-236 pa t43309 l39984 ls3234">over </span><span class="pp-class-236 pa t43309 l43317 ls538">their </span><span class="pp-class-236 pa t43309 l43318 ls553">estimated </span><span class="pp-class-236 pa t43319 l3 ls590">useful </span><span class="pp-class-236 pa t43319 l43320 ls2889">life. </span><span class="pp-class-236 pa t43319 l19171 ls553">Any </span><span class="pp-class-236 pa t43319 l3086 ls2036">changes </span><span class="pp-class-236 pa t43319 l43321 ls811">in </span><span class="pp-class-236 pa t43319 l33801 ls651">the </span><span class="pp-class-236 pa t43319 l39211 ls179">amortisation </span><span class="pp-class-236 pa t43319 l43322 ls1764">period </span><span class="pp-class-236 pa t43319 l43323 ls811">or </span><span class="pp-class-236 pa t43319 l43324 ls3855">residual </span><span class="pp-class-236 pa t43319 l43325 ls2197">value </span><span class="pp-class-236 pa t43319 l43326 ls2808">are </span><span class="pp-class-236 pa t43319 l43327 ls667">recognised </span><span class="pp-class-236 pa t43319 l43328 ls1796">prospectively </span><span class="pp-class-236 pa t43319 l43329 ls1547">as </span><span class="pp-class-236 pa t43330 l3 ls1764">change </span><span class="pp-class-236 pa t43330 l43331 ls811">in </span><span class="pp-class-236 pa t43330 l9706 ls30">accounting </span><span class="pp-class-236 pa t43330 l43332 ls2207">estimates.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls33">Port </span><span class="pp-class-237 pa t43264 l43382 ls562">concession </span><span class="pp-class-237 pa t43264 l43383 ls536">rights</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls94">Port </span><span class="pp-class-236 pa t43270 l43384 ls562">concession </span><span class="pp-class-236 pa t43270 l43385 ls995">rights </span><span class="pp-class-236 pa t43270 l43386 ls2687">represent </span><span class="pp-class-236 pa t43270 l43387 ls651">the </span><span class="pp-class-236 pa t43270 l43388 ls2197">value </span><span class="pp-class-236 pa t43270 l43389 ls98">of </span><span class="pp-class-236 pa t43270 l43390 ls544">access </span><span class="pp-class-236 pa t43270 l43391 ls538">to </span><span class="pp-class-236 pa t43270 l43392 ls3234">strategically </span><span class="pp-class-236 pa t43270 l43393 ls667">located </span><span class="pp-class-236 pa t43270 l43394 ls811">ports, </span><span class="pp-class-236 pa t43270 l43395 ls3855">measured </span><span class="pp-class-236 pa t43270 l43396 ls2197">at </span><span class="pp-class-236 pa t43270 l43397 ls670">fair </span><span class="pp-class-236 pa t43283 l3 ls2197">value </span><span class="pp-class-236 pa t43283 l43398 ls811">on </span><span class="pp-class-236 pa t43283 l43399 ls651">the </span><span class="pp-class-236 pa t43283 l38887 ls544">acquisition </span><span class="pp-class-236 pa t43283 l43400 ls1815">date. </span><span class="pp-class-236 pa t43283 l43401 ls538">These </span><span class="pp-class-236 pa t43283 l43402 ls995">rights </span><span class="pp-class-236 pa t43283 l29255 ls2808">are </span><span class="pp-class-236 pa t43283 l43403 ls667">recognised </span><span class="pp-class-236 pa t43283 l43404 ls811">as </span><span class="pp-class-236 pa t43283 l43405 ls541">intangible </span><span class="pp-class-236 pa t43283 l40761 ls179">assets </span><span class="pp-class-236 pa t43283 l43406 ls572">and </span><span class="pp-class-236 pa t43283 l43407 ls2808">are </span><span class="pp-class-236 pa t43283 l43408 ls811">amortised </span><span class="pp-class-236 pa t43295 l3 ls11713">systematically </span><span class="pp-class-236 pa t43295 l33256 ls3234">over </span><span class="pp-class-236 pa t43295 l43409 ls572">the </span><span class="pp-class-236 pa t43295 l43410 ls1131">duration </span><span class="pp-class-236 pa t43295 l43411 ls98">of </span><span class="pp-class-236 pa t43295 l43412 ls572">the </span><span class="pp-class-236 pa t43295 l43413 ls562">concession </span><span class="pp-class-236 pa t43295 l43414 ls1764">period.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43319 l3 ls1751">Customer </span><span class="pp-class-237 pa t43319 l43415 ls691">relationships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43330 l3 ls949">Customer </span><span class="pp-class-236 pa t43330 l43416 ls7086">relationships </span><span class="pp-class-236 pa t43330 l43417 ls2687">represent </span><span class="pp-class-236 pa t43330 l23607 ls651">the </span><span class="pp-class-236 pa t43330 l43418 ls2197">value </span><span class="pp-class-236 pa t43330 l43419 ls98">of </span><span class="pp-class-236 pa t43330 l43420 ls546">established </span><span class="pp-class-236 pa t43330 l43421 ls949">customer </span><span class="pp-class-236 pa t43330 l43422 ls530">connections </span><span class="pp-class-236 pa t43330 l43423 ls811">or </span><span class="pp-class-236 pa t43330 l43424 ls2036">similar </span><span class="pp-class-236 pa t43330 l43425 ls608">assets </span><span class="pp-class-236 pa t43426 l3 ls524">identified </span><span class="pp-class-236 pa t43426 l12666 ls1764">during </span><span class="pp-class-236 pa t43426 l34370 ls1751">business </span><span class="pp-class-236 pa t43426 l43427 ls168">combinations. </span><span class="pp-class-236 pa t43426 l43428 ls538">These </span><span class="pp-class-236 pa t43426 l43429 ls541">intangible </span><span class="pp-class-236 pa t43426 l43430 ls179">assets </span><span class="pp-class-236 pa t43426 l43431 ls110">have </span><span class="pp-class-236 pa t43426 l43432 ls184">a </span><span class="pp-class-236 pa t43426 l43433 ls747">finite </span><span class="pp-class-236 pa t43426 l43434 ls590">useful </span><span class="pp-class-236 pa t43426 l43435 ls553">life </span><span class="pp-class-236 pa t43426 l43436 ls651">and </span><span class="pp-class-236 pa t43426 l43437 ls667">are </span><span class="pp-class-236 pa t43333 l3 ls3855">measured </span><span class="pp-class-236 pa t43333 l3393 ls2197">at </span><span class="pp-class-236 pa t43333 l43438 ls1792">cost, </span><span class="pp-class-236 pa t43333 l43439 ls4248">net </span><span class="pp-class-236 pa t43333 l43440 ls98">of </span><span class="pp-class-236 pa t43333 l13221 ls713">accumulated </span><span class="pp-class-236 pa t43333 l43441 ls179">amortisation </span><span class="pp-class-236 pa t43333 l43442 ls572">and </span><span class="pp-class-236 pa t43333 l43443 ls553">any </span><span class="pp-class-236 pa t43333 l43444 ls524">impairment </span><span class="pp-class-236 pa t43333 l43445 ls2036">losses. </span><span class="pp-class-236 pa t43333 l43446 ls179">Amortisation </span><span class="pp-class-236 pa t43333 l43447 ls1547">is </span><span class="pp-class-236 pa t43334 l3 ls2036">applied </span><span class="pp-class-236 pa t43334 l43448 ls811">on </span><span class="pp-class-236 pa t43334 l9670 ls184">a </span><span class="pp-class-236 pa t43334 l43449 ls4276">straight-line </span><span class="pp-class-236 pa t43334 l43450 ls538">basis </span><span class="pp-class-236 pa t43334 l43451 ls3234">over </span><span class="pp-class-236 pa t43334 l43452 ls651">the </span><span class="pp-class-236 pa t43334 l43453 ls2207">estimated </span><span class="pp-class-236 pa t43334 l43454 ls590">useful </span><span class="pp-class-236 pa t43334 l43455 ls2889">life, </span><span class="pp-class-236 pa t43334 l34202 ls538">which </span><span class="pp-class-236 pa t43334 l43456 ls811">is </span><span class="pp-class-236 pa t43334 l43457 ls811">up </span><span class="pp-class-236 pa t43334 l43458 ls538">to </span><span class="pp-class-236 pa t43334 l43459 ls811">15 </span><span class="pp-class-236 pa t43334 l43460 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43367 l3 ls4558">Software</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43461 l3 ls179">Amortisation </span><span class="pp-class-236 pa t43461 l41753 ls811">is </span><span class="pp-class-236 pa t43461 l43462 ls2036">applied </span><span class="pp-class-236 pa t43461 l43463 ls811">on </span><span class="pp-class-236 pa t43461 l39434 ls184">a </span><span class="pp-class-236 pa t43461 l43464 ls4276">straight-line </span><span class="pp-class-236 pa t43461 l43465 ls538">basis </span><span class="pp-class-236 pa t43461 l43466 ls3234">over </span><span class="pp-class-236 pa t43461 l43467 ls572">the </span><span class="pp-class-236 pa t43461 l43468 ls2207">estimated </span><span class="pp-class-236 pa t43461 l43469 ls590">useful </span><span class="pp-class-236 pa t43461 l43470 ls2889">life, </span><span class="pp-class-236 pa t43461 l43471 ls681">typically </span><span class="pp-class-236 pa t43461 l43472 ls651">3–5 </span><span class="pp-class-236 pa t43461 l43473 ls758">years. </span><span class="pp-class-236 pa t43461 l43474 ls1547">In </span><span class="pp-class-236 pa t43475 l3 ls299">exceptional </span><span class="pp-class-236 pa t43475 l43476 ls1764">cases, </span><span class="pp-class-236 pa t43475 l43477 ls651">the </span><span class="pp-class-236 pa t43475 l43478 ls179">amortisation </span><span class="pp-class-236 pa t43475 l43353 ls1764">period </span><span class="pp-class-236 pa t43475 l2319 ls2969">may </span><span class="pp-class-236 pa t43475 l43479 ls2270">extend </span><span class="pp-class-236 pa t43475 l43480 ls811">up </span><span class="pp-class-236 pa t43475 l18479 ls538">to </span><span class="pp-class-236 pa t43475 l43481 ls544">10 </span><span class="pp-class-236 pa t43475 l18556 ls758">years, </span><span class="pp-class-236 pa t43475 l43482 ls731">particularly </span><span class="pp-class-236 pa t43475 l43395 ls553">for </span><span class="pp-class-236 pa t43475 l43483 ls664">significant </span><span class="pp-class-236 pa t43484 l3 ls2270">internally </span><span class="pp-class-236 pa t43484 l43485 ls1463">developed </span><span class="pp-class-236 pa t43484 l29800 ls667">commercial </span><span class="pp-class-236 pa t43484 l43486 ls651">and </span><span class="pp-class-236 pa t43484 l43487 ls2969">operational </span><span class="pp-class-236 pa t43484 l43488 ls4787">systems.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43333 l3 ls2036">Goodwill</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43334 l3 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43335 ls2846">is </span><span class="pp-class-236 pa t43334 l43336 ls20913">measured </span><span class="pp-class-236 pa t43334 l37278 ls29711">at </span><span class="pp-class-236 pa t43334 l43337 ls3298">cost </span><span class="pp-class-236 pa t43334 l43338 ls3298">less </span><span class="pp-class-236 pa t43334 l43339 ls18118">accumulated </span><span class="pp-class-236 pa t43334 l43340 ls12683">impairment </span><span class="pp-class-236 pa t43334 l43341 ls3197">losses. </span><span class="pp-class-236 pa t43334 l43342 ls853">Goodwill </span><span class="pp-class-236 pa t43334 l43343 ls2846">is </span><span class="pp-class-236 pa t43334 l43344 ls3993">not </span><span class="pp-class-236 pa t43334 l43345 ls43346">amortised. </span><span class="pp-class-236 pa t43334 l43347 ls544">An </span><span class="pp-class-236 pa t43348 l3 ls12683">impairment </span><span class="pp-class-236 pa t43348 l43349 ls15764">test </span><span class="pp-class-236 pa t43348 l43350 ls2846">is </span><span class="pp-class-236 pa t43348 l43351 ls3482">performed </span><span class="pp-class-236 pa t43348 l43352 ls29711">at </span><span class="pp-class-236 pa t43348 l28755 ls15764">least </span><span class="pp-class-236 pa t43348 l43353 ls3298">once </span><span class="pp-class-236 pa t43348 l43354 ls847">a </span><span class="pp-class-236 pa t43348 l43355 ls43356">year </span><span class="pp-class-236 pa t43348 l43357 ls4381">together </span><span class="pp-class-236 pa t43348 l43358 ls3298">with </span><span class="pp-class-236 pa t43348 l43359 ls43360">other </span><span class="pp-class-236 pa t43348 l43361 ls8738">non-current </span><span class="pp-class-236 pa t43348 l43362 ls853">assets </span><span class="pp-class-236 pa t43348 l43363 ls749">of </span><span class="pp-class-236 pa t43348 l43364 ls17851">the </span><span class="pp-class-236 pa t43348 l43365 ls2977">Group. </span><span class="pp-class-236 pa t43348 l43366 ls847">The </span><span class="pp-class-236 pa t43367 l3 ls3452">carrying </span><span class="pp-class-236 pa t43367 l43368 ls43360">amount </span><span class="pp-class-236 pa t43367 l43369 ls749">of </span><span class="pp-class-236 pa t43367 l16606 ls853">goodwill </span><span class="pp-class-236 pa t43367 l3031 ls2846">is </span><span class="pp-class-236 pa t43367 l43370 ls870">allocated </span><span class="pp-class-236 pa t43367 l43371 ls6721">to </span><span class="pp-class-236 pa t43367 l43372 ls1039">the </span><span class="pp-class-236 pa t43367 l43373 ls8370">Group’s </span><span class="pp-class-236 pa t43367 l43374 ls3298">CGUs </span><span class="pp-class-236 pa t43367 l43375 ls29711">at </span><span class="pp-class-236 pa t43367 l43376 ls17851">the </span><span class="pp-class-236 pa t43367 l43377 ls3298">time </span><span class="pp-class-236 pa t43367 l43378 ls749">of </span><span class="pp-class-236 pa t43367 l43379 ls1046">acquisition.</span></p> <div id="pp-id-5329" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43557 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.1.2 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Non-current </span><span class="pp-class-234 pa t1122 l43087 ls67">tangible </span><span class="pp-class-234 pa t1122 l43558 ls13">assets</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l43559"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l43560"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l43561"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l43562"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l43563"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43089 l40370">202</span></a><span class="pp-class-237 pa t43089 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43564 l3">DKK </span><span class="pp-class-236 pa t43564 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43565 l43566">Land </span><span class="pp-class-237 pa t43565 l43567">and </span><span class="pp-class-237 pa t43564 l43568 ls162">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43564 l43569 ls1744">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43565 l43570 ls1098">Ferries </span><span class="pp-class-237 pa t43565 l43571">and </span><span class="pp-class-237 pa t43564 l43572 ls1098">other </span><span class="pp-class-237 pa t43564 l43573">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43565 l43574 ls177">Equipment</span><span class="pp-class-237 pa t43564 l43575 ls73">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43576 l43577 ls5202 wtro3142 wtr3143 tro3144 tr3145">Assets </span><span class="pp-class-237 pa t43576 l43578 ls838 wtro3142 wtr3143 tro3144 tr3145">under </span><span class="pp-class-237 pa t43565 l43579 ls27249 wtro3142 wtr3143 tro3144 tr3145">construction </span><span class="pp-class-237 pa t43565 l43580 ls1017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t43564 l43581 ls4290 wtro3142 wtr3143 tro3144 tr3145">prepayments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43564 l43582 ls43583">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43584 l3">Cost </span><span class="pp-class-236 pa t43584 l43103 ls2368">at </span><span class="pp-class-236 pa t43584 l43104">1 </span><span class="pp-class-236 pa t43584 l43105 ls1448">January </span><span class="pp-class-236 pa t43584 l43106">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43584 l43585">949</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43584 l43586 ls8548">1,476</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43584 l43587 ls603">20,141</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43584 l43588 ls83">4,382</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43584 l43589 ls3139">374</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43584 l43590 ls3124">27,322</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43591 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43591 l37293 ls212">exchange </span><span class="pp-class-236 pa t43592 l3 ls67">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43592 l43593 ls73">-18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43592 l43594">-12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43592 l43595 ls1547">108</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43592 l42005">-23</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43592 l43596">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43592 l40858">53</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43597 l3 ls115">Addition </span><span class="pp-class-236 pa t43597 l42147">on </span><span class="pp-class-236 pa t43597 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43598 l3 ls118">of </span><span class="pp-class-236 pa t43598 l7402 ls162">enterprises</span><span class="pp-class-240 pa t43599 l43600">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43598 l43601">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43598 l43602">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43598 l43603">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43598 l43604">112</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43598 l43605">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43598 l43606 ls1547">108</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43607 l3 ls115">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43607 l43608">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43607 l43609">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43607 l43610">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43607 l40963">358</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43607 l43611 ls995">1,056</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43607 l43612 ls532">1,443</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43613 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43613 l43614">631</span></a><span class="pp-class-240 pa t43615 l29017">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43613 l43616">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43613 l43617"/><span class="pp-class-236 pa t43613 l43618 ls995">1,034</span></a><span class="pp-class-240 pa t43615 l43619">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43613 l43620">499</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43613 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43613 l43622 ls135">2,166</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43623 l3 ls3234">Transfers</span><span class="pp-class-240 pa t43624 l43625">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43623 l43626 ls811">672</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43623 l43627">20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43623 l43628 ls73">718</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43623 l43629">236</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43623 l43630 ls536">-1,027</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43623 l43631 ls73">618</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43632 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">Cost </span><span class="pp-class-237 pa t43632 l43633 ls3200 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-237 pa t43632 l43634 ls544 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-237 pa t43632 l43635 ls1775 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-237 pa t43632 l43636 ls2207 wtro3142 wtr3143 tro3144 tr3145">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43632 l43637 ls6824">976</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43632 l43638 ls76">1,484</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43632 l43639 ls2197">19,959</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43632 l43640 ls3852">4,566</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43632 l43185">394</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43632 l43641 ls16835">27,37</span></a><span class="pp-class-237 pa t43632 l43642">9</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43643 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t43643 l8478">and </span><span class="pp-class-236 pa t43644 l3 ls118">impairment </span><span class="pp-class-236 pa t43644 l33517">losses </span><span class="pp-class-236 pa t43644 l43645 ls2368">at </span><span class="pp-class-236 pa t43644 l43646">1 </span><span class="pp-class-236 pa t43647 l3 ls1448">January </span><span class="pp-class-236 pa t43647 l43648 ls184">2024</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43647 l43649">121</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43647 l43650">655</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43647 l43651 ls2245">8,429</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43647 l43652 ls98">1,851</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43647 l43653 ls651">11,056</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43654 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43654 l37293 ls212">exchange </span><span class="pp-class-236 pa t43655 l3 ls67">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43655 l43656">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43655 l43657 ls1547">-10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43655 l43658">65</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43655 l40918">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43655 l43659">46</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43660 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t43660 l8478 ls197">charge </span><span class="pp-class-236 pa t43661 l3">and </span><span class="pp-class-236 pa t43661 l13229 ls2385">write-offs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43661 l43662 ls1747">37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43661 l43663">69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43661 l43664 ls129">1,248</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43661 l43665">589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43661 l43612 ls995">1,944</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43666 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43666 l43667">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43666 l43616">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43666 l43668">88</span></a><span class="pp-class-236 pa t43666 l43669">9</span><span class="pp-class-240 pa t43670 l43619">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43666 l43671 ls30">273</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43666 l43672 ls135">1,163</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43673 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43673 l43674">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43673 l43616">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43673 l3827">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43673 l43675">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43673 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43676 l3 ls685">Depreciation </span><span class="pp-class-237 pa t43676 l43677">and </span><span class="pp-class-237 pa t43678 l3 ls118">impairment </span><span class="pp-class-237 pa t43678 l41749 ls13">losses </span><span class="pp-class-237 pa t43678 l17328 ls2222">at </span><span class="pp-class-237 pa t43679 l3">31 </span><span class="pp-class-237 pa t43679 l43180">December </span><span class="pp-class-237 pa t43679 l43181">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43679 l43680">153</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43679 l43681 ls162">714</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43679 l43682 ls4248">8,853</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43679 l43683 ls85">2,163</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43679 l43684">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43679 l43685 ls244">11,883</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43686 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43686 l37578 ls1098">amount </span><span class="pp-class-237 pa t43686 l43178 ls2222">at </span><span class="pp-class-237 pa t43687 l3">31 </span><span class="pp-class-237 pa t43687 l43180">December </span><span class="pp-class-237 pa t43687 l43181">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43687 l21995">823</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43687 l43688 ls587">770</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43687 l43689 ls67">11,106</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43687 l43690 ls76">2,403</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43687 l43185">394</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43687 l22656 ls538">15,496</span></a></p></td></tr></table></div></div><div id="pp-id-5330" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43691 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36916 l3">DKK </span><span class="pp-class-236 pa t36916 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l43566">Land </span><span class="pp-class-237 pa t36653 l43567">and </span><span class="pp-class-237 pa t36916 l43568 ls162">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36916 l43569 ls1744">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l43570 ls1098">Ferries </span><span class="pp-class-237 pa t36653 l43571">and </span><span class="pp-class-237 pa t36916 l43572 ls1098">other </span><span class="pp-class-237 pa t36916 l43573">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l43574 ls177">Equipment</span><span class="pp-class-237 pa t36916 l43575 ls73">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l43577 ls5202 wtro3142 wtr3143 tro3144 tr3145">Assets </span><span class="pp-class-237 pa t36646 l43578 ls838 wtro3142 wtr3143 tro3144 tr3145">under </span><span class="pp-class-237 pa t36653 l43579 ls27249 wtro3142 wtr3143 tro3144 tr3145">construction </span><span class="pp-class-237 pa t36653 l43580 ls1017 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t36916 l43581 ls4290 wtro3142 wtr3143 tro3144 tr3145">prepayments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36916 l43582 ls43583">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l3">Cost </span><span class="pp-class-236 pa t36668 l43103 ls2368">at </span><span class="pp-class-236 pa t36668 l43104">1 </span><span class="pp-class-236 pa t36668 l43105 ls1448">January </span><span class="pp-class-236 pa t36668 l43106 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l43692">862</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l11074 ls532">1,453</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l43693 ls651">21,636</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l43694 ls2081">3,645</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l43695">415</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36668 l43696 ls1775">28,012</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43697 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43697 l37293 ls212">exchange </span><span class="pp-class-236 pa t43698 l3 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43698 l43699 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43698 l43700 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43698 l43701">-42</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43698 l43702">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43698 l43703">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43698 l41696">28</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43704 l3 ls115">Addition </span><span class="pp-class-236 pa t43704 l42147">on </span><span class="pp-class-236 pa t43704 l42148 ls13">acquisition </span><span class="pp-class-236 pa t43705 l3 ls118">of </span><span class="pp-class-236 pa t43705 l7402 ls162">enterprises</span></a><span class="pp-class-240 pa t43706 l43600">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43705 l43699 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43705 l4777 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43705 l43707">631</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43705 l43708">568</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43705 l43703">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43705 l40959 ls297">1,227</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l3 ls115">Additions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l43667">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l43710">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l43658">48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l43711 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l43712">1,259</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43709 l43713 ls532">1,490</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l43715">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l43716">13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l43717">423</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l43718">409</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l43719">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43714 l43720">869 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l43722">69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l43723 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l43724">809</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l43725">403</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l43726 ls73">-1,297</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43721 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l3 ls1700">Divestment </span><span class="pp-class-236 pa t43727 l37879 ls118">of </span><span class="pp-class-236 pa t43727 l28914 ls138">activities</span></a><span class="pp-class-240 pa t20468 l27560">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l43601">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l5914">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l43728 ls17859">2,517</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l43729">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43727 l43730 ls1792">2,566 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l3 ls2969 wtro3142 wtr3143 tro3144 tr3145">Cost </span><span class="pp-class-237 pa t43731 l43732 ls3076 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-237 pa t43731 l43733 ls614 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-237 pa t43731 l43734 ls4017 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-237 pa t43731 l43735 ls2687 wtro3142 wtr3143 tro3144 tr3145">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l43736">949</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l43737 ls11716">1,476</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l43738 ls747">20,141</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l43739 ls428">4,382</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l43740 ls17577">374</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43731 l43741 ls2838">27,322</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43742 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t43742 l8478">and </span><span class="pp-class-236 pa t43743 l3 ls118">impairment </span><span class="pp-class-236 pa t43743 l33517">losses </span><span class="pp-class-236 pa t43743 l43645 ls2368">at </span><span class="pp-class-236 pa t43744 l3">1 </span><span class="pp-class-236 pa t43744 l43745 ls1448">January </span><span class="pp-class-236 pa t43744 l34155 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43744 l43746 ls1547">104</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43744 l43747">630</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43744 l43748 ls645">9,854</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43744 l39600 ls3250">1,706</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43744 l43749">12,294</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43750 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43750 l37293 ls212">exchange </span><span class="pp-class-236 pa t43751 l3 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43751 l33064">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43751 l4777 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43751 l43752">-32</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43751 l43753 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43751 l41866">-7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43754 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t43754 l8478 ls197">charge </span><span class="pp-class-236 pa t43755 l3">and </span><span class="pp-class-236 pa t43755 l13229 ls2385">write-offs</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43755 l43756">34</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43755 l43757 ls3084">70</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43755 l43758 ls2258">1,171</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43755 l43759">449</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43755 l43760 ls43761">1,724</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43762 l3 ls129">Reversal </span><span class="pp-class-236 pa t43762 l37151 ls118">of </span><span class="pp-class-236 pa t43762 l37152 ls118">impairment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43762 l43763">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43762 l43616">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43762 l43764">33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43762 l40882">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43762 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43765 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43765 l43766 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43765 l34940">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43765 l43717">423</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43765 l43767 ls4381">317</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43765 l41903 ls670">769 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43768 l3 ls1700">Divestment </span><span class="pp-class-236 pa t43768 l37879 ls118">of </span><span class="pp-class-236 pa t43768 l28914 ls138">activities</span></a><span class="pp-class-240 pa t43769 l27560">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43768 l43601">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43768 l5914">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43768 l43770 ls135">2,108</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43768 l43771">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43768 l43772">2,153 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43773 l3 ls685">Depreciation </span><span class="pp-class-237 pa t43773 l43677">and </span><span class="pp-class-237 pa t43774 l3 ls118">impairment </span><span class="pp-class-237 pa t43774 l41749 ls13">losses </span><span class="pp-class-237 pa t43774 l17328 ls2222">at </span><span class="pp-class-237 pa t43775 l3">31 </span><span class="pp-class-237 pa t43775 l43180">December </span><span class="pp-class-237 pa t43775 l43181 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43775 l43776">121</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43775 l43777">655</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43775 l43778 ls2222">8,429</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43775 l43779 ls1757">1,851</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43775 l43684">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43775 l43780 ls80">11,056</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43781 l3 ls1107">Carrying </span><span class="pp-class-237 pa t43781 l37578 ls1098">amount </span><span class="pp-class-237 pa t43781 l43178 ls2222">at </span><span class="pp-class-237 pa t43782 l3">31 </span><span class="pp-class-237 pa t43782 l43180">December </span><span class="pp-class-237 pa t43782 l43181 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43782 l33552">828</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43782 l43783">821</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43782 l43784 ls2565">11,712</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43782 l43785 ls3852">2,531</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43782 l43740 ls17577">374</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43782 l43786 ls2368">16,266</span></a></p></td></tr></table></div></div><div class="pp-class-228 pp-class-256" id="pp-id-5331" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43787 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177">accounting </span><span class="pp-class-248 pa t42503 l43791 ls685">estimates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43792 l3 ls541">Assessment </span><span class="pp-class-237 pa t43792 l43793 ls811">of </span><span class="pp-class-237 pa t43792 l43794 ls1764">useful </span><span class="pp-class-237 pa t43792 l43795 ls2036">life </span><span class="pp-class-237 pa t43792 l43796 ls651">and </span><span class="pp-class-237 pa t43792 l43797 ls30">residual </span><span class="pp-class-237 pa t43792 l40901 ls565">values </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43798 l3 ls1404">Estimation </span><span class="pp-class-236 pa t43798 l41893 ls98">of </span><span class="pp-class-236 pa t43798 l43799 ls590">useful </span><span class="pp-class-236 pa t43798 l43800 ls838">lives </span><span class="pp-class-236 pa t43798 l43801 ls811">is </span><span class="pp-class-236 pa t43798 l43802 ls538">based </span><span class="pp-class-236 pa t43798 l43803 ls811">on </span><span class="pp-class-236 pa t43798 l43804 ls567">experience. </span><span class="pp-class-236 pa t43798 l17434 ls2222">When </span><span class="pp-class-236 pa t43798 l43805 ls706">there </span><span class="pp-class-236 pa t43798 l43806 ls811">is </span><span class="pp-class-236 pa t43798 l43807 ls811">an </span><span class="pp-class-236 pa t43798 l43808 ls1404">indication </span><span class="pp-class-236 pa t43798 l43809 ls98">of </span><span class="pp-class-236 pa t43798 l43810 ls184">a </span><span class="pp-class-236 pa t43798 l43811 ls1764">change </span><span class="pp-class-236 pa t43798 l43812 ls811">in </span><span class="pp-class-236 pa t43798 l43813 ls1547">an </span><span class="pp-class-236 pa t43814 l3 ls548">asset’s </span><span class="pp-class-236 pa t43814 l43815 ls590">useful </span><span class="pp-class-236 pa t43814 l43816 ls2889">life, </span><span class="pp-class-236 pa t43814 l43817 ls30">Management </span><span class="pp-class-236 pa t43814 l43818 ls4017">revises </span><span class="pp-class-236 pa t43814 l43819 ls651">the </span><span class="pp-class-236 pa t43814 l43820 ls2207">estimates </span><span class="pp-class-236 pa t43814 l43821 ls553">for </span><span class="pp-class-236 pa t43814 l43822 ls562">individual </span><span class="pp-class-236 pa t43814 l43823 ls179">assets </span><span class="pp-class-236 pa t43814 l43824 ls811">or </span><span class="pp-class-236 pa t43814 l43825 ls2197">groups </span><span class="pp-class-236 pa t43814 l43826 ls98">of </span><span class="pp-class-236 pa t43814 l43827 ls179">assets </span><span class="pp-class-236 pa t43814 l43828 ls967">with </span><span class="pp-class-236 pa t43829 l3 ls2036">similar </span><span class="pp-class-236 pa t43829 l43830 ls7086">characteristics </span><span class="pp-class-236 pa t43829 l43831 ls651">due </span><span class="pp-class-236 pa t43829 l43832 ls538">to </span><span class="pp-class-236 pa t43829 l43833 ls603">factors </span><span class="pp-class-236 pa t43829 l43834 ls2222">such </span><span class="pp-class-236 pa t43829 l43835 ls811">as </span><span class="pp-class-236 pa t43829 l43836 ls2036">quality </span><span class="pp-class-236 pa t43829 l43837 ls98">of </span><span class="pp-class-236 pa t43829 l43838 ls541">maintenance </span><span class="pp-class-236 pa t43829 l43839 ls651">and </span><span class="pp-class-236 pa t43829 l40851 ls2838">repair, </span><span class="pp-class-236 pa t43829 l43840 ls696">technical </span><span class="pp-class-236 pa t43841 l3 ls2889">development, </span><span class="pp-class-236 pa t43841 l43285 ls811">or </span><span class="pp-class-236 pa t43841 l43842 ls681">environmental </span><span class="pp-class-236 pa t43841 l43843 ls1815">requirements.</span></p></div></div><div class="pp-class-228 pp-class-256" id="pp-id-5332" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h43844 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177">accounting </span><span class="pp-class-248 pa t42503 l43791 ls227">estimates </span><span class="pp-class-249 pa t42503 l43845 ls143">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43846 l3 ls1186 wtro3142 wtr3143 tro3144 tr3145">Management </span><span class="pp-class-236 pa t43846 l43847 ls2207 wtro3142 wtr3143 tro3144 tr3145">has </span><span class="pp-class-236 pa t43846 l43848 ls556 wtro3142 wtr3143 tro3144 tr3145">also </span><span class="pp-class-236 pa t43846 l43849 ls2081 wtro3142 wtr3143 tro3144 tr3145">considered </span><span class="pp-class-236 pa t43846 l43850 ls6146 wtro3142 wtr3143 tro3144 tr3145">that </span><span class="pp-class-236 pa t43846 l7534 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43846 l43851 ls6824 wtro3142 wtr3143 tro3144 tr3145">impact </span><span class="pp-class-236 pa t43846 l43852 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43846 l43853 ls2629 wtro3142 wtr3143 tro3144 tr3145">climate-related </span><span class="pp-class-236 pa t43846 l43854 ls3292 wtro3142 wtr3143 tro3144 tr3145">factors, </span><span class="pp-class-236 pa t43846 l43855 ls299 wtro3142 wtr3143 tro3144 tr3145">including </span><span class="pp-class-236 pa t43846 l43856 ls11077 wtro3142 wtr3143 tro3144 tr3145">regulatory </span><span class="pp-class-236 pa t43857 l3 ls1775 wtro3142 wtr3143 tro3144 tr3145">changes, </span><span class="pp-class-236 pa t43857 l43858 ls849 wtro3142 wtr3143 tro3144 tr3145">technological </span><span class="pp-class-236 pa t43857 l43859 ls2767 wtro3142 wtr3143 tro3144 tr3145">advancements, </span><span class="pp-class-236 pa t43857 l43860 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43857 l43861 ls681 wtro3142 wtr3143 tro3144 tr3145">DFDS’ </span><span class="pp-class-236 pa t43857 l43862 ls110 wtro3142 wtr3143 tro3144 tr3145">own </span><span class="pp-class-236 pa t43857 l43863 ls1775 wtro3142 wtr3143 tro3144 tr3145">emission </span><span class="pp-class-236 pa t43857 l43864 ls2258 wtro3142 wtr3143 tro3144 tr3145">reduction </span><span class="pp-class-236 pa t43857 l43865 ls4793 wtro3142 wtr3143 tro3144 tr3145">ambitions, </span><span class="pp-class-236 pa t43857 l43866 ls3084 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t43857 l43867 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t43857 l43868 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43857 l43869 ls2687 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t43870 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">affect </span><span class="pp-class-236 pa t43870 l43871 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43870 l43872 ls5202 wtro3142 wtr3143 tro3144 tr3145">estimated </span><span class="pp-class-236 pa t43870 l2718 ls2270 wtro3142 wtr3143 tro3144 tr3145">useful </span><span class="pp-class-236 pa t43870 l43873 ls4017 wtro3142 wtr3143 tro3144 tr3145">life </span><span class="pp-class-236 pa t43870 l43874 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43870 l43875 ls6824 wtro3142 wtr3143 tro3144 tr3145">vessels. </span><span class="pp-class-236 pa t43870 l43876 ls544 wtro3142 wtr3143 tro3144 tr3145">As </span><span class="pp-class-236 pa t43870 l43877 ls651 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t43870 l43878 ls3292 wtro3142 wtr3143 tro3144 tr3145">result, </span><span class="pp-class-236 pa t43870 l43879 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43870 l43880 ls11592 wtro3142 wtr3143 tro3144 tr3145">expected </span><span class="pp-class-236 pa t43870 l43881 ls603 wtro3142 wtr3143 tro3144 tr3145">timing </span><span class="pp-class-236 pa t43870 l43882 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t43870 l43883 ls6092 wtro3142 wtr3143 tro3144 tr3145">replacing </span><span class="pp-class-236 pa t43870 l43884 ls12546 wtro3142 wtr3143 tro3144 tr3145">existing </span><span class="pp-class-236 pa t43870 l43885 ls1815 wtro3142 wtr3143 tro3144 tr3145">vessels </span><span class="pp-class-236 pa t43886 l3 ls691 wtro3142 wtr3143 tro3144 tr3145">could </span><span class="pp-class-236 pa t43886 l43887 ls17626 wtro3142 wtr3143 tro3144 tr3145">accelerate. </span><span class="pp-class-236 pa t43886 l43888 ls28280 wtro3142 wtr3143 tro3144 tr3145">To </span><span class="pp-class-236 pa t43886 l43889 ls110 wtro3142 wtr3143 tro3144 tr3145">mitigate </span><span class="pp-class-236 pa t43886 l43890 ls691 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t43886 l43891 ls11077 wtro3142 wtr3143 tro3144 tr3145">risks, </span><span class="pp-class-236 pa t43886 l43892 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43886 l43893 ls1882 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t43886 l43894 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t43886 l43895 ls11043 wtro3142 wtr3143 tro3144 tr3145">increasingly </span><span class="pp-class-236 pa t43886 l43896 ls3234 wtro3142 wtr3143 tro3144 tr3145">adopting </span><span class="pp-class-236 pa t43886 l43897 ls7959 wtro3142 wtr3143 tro3144 tr3145">alternative </span><span class="pp-class-236 pa t43886 l43898 ls556 wtro3142 wtr3143 tro3144 tr3145">fuel </span><span class="pp-class-236 pa t43886 l43899 ls10269 wtro3142 wtr3143 tro3144 tr3145">sources, </span><span class="pp-class-236 pa t43900 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">such </span><span class="pp-class-236 pa t43900 l43901 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t43900 l43902 ls4793 wtro3142 wtr3143 tro3144 tr3145">biofuels, </span><span class="pp-class-236 pa t43900 l33102 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43900 l43903 ls299 wtro3142 wtr3143 tro3144 tr3145">implementing </span><span class="pp-class-236 pa t43900 l43904 ls651 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t43900 l43905 ls1882 wtro3142 wtr3143 tro3144 tr3145">range </span><span class="pp-class-236 pa t43900 l43906 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43900 l43907 ls773 wtro3142 wtr3143 tro3144 tr3145">operational </span><span class="pp-class-236 pa t43900 l43908 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43900 l43909 ls2808 wtro3142 wtr3143 tro3144 tr3145">technical </span><span class="pp-class-236 pa t43900 l43910 ls12546 wtro3142 wtr3143 tro3144 tr3145">measures </span><span class="pp-class-236 pa t43900 l43911 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t43900 l43912 ls1687 wtro3142 wtr3143 tro3144 tr3145">enhance </span><span class="pp-class-236 pa t43900 l43913 ls2687 wtro3142 wtr3143 tro3144 tr3145">energy </span><span class="pp-class-236 pa t43914 l3 ls1017 wtro3142 wtr3143 tro3144 tr3145">efficiency. </span><span class="pp-class-236 pa t43914 l43915 ls691 wtro3142 wtr3143 tro3144 tr3145">These </span><span class="pp-class-236 pa t43914 l43916 ls7487 wtro3142 wtr3143 tro3144 tr3145">initiatives, </span><span class="pp-class-236 pa t43914 l43917 ls11713 wtro3142 wtr3143 tro3144 tr3145">together </span><span class="pp-class-236 pa t43914 l43918 ls556 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t43914 l43919 ls681 wtro3142 wtr3143 tro3144 tr3145">DFDS’ </span><span class="pp-class-236 pa t43914 l43920 ls2848 wtro3142 wtr3143 tro3144 tr3145">structured </span><span class="pp-class-236 pa t43914 l43921 ls773 wtro3142 wtr3143 tro3144 tr3145">approach </span><span class="pp-class-236 pa t43914 l43922 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t43914 l43923 ls2816 wtro3142 wtr3143 tro3144 tr3145">achieving </span><span class="pp-class-236 pa t43914 l43924 ls1815 wtro3142 wtr3143 tro3144 tr3145">emissions </span><span class="pp-class-236 pa t43914 l43925 ls6824 wtro3142 wtr3143 tro3144 tr3145">reduction, </span><span class="pp-class-236 pa t43926 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t43926 l43927 ls556 wtro3142 wtr3143 tro3144 tr3145">help </span><span class="pp-class-236 pa t43926 l43928 ls7487 wtro3142 wtr3143 tro3144 tr3145">reduce </span><span class="pp-class-236 pa t43926 l43929 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43926 l12806 ls556 wtro3142 wtr3143 tro3144 tr3145">risk </span><span class="pp-class-236 pa t43926 l33707 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43926 l43930 ls884 wtro3142 wtr3143 tro3144 tr3145">obsolescence </span><span class="pp-class-236 pa t43926 l43931 ls603 wtro3142 wtr3143 tro3144 tr3145">within </span><span class="pp-class-236 pa t43926 l43932 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43926 l43933 ls2258 wtro3142 wtr3143 tro3144 tr3145">current </span><span class="pp-class-236 pa t43926 l43934 ls603 wtro3142 wtr3143 tro3144 tr3145">fleet. </span><span class="pp-class-236 pa t43926 l43935 ls1186 wtro3142 wtr3143 tro3144 tr3145">Management </span><span class="pp-class-236 pa t43926 l43936 ls2207 wtro3142 wtr3143 tro3144 tr3145">has </span><span class="pp-class-236 pa t43926 l43937 ls1775 wtro3142 wtr3143 tro3144 tr3145">assessed </span><span class="pp-class-236 pa t43926 l43938 ls544 wtro3142 wtr3143 tro3144 tr3145">these </span><span class="pp-class-236 pa t43939 l3 ls4284 wtro3142 wtr3143 tro3144 tr3145">factors </span><span class="pp-class-236 pa t43939 l43940 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t43939 l16444 ls299 wtro3142 wtr3143 tro3144 tr3145">concluded </span><span class="pp-class-236 pa t43939 l43941 ls7468 wtro3142 wtr3143 tro3144 tr3145">that, </span><span class="pp-class-236 pa t43939 l43942 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t43939 l43943 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43939 l43944 ls544 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-236 pa t43939 l43945 ls1775 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-236 pa t43939 l43946 ls2846 wtro3142 wtr3143 tro3144 tr3145">2025, </span><span class="pp-class-236 pa t43939 l43947 ls544 wtro3142 wtr3143 tro3144 tr3145">no </span><span class="pp-class-236 pa t43939 l43948 ls1687 wtro3142 wtr3143 tro3144 tr3145">changes </span><span class="pp-class-236 pa t43939 l43949 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t43939 l43950 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t43939 l43951 ls11072 wtro3142 wtr3143 tro3144 tr3145">remaining </span><span class="pp-class-236 pa t43939 l43952 ls2270 wtro3142 wtr3143 tro3144 tr3145">useful </span><span class="pp-class-236 pa t43939 l43953 ls4017 wtro3142 wtr3143 tro3144 tr3145">life </span><span class="pp-class-236 pa t43939 l43954 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t43939 l43955 ls1815 wtro3142 wtr3143 tro3144 tr3145">vessels </span><span class="pp-class-236 pa t43956 l3 ls544 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t43956 l43957 ls1131 wtro3142 wtr3143 tro3144 tr3145">other </span><span class="pp-class-236 pa t43956 l43958 ls4775 wtro3142 wtr3143 tro3144 tr3145">tangible </span><span class="pp-class-236 pa t43956 l43959 ls884 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t43956 l43960 ls17589 wtro3142 wtr3143 tro3144 tr3145">were </span><span class="pp-class-236 pa t43956 l43961 ls16417 wtro3142 wtr3143 tro3144 tr3145">required.</span></p></div></div><div id="pp-id-5333" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43962 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls168">Addition </span><span class="pp-class-239 pa t1332 l16595 ls877">from </span><span class="pp-class-239 pa t1332 l17887 ls625">acquisition </span><span class="pp-class-239 pa t1335 l3 ls98">of </span><span class="pp-class-239 pa t1335 l39273 ls541">enterprises </span><span class="pp-class-239 pa t1335 l43963 ls1796">relate </span><span class="pp-class-239 pa t1335 l43964 ls184">to </span><span class="pp-class-239 pa t1339 l3 ls4787">Ekol </span><span class="pp-class-239 pa t1339 l43965 ls749">Transport </span><span class="pp-class-239 pa t1339 l41791 ls621">Group, </span><span class="pp-class-239 pa t3352 l3 ls6146">reference </span><span class="pp-class-239 pa t3352 l43966 ls811">is </span><span class="pp-class-239 pa t3352 l43967 ls544">made </span><span class="pp-class-239 pa t3352 l10777 ls184">to </span><span class="pp-class-239 pa t3355 l3 ls558">note </span><span class="pp-class-239 pa t3355 l43968 ls37112">5.5. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t8663 l3">Disposals </span><span class="pp-class-239 pa t8663 l10037 ls118">of </span><span class="pp-class-239 pa t8663 l43969">land </span><span class="pp-class-239 pa t8663 l43970">and </span><span class="pp-class-239 pa t8665 l3">buildings </span><span class="pp-class-239 pa t8665 l43971 ls1024">primarily </span><span class="pp-class-239 pa t8668 l3 ls3791">relate </span><span class="pp-class-239 pa t8668 l43972 ls138">to </span><span class="pp-class-239 pa t8668 l17464">a </span><span class="pp-class-239 pa t8668 l18457 ls276">sale-and-</span><span class="pp-class-239 pa t8672 l3 ls781">leaseback </span><span class="pp-class-239 pa t8672 l43973 ls833">transaction </span><span class="pp-class-239 pa t8673 l3 ls164">involving </span><span class="pp-class-239 pa t8673 l43974 ls106">three </span><span class="pp-class-239 pa t9715 l3 ls530 wtro3142 wtr526 tro3144 tr528">warehouse </span><span class="pp-class-239 pa t9715 l43975 ls3791 wtro3142 wtr526 tro3144 tr528">facilities </span><span class="pp-class-239 pa t9720 l3 ls2222 wtro3142 wtr526 tro3144 tr528">located </span><span class="pp-class-239 pa t9720 l43976 ls129 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-239 pa t9720 l97 ls532 wtro3142 wtr526 tro3144 tr528">Sweden. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t38025 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t38029 l3">Disposals </span><span class="pp-class-239 pa t38029 l10037 ls118">of </span><span class="pp-class-239 pa t38029 l43969 ls85">ferries </span><span class="pp-class-239 pa t38029 l43977">and </span><span class="pp-class-239 pa t38030 l3 ls67">other </span><span class="pp-class-239 pa t38030 l34425">ships </span><span class="pp-class-239 pa t38030 l31311 ls1024">primarily </span><span class="pp-class-239 pa t38033 l3 ls3791">relate </span><span class="pp-class-239 pa t38033 l43972 ls138">to </span><span class="pp-class-239 pa t38033 l17464">the </span><span class="pp-class-239 pa t38033 l43978">disposal </span><span class="pp-class-239 pa t38033 l43979 ls118">of </span><span class="pp-class-239 pa t38035 l3 ls217">Cappadocia </span><span class="pp-class-239 pa t38035 l43980 ls696">Seaways.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t43981 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t43982 l3 ls1024">Primarily </span><span class="pp-class-239 pa t43982 l43983 ls197">transfers </span><span class="pp-class-239 pa t43984 l3">arising </span><span class="pp-class-239 pa t43984 l43985 ls181">from </span><span class="pp-class-239 pa t43984 l13314">the </span><span class="pp-class-239 pa t43984 l43986 ls590">exercise </span><span class="pp-class-239 pa t43987 l3 ls118">of </span><span class="pp-class-239 pa t43987 l7402 ls203">purchase </span><span class="pp-class-239 pa t43987 l43988 ls13">options </span><span class="pp-class-239 pa t43989 l3 ls19">for </span><span class="pp-class-239 pa t43989 l3345 ls129">warehouses </span><span class="pp-class-239 pa t43989 l26863">and </span><span class="pp-class-239 pa t43990 l3 ls1629">trucks, </span><span class="pp-class-239 pa t43990 l43991">with </span><span class="pp-class-239 pa t43990 l43992 ls227">remaining </span><span class="pp-class-239 pa t43993 l3 ls197">transfers </span><span class="pp-class-239 pa t43993 l43994 ls63">relating </span><span class="pp-class-239 pa t43993 l43995 ls138">to </span><span class="pp-class-239 pa t43993 l43996">the </span><span class="pp-class-239 pa t43997 l3 ls1011">capitalisation </span><span class="pp-class-239 pa t43997 l43998 ls118">of </span><span class="pp-class-239 pa t43997 l2466 ls781">assets </span><span class="pp-class-239 pa t43999 l3">under </span><span class="pp-class-239 pa t43999 l44000 ls1444">construction.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t44001 l3">5</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t44002 l3 ls1024">Primarily </span><span class="pp-class-239 pa t44002 l43983 ls967">related </span><span class="pp-class-239 pa t44002 l8190 ls138">to </span><span class="pp-class-239 pa t44003 l3">the </span><span class="pp-class-239 pa t44003 l9689 ls1133">two </span><span class="pp-class-239 pa t44003 l44004">passenger </span><span class="pp-class-239 pa t44005 l3">cruise </span><span class="pp-class-239 pa t44005 l44006 ls85">ferries </span><span class="pp-class-239 pa t44005 l44007 ls771">Crown </span><span class="pp-class-239 pa t44008 l3 ls696">Seaways </span><span class="pp-class-239 pa t44008 l39223">and </span><span class="pp-class-239 pa t44008 l44009 ls135">Pearl </span><span class="pp-class-239 pa t44010 l3 ls696">Seaways </span><span class="pp-class-239 pa t44010 l39223">which </span><span class="pp-class-239 pa t44010 l44011 ls2036">were </span><span class="pp-class-239 pa t44012 l3 ls71">divested </span><span class="pp-class-239 pa t44012 l44013">as </span><span class="pp-class-239 pa t44012 l44014 ls7591">part </span><span class="pp-class-239 pa t44012 l2849 ls118">of </span><span class="pp-class-239 pa t44012 l44015">the </span><span class="pp-class-239 pa t44016 l3 ls1629">Oslo-Frederikshavn- </span><span class="pp-class-239 pa t44017 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t44017 l41018 ls2368">route. </span></p></div></div><div class="pp-class-10" id="pp-id-5336" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h44019 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.1.2 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Non-current </span><span class="pp-class-234 pa t1122 l43087 ls67">tangible </span><span class="pp-class-234 pa t1122 l43558 ls13">assets</span><span class="pp-class-235 pa t1122 l44020"/><span class="pp-class-235 pa t1122 l44021 ls938">(continued)</span></p><div id="pp-id-5335"><div class="pp-class-227 pp-class-256" id="pp-id-5334"><div class="w40752 h44022 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls179">tangible </span><span class="pp-class-237 pa t43264 l51 ls536">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls651">The </span><span class="pp-class-236 pa t43270 l38379 ls9435">following </span><span class="pp-class-236 pa t43270 l44023 ls2036">applies </span><span class="pp-class-236 pa t43270 l17125 ls1764">unless </span><span class="pp-class-236 pa t43270 l33628 ls696">otherwise </span><span class="pp-class-236 pa t43270 l44024 ls681">stated:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43295 l3 ls184">• </span><span class="pp-class-236 pa t43295 l3804 ls44025">Assets </span><span class="pp-class-236 pa t43295 l44026 ls2808">are </span><span class="pp-class-236 pa t43295 l44027 ls3855">measured </span><span class="pp-class-236 pa t43295 l44028 ls2197">at </span><span class="pp-class-236 pa t43295 l44029 ls2222">cost </span><span class="pp-class-236 pa t43295 l44030 ls2222">less </span><span class="pp-class-236 pa t43295 l44031 ls713">accumulated </span><span class="pp-class-236 pa t43295 l44032 ls691">depreciation </span><span class="pp-class-236 pa t43295 l21665 ls572">and </span><span class="pp-class-236 pa t43295 l44033 ls524">impairment </span><span class="pp-class-236 pa t43295 l44034 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43309 l3 ls184">• </span><span class="pp-class-236 pa t43309 l3804 ls44035">The </span><span class="pp-class-236 pa t43309 l44036 ls2222">cost </span><span class="pp-class-236 pa t43309 l44037 ls179">includes </span><span class="pp-class-236 pa t43309 l16010 ls538">costs </span><span class="pp-class-236 pa t43309 l44038 ls538">to </span><span class="pp-class-236 pa t43309 l44039 ls2197">external </span><span class="pp-class-236 pa t43309 l44040 ls562">suppliers, </span><span class="pp-class-236 pa t43309 l44041 ls2207">materials </span><span class="pp-class-236 pa t43309 l44042 ls651">and </span><span class="pp-class-236 pa t43309 l44043 ls524">components, </span><span class="pp-class-236 pa t43309 l44044 ls1775">direct </span><span class="pp-class-236 pa t43309 l44045 ls691">wages, </span><span class="pp-class-236 pa t43309 l44046 ls94">salaries </span><span class="pp-class-236 pa t43319 l3804 ls651">and </span><span class="pp-class-236 pa t43319 l44047 ls7086">interests </span><span class="pp-class-236 pa t43319 l44048 ls2222">paid </span><span class="pp-class-236 pa t43319 l44049 ls811">as </span><span class="pp-class-236 pa t43319 l44050 ls877">from </span><span class="pp-class-236 pa t43319 l44051 ls651">the </span><span class="pp-class-236 pa t43319 l44052 ls2222">time </span><span class="pp-class-236 pa t43319 l44053 ls98">of </span><span class="pp-class-236 pa t43319 l44054 ls3855">payment </span><span class="pp-class-236 pa t43319 l44055 ls536">until </span><span class="pp-class-236 pa t43319 l44056 ls651">the </span><span class="pp-class-236 pa t43319 l44057 ls7086">date </span><span class="pp-class-236 pa t43319 l44058 ls2222">when </span><span class="pp-class-236 pa t43319 l44059 ls572">the </span><span class="pp-class-236 pa t43319 l44060 ls949">asset </span><span class="pp-class-236 pa t43319 l44061 ls811">is </span><span class="pp-class-236 pa t43319 l44062 ls4276">available </span><span class="pp-class-236 pa t43319 l44063 ls553">for </span><span class="pp-class-236 pa t43319 l44064 ls94">use. </span><span class="pp-class-236 pa t43330 l3804 ls651">The </span><span class="pp-class-236 pa t43330 l44036 ls2222">cost </span><span class="pp-class-236 pa t43330 l44037 ls538">price </span><span class="pp-class-236 pa t43330 l44065 ls2222">also </span><span class="pp-class-236 pa t43330 l30107 ls995">comprises </span><span class="pp-class-236 pa t43330 l44052 ls538">gains </span><span class="pp-class-236 pa t43330 l44066 ls572">and </span><span class="pp-class-236 pa t43330 l44067 ls1764">losses </span><span class="pp-class-236 pa t43330 l44068 ls811">on </span><span class="pp-class-236 pa t43330 l44069 ls691">transactions </span><span class="pp-class-236 pa t43330 l44070 ls560">designated </span><span class="pp-class-236 pa t43330 l44071 ls811">as </span><span class="pp-class-236 pa t43330 l44072 ls1764">hedges.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43426 l3 ls184">• </span><span class="pp-class-236 pa t43426 l3804 ls44035">The </span><span class="pp-class-236 pa t43426 l44036 ls538">basis </span><span class="pp-class-236 pa t43426 l44073 ls553">for </span><span class="pp-class-236 pa t43426 l44074 ls691">depreciation </span><span class="pp-class-236 pa t43426 l44075 ls811">is </span><span class="pp-class-236 pa t43426 l44076 ls551">determined </span><span class="pp-class-236 pa t43426 l44077 ls811">as </span><span class="pp-class-236 pa t43426 l44078 ls651">the </span><span class="pp-class-236 pa t43426 l44079 ls2222">cost </span><span class="pp-class-236 pa t43426 l44080 ls2222">less </span><span class="pp-class-236 pa t43426 l44081 ls2207">estimated </span><span class="pp-class-236 pa t43426 l44082 ls3855">residual </span><span class="pp-class-236 pa t43426 l44083 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43333 l3 ls184">• </span><span class="pp-class-236 pa t43333 l3804 ls44035">The </span><span class="pp-class-236 pa t43333 l44036 ls179">assets </span><span class="pp-class-236 pa t43333 l44084 ls2808">are </span><span class="pp-class-236 pa t43333 l44085 ls1687">depreciated </span><span class="pp-class-236 pa t43333 l44086 ls811">on </span><span class="pp-class-236 pa t43333 l44087 ls184">a </span><span class="pp-class-236 pa t43333 l44088 ls4276">straight-line </span><span class="pp-class-236 pa t43333 l44089 ls538">basis </span><span class="pp-class-236 pa t43333 l44090 ls3234">over </span><span class="pp-class-236 pa t43333 l44091 ls651">the </span><span class="pp-class-236 pa t43333 l44092 ls2207">estimated </span><span class="pp-class-236 pa t43333 l44093 ls590">useful </span><span class="pp-class-236 pa t43333 l44094 ls553">life </span><span class="pp-class-236 pa t43333 l44095 ls538">to </span><span class="pp-class-236 pa t43333 l44096 ls572">the </span><span class="pp-class-236 pa t43333 l44097 ls553">estimated </span><span class="pp-class-236 pa t43334 l3804 ls3855">residual </span><span class="pp-class-236 pa t43334 l44098 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls184">• </span><span class="pp-class-236 pa t43348 l3804 ls44099">Estimated </span><span class="pp-class-236 pa t43348 l44100 ls590">useful </span><span class="pp-class-236 pa t43348 l44101 ls553">life </span><span class="pp-class-236 pa t43348 l44102 ls651">and </span><span class="pp-class-236 pa t43348 l44103 ls2207">estimated </span><span class="pp-class-236 pa t43348 l44104 ls3855">residual </span><span class="pp-class-236 pa t43348 l44105 ls556">values </span><span class="pp-class-236 pa t43348 l44106 ls2808">are </span><span class="pp-class-236 pa t43348 l44107 ls667">reassessed </span><span class="pp-class-236 pa t43348 l44108 ls2197">at </span><span class="pp-class-236 pa t43348 l44109 ls538">least </span><span class="pp-class-236 pa t43348 l44110 ls2222">once </span><span class="pp-class-236 pa t43348 l44111 ls184">a </span><span class="pp-class-236 pa t43348 l44112 ls853">year. </span><span class="pp-class-236 pa t43348 l44113 ls1547">In </span><span class="pp-class-236 pa t43367 l3804 ls1404">estimating </span><span class="pp-class-236 pa t43367 l44114 ls651">the </span><span class="pp-class-236 pa t43367 l44115 ls2207">estimated </span><span class="pp-class-236 pa t43367 l44116 ls590">useful </span><span class="pp-class-236 pa t43367 l44117 ls553">life </span><span class="pp-class-236 pa t43367 l44118 ls553">for </span><span class="pp-class-236 pa t43367 l44119 ls551">ferries </span><span class="pp-class-236 pa t43367 l44120 ls572">and </span><span class="pp-class-236 pa t43367 l44121 ls949">other </span><span class="pp-class-236 pa t43367 l44122 ls538">ships </span><span class="pp-class-236 pa t43367 l44123 ls811">it </span><span class="pp-class-236 pa t43367 l44124 ls811">is </span><span class="pp-class-236 pa t43367 l44125 ls706">taken </span><span class="pp-class-236 pa t43367 l44126 ls546">into </span><span class="pp-class-236 pa t43367 l44127 ls7086">consideration </span><span class="pp-class-236 pa t43367 l44128 ls524">that </span><span class="pp-class-236 pa t43461 l3804 ls2222">DFDS </span><span class="pp-class-236 pa t43461 l44129 ls621">continuously </span><span class="pp-class-236 pa t43461 l44130 ls811">is </span><span class="pp-class-236 pa t43461 l44131 ls1751">spending </span><span class="pp-class-236 pa t43461 l44132 ls541">substantial </span><span class="pp-class-236 pa t43461 l44133 ls538">funds </span><span class="pp-class-236 pa t43461 l44134 ls811">on </span><span class="pp-class-236 pa t43461 l44135 ls2036">ongoing </span><span class="pp-class-236 pa t43461 l44136 ls1404">maintenance.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43475 l3 ls184">• </span><span class="pp-class-236 pa t43475 l3804 ls44035">The </span><span class="pp-class-236 pa t43475 l44036 ls838">effect </span><span class="pp-class-236 pa t43475 l44137 ls877">from </span><span class="pp-class-236 pa t43475 l44138 ls2036">changes </span><span class="pp-class-236 pa t43475 l44139 ls811">in </span><span class="pp-class-236 pa t43475 l44140 ls691">depreciation </span><span class="pp-class-236 pa t43475 l44141 ls1764">period </span><span class="pp-class-236 pa t43475 l44142 ls811">or </span><span class="pp-class-236 pa t43475 l44143 ls651">the </span><span class="pp-class-236 pa t43475 l44144 ls3855">residual </span><span class="pp-class-236 pa t43475 l44145 ls2197">value </span><span class="pp-class-236 pa t43475 l44146 ls811">is </span><span class="pp-class-236 pa t43475 l44147 ls667">recognised </span><span class="pp-class-236 pa t43475 l44148 ls1796">prospectively </span><span class="pp-class-236 pa t43475 l44149 ls1547">as </span><span class="pp-class-236 pa t43484 l3804 ls184">a </span><span class="pp-class-236 pa t43484 l44150 ls1764">change </span><span class="pp-class-236 pa t43484 l44151 ls811">in </span><span class="pp-class-236 pa t43484 l3723 ls651">the </span><span class="pp-class-236 pa t43484 l44152 ls30">accounting </span><span class="pp-class-236 pa t43484 l44153 ls2197">estimate.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls4248">Ferries </span><span class="pp-class-237 pa t44154 l44155 ls651">and </span><span class="pp-class-237 pa t44154 l44156 ls536">other </span><span class="pp-class-237 pa t44154 l44157 ls2222">ships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls651">The </span><span class="pp-class-236 pa t44158 l38379 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l38657 ls98">of </span><span class="pp-class-236 pa t44158 l7435 ls551">ferries </span><span class="pp-class-236 pa t44158 l10388 ls651">and </span><span class="pp-class-236 pa t44158 l44159 ls949">other </span><span class="pp-class-236 pa t44158 l44160 ls538">ships </span><span class="pp-class-236 pa t44158 l44161 ls811">is </span><span class="pp-class-236 pa t44158 l40130 ls546">capitalised </span><span class="pp-class-236 pa t44158 l44162 ls811">if </span><span class="pp-class-236 pa t44158 l44163 ls572">the </span><span class="pp-class-236 pa t44158 l44164 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l44165 ls651">can </span><span class="pp-class-236 pa t44158 l44166 ls1547">be </span><span class="pp-class-236 pa t44167 l3 ls691">attributed </span><span class="pp-class-236 pa t44167 l14460 ls538">to:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44168 l3 ls184">• </span><span class="pp-class-236 pa t44168 l3804 ls44169">Safety </span><span class="pp-class-236 pa t44168 l44170 ls3855">measures.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44171 l3 ls184">• </span><span class="pp-class-236 pa t44171 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44171 l44172 ls538">to </span><span class="pp-class-236 pa t44171 l44173 ls2270">extend </span><span class="pp-class-236 pa t44171 l44174 ls651">the </span><span class="pp-class-236 pa t44171 l44175 ls590">useful </span><span class="pp-class-236 pa t44171 l43850 ls553">life </span><span class="pp-class-236 pa t44171 l44176 ls98">of </span><span class="pp-class-236 pa t44171 l44177 ls651">the </span><span class="pp-class-236 pa t44171 l44178 ls551">ferries </span><span class="pp-class-236 pa t44171 l44179 ls651">and </span><span class="pp-class-236 pa t44171 l44180 ls949">other </span><span class="pp-class-236 pa t44171 l44181 ls538">ships.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44182 l3 ls184">• </span><span class="pp-class-236 pa t44182 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44182 l44172 ls538">to </span><span class="pp-class-236 pa t44182 l44173 ls2197">reduce </span><span class="pp-class-236 pa t44182 l44183 ls667">climate </span><span class="pp-class-236 pa t44182 l44184 ls544">impact.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44185 l3 ls184">• </span><span class="pp-class-236 pa t44185 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44185 l44172 ls538">to </span><span class="pp-class-236 pa t44185 l44173 ls3084">improve </span><span class="pp-class-236 pa t44185 l44186 ls1751">earnings.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44187 l3 ls184">• </span><span class="pp-class-236 pa t44187 l3804 ls3121">Docking.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44188 l3 ls541">Maintenance </span><span class="pp-class-236 pa t44188 l44189 ls651">and </span><span class="pp-class-236 pa t44188 l44190 ls7468">daily </span><span class="pp-class-236 pa t44188 l44191 ls2036">running </span><span class="pp-class-236 pa t44188 l44192 ls538">costs </span><span class="pp-class-236 pa t44188 l44193 ls553">for </span><span class="pp-class-236 pa t44188 l44194 ls651">the </span><span class="pp-class-236 pa t44188 l44195 ls551">ferries </span><span class="pp-class-236 pa t44188 l44196 ls651">and </span><span class="pp-class-236 pa t44188 l44197 ls949">other </span><span class="pp-class-236 pa t44188 l44198 ls538">ships </span><span class="pp-class-236 pa t44188 l44199 ls2808">are </span><span class="pp-class-236 pa t44188 l44200 ls3855">expensed </span><span class="pp-class-236 pa t44188 l44201 ls811">in </span><span class="pp-class-236 pa t44188 l44202 ls572">the </span><span class="pp-class-236 pa t44188 l44203 ls1792">income </span><span class="pp-class-236 pa t44204 l3 ls556">statement </span><span class="pp-class-236 pa t44204 l1995 ls811">as </span><span class="pp-class-236 pa t44204 l44205 ls8048">incurred. </span><span class="pp-class-236 pa t44204 l44206 ls2036">Docking </span><span class="pp-class-236 pa t44204 l44207 ls538">costs </span><span class="pp-class-236 pa t44204 l44208 ls2808">are </span><span class="pp-class-236 pa t44204 l44209 ls546">capitalised </span><span class="pp-class-236 pa t44204 l44210 ls651">and </span><span class="pp-class-236 pa t44204 l44211 ls1687">depreciated </span><span class="pp-class-236 pa t44204 l44212 ls811">on </span><span class="pp-class-236 pa t44204 l44213 ls184">a </span><span class="pp-class-236 pa t44204 l43759 ls4276">straight-line </span><span class="pp-class-236 pa t44204 l44214 ls538">basis </span><span class="pp-class-236 pa t44204 l44215 ls1792">until </span><span class="pp-class-236 pa t44216 l3 ls651">the </span><span class="pp-class-236 pa t44216 l28221 ls724">ferries' </span><span class="pp-class-236 pa t44216 l44217 ls811">or </span><span class="pp-class-236 pa t44216 l44218 ls1764">ships' </span><span class="pp-class-236 pa t44216 l44219 ls877">next </span><span class="pp-class-236 pa t44216 l44220 ls1751">docking. </span><span class="pp-class-236 pa t44216 l44221 ls811">In </span><span class="pp-class-236 pa t44216 l44222 ls2222">most </span><span class="pp-class-236 pa t44216 l44223 ls1764">cases, </span><span class="pp-class-236 pa t44216 l35253 ls651">the </span><span class="pp-class-236 pa t44216 l44224 ls2036">docking </span><span class="pp-class-236 pa t44216 l44225 ls168">interval </span><span class="pp-class-236 pa t44216 l44226 ls811">is </span><span class="pp-class-236 pa t44216 l44227 ls184">2 </span><span class="pp-class-236 pa t44216 l44228 ls838">years </span><span class="pp-class-236 pa t44216 l44229 ls553">for </span><span class="pp-class-236 pa t44216 l44230 ls995">passenger </span><span class="pp-class-236 pa t44216 l44231 ls1792">cruise </span><span class="pp-class-236 pa t44232 l3 ls551">ferries </span><span class="pp-class-236 pa t44232 l41452 ls651">and </span><span class="pp-class-236 pa t44232 l41453 ls811">2½ </span><span class="pp-class-236 pa t44232 l44233 ls838">years </span><span class="pp-class-236 pa t44232 l44234 ls553">for </span><span class="pp-class-236 pa t44232 l27061 ls7086">freight </span><span class="pp-class-236 pa t44232 l44235 ls651">and </span><span class="pp-class-236 pa t44232 l32933 ls995">passenger </span><span class="pp-class-236 pa t44232 l44236 ls551">ferries </span><span class="pp-class-236 pa t44232 l44237 ls811">as </span><span class="pp-class-236 pa t44232 l44238 ls8048">well </span><span class="pp-class-236 pa t44232 l44239 ls811">as </span><span class="pp-class-236 pa t44232 l44240 ls7086">freight </span><span class="pp-class-236 pa t44232 l44241 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls811">on </span><span class="pp-class-236 pa t44242 l43106 ls651">the </span><span class="pp-class-236 pa t44242 l44246 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44247 ls98">of </span><span class="pp-class-236 pa t44242 l44248 ls551">ferries </span><span class="pp-class-236 pa t44242 l44249 ls572">and </span><span class="pp-class-236 pa t44242 l44250 ls949">other </span><span class="pp-class-236 pa t44242 l44251 ls538">ships </span><span class="pp-class-236 pa t44242 l44252 ls2808">are </span><span class="pp-class-236 pa t44242 l44253 ls560">calculated </span><span class="pp-class-236 pa t44242 l44254 ls811">as </span><span class="pp-class-236 pa t44242 l44255 ls651">the </span><span class="pp-class-236 pa t44242 l44256 ls681">difference </span><span class="pp-class-236 pa t44242 l44257 ls1404">between </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls538">sales </span><span class="pp-class-236 pa t44258 l44259 ls538">price </span><span class="pp-class-236 pa t44258 l44260 ls2222">less </span><span class="pp-class-236 pa t44258 l5819 ls538">sales </span><span class="pp-class-236 pa t44258 l5137 ls538">costs </span><span class="pp-class-236 pa t44258 l42487 ls651">and </span><span class="pp-class-236 pa t44258 l44261 ls651">the </span><span class="pp-class-236 pa t44258 l44262 ls2222">book </span><span class="pp-class-236 pa t44258 l44263 ls2197">value </span><span class="pp-class-236 pa t44258 l44264 ls2197">at </span><span class="pp-class-236 pa t44258 l44265 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44266 ls1815">date. </span><span class="pp-class-236 pa t44258 l44267 ls538">Gains </span><span class="pp-class-236 pa t44258 l44268 ls811">or </span><span class="pp-class-236 pa t44258 l44269 ls1764">losses </span><span class="pp-class-236 pa t44258 l44270 ls811">on </span><span class="pp-class-236 pa t44258 l44271 ls572">the </span><span class="pp-class-236 pa t44258 l44272 ls94">disposal </span><span class="pp-class-236 pa t44273 l3 ls98">of </span><span class="pp-class-236 pa t44273 l39273 ls551">ferries </span><span class="pp-class-236 pa t44273 l44274 ls651">and </span><span class="pp-class-236 pa t44273 l44275 ls949">other </span><span class="pp-class-236 pa t44273 l44276 ls538">ships </span><span class="pp-class-236 pa t44273 l44277 ls2808">are </span><span class="pp-class-236 pa t44273 l44278 ls667">recognised </span><span class="pp-class-236 pa t44273 l44279 ls2222">when </span><span class="pp-class-236 pa t44273 l44280 ls7086">control </span><span class="pp-class-236 pa t44273 l44281 ls110">have </span><span class="pp-class-236 pa t44273 l44282 ls6270">transferred </span><span class="pp-class-236 pa t44273 l44283 ls538">to </span><span class="pp-class-236 pa t44273 l44284 ls572">the </span><span class="pp-class-236 pa t44273 l44285 ls838">buyer </span><span class="pp-class-236 pa t44273 l44286 ls572">and </span><span class="pp-class-236 pa t44273 l44287 ls667">are </span><span class="pp-class-236 pa t44288 l3 ls7086">presented </span><span class="pp-class-236 pa t44288 l6723 ls811">in </span><span class="pp-class-236 pa t44288 l37516 ls651">the </span><span class="pp-class-236 pa t44288 l44289 ls1764">income </span><span class="pp-class-236 pa t44288 l44290 ls556">statement </span><span class="pp-class-236 pa t44288 l44291 ls811">as </span><span class="pp-class-236 pa t44288 l44292 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44293 ls811">on </span><span class="pp-class-236 pa t44288 l44294 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44295 ls98">of </span><span class="pp-class-236 pa t44288 l44296 ls548">non-current </span><span class="pp-class-236 pa t44288 l44297 ls546">assets, </span><span class="pp-class-236 pa t44288 l44298 ls6038">net’.</span></p></div></div></div></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5337" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h44022 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span><span class="pp-class-248 pa t860 l22193"/><span class="pp-class-249 pa t860 l43381"/><span class="pp-class-249 pa t860 l478 ls143">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls524">Passenger </span><span class="pp-class-237 pa t43264 l44299 ls1764">cruise </span><span class="pp-class-237 pa t43264 l23572 ls4248">ferries </span><span class="pp-class-237 pa t43264 l44300 ls651">and </span><span class="pp-class-237 pa t43264 l44301 ls548">freight </span><span class="pp-class-237 pa t43264 l44302 ls651">and </span><span class="pp-class-237 pa t43264 l41656 ls995">passenger </span><span class="pp-class-237 pa t43264 l44303 ls544">(RoPax) </span><span class="pp-class-237 pa t43264 l44304 ls625">ferries</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls651">Due </span><span class="pp-class-236 pa t43270 l30955 ls538">to </span><span class="pp-class-236 pa t43270 l16855 ls4787">differences </span><span class="pp-class-236 pa t43270 l44305 ls811">in </span><span class="pp-class-236 pa t43270 l21956 ls651">the </span><span class="pp-class-236 pa t43270 l44306 ls8048">wear </span><span class="pp-class-236 pa t43270 l44307 ls651">and </span><span class="pp-class-236 pa t43270 l44308 ls995">tear </span><span class="pp-class-236 pa t43270 l44309 ls98">of </span><span class="pp-class-236 pa t43270 l44310 ls94">certain </span><span class="pp-class-236 pa t43270 l44311 ls524">components </span><span class="pp-class-236 pa t43270 l140 ls98">of </span><span class="pp-class-236 pa t43270 l44312 ls995">passenger </span><span class="pp-class-236 pa t43270 l44313 ls1764">cruise </span><span class="pp-class-236 pa t43270 l44314 ls551">ferries </span><span class="pp-class-236 pa t43270 l44315 ls651">and </span><span class="pp-class-236 pa t43270 l44316 ls590">RoPax </span><span class="pp-class-236 pa t43283 l3 ls724">ferries, </span><span class="pp-class-236 pa t43283 l44317 ls651">the </span><span class="pp-class-236 pa t43283 l44318 ls2222">cost </span><span class="pp-class-236 pa t43283 l44319 ls98">of </span><span class="pp-class-236 pa t43283 l44320 ls538">these </span><span class="pp-class-236 pa t43283 l44321 ls551">ferries </span><span class="pp-class-236 pa t43283 l44322 ls811">is </span><span class="pp-class-236 pa t43283 l44323 ls2036">divided </span><span class="pp-class-236 pa t43283 l44324 ls546">into </span><span class="pp-class-236 pa t43283 l44325 ls524">components </span><span class="pp-class-236 pa t43283 l44326 ls2222">with </span><span class="pp-class-236 pa t43283 l44327 ls556">low </span><span class="pp-class-236 pa t43283 l44328 ls853">wear, </span><span class="pp-class-236 pa t43283 l44329 ls2222">such </span><span class="pp-class-236 pa t43283 l44330 ls811">as </span><span class="pp-class-236 pa t43283 l44331 ls2222">hull </span><span class="pp-class-236 pa t43283 l15289 ls651">and </span><span class="pp-class-236 pa t43283 l44332 ls664">engine, </span><span class="pp-class-236 pa t43295 l3 ls651">and </span><span class="pp-class-236 pa t43295 l17989 ls524">components </span><span class="pp-class-236 pa t43295 l44333 ls2222">with </span><span class="pp-class-236 pa t43295 l8895 ls2222">high </span><span class="pp-class-236 pa t43295 l44334 ls853">wear, </span><span class="pp-class-236 pa t43295 l41887 ls2222">such </span><span class="pp-class-236 pa t43295 l44335 ls811">as </span><span class="pp-class-236 pa t43295 l44336 ls938">parts </span><span class="pp-class-236 pa t43295 l44337 ls98">of </span><span class="pp-class-236 pa t43295 l44338 ls572">the </span><span class="pp-class-236 pa t43295 l44339 ls30">hotel, </span><span class="pp-class-236 pa t43295 l44340 ls2816">catering/restaurants, </span><span class="pp-class-236 pa t43295 l44341 ls651">and </span><span class="pp-class-236 pa t43295 l44342 ls2222">shop </span><span class="pp-class-236 pa t43295 l44343 ls706">areas.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43319 l3 ls548">Freight </span><span class="pp-class-237 pa t43319 l44344 ls4248">ferries </span><span class="pp-class-237 pa t43319 l11303 ls2687">(RoRo)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls651">The </span><span class="pp-class-236 pa t43330 l38379 ls2222">cost </span><span class="pp-class-236 pa t43330 l17201 ls98">of </span><span class="pp-class-236 pa t43330 l44345 ls7086">freight </span><span class="pp-class-236 pa t43330 l3384 ls551">ferries </span><span class="pp-class-236 pa t43330 l44346 ls811">is </span><span class="pp-class-236 pa t43330 l27859 ls4248">not </span><span class="pp-class-236 pa t43330 l44347 ls2036">divided </span><span class="pp-class-236 pa t43330 l44348 ls546">into </span><span class="pp-class-236 pa t43330 l44349 ls524">components </span><span class="pp-class-236 pa t43330 l44350 ls811">as </span><span class="pp-class-236 pa t43330 l44351 ls706">there </span><span class="pp-class-236 pa t43330 l44352 ls811">is </span><span class="pp-class-236 pa t43330 l44353 ls811">no </span><span class="pp-class-236 pa t43330 l44354 ls838">material </span><span class="pp-class-236 pa t43330 l44355 ls681">difference </span><span class="pp-class-236 pa t43330 l44356 ls811">in </span><span class="pp-class-236 pa t43330 l44357 ls572">the </span><span class="pp-class-236 pa t43330 l44358 ls546">wear </span><span class="pp-class-236 pa t43426 l3 ls98">of </span><span class="pp-class-236 pa t43426 l39273 ls651">the </span><span class="pp-class-236 pa t43426 l39799 ls1780">various </span><span class="pp-class-236 pa t43426 l44359 ls524">components </span><span class="pp-class-236 pa t43426 l26669 ls98">of </span><span class="pp-class-236 pa t43426 l44360 ls7086">freight </span><span class="pp-class-236 pa t43426 l44361 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43334 l3 ls567">Depreciation </span><span class="pp-class-237 pa t43334 l44362 ls184">– </span><span class="pp-class-237 pa t43334 l27619 ls2270">expected </span><span class="pp-class-237 pa t43334 l17262 ls1764">useful </span><span class="pp-class-237 pa t43334 l44363 ls2036">life </span><span class="pp-class-237 pa t43334 l44364 ls572">and </span><span class="pp-class-237 pa t43334 l44365 ls30">residual </span><span class="pp-class-237 pa t43334 l44366 ls1780">value </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls691">depreciation </span><span class="pp-class-236 pa t43348 l44367 ls1764">period </span><span class="pp-class-236 pa t43348 l44368 ls553">for </span><span class="pp-class-236 pa t43348 l44369 ls524">components </span><span class="pp-class-236 pa t43348 l44370 ls2222">with </span><span class="pp-class-236 pa t43348 l44371 ls556">low </span><span class="pp-class-236 pa t43348 l44372 ls8048">wear </span><span class="pp-class-236 pa t43348 l44373 ls811">is </span><span class="pp-class-236 pa t43348 l44374 ls811">35 </span><span class="pp-class-236 pa t43348 l44375 ls838">years </span><span class="pp-class-236 pa t43348 l44376 ls553">for </span><span class="pp-class-236 pa t43348 l44377 ls524">both </span><span class="pp-class-236 pa t43348 l40567 ls30">RoPax </span><span class="pp-class-236 pa t43348 l44341 ls572">and </span><span class="pp-class-236 pa t43348 l44378 ls2222">RoRo </span><span class="pp-class-236 pa t43348 l44379 ls536">ferries </span><span class="pp-class-236 pa t43367 l3 ls877">from </span><span class="pp-class-236 pa t43367 l44380 ls572">the </span><span class="pp-class-236 pa t43367 l44381 ls8048">year </span><span class="pp-class-236 pa t43367 l44382 ls811">in </span><span class="pp-class-236 pa t43367 l44383 ls538">which </span><span class="pp-class-236 pa t43367 l44384 ls651">the </span><span class="pp-class-236 pa t43367 l31581 ls608">ferry </span><span class="pp-class-236 pa t43367 l44385 ls556">was </span><span class="pp-class-236 pa t43367 l44386 ls747">built. </span><span class="pp-class-236 pa t43367 l44387 ls651">The </span><span class="pp-class-236 pa t43367 l44388 ls691">depreciation </span><span class="pp-class-236 pa t43367 l44389 ls1764">period </span><span class="pp-class-236 pa t43367 l44390 ls553">for </span><span class="pp-class-236 pa t43367 l44391 ls995">passenger </span><span class="pp-class-236 pa t43367 l44392 ls1764">cruise </span><span class="pp-class-236 pa t43367 l44393 ls551">ferries </span><span class="pp-class-236 pa t43367 l44394 ls811">is </span><span class="pp-class-236 pa t43367 l44395 ls1547">45 </span><span class="pp-class-236 pa t43461 l3 ls758">years. </span><span class="pp-class-236 pa t43461 l44396 ls651">The </span><span class="pp-class-236 pa t43461 l43034 ls3855">residual </span><span class="pp-class-236 pa t43461 l44397 ls2197">value </span><span class="pp-class-236 pa t43461 l40169 ls98">of </span><span class="pp-class-236 pa t43461 l44398 ls551">ferries </span><span class="pp-class-236 pa t43461 l44399 ls811">is </span><span class="pp-class-236 pa t43461 l44400 ls2207">estimated </span><span class="pp-class-236 pa t43461 l44401 ls811">as </span><span class="pp-class-236 pa t43461 l38578 ls651">the </span><span class="pp-class-236 pa t43461 l24853 ls5781">expected </span><span class="pp-class-236 pa t43461 l44402 ls553">fair </span><span class="pp-class-236 pa t43461 l44403 ls2197">value </span><span class="pp-class-236 pa t43461 l44404 ls2197">at </span><span class="pp-class-236 pa t43461 l44405 ls572">the </span><span class="pp-class-236 pa t43461 l44406 ls572">end </span><span class="pp-class-236 pa t43461 l44407 ls98">of </span><span class="pp-class-236 pa t43461 l44408 ls538">their </span><span class="pp-class-236 pa t43461 l44409 ls771">useful </span><span class="pp-class-236 pa t43475 l3 ls713">lifetime.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44410 l3 ls30">Management </span><span class="pp-class-236 pa t44410 l43518 ls651">has </span><span class="pp-class-236 pa t44410 l44411 ls2222">also </span><span class="pp-class-236 pa t44410 l14792 ls667">considered </span><span class="pp-class-236 pa t44410 l44412 ls651">the </span><span class="pp-class-236 pa t44410 l44413 ls1780">impact </span><span class="pp-class-236 pa t44410 l44414 ls98">of </span><span class="pp-class-236 pa t44410 l44415 ls168">decarbonisation </span><span class="pp-class-236 pa t44410 l44416 ls572">and </span><span class="pp-class-236 pa t44410 l44417 ls556">climate-related </span><span class="pp-class-236 pa t44410 l44418 ls667">risks </span><span class="pp-class-236 pa t44410 l44419 ls811">on </span><span class="pp-class-236 pa t44410 l44420 ls184">the </span><span class="pp-class-236 pa t44154 l3 ls590">useful </span><span class="pp-class-236 pa t44154 l43320 ls838">lives </span><span class="pp-class-236 pa t44154 l44421 ls98">of </span><span class="pp-class-236 pa t44154 l44422 ls3855">existing </span><span class="pp-class-236 pa t44154 l44423 ls546">assets. </span><span class="pp-class-236 pa t44154 l44424 ls2222">Such </span><span class="pp-class-236 pa t44154 l44425 ls667">risks </span><span class="pp-class-236 pa t44154 l44426 ls949">include </span><span class="pp-class-236 pa t44154 l24128 ls556">new </span><span class="pp-class-236 pa t44154 l44427 ls556">climate-related </span><span class="pp-class-236 pa t44154 l44377 ls1404">legislation </span><span class="pp-class-236 pa t44154 l44428 ls9435">restricting </span><span class="pp-class-236 pa t44154 l44429 ls651">the </span><span class="pp-class-236 pa t44154 l44430 ls572">use </span><span class="pp-class-236 pa t44154 l44431 ls197">of </span><span class="pp-class-236 pa t44158 l3 ls94">certain </span><span class="pp-class-236 pa t44158 l44432 ls546">assets, </span><span class="pp-class-236 pa t44158 l44433 ls556">new </span><span class="pp-class-236 pa t44158 l3093 ls179">technology </span><span class="pp-class-236 pa t44158 l44434 ls1751">demanded </span><span class="pp-class-236 pa t44158 l44435 ls706">by </span><span class="pp-class-236 pa t44158 l44436 ls556">climate-related </span><span class="pp-class-236 pa t44158 l44437 ls630">legislation, </span><span class="pp-class-236 pa t44158 l43779 ls572">and </span><span class="pp-class-236 pa t44158 l44438 ls651">the </span><span class="pp-class-236 pa t44158 l44439 ls3855">increase </span><span class="pp-class-236 pa t44158 l44440 ls1547">in </span><span class="pp-class-236 pa t44167 l3 ls6824">restoration </span><span class="pp-class-236 pa t44167 l44441 ls538">costs </span><span class="pp-class-236 pa t44167 l44442 ls553">for </span><span class="pp-class-236 pa t44167 l12587 ls949">terminal </span><span class="pp-class-236 pa t44167 l44443 ls625">sites </span><span class="pp-class-236 pa t44167 l27082 ls651">due </span><span class="pp-class-236 pa t44167 l31630 ls538">to </span><span class="pp-class-236 pa t44167 l44444 ls556">new </span><span class="pp-class-236 pa t44167 l9191 ls7832">and/or </span><span class="pp-class-236 pa t44167 l44445 ls877">more </span><span class="pp-class-236 pa t44167 l44446 ls681">comprehensive </span><span class="pp-class-236 pa t44167 l44447 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls538">Other </span><span class="pp-class-237 pa t44168 l44448 ls278">non-current </span><span class="pp-class-237 pa t44168 l44449 ls179">tangible </span><span class="pp-class-237 pa t44168 l44450 ls536">assets</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls538">Other </span><span class="pp-class-236 pa t44171 l44451 ls548">non-current </span><span class="pp-class-236 pa t44171 l44452 ls949">tangible </span><span class="pp-class-236 pa t44171 l41766 ls179">assets </span><span class="pp-class-236 pa t44171 l44453 ls1751">comprise </span><span class="pp-class-236 pa t44171 l33295 ls562">buildings, </span><span class="pp-class-236 pa t44171 l44454 ls949">terminals </span><span class="pp-class-236 pa t44171 l44455 ls651">and </span><span class="pp-class-236 pa t44171 l44456 ls4290">machinery, </span><span class="pp-class-236 pa t44171 l44457 ls625">tools </span><span class="pp-class-236 pa t44171 l44458 ls184">and </span><span class="pp-class-236 pa t44182 l3 ls590">equipment, </span><span class="pp-class-236 pa t44182 l44459 ls651">and </span><span class="pp-class-236 pa t44182 l44460 ls995">leasehold </span><span class="pp-class-236 pa t44182 l44461 ls4017">improvements.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44187 l3 ls651">The </span><span class="pp-class-237 pa t44187 l44462 ls616">estimated </span><span class="pp-class-237 pa t44187 l3321 ls1764">useful </span><span class="pp-class-237 pa t44187 l44463 ls278">lifetimes </span><span class="pp-class-237 pa t44187 l44464 ls548">are </span><span class="pp-class-237 pa t44187 l44465 ls811">as </span><span class="pp-class-237 pa t44187 l44466 ls6270">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44188 l3 ls184">• </span><span class="pp-class-236 pa t44188 l3804 ls18603">Buildings </span><span class="pp-class-236 pa t44188 l44467 ls811">25-50 </span><span class="pp-class-236 pa t44188 l44468 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44204 l3 ls184">• </span><span class="pp-class-236 pa t44204 l3804 ls44469">Terminals </span><span class="pp-class-236 pa t44204 l11787 ls4787">etc. </span><span class="pp-class-236 pa t44204 l44467 ls538">10-40 </span><span class="pp-class-236 pa t44204 l8948 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44216 l3 ls184">• </span><span class="pp-class-236 pa t44216 l3804 ls44470">Equipment </span><span class="pp-class-236 pa t44216 l44471 ls4787">etc. </span><span class="pp-class-236 pa t44216 l44467 ls2222">4-10 </span><span class="pp-class-236 pa t44216 l10033 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls184">• </span><span class="pp-class-236 pa t44232 l3804 ls18603">Leasehold </span><span class="pp-class-236 pa t44232 l15092 ls4017">improvements </span><span class="pp-class-236 pa t44232 l44467 ls2222">Max. </span><span class="pp-class-236 pa t44232 l44472 ls1687">depreciated </span><span class="pp-class-236 pa t44232 l44473 ls3234">over </span><span class="pp-class-236 pa t44232 l28141 ls572">the </span><span class="pp-class-236 pa t44232 l44474 ls995">term </span><span class="pp-class-236 pa t44232 l44475 ls98">of </span><span class="pp-class-236 pa t44232 l44476 ls651">the </span><span class="pp-class-236 pa t44232 l44477 ls811">lease </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls2036">arising </span><span class="pp-class-236 pa t44242 l44478 ls877">from </span><span class="pp-class-236 pa t44242 l44479 ls651">the </span><span class="pp-class-236 pa t44242 l44480 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44481 ls98">of </span><span class="pp-class-236 pa t44242 l44482 ls949">other </span><span class="pp-class-236 pa t44242 l44483 ls548">non-current </span><span class="pp-class-236 pa t44242 l44484 ls949">tangible </span><span class="pp-class-236 pa t44242 l44485 ls179">assets </span><span class="pp-class-236 pa t44242 l38894 ls2808">are </span><span class="pp-class-236 pa t44242 l44486 ls560">calculated </span><span class="pp-class-236 pa t44242 l44487 ls811">as </span><span class="pp-class-236 pa t44242 l44488 ls184">the </span><span class="pp-class-236 pa t44258 l3 ls681">difference </span><span class="pp-class-236 pa t44258 l44489 ls713">between </span><span class="pp-class-236 pa t44258 l40878 ls651">the </span><span class="pp-class-236 pa t44258 l44490 ls538">sales </span><span class="pp-class-236 pa t44258 l44491 ls538">price </span><span class="pp-class-236 pa t44258 l44492 ls2222">less </span><span class="pp-class-236 pa t44258 l44493 ls538">sales </span><span class="pp-class-236 pa t44258 l44494 ls538">costs </span><span class="pp-class-236 pa t44258 l44495 ls651">and </span><span class="pp-class-236 pa t44258 l44496 ls572">the </span><span class="pp-class-236 pa t44258 l24306 ls572">carrying </span><span class="pp-class-236 pa t44258 l44497 ls995">amount </span><span class="pp-class-236 pa t44258 l44498 ls2197">at </span><span class="pp-class-236 pa t44258 l44499 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44500 ls1815">date. </span><span class="pp-class-236 pa t44258 l44316 ls811">Gains </span><span class="pp-class-236 pa t44273 l3 ls811">or </span><span class="pp-class-236 pa t44273 l44501 ls1764">losses </span><span class="pp-class-236 pa t44273 l38519 ls811">on </span><span class="pp-class-236 pa t44273 l41790 ls651">the </span><span class="pp-class-236 pa t44273 l44502 ls1751">disposal </span><span class="pp-class-236 pa t44273 l44503 ls98">of </span><span class="pp-class-236 pa t44273 l44504 ls538">these </span><span class="pp-class-236 pa t44273 l44505 ls548">non-current </span><span class="pp-class-236 pa t44273 l12658 ls179">assets </span><span class="pp-class-236 pa t44273 l44506 ls2808">are </span><span class="pp-class-236 pa t44273 l44507 ls667">recognised </span><span class="pp-class-236 pa t44273 l44508 ls811">in </span><span class="pp-class-236 pa t44273 l44509 ls572">the </span><span class="pp-class-236 pa t44273 l44510 ls1764">income </span><span class="pp-class-236 pa t44273 l44511 ls556">statement </span><span class="pp-class-236 pa t44273 l44512 ls1547">as </span><span class="pp-class-236 pa t44288 l3 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44513 ls811">on </span><span class="pp-class-236 pa t44288 l23086 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44452 ls98">of </span><span class="pp-class-236 pa t44288 l620 ls548">non-current </span><span class="pp-class-236 pa t44288 l28838 ls546">assets, </span><span class="pp-class-236 pa t44288 l44514 ls524">net'.</span></p></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls278">Non-current </span><span class="pp-class-237 pa t43264 l43265 ls179">tangible </span><span class="pp-class-237 pa t43264 l51 ls536">assets</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls651">The </span><span class="pp-class-236 pa t43270 l38379 ls9435">following </span><span class="pp-class-236 pa t43270 l44023 ls2036">applies </span><span class="pp-class-236 pa t43270 l17125 ls1764">unless </span><span class="pp-class-236 pa t43270 l33628 ls696">otherwise </span><span class="pp-class-236 pa t43270 l44024 ls681">stated:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43295 l3 ls184">• </span><span class="pp-class-236 pa t43295 l3804 ls44025">Assets </span><span class="pp-class-236 pa t43295 l44026 ls2808">are </span><span class="pp-class-236 pa t43295 l44027 ls3855">measured </span><span class="pp-class-236 pa t43295 l44028 ls2197">at </span><span class="pp-class-236 pa t43295 l44029 ls2222">cost </span><span class="pp-class-236 pa t43295 l44030 ls2222">less </span><span class="pp-class-236 pa t43295 l44031 ls713">accumulated </span><span class="pp-class-236 pa t43295 l44032 ls691">depreciation </span><span class="pp-class-236 pa t43295 l21665 ls572">and </span><span class="pp-class-236 pa t43295 l44033 ls524">impairment </span><span class="pp-class-236 pa t43295 l44034 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43309 l3 ls184">• </span><span class="pp-class-236 pa t43309 l3804 ls44035">The </span><span class="pp-class-236 pa t43309 l44036 ls2222">cost </span><span class="pp-class-236 pa t43309 l44037 ls179">includes </span><span class="pp-class-236 pa t43309 l16010 ls538">costs </span><span class="pp-class-236 pa t43309 l44038 ls538">to </span><span class="pp-class-236 pa t43309 l44039 ls2197">external </span><span class="pp-class-236 pa t43309 l44040 ls562">suppliers, </span><span class="pp-class-236 pa t43309 l44041 ls2207">materials </span><span class="pp-class-236 pa t43309 l44042 ls651">and </span><span class="pp-class-236 pa t43309 l44043 ls524">components, </span><span class="pp-class-236 pa t43309 l44044 ls1775">direct </span><span class="pp-class-236 pa t43309 l44045 ls691">wages, </span><span class="pp-class-236 pa t43309 l44046 ls94">salaries </span><span class="pp-class-236 pa t43319 l3804 ls651">and </span><span class="pp-class-236 pa t43319 l44047 ls7086">interests </span><span class="pp-class-236 pa t43319 l44048 ls2222">paid </span><span class="pp-class-236 pa t43319 l44049 ls811">as </span><span class="pp-class-236 pa t43319 l44050 ls877">from </span><span class="pp-class-236 pa t43319 l44051 ls651">the </span><span class="pp-class-236 pa t43319 l44052 ls2222">time </span><span class="pp-class-236 pa t43319 l44053 ls98">of </span><span class="pp-class-236 pa t43319 l44054 ls3855">payment </span><span class="pp-class-236 pa t43319 l44055 ls536">until </span><span class="pp-class-236 pa t43319 l44056 ls651">the </span><span class="pp-class-236 pa t43319 l44057 ls7086">date </span><span class="pp-class-236 pa t43319 l44058 ls2222">when </span><span class="pp-class-236 pa t43319 l44059 ls572">the </span><span class="pp-class-236 pa t43319 l44060 ls949">asset </span><span class="pp-class-236 pa t43319 l44061 ls811">is </span><span class="pp-class-236 pa t43319 l44062 ls4276">available </span><span class="pp-class-236 pa t43319 l44063 ls553">for </span><span class="pp-class-236 pa t43319 l44064 ls94">use. </span><span class="pp-class-236 pa t43330 l3804 ls651">The </span><span class="pp-class-236 pa t43330 l44036 ls2222">cost </span><span class="pp-class-236 pa t43330 l44037 ls538">price </span><span class="pp-class-236 pa t43330 l44065 ls2222">also </span><span class="pp-class-236 pa t43330 l30107 ls995">comprises </span><span class="pp-class-236 pa t43330 l44052 ls538">gains </span><span class="pp-class-236 pa t43330 l44066 ls572">and </span><span class="pp-class-236 pa t43330 l44067 ls1764">losses </span><span class="pp-class-236 pa t43330 l44068 ls811">on </span><span class="pp-class-236 pa t43330 l44069 ls691">transactions </span><span class="pp-class-236 pa t43330 l44070 ls560">designated </span><span class="pp-class-236 pa t43330 l44071 ls811">as </span><span class="pp-class-236 pa t43330 l44072 ls1764">hedges.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43426 l3 ls184">• </span><span class="pp-class-236 pa t43426 l3804 ls44035">The </span><span class="pp-class-236 pa t43426 l44036 ls538">basis </span><span class="pp-class-236 pa t43426 l44073 ls553">for </span><span class="pp-class-236 pa t43426 l44074 ls691">depreciation </span><span class="pp-class-236 pa t43426 l44075 ls811">is </span><span class="pp-class-236 pa t43426 l44076 ls551">determined </span><span class="pp-class-236 pa t43426 l44077 ls811">as </span><span class="pp-class-236 pa t43426 l44078 ls651">the </span><span class="pp-class-236 pa t43426 l44079 ls2222">cost </span><span class="pp-class-236 pa t43426 l44080 ls2222">less </span><span class="pp-class-236 pa t43426 l44081 ls2207">estimated </span><span class="pp-class-236 pa t43426 l44082 ls3855">residual </span><span class="pp-class-236 pa t43426 l44083 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43333 l3 ls184">• </span><span class="pp-class-236 pa t43333 l3804 ls44035">The </span><span class="pp-class-236 pa t43333 l44036 ls179">assets </span><span class="pp-class-236 pa t43333 l44084 ls2808">are </span><span class="pp-class-236 pa t43333 l44085 ls1687">depreciated </span><span class="pp-class-236 pa t43333 l44086 ls811">on </span><span class="pp-class-236 pa t43333 l44087 ls184">a </span><span class="pp-class-236 pa t43333 l44088 ls4276">straight-line </span><span class="pp-class-236 pa t43333 l44089 ls538">basis </span><span class="pp-class-236 pa t43333 l44090 ls3234">over </span><span class="pp-class-236 pa t43333 l44091 ls651">the </span><span class="pp-class-236 pa t43333 l44092 ls2207">estimated </span><span class="pp-class-236 pa t43333 l44093 ls590">useful </span><span class="pp-class-236 pa t43333 l44094 ls553">life </span><span class="pp-class-236 pa t43333 l44095 ls538">to </span><span class="pp-class-236 pa t43333 l44096 ls572">the </span><span class="pp-class-236 pa t43333 l44097 ls553">estimated </span><span class="pp-class-236 pa t43334 l3804 ls3855">residual </span><span class="pp-class-236 pa t43334 l44098 ls884">value.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls184">• </span><span class="pp-class-236 pa t43348 l3804 ls44099">Estimated </span><span class="pp-class-236 pa t43348 l44100 ls590">useful </span><span class="pp-class-236 pa t43348 l44101 ls553">life </span><span class="pp-class-236 pa t43348 l44102 ls651">and </span><span class="pp-class-236 pa t43348 l44103 ls2207">estimated </span><span class="pp-class-236 pa t43348 l44104 ls3855">residual </span><span class="pp-class-236 pa t43348 l44105 ls556">values </span><span class="pp-class-236 pa t43348 l44106 ls2808">are </span><span class="pp-class-236 pa t43348 l44107 ls667">reassessed </span><span class="pp-class-236 pa t43348 l44108 ls2197">at </span><span class="pp-class-236 pa t43348 l44109 ls538">least </span><span class="pp-class-236 pa t43348 l44110 ls2222">once </span><span class="pp-class-236 pa t43348 l44111 ls184">a </span><span class="pp-class-236 pa t43348 l44112 ls853">year. </span><span class="pp-class-236 pa t43348 l44113 ls1547">In </span><span class="pp-class-236 pa t43367 l3804 ls1404">estimating </span><span class="pp-class-236 pa t43367 l44114 ls651">the </span><span class="pp-class-236 pa t43367 l44115 ls2207">estimated </span><span class="pp-class-236 pa t43367 l44116 ls590">useful </span><span class="pp-class-236 pa t43367 l44117 ls553">life </span><span class="pp-class-236 pa t43367 l44118 ls553">for </span><span class="pp-class-236 pa t43367 l44119 ls551">ferries </span><span class="pp-class-236 pa t43367 l44120 ls572">and </span><span class="pp-class-236 pa t43367 l44121 ls949">other </span><span class="pp-class-236 pa t43367 l44122 ls538">ships </span><span class="pp-class-236 pa t43367 l44123 ls811">it </span><span class="pp-class-236 pa t43367 l44124 ls811">is </span><span class="pp-class-236 pa t43367 l44125 ls706">taken </span><span class="pp-class-236 pa t43367 l44126 ls546">into </span><span class="pp-class-236 pa t43367 l44127 ls7086">consideration </span><span class="pp-class-236 pa t43367 l44128 ls524">that </span><span class="pp-class-236 pa t43461 l3804 ls2222">DFDS </span><span class="pp-class-236 pa t43461 l44129 ls621">continuously </span><span class="pp-class-236 pa t43461 l44130 ls811">is </span><span class="pp-class-236 pa t43461 l44131 ls1751">spending </span><span class="pp-class-236 pa t43461 l44132 ls541">substantial </span><span class="pp-class-236 pa t43461 l44133 ls538">funds </span><span class="pp-class-236 pa t43461 l44134 ls811">on </span><span class="pp-class-236 pa t43461 l44135 ls2036">ongoing </span><span class="pp-class-236 pa t43461 l44136 ls1404">maintenance.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43475 l3 ls184">• </span><span class="pp-class-236 pa t43475 l3804 ls44035">The </span><span class="pp-class-236 pa t43475 l44036 ls838">effect </span><span class="pp-class-236 pa t43475 l44137 ls877">from </span><span class="pp-class-236 pa t43475 l44138 ls2036">changes </span><span class="pp-class-236 pa t43475 l44139 ls811">in </span><span class="pp-class-236 pa t43475 l44140 ls691">depreciation </span><span class="pp-class-236 pa t43475 l44141 ls1764">period </span><span class="pp-class-236 pa t43475 l44142 ls811">or </span><span class="pp-class-236 pa t43475 l44143 ls651">the </span><span class="pp-class-236 pa t43475 l44144 ls3855">residual </span><span class="pp-class-236 pa t43475 l44145 ls2197">value </span><span class="pp-class-236 pa t43475 l44146 ls811">is </span><span class="pp-class-236 pa t43475 l44147 ls667">recognised </span><span class="pp-class-236 pa t43475 l44148 ls1796">prospectively </span><span class="pp-class-236 pa t43475 l44149 ls1547">as </span><span class="pp-class-236 pa t43484 l3804 ls184">a </span><span class="pp-class-236 pa t43484 l44150 ls1764">change </span><span class="pp-class-236 pa t43484 l44151 ls811">in </span><span class="pp-class-236 pa t43484 l3723 ls651">the </span><span class="pp-class-236 pa t43484 l44152 ls30">accounting </span><span class="pp-class-236 pa t43484 l44153 ls2197">estimate.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls4248">Ferries </span><span class="pp-class-237 pa t44154 l44155 ls651">and </span><span class="pp-class-237 pa t44154 l44156 ls536">other </span><span class="pp-class-237 pa t44154 l44157 ls2222">ships</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls651">The </span><span class="pp-class-236 pa t44158 l38379 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l38657 ls98">of </span><span class="pp-class-236 pa t44158 l7435 ls551">ferries </span><span class="pp-class-236 pa t44158 l10388 ls651">and </span><span class="pp-class-236 pa t44158 l44159 ls949">other </span><span class="pp-class-236 pa t44158 l44160 ls538">ships </span><span class="pp-class-236 pa t44158 l44161 ls811">is </span><span class="pp-class-236 pa t44158 l40130 ls546">capitalised </span><span class="pp-class-236 pa t44158 l44162 ls811">if </span><span class="pp-class-236 pa t44158 l44163 ls572">the </span><span class="pp-class-236 pa t44158 l44164 ls10269">rebuilding/upgrade </span><span class="pp-class-236 pa t44158 l44165 ls651">can </span><span class="pp-class-236 pa t44158 l44166 ls1547">be </span><span class="pp-class-236 pa t44167 l3 ls691">attributed </span><span class="pp-class-236 pa t44167 l14460 ls538">to:</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44168 l3 ls184">• </span><span class="pp-class-236 pa t44168 l3804 ls44169">Safety </span><span class="pp-class-236 pa t44168 l44170 ls3855">measures.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44171 l3 ls184">• </span><span class="pp-class-236 pa t44171 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44171 l44172 ls538">to </span><span class="pp-class-236 pa t44171 l44173 ls2270">extend </span><span class="pp-class-236 pa t44171 l44174 ls651">the </span><span class="pp-class-236 pa t44171 l44175 ls590">useful </span><span class="pp-class-236 pa t44171 l43850 ls553">life </span><span class="pp-class-236 pa t44171 l44176 ls98">of </span><span class="pp-class-236 pa t44171 l44177 ls651">the </span><span class="pp-class-236 pa t44171 l44178 ls551">ferries </span><span class="pp-class-236 pa t44171 l44179 ls651">and </span><span class="pp-class-236 pa t44171 l44180 ls949">other </span><span class="pp-class-236 pa t44171 l44181 ls538">ships.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44182 l3 ls184">• </span><span class="pp-class-236 pa t44182 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44182 l44172 ls538">to </span><span class="pp-class-236 pa t44182 l44173 ls2197">reduce </span><span class="pp-class-236 pa t44182 l44183 ls667">climate </span><span class="pp-class-236 pa t44182 l44184 ls544">impact.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44185 l3 ls184">• </span><span class="pp-class-236 pa t44185 l3804 ls31433">Measures </span><span class="pp-class-236 pa t44185 l44172 ls538">to </span><span class="pp-class-236 pa t44185 l44173 ls3084">improve </span><span class="pp-class-236 pa t44185 l44186 ls1751">earnings.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44187 l3 ls184">• </span><span class="pp-class-236 pa t44187 l3804 ls3121">Docking.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44188 l3 ls541">Maintenance </span><span class="pp-class-236 pa t44188 l44189 ls651">and </span><span class="pp-class-236 pa t44188 l44190 ls7468">daily </span><span class="pp-class-236 pa t44188 l44191 ls2036">running </span><span class="pp-class-236 pa t44188 l44192 ls538">costs </span><span class="pp-class-236 pa t44188 l44193 ls553">for </span><span class="pp-class-236 pa t44188 l44194 ls651">the </span><span class="pp-class-236 pa t44188 l44195 ls551">ferries </span><span class="pp-class-236 pa t44188 l44196 ls651">and </span><span class="pp-class-236 pa t44188 l44197 ls949">other </span><span class="pp-class-236 pa t44188 l44198 ls538">ships </span><span class="pp-class-236 pa t44188 l44199 ls2808">are </span><span class="pp-class-236 pa t44188 l44200 ls3855">expensed </span><span class="pp-class-236 pa t44188 l44201 ls811">in </span><span class="pp-class-236 pa t44188 l44202 ls572">the </span><span class="pp-class-236 pa t44188 l44203 ls1792">income </span><span class="pp-class-236 pa t44204 l3 ls556">statement </span><span class="pp-class-236 pa t44204 l1995 ls811">as </span><span class="pp-class-236 pa t44204 l44205 ls8048">incurred. </span><span class="pp-class-236 pa t44204 l44206 ls2036">Docking </span><span class="pp-class-236 pa t44204 l44207 ls538">costs </span><span class="pp-class-236 pa t44204 l44208 ls2808">are </span><span class="pp-class-236 pa t44204 l44209 ls546">capitalised </span><span class="pp-class-236 pa t44204 l44210 ls651">and </span><span class="pp-class-236 pa t44204 l44211 ls1687">depreciated </span><span class="pp-class-236 pa t44204 l44212 ls811">on </span><span class="pp-class-236 pa t44204 l44213 ls184">a </span><span class="pp-class-236 pa t44204 l43759 ls4276">straight-line </span><span class="pp-class-236 pa t44204 l44214 ls538">basis </span><span class="pp-class-236 pa t44204 l44215 ls1792">until </span><span class="pp-class-236 pa t44216 l3 ls651">the </span><span class="pp-class-236 pa t44216 l28221 ls724">ferries' </span><span class="pp-class-236 pa t44216 l44217 ls811">or </span><span class="pp-class-236 pa t44216 l44218 ls1764">ships' </span><span class="pp-class-236 pa t44216 l44219 ls877">next </span><span class="pp-class-236 pa t44216 l44220 ls1751">docking. </span><span class="pp-class-236 pa t44216 l44221 ls811">In </span><span class="pp-class-236 pa t44216 l44222 ls2222">most </span><span class="pp-class-236 pa t44216 l44223 ls1764">cases, </span><span class="pp-class-236 pa t44216 l35253 ls651">the </span><span class="pp-class-236 pa t44216 l44224 ls2036">docking </span><span class="pp-class-236 pa t44216 l44225 ls168">interval </span><span class="pp-class-236 pa t44216 l44226 ls811">is </span><span class="pp-class-236 pa t44216 l44227 ls184">2 </span><span class="pp-class-236 pa t44216 l44228 ls838">years </span><span class="pp-class-236 pa t44216 l44229 ls553">for </span><span class="pp-class-236 pa t44216 l44230 ls995">passenger </span><span class="pp-class-236 pa t44216 l44231 ls1792">cruise </span><span class="pp-class-236 pa t44232 l3 ls551">ferries </span><span class="pp-class-236 pa t44232 l41452 ls651">and </span><span class="pp-class-236 pa t44232 l41453 ls811">2½ </span><span class="pp-class-236 pa t44232 l44233 ls838">years </span><span class="pp-class-236 pa t44232 l44234 ls553">for </span><span class="pp-class-236 pa t44232 l27061 ls7086">freight </span><span class="pp-class-236 pa t44232 l44235 ls651">and </span><span class="pp-class-236 pa t44232 l32933 ls995">passenger </span><span class="pp-class-236 pa t44232 l44236 ls551">ferries </span><span class="pp-class-236 pa t44232 l44237 ls811">as </span><span class="pp-class-236 pa t44232 l44238 ls8048">well </span><span class="pp-class-236 pa t44232 l44239 ls811">as </span><span class="pp-class-236 pa t44232 l44240 ls7086">freight </span><span class="pp-class-236 pa t44232 l44241 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls811">on </span><span class="pp-class-236 pa t44242 l43106 ls651">the </span><span class="pp-class-236 pa t44242 l44246 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44247 ls98">of </span><span class="pp-class-236 pa t44242 l44248 ls551">ferries </span><span class="pp-class-236 pa t44242 l44249 ls572">and </span><span class="pp-class-236 pa t44242 l44250 ls949">other </span><span class="pp-class-236 pa t44242 l44251 ls538">ships </span><span class="pp-class-236 pa t44242 l44252 ls2808">are </span><span class="pp-class-236 pa t44242 l44253 ls560">calculated </span><span class="pp-class-236 pa t44242 l44254 ls811">as </span><span class="pp-class-236 pa t44242 l44255 ls651">the </span><span class="pp-class-236 pa t44242 l44256 ls681">difference </span><span class="pp-class-236 pa t44242 l44257 ls1404">between </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls538">sales </span><span class="pp-class-236 pa t44258 l44259 ls538">price </span><span class="pp-class-236 pa t44258 l44260 ls2222">less </span><span class="pp-class-236 pa t44258 l5819 ls538">sales </span><span class="pp-class-236 pa t44258 l5137 ls538">costs </span><span class="pp-class-236 pa t44258 l42487 ls651">and </span><span class="pp-class-236 pa t44258 l44261 ls651">the </span><span class="pp-class-236 pa t44258 l44262 ls2222">book </span><span class="pp-class-236 pa t44258 l44263 ls2197">value </span><span class="pp-class-236 pa t44258 l44264 ls2197">at </span><span class="pp-class-236 pa t44258 l44265 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44266 ls1815">date. </span><span class="pp-class-236 pa t44258 l44267 ls538">Gains </span><span class="pp-class-236 pa t44258 l44268 ls811">or </span><span class="pp-class-236 pa t44258 l44269 ls1764">losses </span><span class="pp-class-236 pa t44258 l44270 ls811">on </span><span class="pp-class-236 pa t44258 l44271 ls572">the </span><span class="pp-class-236 pa t44258 l44272 ls94">disposal </span><span class="pp-class-236 pa t44273 l3 ls98">of </span><span class="pp-class-236 pa t44273 l39273 ls551">ferries </span><span class="pp-class-236 pa t44273 l44274 ls651">and </span><span class="pp-class-236 pa t44273 l44275 ls949">other </span><span class="pp-class-236 pa t44273 l44276 ls538">ships </span><span class="pp-class-236 pa t44273 l44277 ls2808">are </span><span class="pp-class-236 pa t44273 l44278 ls667">recognised </span><span class="pp-class-236 pa t44273 l44279 ls2222">when </span><span class="pp-class-236 pa t44273 l44280 ls7086">control </span><span class="pp-class-236 pa t44273 l44281 ls110">have </span><span class="pp-class-236 pa t44273 l44282 ls6270">transferred </span><span class="pp-class-236 pa t44273 l44283 ls538">to </span><span class="pp-class-236 pa t44273 l44284 ls572">the </span><span class="pp-class-236 pa t44273 l44285 ls838">buyer </span><span class="pp-class-236 pa t44273 l44286 ls572">and </span><span class="pp-class-236 pa t44273 l44287 ls667">are </span><span class="pp-class-236 pa t44288 l3 ls7086">presented </span><span class="pp-class-236 pa t44288 l6723 ls811">in </span><span class="pp-class-236 pa t44288 l37516 ls651">the </span><span class="pp-class-236 pa t44288 l44289 ls1764">income </span><span class="pp-class-236 pa t44288 l44290 ls556">statement </span><span class="pp-class-236 pa t44288 l44291 ls811">as </span><span class="pp-class-236 pa t44288 l44292 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44293 ls811">on </span><span class="pp-class-236 pa t44288 l44294 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44295 ls98">of </span><span class="pp-class-236 pa t44288 l44296 ls548">non-current </span><span class="pp-class-236 pa t44288 l44297 ls546">assets, </span><span class="pp-class-236 pa t44288 l44298 ls6038">net’.</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5337" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h44022 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span><span class="pp-class-248 pa t860 l22193"/><span class="pp-class-249 pa t860 l43381"/><span class="pp-class-249 pa t860 l478 ls143">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls524">Passenger </span><span class="pp-class-237 pa t43264 l44299 ls1764">cruise </span><span class="pp-class-237 pa t43264 l23572 ls4248">ferries </span><span class="pp-class-237 pa t43264 l44300 ls651">and </span><span class="pp-class-237 pa t43264 l44301 ls548">freight </span><span class="pp-class-237 pa t43264 l44302 ls651">and </span><span class="pp-class-237 pa t43264 l41656 ls995">passenger </span><span class="pp-class-237 pa t43264 l44303 ls544">(RoPax) </span><span class="pp-class-237 pa t43264 l44304 ls625">ferries</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls651">Due </span><span class="pp-class-236 pa t43270 l30955 ls538">to </span><span class="pp-class-236 pa t43270 l16855 ls4787">differences </span><span class="pp-class-236 pa t43270 l44305 ls811">in </span><span class="pp-class-236 pa t43270 l21956 ls651">the </span><span class="pp-class-236 pa t43270 l44306 ls8048">wear </span><span class="pp-class-236 pa t43270 l44307 ls651">and </span><span class="pp-class-236 pa t43270 l44308 ls995">tear </span><span class="pp-class-236 pa t43270 l44309 ls98">of </span><span class="pp-class-236 pa t43270 l44310 ls94">certain </span><span class="pp-class-236 pa t43270 l44311 ls524">components </span><span class="pp-class-236 pa t43270 l140 ls98">of </span><span class="pp-class-236 pa t43270 l44312 ls995">passenger </span><span class="pp-class-236 pa t43270 l44313 ls1764">cruise </span><span class="pp-class-236 pa t43270 l44314 ls551">ferries </span><span class="pp-class-236 pa t43270 l44315 ls651">and </span><span class="pp-class-236 pa t43270 l44316 ls590">RoPax </span><span class="pp-class-236 pa t43283 l3 ls724">ferries, </span><span class="pp-class-236 pa t43283 l44317 ls651">the </span><span class="pp-class-236 pa t43283 l44318 ls2222">cost </span><span class="pp-class-236 pa t43283 l44319 ls98">of </span><span class="pp-class-236 pa t43283 l44320 ls538">these </span><span class="pp-class-236 pa t43283 l44321 ls551">ferries </span><span class="pp-class-236 pa t43283 l44322 ls811">is </span><span class="pp-class-236 pa t43283 l44323 ls2036">divided </span><span class="pp-class-236 pa t43283 l44324 ls546">into </span><span class="pp-class-236 pa t43283 l44325 ls524">components </span><span class="pp-class-236 pa t43283 l44326 ls2222">with </span><span class="pp-class-236 pa t43283 l44327 ls556">low </span><span class="pp-class-236 pa t43283 l44328 ls853">wear, </span><span class="pp-class-236 pa t43283 l44329 ls2222">such </span><span class="pp-class-236 pa t43283 l44330 ls811">as </span><span class="pp-class-236 pa t43283 l44331 ls2222">hull </span><span class="pp-class-236 pa t43283 l15289 ls651">and </span><span class="pp-class-236 pa t43283 l44332 ls664">engine, </span><span class="pp-class-236 pa t43295 l3 ls651">and </span><span class="pp-class-236 pa t43295 l17989 ls524">components </span><span class="pp-class-236 pa t43295 l44333 ls2222">with </span><span class="pp-class-236 pa t43295 l8895 ls2222">high </span><span class="pp-class-236 pa t43295 l44334 ls853">wear, </span><span class="pp-class-236 pa t43295 l41887 ls2222">such </span><span class="pp-class-236 pa t43295 l44335 ls811">as </span><span class="pp-class-236 pa t43295 l44336 ls938">parts </span><span class="pp-class-236 pa t43295 l44337 ls98">of </span><span class="pp-class-236 pa t43295 l44338 ls572">the </span><span class="pp-class-236 pa t43295 l44339 ls30">hotel, </span><span class="pp-class-236 pa t43295 l44340 ls2816">catering/restaurants, </span><span class="pp-class-236 pa t43295 l44341 ls651">and </span><span class="pp-class-236 pa t43295 l44342 ls2222">shop </span><span class="pp-class-236 pa t43295 l44343 ls706">areas.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43319 l3 ls548">Freight </span><span class="pp-class-237 pa t43319 l44344 ls4248">ferries </span><span class="pp-class-237 pa t43319 l11303 ls2687">(RoRo)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls651">The </span><span class="pp-class-236 pa t43330 l38379 ls2222">cost </span><span class="pp-class-236 pa t43330 l17201 ls98">of </span><span class="pp-class-236 pa t43330 l44345 ls7086">freight </span><span class="pp-class-236 pa t43330 l3384 ls551">ferries </span><span class="pp-class-236 pa t43330 l44346 ls811">is </span><span class="pp-class-236 pa t43330 l27859 ls4248">not </span><span class="pp-class-236 pa t43330 l44347 ls2036">divided </span><span class="pp-class-236 pa t43330 l44348 ls546">into </span><span class="pp-class-236 pa t43330 l44349 ls524">components </span><span class="pp-class-236 pa t43330 l44350 ls811">as </span><span class="pp-class-236 pa t43330 l44351 ls706">there </span><span class="pp-class-236 pa t43330 l44352 ls811">is </span><span class="pp-class-236 pa t43330 l44353 ls811">no </span><span class="pp-class-236 pa t43330 l44354 ls838">material </span><span class="pp-class-236 pa t43330 l44355 ls681">difference </span><span class="pp-class-236 pa t43330 l44356 ls811">in </span><span class="pp-class-236 pa t43330 l44357 ls572">the </span><span class="pp-class-236 pa t43330 l44358 ls546">wear </span><span class="pp-class-236 pa t43426 l3 ls98">of </span><span class="pp-class-236 pa t43426 l39273 ls651">the </span><span class="pp-class-236 pa t43426 l39799 ls1780">various </span><span class="pp-class-236 pa t43426 l44359 ls524">components </span><span class="pp-class-236 pa t43426 l26669 ls98">of </span><span class="pp-class-236 pa t43426 l44360 ls7086">freight </span><span class="pp-class-236 pa t43426 l44361 ls551">ferries.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43334 l3 ls567">Depreciation </span><span class="pp-class-237 pa t43334 l44362 ls184">– </span><span class="pp-class-237 pa t43334 l27619 ls2270">expected </span><span class="pp-class-237 pa t43334 l17262 ls1764">useful </span><span class="pp-class-237 pa t43334 l44363 ls2036">life </span><span class="pp-class-237 pa t43334 l44364 ls572">and </span><span class="pp-class-237 pa t43334 l44365 ls30">residual </span><span class="pp-class-237 pa t43334 l44366 ls1780">value </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls691">depreciation </span><span class="pp-class-236 pa t43348 l44367 ls1764">period </span><span class="pp-class-236 pa t43348 l44368 ls553">for </span><span class="pp-class-236 pa t43348 l44369 ls524">components </span><span class="pp-class-236 pa t43348 l44370 ls2222">with </span><span class="pp-class-236 pa t43348 l44371 ls556">low </span><span class="pp-class-236 pa t43348 l44372 ls8048">wear </span><span class="pp-class-236 pa t43348 l44373 ls811">is </span><span class="pp-class-236 pa t43348 l44374 ls811">35 </span><span class="pp-class-236 pa t43348 l44375 ls838">years </span><span class="pp-class-236 pa t43348 l44376 ls553">for </span><span class="pp-class-236 pa t43348 l44377 ls524">both </span><span class="pp-class-236 pa t43348 l40567 ls30">RoPax </span><span class="pp-class-236 pa t43348 l44341 ls572">and </span><span class="pp-class-236 pa t43348 l44378 ls2222">RoRo </span><span class="pp-class-236 pa t43348 l44379 ls536">ferries </span><span class="pp-class-236 pa t43367 l3 ls877">from </span><span class="pp-class-236 pa t43367 l44380 ls572">the </span><span class="pp-class-236 pa t43367 l44381 ls8048">year </span><span class="pp-class-236 pa t43367 l44382 ls811">in </span><span class="pp-class-236 pa t43367 l44383 ls538">which </span><span class="pp-class-236 pa t43367 l44384 ls651">the </span><span class="pp-class-236 pa t43367 l31581 ls608">ferry </span><span class="pp-class-236 pa t43367 l44385 ls556">was </span><span class="pp-class-236 pa t43367 l44386 ls747">built. </span><span class="pp-class-236 pa t43367 l44387 ls651">The </span><span class="pp-class-236 pa t43367 l44388 ls691">depreciation </span><span class="pp-class-236 pa t43367 l44389 ls1764">period </span><span class="pp-class-236 pa t43367 l44390 ls553">for </span><span class="pp-class-236 pa t43367 l44391 ls995">passenger </span><span class="pp-class-236 pa t43367 l44392 ls1764">cruise </span><span class="pp-class-236 pa t43367 l44393 ls551">ferries </span><span class="pp-class-236 pa t43367 l44394 ls811">is </span><span class="pp-class-236 pa t43367 l44395 ls1547">45 </span><span class="pp-class-236 pa t43461 l3 ls758">years. </span><span class="pp-class-236 pa t43461 l44396 ls651">The </span><span class="pp-class-236 pa t43461 l43034 ls3855">residual </span><span class="pp-class-236 pa t43461 l44397 ls2197">value </span><span class="pp-class-236 pa t43461 l40169 ls98">of </span><span class="pp-class-236 pa t43461 l44398 ls551">ferries </span><span class="pp-class-236 pa t43461 l44399 ls811">is </span><span class="pp-class-236 pa t43461 l44400 ls2207">estimated </span><span class="pp-class-236 pa t43461 l44401 ls811">as </span><span class="pp-class-236 pa t43461 l38578 ls651">the </span><span class="pp-class-236 pa t43461 l24853 ls5781">expected </span><span class="pp-class-236 pa t43461 l44402 ls553">fair </span><span class="pp-class-236 pa t43461 l44403 ls2197">value </span><span class="pp-class-236 pa t43461 l44404 ls2197">at </span><span class="pp-class-236 pa t43461 l44405 ls572">the </span><span class="pp-class-236 pa t43461 l44406 ls572">end </span><span class="pp-class-236 pa t43461 l44407 ls98">of </span><span class="pp-class-236 pa t43461 l44408 ls538">their </span><span class="pp-class-236 pa t43461 l44409 ls771">useful </span><span class="pp-class-236 pa t43475 l3 ls713">lifetime.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44410 l3 ls30">Management </span><span class="pp-class-236 pa t44410 l43518 ls651">has </span><span class="pp-class-236 pa t44410 l44411 ls2222">also </span><span class="pp-class-236 pa t44410 l14792 ls667">considered </span><span class="pp-class-236 pa t44410 l44412 ls651">the </span><span class="pp-class-236 pa t44410 l44413 ls1780">impact </span><span class="pp-class-236 pa t44410 l44414 ls98">of </span><span class="pp-class-236 pa t44410 l44415 ls168">decarbonisation </span><span class="pp-class-236 pa t44410 l44416 ls572">and </span><span class="pp-class-236 pa t44410 l44417 ls556">climate-related </span><span class="pp-class-236 pa t44410 l44418 ls667">risks </span><span class="pp-class-236 pa t44410 l44419 ls811">on </span><span class="pp-class-236 pa t44410 l44420 ls184">the </span><span class="pp-class-236 pa t44154 l3 ls590">useful </span><span class="pp-class-236 pa t44154 l43320 ls838">lives </span><span class="pp-class-236 pa t44154 l44421 ls98">of </span><span class="pp-class-236 pa t44154 l44422 ls3855">existing </span><span class="pp-class-236 pa t44154 l44423 ls546">assets. </span><span class="pp-class-236 pa t44154 l44424 ls2222">Such </span><span class="pp-class-236 pa t44154 l44425 ls667">risks </span><span class="pp-class-236 pa t44154 l44426 ls949">include </span><span class="pp-class-236 pa t44154 l24128 ls556">new </span><span class="pp-class-236 pa t44154 l44427 ls556">climate-related </span><span class="pp-class-236 pa t44154 l44377 ls1404">legislation </span><span class="pp-class-236 pa t44154 l44428 ls9435">restricting </span><span class="pp-class-236 pa t44154 l44429 ls651">the </span><span class="pp-class-236 pa t44154 l44430 ls572">use </span><span class="pp-class-236 pa t44154 l44431 ls197">of </span><span class="pp-class-236 pa t44158 l3 ls94">certain </span><span class="pp-class-236 pa t44158 l44432 ls546">assets, </span><span class="pp-class-236 pa t44158 l44433 ls556">new </span><span class="pp-class-236 pa t44158 l3093 ls179">technology </span><span class="pp-class-236 pa t44158 l44434 ls1751">demanded </span><span class="pp-class-236 pa t44158 l44435 ls706">by </span><span class="pp-class-236 pa t44158 l44436 ls556">climate-related </span><span class="pp-class-236 pa t44158 l44437 ls630">legislation, </span><span class="pp-class-236 pa t44158 l43779 ls572">and </span><span class="pp-class-236 pa t44158 l44438 ls651">the </span><span class="pp-class-236 pa t44158 l44439 ls3855">increase </span><span class="pp-class-236 pa t44158 l44440 ls1547">in </span><span class="pp-class-236 pa t44167 l3 ls6824">restoration </span><span class="pp-class-236 pa t44167 l44441 ls538">costs </span><span class="pp-class-236 pa t44167 l44442 ls553">for </span><span class="pp-class-236 pa t44167 l12587 ls949">terminal </span><span class="pp-class-236 pa t44167 l44443 ls625">sites </span><span class="pp-class-236 pa t44167 l27082 ls651">due </span><span class="pp-class-236 pa t44167 l31630 ls538">to </span><span class="pp-class-236 pa t44167 l44444 ls556">new </span><span class="pp-class-236 pa t44167 l9191 ls7832">and/or </span><span class="pp-class-236 pa t44167 l44445 ls877">more </span><span class="pp-class-236 pa t44167 l44446 ls681">comprehensive </span><span class="pp-class-236 pa t44167 l44447 ls1751">policies.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls538">Other </span><span class="pp-class-237 pa t44168 l44448 ls278">non-current </span><span class="pp-class-237 pa t44168 l44449 ls179">tangible </span><span class="pp-class-237 pa t44168 l44450 ls536">assets</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls538">Other </span><span class="pp-class-236 pa t44171 l44451 ls548">non-current </span><span class="pp-class-236 pa t44171 l44452 ls949">tangible </span><span class="pp-class-236 pa t44171 l41766 ls179">assets </span><span class="pp-class-236 pa t44171 l44453 ls1751">comprise </span><span class="pp-class-236 pa t44171 l33295 ls562">buildings, </span><span class="pp-class-236 pa t44171 l44454 ls949">terminals </span><span class="pp-class-236 pa t44171 l44455 ls651">and </span><span class="pp-class-236 pa t44171 l44456 ls4290">machinery, </span><span class="pp-class-236 pa t44171 l44457 ls625">tools </span><span class="pp-class-236 pa t44171 l44458 ls184">and </span><span class="pp-class-236 pa t44182 l3 ls590">equipment, </span><span class="pp-class-236 pa t44182 l44459 ls651">and </span><span class="pp-class-236 pa t44182 l44460 ls995">leasehold </span><span class="pp-class-236 pa t44182 l44461 ls4017">improvements.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44187 l3 ls651">The </span><span class="pp-class-237 pa t44187 l44462 ls616">estimated </span><span class="pp-class-237 pa t44187 l3321 ls1764">useful </span><span class="pp-class-237 pa t44187 l44463 ls278">lifetimes </span><span class="pp-class-237 pa t44187 l44464 ls548">are </span><span class="pp-class-237 pa t44187 l44465 ls811">as </span><span class="pp-class-237 pa t44187 l44466 ls6270">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44188 l3 ls184">• </span><span class="pp-class-236 pa t44188 l3804 ls18603">Buildings </span><span class="pp-class-236 pa t44188 l44467 ls811">25-50 </span><span class="pp-class-236 pa t44188 l44468 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44204 l3 ls184">• </span><span class="pp-class-236 pa t44204 l3804 ls44469">Terminals </span><span class="pp-class-236 pa t44204 l11787 ls4787">etc. </span><span class="pp-class-236 pa t44204 l44467 ls538">10-40 </span><span class="pp-class-236 pa t44204 l8948 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44216 l3 ls184">• </span><span class="pp-class-236 pa t44216 l3804 ls44470">Equipment </span><span class="pp-class-236 pa t44216 l44471 ls4787">etc. </span><span class="pp-class-236 pa t44216 l44467 ls2222">4-10 </span><span class="pp-class-236 pa t44216 l10033 ls8048">years</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls184">• </span><span class="pp-class-236 pa t44232 l3804 ls18603">Leasehold </span><span class="pp-class-236 pa t44232 l15092 ls4017">improvements </span><span class="pp-class-236 pa t44232 l44467 ls2222">Max. </span><span class="pp-class-236 pa t44232 l44472 ls1687">depreciated </span><span class="pp-class-236 pa t44232 l44473 ls3234">over </span><span class="pp-class-236 pa t44232 l28141 ls572">the </span><span class="pp-class-236 pa t44232 l44474 ls995">term </span><span class="pp-class-236 pa t44232 l44475 ls98">of </span><span class="pp-class-236 pa t44232 l44476 ls651">the </span><span class="pp-class-236 pa t44232 l44477 ls811">lease </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44242 l3 ls538">Gains </span><span class="pp-class-236 pa t44242 l44243 ls811">or </span><span class="pp-class-236 pa t44242 l44244 ls1764">losses </span><span class="pp-class-236 pa t44242 l44245 ls2036">arising </span><span class="pp-class-236 pa t44242 l44478 ls877">from </span><span class="pp-class-236 pa t44242 l44479 ls651">the </span><span class="pp-class-236 pa t44242 l44480 ls1751">disposal </span><span class="pp-class-236 pa t44242 l44481 ls98">of </span><span class="pp-class-236 pa t44242 l44482 ls949">other </span><span class="pp-class-236 pa t44242 l44483 ls548">non-current </span><span class="pp-class-236 pa t44242 l44484 ls949">tangible </span><span class="pp-class-236 pa t44242 l44485 ls179">assets </span><span class="pp-class-236 pa t44242 l38894 ls2808">are </span><span class="pp-class-236 pa t44242 l44486 ls560">calculated </span><span class="pp-class-236 pa t44242 l44487 ls811">as </span><span class="pp-class-236 pa t44242 l44488 ls184">the </span><span class="pp-class-236 pa t44258 l3 ls681">difference </span><span class="pp-class-236 pa t44258 l44489 ls713">between </span><span class="pp-class-236 pa t44258 l40878 ls651">the </span><span class="pp-class-236 pa t44258 l44490 ls538">sales </span><span class="pp-class-236 pa t44258 l44491 ls538">price </span><span class="pp-class-236 pa t44258 l44492 ls2222">less </span><span class="pp-class-236 pa t44258 l44493 ls538">sales </span><span class="pp-class-236 pa t44258 l44494 ls538">costs </span><span class="pp-class-236 pa t44258 l44495 ls651">and </span><span class="pp-class-236 pa t44258 l44496 ls572">the </span><span class="pp-class-236 pa t44258 l24306 ls572">carrying </span><span class="pp-class-236 pa t44258 l44497 ls995">amount </span><span class="pp-class-236 pa t44258 l44498 ls2197">at </span><span class="pp-class-236 pa t44258 l44499 ls1751">disposal </span><span class="pp-class-236 pa t44258 l44500 ls1815">date. </span><span class="pp-class-236 pa t44258 l44316 ls811">Gains </span><span class="pp-class-236 pa t44273 l3 ls811">or </span><span class="pp-class-236 pa t44273 l44501 ls1764">losses </span><span class="pp-class-236 pa t44273 l38519 ls811">on </span><span class="pp-class-236 pa t44273 l41790 ls651">the </span><span class="pp-class-236 pa t44273 l44502 ls1751">disposal </span><span class="pp-class-236 pa t44273 l44503 ls98">of </span><span class="pp-class-236 pa t44273 l44504 ls538">these </span><span class="pp-class-236 pa t44273 l44505 ls548">non-current </span><span class="pp-class-236 pa t44273 l12658 ls179">assets </span><span class="pp-class-236 pa t44273 l44506 ls2808">are </span><span class="pp-class-236 pa t44273 l44507 ls667">recognised </span><span class="pp-class-236 pa t44273 l44508 ls811">in </span><span class="pp-class-236 pa t44273 l44509 ls572">the </span><span class="pp-class-236 pa t44273 l44510 ls1764">income </span><span class="pp-class-236 pa t44273 l44511 ls556">statement </span><span class="pp-class-236 pa t44273 l44512 ls1547">as </span><span class="pp-class-236 pa t44288 l3 ls621">‘Profit </span><span class="pp-class-236 pa t44288 l44513 ls811">on </span><span class="pp-class-236 pa t44288 l23086 ls1751">disposal </span><span class="pp-class-236 pa t44288 l44452 ls98">of </span><span class="pp-class-236 pa t44288 l620 ls548">non-current </span><span class="pp-class-236 pa t44288 l28838 ls546">assets, </span><span class="pp-class-236 pa t44288 l44514 ls524">net'.</span></p></div></div> <div id="pp-id-5338" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h44516 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls713">3.1.3 </span><span class="pp-class-234 pa t1122 l38307 ls967">Right-of-use </span><span class="pp-class-234 pa t1122 l2448 ls162">assets </span><span class="pp-class-234 pa t1122 l44517">and </span><span class="pp-class-234 pa t1122 l44518 ls138">lease </span><span class="pp-class-234 pa t1122 l44519">liabilities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls651">The </span><span class="pp-class-236 pa t40114 l38379 ls706">Group </span><span class="pp-class-236 pa t40114 l1995 ls651">has </span><span class="pp-class-236 pa t40114 l44520 ls538">lease </span><span class="pp-class-236 pa t40114 l44521 ls4793">contracts </span><span class="pp-class-236 pa t40114 l28755 ls553">for </span><span class="pp-class-236 pa t40114 l44522 ls1780">various </span><span class="pp-class-236 pa t40114 l44523 ls625">items </span><span class="pp-class-236 pa t40114 l44524 ls98">of </span><span class="pp-class-236 pa t40114 l44525 ls2222">land </span><span class="pp-class-236 pa t40114 l44526 ls572">and </span><span class="pp-class-236 pa t40114 l44527 ls562">buildings, </span><span class="pp-class-236 pa t40114 l44528 ls179">terminals, </span><span class="pp-class-236 pa t40114 l44529 ls724">ferries, </span><span class="pp-class-236 pa t40114 l44530 ls747">equipment </span><span class="pp-class-236 pa t40114 l44531 ls4787">etc. </span><span class="pp-class-236 pa t40114 l44532 ls811">in </span><span class="pp-class-236 pa t40114 l44533 ls184">its </span><span class="pp-class-236 pa t40125 l3 ls2969">operations. </span><span class="pp-class-236 pa t40125 l44534 ls651">The </span><span class="pp-class-236 pa t40125 l44535 ls2848">Group’s </span><span class="pp-class-236 pa t40125 l44536 ls1404">obligations </span><span class="pp-class-236 pa t40125 l44537 ls538">under </span><span class="pp-class-236 pa t40125 l39015 ls572">the </span><span class="pp-class-236 pa t40125 l44538 ls1764">leases </span><span class="pp-class-236 pa t40125 l44539 ls2808">are </span><span class="pp-class-236 pa t40125 l44540 ls556">secured </span><span class="pp-class-236 pa t40125 l44541 ls706">by </span><span class="pp-class-236 pa t40125 l44542 ls572">the </span><span class="pp-class-236 pa t40125 l44543 ls1751">lessors' </span><span class="pp-class-236 pa t40125 l44544 ls538">title </span><span class="pp-class-236 pa t40125 l44545 ls538">to </span><span class="pp-class-236 pa t40125 l44546 ls572">the </span><span class="pp-class-236 pa t40125 l44547 ls1764">leased </span><span class="pp-class-236 pa t40125 l44548 ls1369">assets. </span><span class="pp-class-236 pa t40137 l3 ls3084">Several </span><span class="pp-class-236 pa t40137 l44549 ls538">lease </span><span class="pp-class-236 pa t40137 l44550 ls4793">contracts </span><span class="pp-class-236 pa t40137 l44551 ls949">include </span><span class="pp-class-236 pa t40137 l44552 ls567">extension </span><span class="pp-class-236 pa t40137 l44553 ls572">and </span><span class="pp-class-236 pa t40137 l42410 ls1780">termination </span><span class="pp-class-236 pa t40137 l44554 ls278">options, </span><span class="pp-class-236 pa t40137 l44555 ls538">which </span><span class="pp-class-236 pa t40137 l44556 ls2808">are </span><span class="pp-class-236 pa t40137 l44557 ls2889">negotiated </span><span class="pp-class-236 pa t40137 l44558 ls706">by </span><span class="pp-class-236 pa t40137 l44559 ls30">Management </span><span class="pp-class-236 pa t40137 l44560 ls184">to </span><span class="pp-class-236 pa t40150 l3 ls4017">provide </span><span class="pp-class-236 pa t40150 l23906 ls838">flexibility </span><span class="pp-class-236 pa t40150 l44561 ls811">in </span><span class="pp-class-236 pa t40150 l44562 ls544">managing </span><span class="pp-class-236 pa t40150 l44563 ls651">the </span><span class="pp-class-236 pa t40150 l44564 ls949">asset </span><span class="pp-class-236 pa t40150 l28731 ls560">portfolio. </span><span class="pp-class-236 pa t40150 l38559 ls2222">Some </span><span class="pp-class-236 pa t40150 l44565 ls538">lease </span><span class="pp-class-236 pa t40150 l44566 ls4793">contracts </span><span class="pp-class-236 pa t40150 l44567 ls949">include </span><span class="pp-class-236 pa t40150 l44568 ls731">variable </span><span class="pp-class-236 pa t40150 l44569 ls538">lease </span><span class="pp-class-236 pa t40150 l44570 ls558">payments, </span><span class="pp-class-236 pa t40161 l3 ls538">which </span><span class="pp-class-236 pa t40161 l17877 ls2808">are </span><span class="pp-class-236 pa t40161 l4497 ls1792">further </span><span class="pp-class-236 pa t40161 l27331 ls995">described </span><span class="pp-class-236 pa t40161 l44571 ls6255">below.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40167 l3 ls4248 wtro3142 wtr1091 tro3144 tr1093">Set </span><span class="pp-class-236 pa t40167 l44572 ls572 wtro3142 wtr1091 tro3144 tr1093">out </span><span class="pp-class-236 pa t40167 l44573 ls838 wtro3142 wtr1091 tro3144 tr1093">below </span><span class="pp-class-236 pa t40167 l44574 ls2808 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t40167 l44575 ls572 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t40167 l44576 ls572 wtro3142 wtr1091 tro3144 tr1093">carrying </span><span class="pp-class-236 pa t40167 l4132 ls625 wtro3142 wtr1091 tro3144 tr1093">amounts </span><span class="pp-class-236 pa t40167 l44577 ls98 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t40167 l44578 ls4276 wtro3142 wtr1091 tro3144 tr1093">right-of-use </span><span class="pp-class-236 pa t40167 l44579 ls179 wtro3142 wtr1091 tro3144 tr1093">assets </span><span class="pp-class-236 pa t40167 l44580 ls667 wtro3142 wtr1091 tro3144 tr1093">recognised </span><span class="pp-class-236 pa t40167 l44581 ls651 wtro3142 wtr1091 tro3144 tr1093">and </span><span class="pp-class-236 pa t40167 l44582 ls651 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t40167 l44583 ls4276 wtro3142 wtr1091 tro3144 tr1093">movements </span><span class="pp-class-236 pa t40167 l44584 ls1764 wtro3142 wtr1091 tro3144 tr1093">during </span><span class="pp-class-236 pa t40167 l44585 ls572 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t40167 l44586 ls1764 wtro3142 wtr1091 tro3144 tr1093">period.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44587 l40370">202</span></a><span class="pp-class-237 pa t44587 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44588 l3">DKK </span><span class="pp-class-236 pa t44588 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44589 l44590">Land </span><span class="pp-class-237 pa t44589 l44591">and </span><span class="pp-class-237 pa t44588 l44592 ls162">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44588 l44593 ls1744">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44589 l44594 ls1098">Ferries </span><span class="pp-class-237 pa t44589 l44595">and </span><span class="pp-class-237 pa t44588 l44596 ls1098">other </span><span class="pp-class-237 pa t44588 l44597">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44589 l44598 ls177">Equipment</span><span class="pp-class-237 pa t44588 l44599 ls73">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44588 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44600 l3">Cost </span><span class="pp-class-236 pa t44600 l43103 ls2368">at </span><span class="pp-class-236 pa t44600 l43104">1 </span><span class="pp-class-236 pa t44600 l43105 ls1448">January </span><span class="pp-class-236 pa t44600 l43106">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44600 l44601 ls98">1,895</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44600 l44602 ls98">3,282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44600 l44603 ls995">2,620</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44600 l44604">883</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44600 l44605 ls2081">8,680</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44606 l3 ls1133">Foreign </span><span class="pp-class-236 pa t44606 l37293 ls212">exchange </span><span class="pp-class-236 pa t44606 l37294 ls67">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44606 l44607 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44606 l19360">-69</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44606 l43243">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44606 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44606 l44609">-38</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44610 l3 ls115">Additions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44610 l44611">292</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44610 l44612">44</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44610 l44613 ls1547">102</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44610 l43147">209</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44610 l44614">646</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44615 l3 ls1031">Remeasurement</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44615 l44616">512</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44615 l44617">96</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44615 l44618">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44615 l39137">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44615 l44619">605</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44620 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44620 l44621">84</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44620 l44622">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44620 l40539">284</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44620 l44623">190</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44620 l44619">560</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44624 l3 ls13284">Transfer</span><span class="pp-class-240 pa t44625 l17000">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44624 l44626">-683</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44624 l44627">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44624 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44624 l40507 ls1547">-10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44624 l44628">-693</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44629 l3">Cost </span><span class="pp-class-237 pa t44629 l28264 ls2222">at </span><span class="pp-class-237 pa t44629 l43140">31 </span><span class="pp-class-237 pa t44629 l43141">December </span><span class="pp-class-237 pa t44629 l43142">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44629 l44630 ls875">1,958</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44629 l44631 ls1369">3,351</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44629 l44632 ls76">2,433</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44629 l43185">898</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44629 l44633 ls7086">8,640</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44634 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t44634 l8478">and </span><span class="pp-class-236 pa t44634 l6082 ls118">impairment </span><span class="pp-class-236 pa t44634 l44635">losses</span><span class="pp-class-236 pa t44636 l3 ls2368">at </span><span class="pp-class-236 pa t44636 l19882">1 </span><span class="pp-class-236 pa t44636 l44637 ls1448">January </span><span class="pp-class-236 pa t44636 l44638">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44636 l44639 ls197">637</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44636 l44640">1,212</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44636 l44641">830</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44636 l44642">335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44636 l44643 ls3267">3,014</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44644 l3 ls1133">Foreign </span><span class="pp-class-236 pa t44644 l37293 ls212">exchange </span><span class="pp-class-236 pa t44644 l37294 ls67">adjustments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44644 l44645">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44644 l44646">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44644 l44647">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44644 l43703">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44644 l44648">5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44649 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t44649 l8478 ls106">charge</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44649 l44650">302</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44649 l44651">264</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44649 l44652">381</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44649 l43589 ls73">218</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44649 l44653 ls135">1,165</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44654 l3">Disposals</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44654 l44655">71</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44654 l44622">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44654 l44656">281</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44654 l44657">159</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44654 l44658">513</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44659 l3 ls13284">Transfer</span><span class="pp-class-240 pa t44660 l17000">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44659 l44661">-64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44659 l44627">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44659 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44659 l44662">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44659 l44663">-66</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44664 l3 ls685">Depreciation </span><span class="pp-class-237 pa t44664 l43677">and </span><span class="pp-class-237 pa t44664 l44665 ls118">impairment </span><span class="pp-class-237 pa t44666 l3 ls13">losses </span><span class="pp-class-237 pa t44666 l28665">31 </span><span class="pp-class-237 pa t44666 l36373">December </span><span class="pp-class-237 pa t44666 l39960">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44666 l44667">815</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44666 l44668 ls76">1,466</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44666 l44669">931</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44666 l44670">392</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44666 l44671 ls7086">3,603</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44672 l3 ls1107">Carrying </span><span class="pp-class-237 pa t44672 l37578 ls1098">amount </span><span class="pp-class-237 pa t44672 l43178 ls2222">at </span><span class="pp-class-237 pa t44673 l3">31 </span><span class="pp-class-237 pa t44673 l43180">December </span><span class="pp-class-237 pa t44673 l43181">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44673 l44674 ls113">1,144</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44673 l44675 ls1757">1,885</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44673 l44676 ls3852">1,502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44673 l44677">506</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44673 l44678 ls2629">5,037</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5339" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h44679 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36653 l3">DKK </span><span class="pp-class-236 pa t36653 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l44680">Land </span><span class="pp-class-237 pa t36646 l44681">and </span><span class="pp-class-237 pa t36653 l14600 ls162">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l44682 ls1744">Terminals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l44594 ls1098">Ferries </span><span class="pp-class-237 pa t36646 l44595">and </span><span class="pp-class-237 pa t36653 l44596 ls1098">other </span><span class="pp-class-237 pa t36653 l44597">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l44598 ls177">Equipment</span><span class="pp-class-237 pa t36653 l44599 ls73">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36653 l40379 ls3141">Total</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l3">Cost </span><span class="pp-class-236 pa t36664 l43103 ls2368">at </span><span class="pp-class-236 pa t36664 l43104">1 </span><span class="pp-class-236 pa t36664 l43105 ls1448">January </span><span class="pp-class-236 pa t36664 l43106 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l44683 ls1463">1,524</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l44684 ls98">3,222</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l44685"/><span class="pp-class-236 pa t36664 l44686 ls995">2,437</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l44687 ls52">736</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36664 l44688 ls44689">7,918</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44690 l3 ls1133">Foreign </span><span class="pp-class-236 pa t44690 l37293 ls212">exchange </span><span class="pp-class-236 pa t44690 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44690 l36851">-11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44690 l44691">68</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44690 l44692">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44690 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44690 l44693">56</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44694 l3 ls115">Addition </span><span class="pp-class-236 pa t44694 l42147">on </span><span class="pp-class-236 pa t44694 l42148 ls13">acquisition </span><span class="pp-class-236 pa t44694 l42149 ls118">of </span><span class="pp-class-236 pa t44694 l35302 ls162">enterprises</span></a><span class="pp-class-240 pa t23442 l44695">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44694 l44696">202</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44694 l44697">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44694 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44694 l44698">34</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44694 l44699">251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44700 l3 ls115">Additions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44700 l44701">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44700 l44702">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44700 l40382">53</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44700 l44703">258</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44700 l37197">354</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44704 l3 ls1031">Remeasurement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44704 l44705 ls73">184</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44704 l44706 ls538">157</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44704 l44707 ls11713">370</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44704 l43133">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44704 l44708 ls52">732</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44709 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44709 l44710">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44709 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44709 l44711">236</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44709 l44712 ls1547">166</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44709 l41814">434</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44713 l3 ls1700">Divestment </span><span class="pp-class-236 pa t44713 l37879 ls118">of </span><span class="pp-class-236 pa t44713 l28914 ls138">activities</span></a><span class="pp-class-240 pa t44714 l27560">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44713 l44715">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44713 l43155 ls73">188</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44713 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44713 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44713 l44716 ls967">197</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44717 l3">Cost </span><span class="pp-class-237 pa t44717 l28264 ls2222">at </span><span class="pp-class-237 pa t44717 l43140">31 </span><span class="pp-class-237 pa t44717 l43141">December </span><span class="pp-class-237 pa t44717 l43142 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44717 l44718 ls1757">1,895</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44717 l44719 ls1757">3,282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44717 l44720 ls94">2,620</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44717 l44721">883</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44717 l44722 ls7086">8,680</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44723 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t44723 l8478">and </span><span class="pp-class-236 pa t44723 l6082 ls118">impairment </span><span class="pp-class-236 pa t44723 l44635">losses</span><span class="pp-class-236 pa t44724 l3 ls2368">at </span><span class="pp-class-236 pa t44724 l19882">1 </span><span class="pp-class-236 pa t44724 l44637 ls1448">January </span><span class="pp-class-236 pa t44724 l44638 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44724 l44725">436</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44724 l44726">998</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44724 l44727">601</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44724 l44728">282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44724 l44729 ls584">2,318</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44730 l3 ls1133">Foreign </span><span class="pp-class-236 pa t44730 l37293 ls212">exchange </span><span class="pp-class-236 pa t44730 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44730 l44731">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44730 l44732 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44730 l44692">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44730 l43703">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44730 l43134">21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44733 l3 ls1547">Depreciation </span><span class="pp-class-236 pa t44733 l8478 ls106">charge</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44733 l44734">233</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44733 l44735">255</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44733 l44736">391</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44733 l44623">190</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44733 l41716 ls995">1,069</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44737 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44737 l44738 ls544">24</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44737 l43123">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44737 l44736 ls1547">160</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44737 l43110">139</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44737 l37197">323</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44739 l3 ls1700">Divestment </span><span class="pp-class-236 pa t44739 l37879 ls118">of </span><span class="pp-class-236 pa t44739 l28914 ls138">activities</span></a><span class="pp-class-240 pa t44740 l27560">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44739 l44741">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44739 l38605">67</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44739 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44739 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44739 l44742 ls544">72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44743 l3 ls685">Depreciation </span><span class="pp-class-237 pa t44743 l43677">and </span><span class="pp-class-237 pa t44743 l44665 ls118">impairment </span><span class="pp-class-237 pa t44744 l3 ls13">losses </span><span class="pp-class-237 pa t44744 l28665">31 </span><span class="pp-class-237 pa t44744 l36373">December </span><span class="pp-class-237 pa t44744 l39960 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44744 l44745 ls1547">637</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44744 l43183">1,212</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44744 l44746">830</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44744 l44747">335</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44744 l44748 ls4017">3,014</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44749 l3 ls1107">Carrying </span><span class="pp-class-237 pa t44749 l37578 ls1098">amount </span><span class="pp-class-237 pa t44749 l43178 ls2222">at </span><span class="pp-class-237 pa t44750 l3">31 </span><span class="pp-class-237 pa t44750 l43180">December </span><span class="pp-class-237 pa t44750 l43181 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44750 l44751">1,259</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44750 l44752 ls3292">2,070</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44750 l44753 ls1044">1,790</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44750 l44754">549</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44750 l44755 ls4284">5,667</span></a></p></td></tr></table></div></div><div id="pp-id-5340" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls2222 wtro3142 wtr526 tro3144 tr528">Relates </span><span class="pp-class-239 pa t1332 l44756 ls2368 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-239 pa t1332 l44757 ls2808 wtro3142 wtr526 tro3144 tr528">exercise </span><span class="pp-class-239 pa t1332 l44758 ls814 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-239 pa t1335 l3 ls670 wtro3142 wtr526 tro3144 tr528">purchase </span><span class="pp-class-239 pa t1335 l44759 ls938 wtro3142 wtr526 tro3144 tr528">options </span><span class="pp-class-239 pa t1335 l44760 ls212 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-239 pa t1339 l3 ls949 wtro3142 wtr526 tro3144 tr528">warehouses </span><span class="pp-class-239 pa t1339 l44761 ls1133 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-239 pa t1339 l44762 ls3791 wtro3142 wtr526 tro3144 tr528">trucks. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3569 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3437 l3 ls19">Relates </span><span class="pp-class-239 pa t3437 l44763 ls138">to </span><span class="pp-class-239 pa t3437 l44764 ls13">acquisition </span><span class="pp-class-239 pa t3493 l3 ls118">of </span><span class="pp-class-239 pa t3493 l7402 ls1098">FRS </span><span class="pp-class-239 pa t3493 l44765 ls1675">Iberia/Maroc </span><span class="pp-class-239 pa t3493 l44766">and </span><span class="pp-class-239 pa t3497 l3 ls570">Ekol </span><span class="pp-class-239 pa t3497 l43491 ls838">Transport </span><span class="pp-class-239 pa t3497 l36332 ls1574">Group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t44767 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t44768 l3 ls19">Relates </span><span class="pp-class-239 pa t44768 l44763 ls138">to </span><span class="pp-class-239 pa t44768 l44764 ls1700">divestment </span><span class="pp-class-239 pa t44769 l3 ls118">of </span><span class="pp-class-239 pa t44769 l7402 ls1098">terminals </span><span class="pp-class-239 pa t44769 l6218">and </span><span class="pp-class-239 pa t3512 l3 ls1583">offices </span><span class="pp-class-239 pa t3512 l39579">as </span><span class="pp-class-239 pa t3512 l44770 ls7591">part </span><span class="pp-class-239 pa t3512 l44771 ls118">of </span><span class="pp-class-239 pa t3467 l3">Oslo </span><span class="pp-class-239 pa t3467 l44772">- </span><span class="pp-class-239 pa t3467 l44773 ls131">Frederikshavn </span><span class="pp-class-239 pa t3467 l18841">- </span><span class="pp-class-239 pa t3472 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t3472 l41018 ls811">route.</span></p></div></div><div id="pp-id-5349" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h44775 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls713">3.1.3 </span><span class="pp-class-234 pa t1122 l38307 ls967">Right-of-use </span><span class="pp-class-234 pa t1122 l2448 ls162">assets </span><span class="pp-class-234 pa t1122 l44517">and </span><span class="pp-class-234 pa t1122 l44518 ls138">lease </span><span class="pp-class-234 pa t1122 l44519">liabilities </span><span class="pp-class-235 pa t1122 l44776 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls4248">Set </span><span class="pp-class-236 pa t40114 l44777 ls651">out </span><span class="pp-class-236 pa t40114 l44778 ls838">below </span><span class="pp-class-236 pa t40114 l44779 ls2808">are </span><span class="pp-class-236 pa t40114 l3395 ls651">the </span><span class="pp-class-236 pa t40114 l4083 ls572">carrying </span><span class="pp-class-236 pa t40114 l44780 ls625">amounts </span><span class="pp-class-236 pa t40114 l44781 ls98">of </span><span class="pp-class-236 pa t40114 l44782 ls538">lease </span><span class="pp-class-236 pa t40114 l44783 ls625">liabilities </span><span class="pp-class-236 pa t40114 l44784 ls800">(included </span><span class="pp-class-236 pa t40114 l44785 ls538">under </span><span class="pp-class-236 pa t40114 l44786 ls706">interest-bearing </span><span class="pp-class-236 pa t40114 l44787 ls1744">liabilities) </span><span class="pp-class-236 pa t40114 l44788 ls651">and </span><span class="pp-class-236 pa t40114 l44789 ls184">the </span><span class="pp-class-236 pa t40125 l3 ls4276">movements </span><span class="pp-class-236 pa t40125 l44790 ls1764">during </span><span class="pp-class-236 pa t40125 l44791 ls572">the </span><span class="pp-class-236 pa t40125 l28705 ls1764">period.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44792 l3">DKK </span><span class="pp-class-236 pa t44792 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44792 l44793">202</span></a><span class="pp-class-237 pa t44792 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44792 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44795 l3">As </span><span class="pp-class-236 pa t44795 l28629 ls2368">at </span><span class="pp-class-236 pa t44795 l44796">1 </span><span class="pp-class-236 pa t44795 l17807 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44795 l44797 ls6822">5,872</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44795 l44798 ls2081">5,832</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44799 l3 ls1133">Foreign </span><span class="pp-class-236 pa t44799 l37293 ls212">exchange </span><span class="pp-class-236 pa t44799 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44799 l44800">-129</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44799 l41696">82</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44801 l3 ls115">Addition </span><span class="pp-class-236 pa t44801 l42147">on </span><span class="pp-class-236 pa t44801 l42148 ls13">acquisition </span><span class="pp-class-236 pa t44801 l42149 ls118">of </span><span class="pp-class-236 pa t44801 l35302 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44801 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44801 l44699">251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44802 l3 ls115">Additions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44802 l44803">686</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44802 l44804">355</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44805 l3 ls1031">Remeasurement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44805 l43156">605</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44805 l44708 ls52">732</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44806 l3 ls162">Instalments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44806 l44807 ls3993">1,780</span></a><span class="pp-class-240 pa t44808 l44809">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44806 l44810 ls2270">1,024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44811 l3">Disposals</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44811 l44812">48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44811 l44813">112</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44814 l3 ls1700">Divestment </span><span class="pp-class-236 pa t44814 l37879 ls118">of </span><span class="pp-class-236 pa t44814 l28914 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44814 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44814 l44815 ls1790">127</span></a><span class="pp-class-240 pa t44816 l44817">2</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44818 l3 ls13284">Transfer</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44818 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44818 l44819 ls1017">-117</span><span class="pp-class-240 pa t44820 l44821">3</span><span class="pp-class-236 pa t44818 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44823 l3 ls6824">Total </span><span class="pp-class-237 pa t44823 l20253 ls781">lease </span><span class="pp-class-237 pa t44823 l44824">liabilities </span><span class="pp-class-237 pa t44823 l44825 ls2222">at </span><span class="pp-class-237 pa t44823 l44826">31 </span><span class="pp-class-237 pa t44823 l44398">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44823 l44827 ls544">5,207</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44823 l44828 ls847">5,872</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44829 l3 ls1444">Non-discounted </span><span class="pp-class-236 pa t44829 l44830">lease </span><span class="pp-class-236 pa t44829 l44831">liabilities </span><span class="pp-class-236 pa t44829 l44832 ls203">expiring </span><span class="pp-class-236 pa t44829 l44833">within </span><span class="pp-class-236 pa t44829 l44834">the </span><span class="pp-class-236 pa t44829 l44835 ls203">following </span><span class="pp-class-236 pa t44829 l44836">periods </span><span class="pp-class-236 pa t44829 l44837 ls181">from </span><span class="pp-class-236 pa t44829 l44838">the </span><span class="pp-class-236 pa t44829 l44839 ls26">balance </span><span class="pp-class-236 pa t44829 l44840 ls67">sheet </span><span class="pp-class-236 pa t44829 l44841 ls807">date:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44842 l3">DKK </span><span class="pp-class-236 pa t44842 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44842 l44793">202</span></a><span class="pp-class-237 pa t44842 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44842 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44843 l3">Within </span><span class="pp-class-236 pa t44843 l44844">1 </span><span class="pp-class-236 pa t44843 l10741 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44843 l44845">1,203</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44843 l44846">1,293</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44847 l3 ls12546">1-3 </span><span class="pp-class-236 pa t44847 l44848 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44847 l44849 ls664">2,549</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44847 l43730 ls995">2,659</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44850 l3">3-5 </span><span class="pp-class-236 pa t44850 l44851 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44850 l44852 ls995">1,059</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44850 l44853">1,296</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44854 l3 ls244">After </span><span class="pp-class-236 pa t44854 l13177">5 </span><span class="pp-class-236 pa t44854 l44855 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44854 l44856 ls10">1,273</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44854 l44857 ls664">1,551</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44858 l3 ls6824">Total </span><span class="pp-class-237 pa t44858 l20253 ls781">lease </span><span class="pp-class-237 pa t44858 l44824 ls121">liability, </span><span class="pp-class-237 pa t44858 l44859 ls2441">non-discounted</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44858 l44860 ls877">6,085</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44858 l44861 ls41127">6,798</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44862 l3">Lease </span><span class="pp-class-236 pa t44862 l44863">liabilities </span><span class="pp-class-236 pa t44862 l44864 ls80">are </span><span class="pp-class-236 pa t44862 l9730 ls1629">recognised </span><span class="pp-class-236 pa t44862 l44865">in </span><span class="pp-class-236 pa t44862 l44866">the </span><span class="pp-class-236 pa t44862 l44867">balance </span><span class="pp-class-236 pa t44862 l44868 ls67">sheet </span><span class="pp-class-236 pa t44862 l44869">as </span><span class="pp-class-236 pa t44862 l44870 ls1757">follows:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44862 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44862 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44872 l3">DKK </span><span class="pp-class-236 pa t44872 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44872 l44793">202</span></a><span class="pp-class-237 pa t44872 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44872 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44873 l3 ls1629">Non-current </span><span class="pp-class-236 pa t44873 l42998">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44873 l44874">4,232</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44873 l44875 ls98">4,846</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44876 l3 ls833">Current </span><span class="pp-class-236 pa t44876 l41779">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44876 l44877 ls12541">974</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44876 l37158 ls1404">1,027</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44878 l3 ls6824">Total </span><span class="pp-class-237 pa t44878 l20253 ls781">lease </span><span class="pp-class-237 pa t44878 l44824">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44878 l44827 ls544">5,207</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44878 l44828 ls847">5,872</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44879 l3">The </span><span class="pp-class-236 pa t44879 l7349 ls203">following </span><span class="pp-class-236 pa t44879 l28173 ls101">amounts </span><span class="pp-class-236 pa t44879 l6846 ls181">from </span><span class="pp-class-236 pa t44879 l21864">leases </span><span class="pp-class-236 pa t44879 l44880 ls80">are </span><span class="pp-class-236 pa t44879 l44881 ls1629">recognised </span><span class="pp-class-236 pa t44879 l150">in </span><span class="pp-class-236 pa t44879 l44882">the </span><span class="pp-class-236 pa t44879 l44883">income </span><span class="pp-class-236 pa t44879 l44884 ls73">statement:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44885 l3">DKK </span><span class="pp-class-236 pa t44885 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44885 l44793">202</span></a><span class="pp-class-237 pa t44885 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44885 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44886 l3">Expenses </span><span class="pp-class-236 pa t44886 l28687 ls63">relating </span><span class="pp-class-236 pa t44886 l44887 ls138">to </span><span class="pp-class-236 pa t44886 l44888 ls108">short-term </span><span class="pp-class-236 pa t44886 l44889">leases </span><span class="pp-class-236 pa t44886 l44890 ls5467">(included </span><span class="pp-class-236 pa t44886 l44891">in </span><span class="pp-class-236 pa t44886 l44892 ls1011">costs)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44886 l43703">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44886 l44893">30</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44894 l3">Expenses </span><span class="pp-class-236 pa t44894 l28687 ls63">relating </span><span class="pp-class-236 pa t44894 l44887 ls138">to </span><span class="pp-class-236 pa t44894 l44888 ls10">low-value </span><span class="pp-class-236 pa t44894 l44895 ls781">assets </span><span class="pp-class-236 pa t44894 l44896 ls5467">(included </span><span class="pp-class-236 pa t44894 l44897">in </span><span class="pp-class-236 pa t44894 l44898 ls1011">costs)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44894 l44899">111</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44894 l44900">151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44901 l3 ls800">Variable </span><span class="pp-class-236 pa t44901 l44902">lease </span><span class="pp-class-236 pa t44901 l20364 ls1790">payments </span><span class="pp-class-236 pa t44901 l19181 ls5467">(included </span><span class="pp-class-236 pa t44901 l44903">in </span><span class="pp-class-236 pa t44901 l44904 ls1011">costs)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44901 l44905 ls538">157</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44901 l44906 ls1547">104</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44907 l3 ls241">Depreciation, </span><span class="pp-class-236 pa t44907 l44908">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44907 l44909">381</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44907 l44910">391</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44911 l3 ls241">Depreciation, </span><span class="pp-class-236 pa t44911 l44908 ls67">other </span><span class="pp-class-236 pa t44911 l44912 ls1629">non-current </span><span class="pp-class-236 pa t44911 l44913 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44911 l44914 ls771">784</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44911 l44915 ls771">678</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44916 l3 ls428">Interest </span><span class="pp-class-236 pa t44916 l26038 ls203">expenses </span><span class="pp-class-236 pa t44916 l34286">on </span><span class="pp-class-236 pa t44916 l44917">lease </span><span class="pp-class-236 pa t44916 l44918">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44916 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44916 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44920 l3">Gain </span><span class="pp-class-236 pa t44920 l44921">arising </span><span class="pp-class-236 pa t44920 l44922 ls181">from </span><span class="pp-class-236 pa t44920 l44923">sale </span><span class="pp-class-236 pa t44920 l44924">and </span><span class="pp-class-236 pa t44920 l44925 ls781">leaseback </span><span class="pp-class-236 pa t44920 l44926 ls833">transactions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44920 l44927">51</span></a><span class="pp-class-240 pa t44928 l44929">4</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44920 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44930 l3 ls6824">Total </span><span class="pp-class-237 pa t44930 l20253 ls1098">amount </span><span class="pp-class-237 pa t44930 l2356 ls67">recognised </span><span class="pp-class-237 pa t44930 l44931">in </span><span class="pp-class-237 pa t44930 l44932">the </span><span class="pp-class-237 pa t44930 l44933">income </span><span class="pp-class-237 pa t44930 l44934 ls73">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44930 l44935 ls6270">1,673</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44930 l44936 ls94">1,640</span></a></p></td></tr></table></div></div><div id="pp-id-5350" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h44937 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">The </span><span class="pp-class-236 pa t283 l7349 ls203">following </span><span class="pp-class-236 pa t283 l28173 ls101">amounts </span><span class="pp-class-236 pa t283 l6846 ls181">from </span><span class="pp-class-236 pa t283 l21864">leases </span><span class="pp-class-236 pa t283 l44880 ls80">are </span><span class="pp-class-236 pa t283 l44881 ls1629">recognised </span><span class="pp-class-236 pa t283 l150">in </span><span class="pp-class-236 pa t283 l44882">the </span><span class="pp-class-236 pa t283 l44883 ls73">statement </span><span class="pp-class-236 pa t283 l44938 ls118">of </span><span class="pp-class-236 pa t283 l44939">cash </span><span class="pp-class-236 pa t283 l44940 ls106">flows:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36646 l3">DKK </span><span class="pp-class-236 pa t36646 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t36646 l44793">202</span></a><span class="pp-class-237 pa t36646 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36646 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44941 l3">Cash </span><span class="pp-class-236 pa t44941 l3028 ls106">flows </span><span class="pp-class-236 pa t44941 l3029 ls181">from </span><span class="pp-class-236 pa t44941 l3030 ls106">operating </span><span class="pp-class-236 pa t44941 l3031 ls85">activities, </span><span class="pp-class-236 pa t44941 l44942 ls181">gross</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44941 l44943 ls553">-270</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44941 l44944">-285</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44945 l3 ls428">Interest </span><span class="pp-class-236 pa t44945 l26038 ls1024">etc., </span><span class="pp-class-236 pa t44945 l25524">paid</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44945 l44946">-290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44945 l44947">-286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44948 l3">Cash </span><span class="pp-class-236 pa t44948 l3028 ls106">flows </span><span class="pp-class-236 pa t44948 l3029 ls181">from </span><span class="pp-class-236 pa t44948 l3030 ls106">operating </span><span class="pp-class-236 pa t44948 l3031 ls85">activities, </span><span class="pp-class-236 pa t44948 l44942 ls814">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44948 l44949">-560</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44948 l44950 ls10">-571</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44951 l3">Cash </span><span class="pp-class-236 pa t44951 l3028 ls106">flows </span><span class="pp-class-236 pa t44951 l3029 ls181">from </span><span class="pp-class-236 pa t44951 l3030">financing </span><span class="pp-class-236 pa t44951 l44952 ls85">activities, </span><span class="pp-class-236 pa t44951 l44953 ls814">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44951 l44954 ls5207">-1,780</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t44951 l44955 ls565">-1,024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44956 l3 ls6824">Total </span><span class="pp-class-237 pa t44956 l20253">cash </span><span class="pp-class-237 pa t44956 l21826 ls2315">outflows </span><span class="pp-class-237 pa t44956 l44957 ls227">from </span><span class="pp-class-237 pa t44956 l44958 ls781">leases</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44956 l44959 ls1707">-2,339</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t44956 l44960 ls1747">-1,595</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44961 l3 ls811">In </span><span class="pp-class-236 pa t44961 l38573 ls2222">2025 </span><span class="pp-class-236 pa t44961 l44962 ls651">the </span><span class="pp-class-236 pa t44961 l44963 ls706">Group </span><span class="pp-class-236 pa t44961 l38521 ls2222">paid </span><span class="pp-class-236 pa t44961 l44964 ls651">DKK </span><span class="pp-class-236 pa t44961 l44965 ls691">2,339m </span><span class="pp-class-236 pa t44961 l44966 ls667">(2024: </span><span class="pp-class-236 pa t44961 l24635 ls572">DKK </span><span class="pp-class-236 pa t44961 l44967 ls7468">1,595m) </span><span class="pp-class-236 pa t44961 l44968 ls4017">regarding </span><span class="pp-class-236 pa t44961 l44969 ls538">lease </span><span class="pp-class-236 pa t44961 l44970 ls1463">agreements </span><span class="pp-class-236 pa t44961 l44971 ls621">whereof </span><span class="pp-class-236 pa t44961 l44972 ls4630">interest </span><span class="pp-class-236 pa t44973 l3 ls3855">expenses </span><span class="pp-class-236 pa t44973 l19157 ls3681">related </span><span class="pp-class-236 pa t44973 l18270 ls538">to </span><span class="pp-class-236 pa t44973 l44974 ls538">lease </span><span class="pp-class-236 pa t44973 l44975 ls625">liabilities </span><span class="pp-class-236 pa t44973 l44976 ls995">amount </span><span class="pp-class-236 pa t44973 l44977 ls538">to </span><span class="pp-class-236 pa t44973 l44978 ls572">DKK </span><span class="pp-class-236 pa t44973 l24370 ls2222">290m </span><span class="pp-class-236 pa t44973 l44979 ls667">(2024: </span><span class="pp-class-236 pa t44973 l44980 ls651">DKK </span><span class="pp-class-236 pa t44973 l44981 ls1764">286m), </span><span class="pp-class-236 pa t44973 l44982 ls541">instalments </span><span class="pp-class-236 pa t44973 l44983 ls98">of </span><span class="pp-class-236 pa t44973 l44984 ls538">lease </span><span class="pp-class-236 pa t44973 l44985 ls2222">liability </span><span class="pp-class-236 pa t44986 l3 ls995">amount </span><span class="pp-class-236 pa t44986 l29490 ls538">to </span><span class="pp-class-236 pa t44986 l44987 ls651">DKK </span><span class="pp-class-236 pa t44986 l44988 ls1173">1,780m </span><span class="pp-class-236 pa t44986 l44989 ls667">(2024: </span><span class="pp-class-236 pa t44986 l44990 ls651">DKK </span><span class="pp-class-236 pa t44986 l44991 ls11072">1,024m), </span><span class="pp-class-236 pa t44986 l44992 ls572">and </span><span class="pp-class-236 pa t44986 l44993 ls651">DKK </span><span class="pp-class-236 pa t44986 l44994 ls12546">270m </span><span class="pp-class-236 pa t44986 l44995 ls667">(2024: </span><span class="pp-class-236 pa t44986 l44996 ls572">DKK </span><span class="pp-class-236 pa t44986 l44997 ls538">285m) </span><span class="pp-class-236 pa t44986 l44998 ls3681">relates </span><span class="pp-class-236 pa t44986 l44999 ls538">to </span><span class="pp-class-236 pa t44986 l45000 ls558">short-term </span><span class="pp-class-236 pa t44986 l45001 ls651">leases, </span><span class="pp-class-236 pa t45002 l3 ls4017">low-value </span><span class="pp-class-236 pa t45002 l45003 ls1764">leases </span><span class="pp-class-236 pa t45002 l45004 ls572">and </span><span class="pp-class-236 pa t45002 l45005 ls731">variable </span><span class="pp-class-236 pa t45002 l45006 ls538">lease </span><span class="pp-class-236 pa t45002 l45007 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45008 l3 ls4823">At </span><span class="pp-class-236 pa t45008 l45009 ls811">31 </span><span class="pp-class-236 pa t45008 l45010 ls1751">December </span><span class="pp-class-236 pa t45008 l45011 ls2222">2025 </span><span class="pp-class-236 pa t45008 l45012 ls651">the </span><span class="pp-class-236 pa t45008 l45013 ls706">Group </span><span class="pp-class-236 pa t45008 l45014 ls556">was </span><span class="pp-class-236 pa t45008 l45015 ls560">committed </span><span class="pp-class-236 pa t45008 l45016 ls538">to </span><span class="pp-class-236 pa t45008 l45017 ls558">short-term </span><span class="pp-class-236 pa t45008 l45018 ls651">and </span><span class="pp-class-236 pa t45008 l45019 ls4017">low-value </span><span class="pp-class-236 pa t45008 l45020 ls1764">leases </span><span class="pp-class-236 pa t45008 l45021 ls553">for </span><span class="pp-class-236 pa t45008 l45022 ls811">an </span><span class="pp-class-236 pa t45008 l45023 ls995">amount </span><span class="pp-class-236 pa t45008 l45024 ls98">of </span><span class="pp-class-236 pa t45008 l45025 ls184">DKK </span><span class="pp-class-236 pa t45026 l3 ls556">243m </span><span class="pp-class-236 pa t45026 l45027 ls667">(2024: </span><span class="pp-class-236 pa t45026 l45028 ls651">DKK </span><span class="pp-class-236 pa t45026 l14635 ls758">144m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45029 l3 ls651">The </span><span class="pp-class-236 pa t45029 l38379 ls706">Group </span><span class="pp-class-236 pa t45029 l1995 ls651">has </span><span class="pp-class-236 pa t45029 l44520 ls556">two </span><span class="pp-class-236 pa t45029 l45030 ls949">terminal </span><span class="pp-class-236 pa t45029 l45031 ls538">lease </span><span class="pp-class-236 pa t45029 l45032 ls4793">contracts </span><span class="pp-class-236 pa t45029 l45033 ls616">that </span><span class="pp-class-236 pa t45029 l11891 ls530">contains </span><span class="pp-class-236 pa t45029 l45034 ls731">variable </span><span class="pp-class-236 pa t45029 l45035 ls4630">payments </span><span class="pp-class-236 pa t45029 l45036 ls538">based </span><span class="pp-class-236 pa t45029 l45037 ls811">on </span><span class="pp-class-236 pa t45029 l45038 ls572">the </span><span class="pp-class-236 pa t45029 l45039 ls1764">number </span><span class="pp-class-236 pa t45029 l550 ls197">of </span><span class="pp-class-236 pa t45040 l3 ls6270">transferred </span><span class="pp-class-236 pa t45040 l45041 ls1764">units. </span><span class="pp-class-236 pa t45040 l3350 ls651">The </span><span class="pp-class-236 pa t45040 l42956 ls625">terms </span><span class="pp-class-236 pa t45040 l45042 ls538">align </span><span class="pp-class-236 pa t45040 l45043 ls651">the </span><span class="pp-class-236 pa t45040 l45044 ls538">lease </span><span class="pp-class-236 pa t45040 l45045 ls556">expense </span><span class="pp-class-236 pa t45040 l45046 ls2222">with </span><span class="pp-class-236 pa t45040 l45047 ls651">the </span><span class="pp-class-236 pa t45040 l45048 ls538">units </span><span class="pp-class-236 pa t45040 l45049 ls6270">transferred </span><span class="pp-class-236 pa t45040 l45050 ls572">and </span><span class="pp-class-236 pa t45040 l45051 ls3084">revenue </span><span class="pp-class-236 pa t45040 l45052 ls2036">earned. </span><span class="pp-class-236 pa t45040 l45053 ls811">In </span><span class="pp-class-236 pa t45040 l45054 ls995">addition, </span><span class="pp-class-236 pa t45055 l3 ls651">the </span><span class="pp-class-236 pa t45055 l28221 ls706">Group </span><span class="pp-class-236 pa t45055 l28801 ls572">has </span><span class="pp-class-236 pa t45055 l45056 ls553">multiple </span><span class="pp-class-236 pa t45055 l45057 ls1764">leases </span><span class="pp-class-236 pa t45055 l45058 ls2222">with </span><span class="pp-class-236 pa t45055 l45059 ls731">variable </span><span class="pp-class-236 pa t45055 l45060 ls4630">payments </span><span class="pp-class-236 pa t45055 l45061 ls538">based </span><span class="pp-class-236 pa t45055 l45062 ls811">on </span><span class="pp-class-236 pa t45055 l45063 ls838">usage. </span><span class="pp-class-236 pa t45055 l45064 ls651">The </span><span class="pp-class-236 pa t45055 l45065 ls838">below </span><span class="pp-class-236 pa t45055 l45066 ls625">table </span><span class="pp-class-236 pa t45055 l37444 ls2245">provides </span><span class="pp-class-236 pa t45055 l45067 ls838">information </span><span class="pp-class-236 pa t45068 l3 ls811">on </span><span class="pp-class-236 pa t45068 l31254 ls651">the </span><span class="pp-class-236 pa t45068 l45069 ls2848">Group’s </span><span class="pp-class-236 pa t45068 l45070 ls731">variable </span><span class="pp-class-236 pa t45068 l28759 ls538">lease </span><span class="pp-class-236 pa t45068 l7406 ls4630">payments </span><span class="pp-class-236 pa t45068 l45071 ls811">in </span><span class="pp-class-236 pa t45068 l42958 ls1131">relation </span><span class="pp-class-236 pa t45068 l45072 ls538">to </span><span class="pp-class-236 pa t45068 l45073 ls706">fixed </span><span class="pp-class-236 pa t45068 l45074 ls4630">payments:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45075 l3">DKK </span><span class="pp-class-236 pa t45075 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45076 l45077 ls2368">Fixed </span><span class="pp-class-237 pa t45075 l16996 ls15">payments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45076 l45078 ls811">Variable </span><span class="pp-class-237 pa t45075 l45079 ls15">payments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45075 l45080">202</span></a><span class="pp-class-237 pa t45075 l45081">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45076 l45082 ls106">Fixed </span><span class="pp-class-236 pa t45075 l22770 ls73">payments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45076 l45083 ls800">Variable </span><span class="pp-class-236 pa t45075 l45084 ls73">payments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45075 l40478 ls811">202</span></a><span class="pp-class-236 pa t45075 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l3">Lease </span><span class="pp-class-236 pa t45085 l44863 ls73">payments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l45086 ls2368">144</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l45087">62</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l45088">206</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l45089 ls2368">145</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l45090">58</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45085 l45091">203</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45092 l3 ls800">Variable </span><span class="pp-class-236 pa t45092 l44902 ls212">rent </span><span class="pp-class-236 pa t45092 l13287 ls2036">only</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45092 l45093">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45092 l45094">95</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t45092 l40482">95</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45092 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45092 l45095">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45092 l43659">46</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45096 l3 ls6824">Total </span><span class="pp-class-237 pa t45096 l20253">31 </span><span class="pp-class-237 pa t45096 l43335">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45096 l45097 ls73">144</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45096 l45098 ls1780">157</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45096 l45099">301</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45096 l45100 ls73">145</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45096 l45101 ls814">104</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45096 l45102 ls1547">249</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45103 l3 ls184">A </span><span class="pp-class-236 pa t45103 l45104 ls544">10% </span><span class="pp-class-236 pa t45103 l45105 ls3855">increase </span><span class="pp-class-236 pa t45103 l45106 ls811">in </span><span class="pp-class-236 pa t45103 l45107 ls538">units </span><span class="pp-class-236 pa t45103 l45108 ls6270">transferred </span><span class="pp-class-236 pa t45103 l45109 ls838">would </span><span class="pp-class-236 pa t45103 l45110 ls3855">increase </span><span class="pp-class-236 pa t45103 l45111 ls758">total </span><span class="pp-class-236 pa t45103 l17347 ls538">lease </span><span class="pp-class-236 pa t45103 l45112 ls4630">payments </span><span class="pp-class-236 pa t45103 l45113 ls706">by </span><span class="pp-class-236 pa t45103 l45114 ls184">7%. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45115 l3 ls811">As </span><span class="pp-class-236 pa t45115 l45116 ls2197">at </span><span class="pp-class-236 pa t45115 l18831 ls811">31 </span><span class="pp-class-236 pa t45115 l45117 ls1751">December </span><span class="pp-class-236 pa t45115 l45118 ls2565">2025, </span><span class="pp-class-236 pa t45115 l36341 ls168">potential </span><span class="pp-class-236 pa t45115 l45119 ls2197">future </span><span class="pp-class-236 pa t45115 l44209 ls2222">cash </span><span class="pp-class-236 pa t45115 l45120 ls1815">outflows </span><span class="pp-class-236 pa t45115 l45121 ls98">of </span><span class="pp-class-236 pa t45115 l45122 ls651">DKK </span><span class="pp-class-236 pa t45115 l45123 ls2222">258m </span><span class="pp-class-236 pa t45115 l45124 ls541">(undiscounted) </span><span class="pp-class-236 pa t45115 l45125 ls110">have </span><span class="pp-class-236 pa t45115 l45126 ls4248">not </span><span class="pp-class-236 pa t45115 l45127 ls2222">been </span><span class="pp-class-236 pa t45115 l45128 ls696">included </span><span class="pp-class-236 pa t45129 l3 ls811">in </span><span class="pp-class-236 pa t45129 l43543 ls651">the </span><span class="pp-class-236 pa t45129 l45130 ls538">lease </span><span class="pp-class-236 pa t45129 l45131 ls6824">liability, </span><span class="pp-class-236 pa t45129 l45132 ls546">because </span><span class="pp-class-236 pa t45129 l45133 ls811">it </span><span class="pp-class-236 pa t45129 l45134 ls811">is </span><span class="pp-class-236 pa t45129 l45135 ls4248">not </span><span class="pp-class-236 pa t45129 l45136 ls1118">reasonably </span><span class="pp-class-236 pa t45129 l45137 ls94">certain </span><span class="pp-class-236 pa t45129 l45138 ls616">that </span><span class="pp-class-236 pa t45129 l45139 ls572">the </span><span class="pp-class-236 pa t45129 l45140 ls1764">leases </span><span class="pp-class-236 pa t45129 l45141 ls2222">will </span><span class="pp-class-236 pa t45129 l45142 ls811">be </span><span class="pp-class-236 pa t45129 l45143 ls2197">extended </span><span class="pp-class-236 pa t45129 l45144 ls2258">(or </span><span class="pp-class-236 pa t45129 l45145 ls4248">not </span><span class="pp-class-236 pa t45129 l45146 ls1404">terminated) </span><span class="pp-class-236 pa t45147 l3 ls667">(2024: </span><span class="pp-class-236 pa t45147 l45148 ls572">DKK </span><span class="pp-class-236 pa t45147 l29778 ls538">333m).</span></p></div></div><div id="pp-id-5341" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls967 wtro3142 wtr526 tro3144 tr528">Includes </span><span class="pp-class-239 pa t1332 l45149 ls670 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-239 pa t1332 l45150 ls814 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-239 pa t1335 l3 ls1645 wtro3142 wtr526 tro3144 tr528">DKK </span><span class="pp-class-239 pa t1335 l45151 ls63 wtro3142 wtr526 tro3144 tr528">649m </span><span class="pp-class-239 pa t1335 l45152 ls584 wtro3142 wtr526 tro3144 tr528">triggered </span><span class="pp-class-239 pa t1339 l3 ls544 wtro3142 wtr526 tro3144 tr528">by </span><span class="pp-class-239 pa t1339 l45153 ls691 wtro3142 wtr526 tro3144 tr528">exercising </span><span class="pp-class-239 pa t1339 l45154 ls73 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-239 pa t3352 l3 ls670 wtro3142 wtr526 tro3144 tr528">purchase </span><span class="pp-class-239 pa t3352 l44759 ls938 wtro3142 wtr526 tro3144 tr528">option </span><span class="pp-class-239 pa t3352 l45155 ls129 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-239 pa t3352 l26494 ls538 wtro3142 wtr526 tro3144 tr528">three </span><span class="pp-class-239 pa t3355 l3 ls530 wtro3142 wtr526 tro3144 tr528">warehouse </span><span class="pp-class-239 pa t3355 l43975 ls3791 wtro3142 wtr526 tro3144 tr528">facilities </span><span class="pp-class-239 pa t8661 l3 ls2222 wtro3142 wtr526 tro3144 tr528">located </span><span class="pp-class-239 pa t8661 l43976 ls129 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-239 pa t8661 l97 ls532 wtro3142 wtr526 tro3144 tr528">Sweden. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3497 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t45156 l3 ls19">Relates </span><span class="pp-class-239 pa t45156 l44763 ls138">to </span><span class="pp-class-239 pa t45156 l44764 ls1700">divestment </span><span class="pp-class-239 pa t45157 l3 ls118">of </span><span class="pp-class-239 pa t45157 l7402 ls1098">terminals </span><span class="pp-class-239 pa t45157 l6218">and </span><span class="pp-class-239 pa t45158 l3 ls1583">offices </span><span class="pp-class-239 pa t45158 l39579">as </span><span class="pp-class-239 pa t45158 l44770 ls7591">part </span><span class="pp-class-239 pa t45158 l44771 ls118">of </span><span class="pp-class-239 pa t45159 l3">Oslo </span><span class="pp-class-239 pa t45159 l44772">- </span><span class="pp-class-239 pa t45159 l44773 ls131">Frederikshavn </span><span class="pp-class-239 pa t45159 l18841">- </span><span class="pp-class-239 pa t45160 l3 ls217">Copenhagen </span><span class="pp-class-239 pa t45160 l41018 ls811">route.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3472 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t45161 l3 ls2222 wtro3142 wtr526 tro3144 tr528">Relates </span><span class="pp-class-239 pa t45161 l44756 ls2368 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-239 pa t45161 l44757 ls73 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-239 pa t45161 l45162 ls129 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-239 pa t45163 l3 ls875 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-239 pa t45163 l45164 ls106 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-239 pa t45163 l45165 ls1133 wtro3142 wtr526 tro3144 tr528">DKK </span><span class="pp-class-239 pa t45163 l45166 ls9950 wtro3142 wtr526 tro3144 tr528">117m </span><span class="pp-class-239 pa t45167 l3 ls184 wtro3142 wtr526 tro3144 tr528">which </span><span class="pp-class-239 pa t45167 l45168 ls1645 wtro3142 wtr526 tro3144 tr528">has </span><span class="pp-class-239 pa t45167 l45169 ls63 wtro3142 wtr526 tro3144 tr528">been </span><span class="pp-class-239 pa t45167 l45170 ls584 wtro3142 wtr526 tro3144 tr528">settled </span><span class="pp-class-239 pa t45171 l3 ls1645 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-239 pa t45171 l45172 ls587 wtro3142 wtr526 tro3144 tr528">offset </span><span class="pp-class-239 pa t45171 l9405 ls80 wtro3142 wtr526 tro3144 tr528">against </span><span class="pp-class-239 pa t45171 l45173 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-239 pa t45174 l3 ls1780 wtro3142 wtr526 tro3144 tr528">trade </span><span class="pp-class-239 pa t45174 l45175 ls553 wtro3142 wtr526 tro3144 tr528">receivable.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t45176 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t45177 l3 ls2222 wtro3142 wtr526 tro3144 tr528">Relates </span><span class="pp-class-239 pa t45177 l44756 ls2368 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-239 pa t45177 l44757 ls1775 wtro3142 wtr526 tro3144 tr528">exercise </span><span class="pp-class-239 pa t45178 l3 ls106 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-239 pa t45178 l45179 ls670 wtro3142 wtr526 tro3144 tr528">purchase </span><span class="pp-class-239 pa t45178 l35254 ls875 wtro3142 wtr526 tro3144 tr528">options </span><span class="pp-class-239 pa t45180 l3 ls129 wtro3142 wtr526 tro3144 tr528">on </span><span class="pp-class-239 pa t45180 l45181 ls747 wtro3142 wtr526 tro3144 tr528">three </span><span class="pp-class-239 pa t45180 l5955 ls4248 wtro3142 wtr526 tro3144 tr528">warehouse </span><span class="pp-class-239 pa t45182 l3 ls584 wtro3142 wtr526 tro3144 tr528">facilities </span><span class="pp-class-239 pa t45182 l45183 ls2222 wtro3142 wtr526 tro3144 tr528">located </span><span class="pp-class-239 pa t45182 l23936 ls135 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-239 pa t45184 l3 ls651 wtro3142 wtr526 tro3144 tr528">Sweden. </span><span class="pp-class-239 pa t45184 l45185 ls1645 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-239 pa t45184 l45186 ls1751 wtro3142 wtr526 tro3144 tr528">warehouses </span><span class="pp-class-239 pa t45187 l3 ls4793 wtro3142 wtr526 tro3144 tr528">were </span><span class="pp-class-239 pa t45187 l45188 ls696 wtro3142 wtr526 tro3144 tr528">subsequently </span><span class="pp-class-239 pa t45187 l45189 ls833 wtro3142 wtr526 tro3144 tr528">sold </span><span class="pp-class-239 pa t45190 l3 ls534 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-239 pa t45190 l45191 ls73 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-239 pa t45190 l45192 ls35 wtro3142 wtr526 tro3144 tr528">total </span><span class="pp-class-239 pa t45190 l45193 ls184 wtro3142 wtr526 tro3144 tr528">sales </span><span class="pp-class-239 pa t45190 l7717 ls184 wtro3142 wtr526 tro3144 tr528">price </span><span class="pp-class-239 pa t45190 l45194 ls814 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-239 pa t45195 l3 ls1645 wtro3142 wtr526 tro3144 tr528">DKK </span><span class="pp-class-239 pa t45195 l45151 ls63 wtro3142 wtr526 tro3144 tr528">711m </span><span class="pp-class-239 pa t45195 l45196 ls1645 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-239 pa t45195 l45197 ls106 wtro3142 wtr526 tro3144 tr528">leased </span><span class="pp-class-239 pa t45198 l3 ls532 wtro3142 wtr526 tro3144 tr528">back.</span></p></div></div><div id="pp-id-5353" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h45200 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls713">3.1.3 </span><span class="pp-class-234 pa t1122 l38307 ls967">Right-of-use </span><span class="pp-class-234 pa t1122 l2448 ls162">assets </span><span class="pp-class-234 pa t1122 l44517">and </span><span class="pp-class-234 pa t1122 l44518 ls138">lease </span><span class="pp-class-234 pa t1122 l44519">liabilities </span><span class="pp-class-235 pa t1122 l44776 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t45201 l3 ls168">Group </span><span class="pp-class-237 pa t45201 l45202 ls811">as </span><span class="pp-class-237 pa t45201 l45203 ls184">a </span><span class="pp-class-237 pa t45201 l45204 ls747">lessor</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45205 l3 ls2197">Future </span><span class="pp-class-236 pa t45205 l45206 ls2036">minimum </span><span class="pp-class-236 pa t45205 l38544 ls5781">receivable </span><span class="pp-class-236 pa t45205 l38148 ls538">under </span><span class="pp-class-236 pa t45205 l45207 ls2036">non-cancellable </span><span class="pp-class-236 pa t45205 l45208 ls1775">operating </span><span class="pp-class-236 pa t45205 l45209 ls1764">leases </span><span class="pp-class-236 pa t45205 l33386 ls811">as </span><span class="pp-class-236 pa t45205 l45210 ls2197">at </span><span class="pp-class-236 pa t45205 l45211 ls811">31 </span><span class="pp-class-236 pa t45205 l45212 ls1751">December </span><span class="pp-class-236 pa t45205 l45213 ls2808">are </span><span class="pp-class-236 pa t45205 l45214 ls811">as </span><span class="pp-class-236 pa t45205 l45215 ls4558">follows:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45216 l3 ls197">Operating </span><span class="pp-class-237 pa t45216 l37121 ls781">lease </span><span class="pp-class-237 pa t45216 l11046 ls2441">commitments </span><span class="pp-class-237 pa t45216 l45217 ls1535">(lessor)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45218 l3">DKK </span><span class="pp-class-236 pa t45218 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45219 l45220 ls1098">Ferries </span><span class="pp-class-237 pa t45219 l41547">and </span><span class="pp-class-237 pa t45218 l45221 ls1098">other </span><span class="pp-class-237 pa t45218 l45222">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45219 l45223 ls21">Equipment </span><span class="pp-class-237 pa t45218 l45224 ls73">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45218 l45080">202</span></a><span class="pp-class-237 pa t45218 l45081">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45219 l45225 ls21">Ferries </span><span class="pp-class-236 pa t45219 l45226">and </span><span class="pp-class-236 pa t45218 l45227 ls67">other </span><span class="pp-class-236 pa t45218 l45228">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45219 l45229 ls21">Equipment </span><span class="pp-class-236 pa t45218 l45230 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45218 l40478 ls811">202</span></a><span class="pp-class-236 pa t45218 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45231 l3">Minimum </span><span class="pp-class-237 pa t45231 l31386 ls781">lease </span><span class="pp-class-237 pa t45231 l6390 ls197">payments </span><span class="pp-class-237 pa t45232 l3 ls1465">(income)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l3">Within </span><span class="pp-class-236 pa t45233 l44844">1 </span><span class="pp-class-236 pa t45233 l10741 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l45234">325</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l45235">34</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l45236">359</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l45237">264</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45233 l45238">264</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l3 ls12546">1-3 </span><span class="pp-class-236 pa t45239 l44848 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l20343">295</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l45240">295</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l45241 ls17762">177</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45239 l45242 ls17762">177</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l3">3-5 </span><span class="pp-class-236 pa t45243 l44851 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l26928 ls4381">147</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l32732">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l45244 ls4381">147</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t45243 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45245 l3 ls6824">Total </span><span class="pp-class-237 pa t45245 l20253">minimum </span><span class="pp-class-237 pa t45245 l18733 ls781">lease </span><span class="pp-class-237 pa t45246 l3 ls197">payments </span><span class="pp-class-237 pa t45246 l45247 ls1465">(income)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45246 l45248 ls849">767</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45246 l45249">34</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45246 l45250">801</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45246 l45251">442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45246 l45252">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t45246 l45253">442</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t45254 l3 ls47">The </span><span class="pp-class-236 pa t45254 l45255 ls4854">specified </span><span class="pp-class-236 pa t45254 l45256 ls2596">minimum </span><span class="pp-class-236 pa t45254 l45257 ls3548">lease </span><span class="pp-class-236 pa t45254 l45258 ls7497">payments </span><span class="pp-class-236 pa t45254 l45259 ls1098">are </span><span class="pp-class-236 pa t45254 l45260 ls19560">not </span><span class="pp-class-236 pa t45254 l45261 ls3548">discounted. </span><span class="pp-class-236 pa t45254 l45262 ls5542">Operating </span><span class="pp-class-236 pa t45254 l45263 ls3548">lease </span><span class="pp-class-236 pa t45254 l45264 ls47">and </span><span class="pp-class-236 pa t45254 l45265 ls276">rental </span><span class="pp-class-236 pa t45254 l45266 ls1922">income </span><span class="pp-class-236 pa t45254 l45267 ls11600">recognised </span><span class="pp-class-236 pa t45268 l3 ls5419">in </span><span class="pp-class-236 pa t45268 l45269 ls47">the </span><span class="pp-class-236 pa t45268 l45270 ls1922">income </span><span class="pp-class-236 pa t45268 l14385 ls19560">statement </span><span class="pp-class-236 pa t45268 l45271 ls60">amount </span><span class="pp-class-236 pa t45268 l28792 ls4415">to </span><span class="pp-class-236 pa t45268 l36361 ls47">DKK </span><span class="pp-class-236 pa t45268 l45272 ls1915">364m </span><span class="pp-class-236 pa t45268 l45273 ls5419">in </span><span class="pp-class-236 pa t45268 l45274 ls1915">2025 </span><span class="pp-class-236 pa t45268 l45275 ls7507">(2024: </span><span class="pp-class-236 pa t45268 l45276 ls47">DKK </span><span class="pp-class-236 pa t45268 l45277 ls651">476m). </span><span class="pp-class-236 pa t45268 l45278 ls47">The </span><span class="pp-class-236 pa t45268 l45279 ls7591">contracts </span><span class="pp-class-236 pa t45268 l45280 ls1098">are </span><span class="pp-class-236 pa t45268 l45281 ls1989">entered </span><span class="pp-class-236 pa t45268 l45282 ls1892">into </span><span class="pp-class-236 pa t45283 l3 ls5419">on </span><span class="pp-class-236 pa t45283 l36473 ls1922">normal </span><span class="pp-class-236 pa t45283 l45284 ls5378">conditions. </span><span class="pp-class-236 pa t45283 l45285 ls4823">At </span><span class="pp-class-236 pa t45283 l45286 ls278">inception </span><span class="pp-class-236 pa t45283 l45287 ls98">of </span><span class="pp-class-236 pa t45283 l45288 ls544">each </span><span class="pp-class-236 pa t45283 l45289 ls562">individual </span><span class="pp-class-236 pa t45283 l45290 ls556">agreement, </span><span class="pp-class-236 pa t45283 l45291 ls30">Management </span><span class="pp-class-236 pa t45283 l45292 ls1751">assesses </span><span class="pp-class-236 pa t45283 l45293 ls572">and </span><span class="pp-class-236 pa t45283 l45294 ls747">determines </span><span class="pp-class-236 pa t45295 l3 ls546">whether </span><span class="pp-class-236 pa t45295 l45296 ls651">the </span><span class="pp-class-236 pa t45295 l45297 ls4276">agreement </span><span class="pp-class-236 pa t45295 l45298 ls811">is </span><span class="pp-class-236 pa t45295 l10688 ls184">a </span><span class="pp-class-236 pa t45295 l45299 ls2036">finance </span><span class="pp-class-236 pa t45295 l45300 ls811">or </span><span class="pp-class-236 pa t45295 l45301 ls811">an </span><span class="pp-class-236 pa t45295 l45302 ls1775">operating </span><span class="pp-class-236 pa t45295 l45303 ls2036">leasing </span><span class="pp-class-236 pa t45295 l45304 ls4787">agreement.</span></p><div id="pp-id-5352"><div class="pp-class-228 pp-class-256" id="pp-id-5351"><div class="w40752 h45305 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867" xmlns="http://www.w3.org/1999/xhtml">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177" xmlns="http://www.w3.org/1999/xhtml">accounting </span><span class="pp-class-248 pa t42503 l43791 ls227" xmlns="http://www.w3.org/1999/xhtml">estimates </span><span class="pp-class-248 pa t42503 l43845" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-248 pa t42503 l45306 ls118" xmlns="http://www.w3.org/1999/xhtml">judgements</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43792 l3 ls995">Extension </span><span class="pp-class-237 pa t43792 l8540 ls995">options</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43798 l3 ls651">The </span><span class="pp-class-236 pa t43798 l38379 ls706">Group </span><span class="pp-class-236 pa t43798 l1995 ls651">has </span><span class="pp-class-236 pa t43798 l44520 ls2270">entered </span><span class="pp-class-236 pa t43798 l31464 ls546">into </span><span class="pp-class-236 pa t43798 l45307 ls538">lease </span><span class="pp-class-236 pa t43798 l45308 ls1463">agreements </span><span class="pp-class-236 pa t43798 l45309 ls2222">with </span><span class="pp-class-236 pa t43798 l45310 ls567">extension </span><span class="pp-class-236 pa t43798 l45311 ls278">options. </span><span class="pp-class-236 pa t43798 l45312 ls30">Management </span><span class="pp-class-236 pa t43798 l45313 ls110">exercises </span><span class="pp-class-236 pa t43814 l3 ls524">significant </span><span class="pp-class-236 pa t43814 l45314 ls747">judgement </span><span class="pp-class-236 pa t43814 l3272 ls811">in </span><span class="pp-class-236 pa t43814 l17509 ls551">determining </span><span class="pp-class-236 pa t43814 l43804 ls546">whether </span><span class="pp-class-236 pa t43814 l45315 ls538">these </span><span class="pp-class-236 pa t43814 l45316 ls567">extension </span><span class="pp-class-236 pa t43814 l45317 ls546">options </span><span class="pp-class-236 pa t43814 l45318 ls2808">are </span><span class="pp-class-236 pa t43814 l45319 ls1118">reasonably </span><span class="pp-class-236 pa t43814 l45320 ls94">certain </span><span class="pp-class-236 pa t43814 l45321 ls538">to </span><span class="pp-class-236 pa t43814 l45322 ls1547">be </span><span class="pp-class-236 pa t43829 l3 ls2258">exercised </span><span class="pp-class-236 pa t43829 l10721 ls2222">and, </span><span class="pp-class-236 pa t43829 l45323 ls811">in </span><span class="pp-class-236 pa t43829 l45324 ls616">that </span><span class="pp-class-236 pa t43829 l45325 ls530">connection, </span><span class="pp-class-236 pa t43829 l45326 ls995">considers </span><span class="pp-class-236 pa t43829 l45327 ls651">all </span><span class="pp-class-236 pa t43829 l45328 ls11072">relevant </span><span class="pp-class-236 pa t43829 l45329 ls603">factors </span><span class="pp-class-236 pa t43829 l45330 ls616">that </span><span class="pp-class-236 pa t43829 l45331 ls1796">create </span><span class="pp-class-236 pa t43829 l45332 ls811">an </span><span class="pp-class-236 pa t43829 l45333 ls1751">economic </span><span class="pp-class-236 pa t43829 l45334 ls184">and </span><span class="pp-class-236 pa t43841 l3 ls2245">strategic </span><span class="pp-class-236 pa t43841 l45335 ls560">incentive </span><span class="pp-class-236 pa t43841 l3344 ls538">to </span><span class="pp-class-236 pa t43841 l45336 ls11592">exercise </span><span class="pp-class-236 pa t43841 l45337 ls651">the </span><span class="pp-class-236 pa t43841 l45338 ls567">extension </span><span class="pp-class-236 pa t43841 l45339 ls179">option.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t45340 l3 ls30">Management </span><span class="pp-class-236 pa t45340 l43518 ls651">has </span><span class="pp-class-236 pa t45340 l44411 ls2222">also </span><span class="pp-class-236 pa t45340 l14792 ls667">considered </span><span class="pp-class-236 pa t45340 l44412 ls651">the </span><span class="pp-class-236 pa t45340 l44413 ls1780">impact </span><span class="pp-class-236 pa t45340 l44414 ls98">of </span><span class="pp-class-236 pa t45340 l44415 ls168">decarbonisation </span><span class="pp-class-236 pa t45340 l44416 ls572">and </span><span class="pp-class-236 pa t45340 l44417 ls556">climate-related </span><span class="pp-class-236 pa t45340 l44418 ls667">risks </span><span class="pp-class-236 pa t45340 l44419 ls1547">on </span><span class="pp-class-236 pa t45341 l3 ls995">assessing </span><span class="pp-class-236 pa t45341 l45342 ls572">the </span><span class="pp-class-236 pa t45341 l38009 ls1780">likelihood </span><span class="pp-class-236 pa t45341 l45343 ls98">of </span><span class="pp-class-236 pa t45341 l45344 ls567">extending </span><span class="pp-class-236 pa t45341 l45345 ls538">lease </span><span class="pp-class-236 pa t45341 l45346 ls7086">agreements. </span><span class="pp-class-236 pa t45341 l45347 ls2222">Such </span><span class="pp-class-236 pa t45341 l45348 ls667">risks </span><span class="pp-class-236 pa t45341 l45349 ls949">include </span><span class="pp-class-236 pa t45341 l45350 ls556">new </span><span class="pp-class-236 pa t45341 l45351 ls616">climate-related </span><span class="pp-class-236 pa t45352 l3 ls1404">legislation </span><span class="pp-class-236 pa t45352 l40101 ls9435">restricting </span><span class="pp-class-236 pa t45352 l45353 ls651">the </span><span class="pp-class-236 pa t45352 l13033 ls651">use </span><span class="pp-class-236 pa t45352 l45354 ls98">of </span><span class="pp-class-236 pa t45352 l45355 ls94">certain </span><span class="pp-class-236 pa t45352 l23275 ls179">assets </span><span class="pp-class-236 pa t45352 l45356 ls572">and </span><span class="pp-class-236 pa t45352 l45357 ls556">new </span><span class="pp-class-236 pa t45352 l44496 ls179">technology </span><span class="pp-class-236 pa t45352 l45358 ls1751">demanded </span><span class="pp-class-236 pa t45352 l45359 ls706">by </span><span class="pp-class-236 pa t45352 l45360 ls616">climate-related </span><span class="pp-class-236 pa t45361 l3 ls1404">legislation.</span></p></div></div></div></div></div><div class="pp-class-227 pp-class-256" id="pp-id-5354" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h45362 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls168">Group </span><span class="pp-class-237 pa t43264 l45202 ls811">as </span><span class="pp-class-237 pa t43264 l45203 ls949">lessee </span><span class="pp-class-237 pa t43264 l45363 ls949">(lease </span><span class="pp-class-237 pa t43264 l45364 ls811">in)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls572 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t43270 l45365 ls4276 wtro3142 wtr526 tro3144 tr528">right-of-use </span><span class="pp-class-236 pa t43270 l45366 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43270 l45367 ls651 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43270 l45368 ls758 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43270 l45369 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43270 l45370 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43270 l45371 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43270 l45372 ls667 wtro3142 wtr526 tro3144 tr528">recognised </span><span class="pp-class-236 pa t43270 l45373 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43270 l45374 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43270 l45375 ls949 wtro3142 wtr526 tro3144 tr528">commencement </span><span class="pp-class-236 pa t43270 l45376 ls1815 wtro3142 wtr526 tro3144 tr528">date, </span><span class="pp-class-236 pa t43270 l45377 ls546 wtro3142 wtr526 tro3144 tr528">i.e. </span><span class="pp-class-236 pa t43283 l3 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45378 ls7086 wtro3142 wtr526 tro3144 tr528">date </span><span class="pp-class-236 pa t43283 l45379 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45380 ls2197 wtro3142 wtr526 tro3144 tr528">underlying </span><span class="pp-class-236 pa t43283 l45381 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43283 l45382 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43283 l15109 ls849 wtro3142 wtr526 tro3144 tr528">ready </span><span class="pp-class-236 pa t43283 l45383 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43283 l45384 ls530 wtro3142 wtr526 tro3144 tr528">use. </span><span class="pp-class-236 pa t43283 l45385 ls4276 wtro3142 wtr526 tro3144 tr528">Right-of-use </span><span class="pp-class-236 pa t43283 l45386 ls179 wtro3142 wtr526 tro3144 tr528">assets </span><span class="pp-class-236 pa t43283 l45387 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43283 l2934 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43283 l45388 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43283 l45389 ls2222 wtro3142 wtr526 tro3144 tr528">cost </span><span class="pp-class-236 pa t43283 l45390 ls168 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43295 l3 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43295 l45391 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43295 l45392 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45393 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43295 l45394 ls838 wtro3142 wtr526 tro3144 tr528">recognised, </span><span class="pp-class-236 pa t43295 l45395 ls630 wtro3142 wtr526 tro3144 tr528">adjusted </span><span class="pp-class-236 pa t43295 l39911 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43295 l45396 ls553 wtro3142 wtr526 tro3144 tr528">any </span><span class="pp-class-236 pa t43295 l45397 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45398 ls1775 wtro3142 wtr526 tro3144 tr528">prepayments </span><span class="pp-class-236 pa t43295 l45399 ls546 wtro3142 wtr526 tro3144 tr528">including </span><span class="pp-class-236 pa t43295 l45400 ls524 wtro3142 wtr526 tro3144 tr528">dismantling </span><span class="pp-class-236 pa t43295 l45401 ls184 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43309 l3 ls6824 wtro3142 wtr526 tro3144 tr528">restoration </span><span class="pp-class-236 pa t43309 l45402 ls1764 wtro3142 wtr526 tro3144 tr528">costs, </span><span class="pp-class-236 pa t43309 l45403 ls556 wtro3142 wtr526 tro3144 tr528">whereas </span><span class="pp-class-236 pa t43309 l45404 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45405 ls625 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t43309 l45406 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43309 l45407 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43309 l45408 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43309 l45409 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43309 l45410 ls7086 wtro3142 wtr526 tro3144 tr528">present </span><span class="pp-class-236 pa t43309 l45411 ls2197 wtro3142 wtr526 tro3144 tr528">value </span><span class="pp-class-236 pa t43309 l45412 ls98 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t43309 l45413 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45414 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43309 l45415 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43309 l45416 ls1547 wtro3142 wtr526 tro3144 tr528">be </span><span class="pp-class-236 pa t43319 l3 ls544 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t43319 l45417 ls3234 wtro3142 wtr526 tro3144 tr528">over </span><span class="pp-class-236 pa t43319 l45418 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43319 l45419 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43319 l45420 ls625 wtro3142 wtr526 tro3144 tr528">term. </span><span class="pp-class-236 pa t43319 l45421 ls538 wtro3142 wtr526 tro3144 tr528">Lease </span><span class="pp-class-236 pa t43319 l45422 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43319 l5703 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43319 l45423 ls541 wtro3142 wtr526 tro3144 tr528">discounted </span><span class="pp-class-236 pa t43319 l45424 ls538 wtro3142 wtr526 tro3144 tr528">using </span><span class="pp-class-236 pa t43319 l45425 ls538 wtro3142 wtr526 tro3144 tr528">DFDS’ </span><span class="pp-class-236 pa t43319 l45426 ls556 wtro3142 wtr526 tro3144 tr528">incremental </span><span class="pp-class-236 pa t43319 l45427 ls4558 wtro3142 wtr526 tro3144 tr528">borrowing </span><span class="pp-class-236 pa t43319 l45428 ls2767 wtro3142 wtr526 tro3144 tr528">rate. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls691">Depreciation </span><span class="pp-class-236 pa t43330 l45429 ls4558">follows </span><span class="pp-class-236 pa t43330 l45430 ls651">the </span><span class="pp-class-236 pa t43330 l45431 ls4276">straight-line </span><span class="pp-class-236 pa t43330 l45432 ls179">method </span><span class="pp-class-236 pa t43330 l45433 ls3234">over </span><span class="pp-class-236 pa t43330 l45434 ls651">the </span><span class="pp-class-236 pa t43330 l45435 ls538">lease </span><span class="pp-class-236 pa t43330 l45436 ls995">term </span><span class="pp-class-236 pa t43330 l45437 ls811">or </span><span class="pp-class-236 pa t43330 l45438 ls651">the </span><span class="pp-class-236 pa t43330 l45439 ls590">useful </span><span class="pp-class-236 pa t43330 l45440 ls553">life </span><span class="pp-class-236 pa t43330 l45441 ls98">of </span><span class="pp-class-236 pa t43330 l45442 ls572">the </span><span class="pp-class-236 pa t43330 l45443 ls621">right-of-use </span><span class="pp-class-236 pa t43426 l3 ls546">assets, </span><span class="pp-class-236 pa t43426 l14614 ls1463">whichever </span><span class="pp-class-236 pa t43426 l45444 ls811">is </span><span class="pp-class-236 pa t43426 l45445 ls572">shortest. </span><span class="pp-class-236 pa t43426 l45446 ls33174">However, </span><span class="pp-class-236 pa t43426 l45447 ls553">for </span><span class="pp-class-236 pa t43426 l28756 ls651">one </span><span class="pp-class-236 pa t43426 l45448 ls949">terminal </span><span class="pp-class-236 pa t43426 l45449 ls651">the </span><span class="pp-class-236 pa t43426 l45450 ls691">depreciation </span><span class="pp-class-236 pa t43426 l45451 ls811">is </span><span class="pp-class-236 pa t43426 l45452 ls538">based </span><span class="pp-class-236 pa t43426 l45453 ls811">on </span><span class="pp-class-236 pa t43426 l45454 ls168">volumes </span><span class="pp-class-236 pa t43333 l3 ls2036">handled </span><span class="pp-class-236 pa t43333 l31586 ls811">in </span><span class="pp-class-236 pa t43333 l45455 ls651">the </span><span class="pp-class-236 pa t43333 l45456 ls949">terminal. </span><span class="pp-class-236 pa t43333 l45457 ls115">The </span><span class="pp-class-236 pa t43333 l45458 ls138">lease </span><span class="pp-class-236 pa t43333 l17441 ls1133">payments </span><span class="pp-class-236 pa t43333 l5647 ls1078">include </span><span class="pp-class-236 pa t43333 l45459 ls967">fixed </span><span class="pp-class-236 pa t43333 l45460 ls1133">payments </span><span class="pp-class-236 pa t43333 l45461 ls297">less </span><span class="pp-class-236 pa t43333 l45462 ls570">any </span><span class="pp-class-236 pa t43333 l45463 ls138">lease </span><span class="pp-class-236 pa t43333 l45464 ls236">incentives </span><span class="pp-class-236 pa t43334 l3 ls1574">receivable </span><span class="pp-class-236 pa t43334 l2834 ls1011">and </span><span class="pp-class-236 pa t43334 l45465 ls428">variable </span><span class="pp-class-236 pa t43334 l30659 ls138">lease </span><span class="pp-class-236 pa t43334 l28271 ls1133">payments </span><span class="pp-class-236 pa t43334 l28530 ls184">that </span><span class="pp-class-236 pa t43334 l45466 ls138">depend </span><span class="pp-class-236 pa t43334 l45467 ls177">on </span><span class="pp-class-236 pa t43334 l45468 ls177">an </span><span class="pp-class-236 pa t43334 l3089 ls967">index </span><span class="pp-class-236 pa t43334 l45469 ls177">or </span><span class="pp-class-236 pa t43334 l45470 ls781">a </span><span class="pp-class-236 pa t43334 l45471 ls758">rate. </span><span class="pp-class-236 pa t43334 l45472 ls177">If </span><span class="pp-class-236 pa t43334 l45473 ls1011">the </span><span class="pp-class-236 pa t43334 l45474 ls3791">contract </span><span class="pp-class-236 pa t43334 l45475 ls138">holds </span><span class="pp-class-236 pa t43334 l45476 ls162">an </span><span class="pp-class-236 pa t43348 l3 ls1790">option </span><span class="pp-class-236 pa t43348 l45477 ls73">to </span><span class="pp-class-236 pa t43348 l31247 ls2315">purchase, </span><span class="pp-class-236 pa t43348 l45478 ls938">extend </span><span class="pp-class-236 pa t43348 l45479 ls177">or </span><span class="pp-class-236 pa t43348 l45480 ls1133">terminate </span><span class="pp-class-236 pa t43348 l45481 ls781">a </span><span class="pp-class-236 pa t43348 l45482 ls138">lease </span><span class="pp-class-236 pa t43348 l45483 ls115">and </span><span class="pp-class-236 pa t43348 l45484 ls177">it </span><span class="pp-class-236 pa t43348 l45485 ls177">is </span><span class="pp-class-236 pa t43348 l17214 ls584">reasonably </span><span class="pp-class-236 pa t43348 l45486 ls1535">certain </span><span class="pp-class-236 pa t43348 l38594 ls73">to </span><span class="pp-class-236 pa t43348 l45487 ls177">be </span><span class="pp-class-236 pa t43348 l45488 ls546">exercised </span><span class="pp-class-236 pa t43348 l45489 ls771">by </span><span class="pp-class-236 pa t43348 l45490 ls781">the </span><span class="pp-class-236 pa t43367 l3 ls811">Group, </span><span class="pp-class-236 pa t43367 l45491 ls115">the </span><span class="pp-class-236 pa t43367 l7365 ls138">lease </span><span class="pp-class-236 pa t43367 l45492 ls113">liability </span><span class="pp-class-236 pa t43367 l45493 ls297">will </span><span class="pp-class-236 pa t43367 l40252 ls1078">include </span><span class="pp-class-236 pa t43367 l45494 ls73">those. </span><span class="pp-class-236 pa t43367 l39320 ls115">The </span><span class="pp-class-236 pa t43367 l45495 ls428">variable </span><span class="pp-class-236 pa t43367 l45496 ls138">lease </span><span class="pp-class-236 pa t43367 l45497 ls1133">payments </span><span class="pp-class-236 pa t43367 l45498 ls184">that </span><span class="pp-class-236 pa t43367 l45499 ls177">do </span><span class="pp-class-236 pa t43367 l45500 ls1661">not </span><span class="pp-class-236 pa t43367 l45501 ls138">depend </span><span class="pp-class-236 pa t43367 l45502 ls177">on </span><span class="pp-class-236 pa t43367 l45503 ls162">an </span><span class="pp-class-236 pa t43461 l3 ls967">index </span><span class="pp-class-236 pa t43461 l45504 ls177">or </span><span class="pp-class-236 pa t43461 l45505 ls781">a </span><span class="pp-class-236 pa t43461 l41014 ls2207">rate </span><span class="pp-class-236 pa t43461 l45506 ls2222">are </span><span class="pp-class-236 pa t43461 l18527 ls15">recognised </span><span class="pp-class-236 pa t43461 l45507 ls177">as </span><span class="pp-class-236 pa t43461 l45508 ls131">expenses </span><span class="pp-class-236 pa t43461 l33939 ls177">in </span><span class="pp-class-236 pa t43461 l45509 ls1011">the </span><span class="pp-class-236 pa t43461 l45510 ls138">period </span><span class="pp-class-236 pa t43461 l45511 ls177">on </span><span class="pp-class-236 pa t43461 l45512 ls138">which </span><span class="pp-class-236 pa t43461 l45513 ls115">the </span><span class="pp-class-236 pa t43461 l45514 ls608">event </span><span class="pp-class-236 pa t43461 l45515 ls177">or </span><span class="pp-class-236 pa t43461 l45516 ls113">condition </span><span class="pp-class-236 pa t43461 l45517 ls1757">that </span><span class="pp-class-236 pa t43475 l3 ls113">triggers </span><span class="pp-class-236 pa t43475 l45518 ls1011">the </span><span class="pp-class-236 pa t43475 l45519 ls63">payment </span><span class="pp-class-236 pa t43475 l45520 ls113">occurs. </span><span class="pp-class-236 pa t43475 l45521 ls651">The </span><span class="pp-class-236 pa t43475 l45522 ls706">Group </span><span class="pp-class-236 pa t43475 l45523 ls2036">applies </span><span class="pp-class-236 pa t43475 l45524 ls572">the </span><span class="pp-class-236 pa t43475 l45525 ls558">short-term </span><span class="pp-class-236 pa t43475 l45526 ls538">lease </span><span class="pp-class-236 pa t43475 l45527 ls838">recognition </span><span class="pp-class-236 pa t43475 l45528 ls12490">exemption </span><span class="pp-class-236 pa t43475 l45529 ls553">for </span><span class="pp-class-236 pa t43475 l45530 ls811">lease </span><span class="pp-class-236 pa t43484 l3 ls4793">contracts </span><span class="pp-class-236 pa t43484 l45531 ls544">that, </span><span class="pp-class-236 pa t43484 l45532 ls2197">at </span><span class="pp-class-236 pa t43484 l18792 ls651">the </span><span class="pp-class-236 pa t43484 l2133 ls949">commencement </span><span class="pp-class-236 pa t43484 l38906 ls1815">date, </span><span class="pp-class-236 pa t43484 l45533 ls110">have </span><span class="pp-class-236 pa t43484 l45534 ls184">a </span><span class="pp-class-236 pa t43484 l45535 ls538">lease </span><span class="pp-class-236 pa t43484 l45536 ls995">term </span><span class="pp-class-236 pa t43484 l45537 ls98">of </span><span class="pp-class-236 pa t43484 l45538 ls811">12 </span><span class="pp-class-236 pa t43484 l45539 ls995">months </span><span class="pp-class-236 pa t43484 l45540 ls811">or </span><span class="pp-class-236 pa t43484 l45541 ls538">less, </span><span class="pp-class-236 pa t43484 l45542 ls572">and </span><span class="pp-class-236 pa t43484 l45543 ls184">the </span><span class="pp-class-236 pa t44410 l3 ls12490">exemption </span><span class="pp-class-236 pa t44410 l45544 ls553">for </span><span class="pp-class-236 pa t44410 l20470 ls538">lease </span><span class="pp-class-236 pa t44410 l45545 ls4793">contracts </span><span class="pp-class-236 pa t44410 l45546 ls553">for </span><span class="pp-class-236 pa t44410 l45547 ls538">which </span><span class="pp-class-236 pa t44410 l45548 ls651">the </span><span class="pp-class-236 pa t44410 l33224 ls2197">underlying </span><span class="pp-class-236 pa t44410 l45549 ls949">asset </span><span class="pp-class-236 pa t44410 l45550 ls811">is </span><span class="pp-class-236 pa t44410 l45551 ls98">of </span><span class="pp-class-236 pa t44410 l45552 ls556">low </span><span class="pp-class-236 pa t44410 l45553 ls1775">value. </span><span class="pp-class-236 pa t44410 l45554 ls538">Lease </span><span class="pp-class-236 pa t44410 l45555 ls4630">payments </span><span class="pp-class-236 pa t44410 l45556 ls1547">on </span><span class="pp-class-236 pa t44154 l3 ls558">short-term </span><span class="pp-class-236 pa t44154 l28296 ls1764">leases </span><span class="pp-class-236 pa t44154 l7356 ls651">and </span><span class="pp-class-236 pa t44154 l17961 ls1764">leases </span><span class="pp-class-236 pa t44154 l45557 ls98">of </span><span class="pp-class-236 pa t44154 l45558 ls4017">low-value </span><span class="pp-class-236 pa t44154 l24627 ls179">assets </span><span class="pp-class-236 pa t44154 l45559 ls2808">are </span><span class="pp-class-236 pa t44154 l40715 ls667">recognised </span><span class="pp-class-236 pa t44154 l45560 ls811">as </span><span class="pp-class-236 pa t44154 l45561 ls3855">expenses </span><span class="pp-class-236 pa t44154 l45562 ls811">on </span><span class="pp-class-236 pa t44154 l45563 ls184">a </span><span class="pp-class-236 pa t44154 l45564 ls4276">straight-line </span><span class="pp-class-236 pa t44154 l45565 ls811">basis </span><span class="pp-class-236 pa t44158 l3 ls3234">over </span><span class="pp-class-236 pa t44158 l45566 ls572">the </span><span class="pp-class-236 pa t44158 l45567 ls538">lease </span><span class="pp-class-236 pa t44158 l45568 ls625">term. </span><span class="pp-class-236 pa t44158 l19591 ls544">For </span><span class="pp-class-236 pa t44158 l45569 ls4793">contracts </span><span class="pp-class-236 pa t44158 l45570 ls2222">with </span><span class="pp-class-236 pa t44158 l45571 ls184">a </span><span class="pp-class-236 pa t44158 l45572 ls556">rolling </span><span class="pp-class-236 pa t44158 l45573 ls995">term </span><span class="pp-class-236 pa t44158 l45574 ls11050">(evergreen </span><span class="pp-class-236 pa t44158 l45575 ls1744">leases), </span><span class="pp-class-236 pa t44158 l45576 ls30">Management </span><span class="pp-class-236 pa t44158 l45577 ls110">exercises </span><span class="pp-class-236 pa t44167 l3 ls747">judgement </span><span class="pp-class-236 pa t44167 l33769 ls811">in </span><span class="pp-class-236 pa t44167 l28500 ls551">determining </span><span class="pp-class-236 pa t44167 l45578 ls590">useful </span><span class="pp-class-236 pa t44167 l18023 ls731">lifetime </span><span class="pp-class-236 pa t44167 l45579 ls98">of </span><span class="pp-class-236 pa t44167 l45580 ls651">the </span><span class="pp-class-236 pa t44167 l45581 ls2197">underlying </span><span class="pp-class-236 pa t44167 l45582 ls4276">right-of-use </span><span class="pp-class-236 pa t44167 l42313 ls538">asset.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls168">Group </span><span class="pp-class-237 pa t44168 l45202 ls811">as </span><span class="pp-class-237 pa t44168 l45203 ls949">lessor </span><span class="pp-class-237 pa t44168 l45583 ls949">(lease </span><span class="pp-class-237 pa t44168 l45584 ls651">out)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls544">For </span><span class="pp-class-236 pa t44171 l38701 ls30">accounting </span><span class="pp-class-236 pa t44171 l45585 ls995">purposes, </span><span class="pp-class-236 pa t44171 l45586 ls179">assets </span><span class="pp-class-236 pa t44171 l45587 ls1764">leased </span><span class="pp-class-236 pa t44171 l45588 ls651">out </span><span class="pp-class-236 pa t44171 l25089 ls2808">are </span><span class="pp-class-236 pa t44171 l45589 ls2036">divided </span><span class="pp-class-236 pa t44171 l45590 ls546">into </span><span class="pp-class-236 pa t44171 l45591 ls2036">finance </span><span class="pp-class-236 pa t44171 l45592 ls572">and </span><span class="pp-class-236 pa t44171 l45593 ls1775">operating </span><span class="pp-class-236 pa t44171 l45594 ls2036">leases. </span><span class="pp-class-236 pa t44171 l45595 ls811">In </span><span class="pp-class-236 pa t44171 l45596 ls8048">respect </span><span class="pp-class-236 pa t44182 l3 ls98">of </span><span class="pp-class-236 pa t44182 l39273 ls179">assets </span><span class="pp-class-236 pa t44182 l44259 ls1764">leased </span><span class="pp-class-236 pa t44182 l45597 ls651">out </span><span class="pp-class-236 pa t44182 l45598 ls811">on </span><span class="pp-class-236 pa t44182 l45599 ls184">a </span><span class="pp-class-236 pa t44182 l45600 ls2036">finance </span><span class="pp-class-236 pa t44182 l45601 ls541">lease, </span><span class="pp-class-236 pa t44182 l45602 ls811">an </span><span class="pp-class-236 pa t44182 l12537 ls995">amount </span><span class="pp-class-236 pa t44182 l45603 ls538">equal </span><span class="pp-class-236 pa t44182 l45604 ls538">to </span><span class="pp-class-236 pa t44182 l45605 ls572">the </span><span class="pp-class-236 pa t44182 l45606 ls4248">net </span><span class="pp-class-236 pa t44182 l42644 ls7086">present </span><span class="pp-class-236 pa t44182 l45607 ls2197">value </span><span class="pp-class-236 pa t44182 l45608 ls98">of </span><span class="pp-class-236 pa t44182 l45609 ls651">the </span><span class="pp-class-236 pa t44182 l45610 ls2197">future </span><span class="pp-class-236 pa t44182 l45611 ls811">lease </span><span class="pp-class-236 pa t44185 l3 ls4630">payments </span><span class="pp-class-236 pa t44185 l36228 ls811">is </span><span class="pp-class-236 pa t44185 l45612 ls667">recognised </span><span class="pp-class-236 pa t44185 l37360 ls811">in </span><span class="pp-class-236 pa t44185 l45613 ls651">the </span><span class="pp-class-236 pa t44185 l45614 ls2036">balance </span><span class="pp-class-236 pa t44185 l45615 ls949">sheet </span><span class="pp-class-236 pa t44185 l45616 ls811">as </span><span class="pp-class-236 pa t44185 l45617 ls184">a </span><span class="pp-class-236 pa t44185 l45618 ls538">lease </span><span class="pp-class-236 pa t44185 l45619 ls5781">receivable </span><span class="pp-class-236 pa t44185 l45620 ls877">from </span><span class="pp-class-236 pa t44185 l45621 ls541">lessee. </span><span class="pp-class-236 pa t44185 l45622 ls572">The </span><span class="pp-class-236 pa t44185 l45623 ls949">asset </span><span class="pp-class-236 pa t44185 l45624 ls1764">leased </span><span class="pp-class-236 pa t44185 l45625 ls184">out </span><span class="pp-class-236 pa t44187 l3 ls811">is </span><span class="pp-class-236 pa t44187 l40693 ls2207">reclassified </span><span class="pp-class-236 pa t44187 l45626 ls877">from </span><span class="pp-class-236 pa t44187 l43512 ls548">non-current </span><span class="pp-class-236 pa t44187 l17040 ls949">asset </span><span class="pp-class-236 pa t44187 l45627 ls538">to </span><span class="pp-class-236 pa t44187 l45628 ls1764">leases </span><span class="pp-class-236 pa t44187 l45629 ls603">receivables </span><span class="pp-class-236 pa t44187 l45630 ls572">and </span><span class="pp-class-236 pa t44187 l45276 ls553">any </span><span class="pp-class-236 pa t44187 l45631 ls2222">gain </span><span class="pp-class-236 pa t44187 l45632 ls811">or </span><span class="pp-class-236 pa t44187 l45633 ls2222">loss </span><span class="pp-class-236 pa t44187 l45634 ls2036">arising </span><span class="pp-class-236 pa t44187 l45635 ls877">from </span><span class="pp-class-236 pa t44187 l45636 ls2222">this </span><span class="pp-class-236 pa t44187 l45637 ls1547">is </span><span class="pp-class-236 pa t45638 l3 ls667">recognised </span><span class="pp-class-236 pa t45638 l39250 ls811">in </span><span class="pp-class-236 pa t45638 l39251 ls651">the </span><span class="pp-class-236 pa t45638 l45639 ls1764">income </span><span class="pp-class-236 pa t45638 l45640 ls758">statement. </span><span class="pp-class-236 pa t45638 l45641 ls538">Lease </span><span class="pp-class-236 pa t45638 l45642 ls1764">income </span><span class="pp-class-236 pa t45638 l45643 ls877">from </span><span class="pp-class-236 pa t45638 l45644 ls179">assets </span><span class="pp-class-236 pa t45638 l45645 ls1764">leased </span><span class="pp-class-236 pa t45638 l45646 ls572">out </span><span class="pp-class-236 pa t45638 l45647 ls811">on </span><span class="pp-class-236 pa t45638 l45648 ls811">an </span><span class="pp-class-236 pa t45638 l45649 ls1775">operating </span><span class="pp-class-236 pa t45638 l45650 ls538">lease </span><span class="pp-class-236 pa t45638 l45651 ls1547">is </span><span class="pp-class-236 pa t44188 l3 ls667">recognised </span><span class="pp-class-236 pa t44188 l39250 ls811">in </span><span class="pp-class-236 pa t44188 l39251 ls651">the </span><span class="pp-class-236 pa t44188 l45639 ls1764">income </span><span class="pp-class-236 pa t44188 l45640 ls556">statement </span><span class="pp-class-236 pa t44188 l45652 ls811">on </span><span class="pp-class-236 pa t44188 l45653 ls184">a </span><span class="pp-class-236 pa t44188 l45654 ls4276">straight-line </span><span class="pp-class-236 pa t44188 l45655 ls538">basis </span><span class="pp-class-236 pa t44188 l45656 ls3234">over </span><span class="pp-class-236 pa t44188 l45657 ls651">the </span><span class="pp-class-236 pa t44188 l45658 ls538">lease </span><span class="pp-class-236 pa t44188 l45659 ls651">term. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44216 l3 ls4248">Sale </span><span class="pp-class-237 pa t44216 l45660 ls572">and </span><span class="pp-class-237 pa t44216 l45661 ls1404">leaseback </span><span class="pp-class-237 pa t44216 l37138 ls838">transactions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls2222">Sale </span><span class="pp-class-236 pa t44232 l39447 ls572">and </span><span class="pp-class-236 pa t44232 l45662 ls544">leaseback </span><span class="pp-class-236 pa t44232 l45663 ls691">transactions </span><span class="pp-class-236 pa t44232 l45664 ls2808">are </span><span class="pp-class-236 pa t44232 l5060 ls1751">assessed </span><span class="pp-class-236 pa t44232 l45665 ls538">to </span><span class="pp-class-236 pa t44232 l45666 ls553">determine </span><span class="pp-class-236 pa t44232 l45667 ls546">whether </span><span class="pp-class-236 pa t44232 l45668 ls572">the </span><span class="pp-class-236 pa t44232 l45669 ls2270">transfer </span><span class="pp-class-236 pa t44232 l45670 ls98">of </span><span class="pp-class-236 pa t44232 l45671 ls572">the </span><span class="pp-class-236 pa t44232 l45672 ls35">asset </span><span class="pp-class-236 pa t45673 l3 ls995">qualifies </span><span class="pp-class-236 pa t45673 l45674 ls811">as </span><span class="pp-class-236 pa t45673 l6041 ls184">a </span><span class="pp-class-236 pa t45673 l45675 ls2222">true </span><span class="pp-class-236 pa t45673 l45676 ls2222">sale </span><span class="pp-class-236 pa t45673 l45677 ls811">in </span><span class="pp-class-236 pa t45673 l45678 ls7086">accordance </span><span class="pp-class-236 pa t45673 l41756 ls2222">with </span><span class="pp-class-236 pa t45673 l45679 ls1369">IFRS </span><span class="pp-class-236 pa t45673 l45680 ls811">15 </span><span class="pp-class-236 pa t45673 l45681 ls877">Revenue </span><span class="pp-class-236 pa t45673 l45682 ls877">from </span><span class="pp-class-236 pa t45673 l45683 ls4793">Contracts </span><span class="pp-class-236 pa t45673 l45684 ls2222">with </span><span class="pp-class-236 pa t45673 l45685 ls179">Customers. </span><span class="pp-class-236 pa t45673 l45686 ls811">If </span><span class="pp-class-236 pa t45673 l45687 ls758">control </span><span class="pp-class-236 pa t44242 l3 ls811">is </span><span class="pp-class-236 pa t44242 l40693 ls6270">transferred </span><span class="pp-class-236 pa t44242 l18014 ls538">to </span><span class="pp-class-236 pa t44242 l33336 ls572">the </span><span class="pp-class-236 pa t44242 l42572 ls838">buyer </span><span class="pp-class-236 pa t44242 l45688 ls651">and </span><span class="pp-class-236 pa t44242 l45689 ls651">the </span><span class="pp-class-236 pa t44242 l45690 ls2969">transaction </span><span class="pp-class-236 pa t44242 l18081 ls995">qualifies </span><span class="pp-class-236 pa t44242 l45691 ls811">as </span><span class="pp-class-236 pa t44242 l45692 ls184">a </span><span class="pp-class-236 pa t44242 l45693 ls2222">true </span><span class="pp-class-236 pa t44242 l45694 ls541">sale, </span><span class="pp-class-236 pa t44242 l45695 ls2222">DFDS </span><span class="pp-class-236 pa t44242 l45696 ls2207">derecognises </span><span class="pp-class-236 pa t44242 l45697 ls651">the </span><span class="pp-class-236 pa t44242 l45698 ls35">asset </span><span class="pp-class-236 pa t44258 l3 ls651">and </span><span class="pp-class-236 pa t44258 l17989 ls667">recognises </span><span class="pp-class-236 pa t44258 l45699 ls184">a </span><span class="pp-class-236 pa t44258 l45700 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45701 ls949">asset </span><span class="pp-class-236 pa t44258 l45702 ls572">and </span><span class="pp-class-236 pa t44258 l45703 ls184">a </span><span class="pp-class-236 pa t44258 l45704 ls538">lease </span><span class="pp-class-236 pa t44258 l18518 ls6824">liability. </span><span class="pp-class-236 pa t44258 l45705 ls651">The </span><span class="pp-class-236 pa t44258 l45706 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45707 ls949">asset </span><span class="pp-class-236 pa t44258 l45708 ls811">is </span><span class="pp-class-236 pa t44258 l45709 ls3855">measured </span><span class="pp-class-236 pa t44258 l45710 ls811">as </span><span class="pp-class-236 pa t44258 l45711 ls184">the </span><span class="pp-class-236 pa t44273 l3 ls30">proportion </span><span class="pp-class-236 pa t44273 l45712 ls98">of </span><span class="pp-class-236 pa t44273 l45713 ls651">the </span><span class="pp-class-236 pa t44273 l45714 ls2245">previous </span><span class="pp-class-236 pa t44273 l37856 ls572">carrying </span><span class="pp-class-236 pa t44273 l45715 ls995">amount </span><span class="pp-class-236 pa t44273 l29075 ls98">of </span><span class="pp-class-236 pa t44273 l45716 ls651">the </span><span class="pp-class-236 pa t44273 l17171 ls949">asset </span><span class="pp-class-236 pa t44273 l45717 ls616">that </span><span class="pp-class-236 pa t44273 l45718 ls3681">relates </span><span class="pp-class-236 pa t44273 l45719 ls538">to </span><span class="pp-class-236 pa t44273 l45720 ls572">the </span><span class="pp-class-236 pa t44273 l45721 ls5781">retained </span><span class="pp-class-236 pa t44273 l45722 ls536">right </span><span class="pp-class-236 pa t44273 l45723 ls98">of </span><span class="pp-class-236 pa t44273 l45724 ls530">use. </span><span class="pp-class-236 pa t44273 l45725 ls184">The </span><span class="pp-class-236 pa t44288 l3 ls538">lease </span><span class="pp-class-236 pa t44288 l45726 ls995">liability </span><span class="pp-class-236 pa t44288 l45727 ls811">is </span><span class="pp-class-236 pa t44288 l45728 ls3855">measured </span><span class="pp-class-236 pa t44288 l45729 ls2197">at </span><span class="pp-class-236 pa t44288 l40252 ls651">the </span><span class="pp-class-236 pa t44288 l45730 ls7086">present </span><span class="pp-class-236 pa t44288 l45731 ls2197">value </span><span class="pp-class-236 pa t44288 l45732 ls98">of </span><span class="pp-class-236 pa t44288 l45733 ls2197">future </span><span class="pp-class-236 pa t44288 l45734 ls538">lease </span><span class="pp-class-236 pa t44288 l45735 ls616">payments. </span><span class="pp-class-236 pa t44288 l45736 ls553">Any </span><span class="pp-class-236 pa t44288 l45737 ls2222">gain </span><span class="pp-class-236 pa t44288 l45738 ls811">or </span><span class="pp-class-236 pa t44288 l45739 ls2222">loss </span><span class="pp-class-236 pa t44288 l45740 ls2036">arising </span><span class="pp-class-236 pa t44288 l45741 ls1547">on </span><span class="pp-class-236 pa t45742 l3 ls651">the </span><span class="pp-class-236 pa t45742 l28221 ls2222">sale </span><span class="pp-class-236 pa t45742 l45743 ls811">is </span><span class="pp-class-236 pa t45742 l45744 ls667">recognised </span><span class="pp-class-236 pa t45742 l45745 ls811">in </span><span class="pp-class-236 pa t45742 l45746 ls651">the </span><span class="pp-class-236 pa t45742 l45747 ls1764">income </span><span class="pp-class-236 pa t45742 l45748 ls556">statement </span><span class="pp-class-236 pa t45742 l38708 ls847">only </span><span class="pp-class-236 pa t45742 l45749 ls538">to </span><span class="pp-class-236 pa t45742 l45750 ls572">the </span><span class="pp-class-236 pa t45742 l45751 ls1815">extent </span><span class="pp-class-236 pa t45742 l45752 ls616">that </span><span class="pp-class-236 pa t45742 l45753 ls811">it </span><span class="pp-class-236 pa t45742 l27472 ls3681">relates </span><span class="pp-class-236 pa t45742 l42846 ls538">to </span><span class="pp-class-236 pa t45742 l45754 ls572">the </span><span class="pp-class-236 pa t45742 l45755 ls572">rights </span><span class="pp-class-236 pa t45756 l3 ls6270">transferred </span><span class="pp-class-236 pa t45756 l45041 ls538">to </span><span class="pp-class-236 pa t45756 l27492 ls651">the </span><span class="pp-class-236 pa t45756 l45757 ls3305">buyer. </span><span class="pp-class-236 pa t45756 l39616 ls651">The </span><span class="pp-class-236 pa t45756 l45758 ls1792">portion </span><span class="pp-class-236 pa t45756 l45759 ls98">of </span><span class="pp-class-236 pa t45756 l45760 ls651">the </span><span class="pp-class-236 pa t45756 l45761 ls2222">gain </span><span class="pp-class-236 pa t45756 l31272 ls811">or </span><span class="pp-class-236 pa t45756 l45762 ls2222">loss </span><span class="pp-class-236 pa t45756 l45763 ls616">that </span><span class="pp-class-236 pa t45756 l45764 ls3681">relates </span><span class="pp-class-236 pa t45756 l45765 ls538">to </span><span class="pp-class-236 pa t45756 l45766 ls572">the </span><span class="pp-class-236 pa t45756 l45767 ls536">right </span><span class="pp-class-236 pa t45756 l45768 ls98">of </span><span class="pp-class-236 pa t45756 l45769 ls572">use </span><span class="pp-class-236 pa t45756 l45770 ls5781">retained </span><span class="pp-class-236 pa t45756 l45771 ls1547">is </span><span class="pp-class-236 pa t45772 l3 ls179">included </span><span class="pp-class-236 pa t45772 l20387 ls811">as </span><span class="pp-class-236 pa t45772 l45773 ls875">part </span><span class="pp-class-236 pa t45772 l45774 ls98">of </span><span class="pp-class-236 pa t45772 l29171 ls572">the </span><span class="pp-class-236 pa t45772 l16995 ls4276">right-of-use </span><span class="pp-class-236 pa t45772 l45775 ls1764">asset. </span><span class="pp-class-236 pa t45772 l45776 ls811">In </span><span class="pp-class-236 pa t45772 l45777 ls2222">case </span><span class="pp-class-236 pa t45772 l45778 ls651">the </span><span class="pp-class-236 pa t45772 l45779 ls2222">sale </span><span class="pp-class-236 pa t45772 l45780 ls572">and </span><span class="pp-class-236 pa t45772 l45781 ls544">leaseback </span><span class="pp-class-236 pa t45772 l45782 ls2969">transaction </span><span class="pp-class-236 pa t45772 l45783 ls2222">does </span><span class="pp-class-236 pa t45772 l45784 ls532">not </span><span class="pp-class-236 pa t45785 l3 ls33">qualify </span><span class="pp-class-236 pa t45785 l45786 ls811">as </span><span class="pp-class-236 pa t45785 l28687 ls184">a </span><span class="pp-class-236 pa t45785 l1348 ls2222">true </span><span class="pp-class-236 pa t45785 l45787 ls541">sale, </span><span class="pp-class-236 pa t45785 l45788 ls2222">then </span><span class="pp-class-236 pa t45785 l45789 ls651">the </span><span class="pp-class-236 pa t45785 l45790 ls2969">transaction </span><span class="pp-class-236 pa t45785 l45791 ls811">is </span><span class="pp-class-236 pa t45785 l13181 ls667">considered </span><span class="pp-class-236 pa t45785 l45792 ls184">a </span><span class="pp-class-236 pa t45785 l45793 ls995">financial </span><span class="pp-class-236 pa t45785 l45794 ls8048">arrangement </span><span class="pp-class-236 pa t45785 l45795 ls706">where </span><span class="pp-class-236 pa t45785 l45796 ls572">the </span><span class="pp-class-236 pa t45785 l45797 ls608">assets </span><span class="pp-class-236 pa t45798 l3 ls4248">continue </span><span class="pp-class-236 pa t45798 l28762 ls538">to </span><span class="pp-class-236 pa t45798 l16609 ls811">be </span><span class="pp-class-236 pa t45798 l28862 ls667">recognised </span><span class="pp-class-236 pa t45798 l45799 ls811">on </span><span class="pp-class-236 pa t45798 l45800 ls651">the </span><span class="pp-class-236 pa t45798 l45801 ls2036">balance </span><span class="pp-class-236 pa t45798 l45802 ls949">sheet </span><span class="pp-class-236 pa t45798 l45803 ls572">and </span><span class="pp-class-236 pa t45798 l45804 ls651">the </span><span class="pp-class-236 pa t45798 l45805 ls556">proceed </span><span class="pp-class-236 pa t45798 l45806 ls2245">received </span><span class="pp-class-236 pa t45798 l45807 ls811">is </span><span class="pp-class-236 pa t45798 l34147 ls667">recognised </span><span class="pp-class-236 pa t45798 l45808 ls811">as </span><span class="pp-class-236 pa t45798 l45809 ls26">a </span><span class="pp-class-236 pa t45810 l3 ls995">financial </span><span class="pp-class-236 pa t45810 l1599 ls110">liability.</span></p></div></div> <div class="pp-class-227 pp-class-256" id="pp-id-5354" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h45362 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t43264 l3 ls168">Group </span><span class="pp-class-237 pa t43264 l45202 ls811">as </span><span class="pp-class-237 pa t43264 l45203 ls949">lessee </span><span class="pp-class-237 pa t43264 l45363 ls949">(lease </span><span class="pp-class-237 pa t43264 l45364 ls811">in)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43270 l3 ls572 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t43270 l45365 ls4276 wtro3142 wtr526 tro3144 tr528">right-of-use </span><span class="pp-class-236 pa t43270 l45366 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43270 l45367 ls651 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43270 l45368 ls758 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43270 l45369 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43270 l45370 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43270 l45371 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43270 l45372 ls667 wtro3142 wtr526 tro3144 tr528">recognised </span><span class="pp-class-236 pa t43270 l45373 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43270 l45374 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43270 l45375 ls949 wtro3142 wtr526 tro3144 tr528">commencement </span><span class="pp-class-236 pa t43270 l45376 ls1815 wtro3142 wtr526 tro3144 tr528">date, </span><span class="pp-class-236 pa t43270 l45377 ls546 wtro3142 wtr526 tro3144 tr528">i.e. </span><span class="pp-class-236 pa t43283 l3 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45378 ls7086 wtro3142 wtr526 tro3144 tr528">date </span><span class="pp-class-236 pa t43283 l45379 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43283 l45380 ls2197 wtro3142 wtr526 tro3144 tr528">underlying </span><span class="pp-class-236 pa t43283 l45381 ls949 wtro3142 wtr526 tro3144 tr528">asset </span><span class="pp-class-236 pa t43283 l45382 ls811 wtro3142 wtr526 tro3144 tr528">is </span><span class="pp-class-236 pa t43283 l15109 ls849 wtro3142 wtr526 tro3144 tr528">ready </span><span class="pp-class-236 pa t43283 l45383 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43283 l45384 ls530 wtro3142 wtr526 tro3144 tr528">use. </span><span class="pp-class-236 pa t43283 l45385 ls4276 wtro3142 wtr526 tro3144 tr528">Right-of-use </span><span class="pp-class-236 pa t43283 l45386 ls179 wtro3142 wtr526 tro3144 tr528">assets </span><span class="pp-class-236 pa t43283 l45387 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43283 l2934 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43283 l45388 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43283 l45389 ls2222 wtro3142 wtr526 tro3144 tr528">cost </span><span class="pp-class-236 pa t43283 l45390 ls168 wtro3142 wtr526 tro3144 tr528">corresponding </span><span class="pp-class-236 pa t43295 l3 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43295 l45391 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43295 l45392 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45393 ls995 wtro3142 wtr526 tro3144 tr528">liability </span><span class="pp-class-236 pa t43295 l45394 ls838 wtro3142 wtr526 tro3144 tr528">recognised, </span><span class="pp-class-236 pa t43295 l45395 ls630 wtro3142 wtr526 tro3144 tr528">adjusted </span><span class="pp-class-236 pa t43295 l39911 ls553 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t43295 l45396 ls553 wtro3142 wtr526 tro3144 tr528">any </span><span class="pp-class-236 pa t43295 l45397 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43295 l45398 ls1775 wtro3142 wtr526 tro3144 tr528">prepayments </span><span class="pp-class-236 pa t43295 l45399 ls546 wtro3142 wtr526 tro3144 tr528">including </span><span class="pp-class-236 pa t43295 l45400 ls524 wtro3142 wtr526 tro3144 tr528">dismantling </span><span class="pp-class-236 pa t43295 l45401 ls184 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t43309 l3 ls6824 wtro3142 wtr526 tro3144 tr528">restoration </span><span class="pp-class-236 pa t43309 l45402 ls1764 wtro3142 wtr526 tro3144 tr528">costs, </span><span class="pp-class-236 pa t43309 l45403 ls556 wtro3142 wtr526 tro3144 tr528">whereas </span><span class="pp-class-236 pa t43309 l45404 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45405 ls625 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t43309 l45406 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43309 l45407 ls3855 wtro3142 wtr526 tro3144 tr528">measured </span><span class="pp-class-236 pa t43309 l45408 ls2197 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t43309 l45409 ls572 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43309 l45410 ls7086 wtro3142 wtr526 tro3144 tr528">present </span><span class="pp-class-236 pa t43309 l45411 ls2197 wtro3142 wtr526 tro3144 tr528">value </span><span class="pp-class-236 pa t43309 l45412 ls98 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t43309 l45413 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43309 l45414 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43309 l45415 ls538 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t43309 l45416 ls1547 wtro3142 wtr526 tro3144 tr528">be </span><span class="pp-class-236 pa t43319 l3 ls544 wtro3142 wtr526 tro3144 tr528">made </span><span class="pp-class-236 pa t43319 l45417 ls3234 wtro3142 wtr526 tro3144 tr528">over </span><span class="pp-class-236 pa t43319 l45418 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t43319 l45419 ls538 wtro3142 wtr526 tro3144 tr528">lease </span><span class="pp-class-236 pa t43319 l45420 ls625 wtro3142 wtr526 tro3144 tr528">term. </span><span class="pp-class-236 pa t43319 l45421 ls538 wtro3142 wtr526 tro3144 tr528">Lease </span><span class="pp-class-236 pa t43319 l45422 ls4630 wtro3142 wtr526 tro3144 tr528">payments </span><span class="pp-class-236 pa t43319 l5703 ls2808 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t43319 l45423 ls541 wtro3142 wtr526 tro3144 tr528">discounted </span><span class="pp-class-236 pa t43319 l45424 ls538 wtro3142 wtr526 tro3144 tr528">using </span><span class="pp-class-236 pa t43319 l45425 ls538 wtro3142 wtr526 tro3144 tr528">DFDS’ </span><span class="pp-class-236 pa t43319 l45426 ls556 wtro3142 wtr526 tro3144 tr528">incremental </span><span class="pp-class-236 pa t43319 l45427 ls4558 wtro3142 wtr526 tro3144 tr528">borrowing </span><span class="pp-class-236 pa t43319 l45428 ls2767 wtro3142 wtr526 tro3144 tr528">rate. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t43330 l3 ls691">Depreciation </span><span class="pp-class-236 pa t43330 l45429 ls4558">follows </span><span class="pp-class-236 pa t43330 l45430 ls651">the </span><span class="pp-class-236 pa t43330 l45431 ls4276">straight-line </span><span class="pp-class-236 pa t43330 l45432 ls179">method </span><span class="pp-class-236 pa t43330 l45433 ls3234">over </span><span class="pp-class-236 pa t43330 l45434 ls651">the </span><span class="pp-class-236 pa t43330 l45435 ls538">lease </span><span class="pp-class-236 pa t43330 l45436 ls995">term </span><span class="pp-class-236 pa t43330 l45437 ls811">or </span><span class="pp-class-236 pa t43330 l45438 ls651">the </span><span class="pp-class-236 pa t43330 l45439 ls590">useful </span><span class="pp-class-236 pa t43330 l45440 ls553">life </span><span class="pp-class-236 pa t43330 l45441 ls98">of </span><span class="pp-class-236 pa t43330 l45442 ls572">the </span><span class="pp-class-236 pa t43330 l45443 ls621">right-of-use </span><span class="pp-class-236 pa t43426 l3 ls546">assets, </span><span class="pp-class-236 pa t43426 l14614 ls1463">whichever </span><span class="pp-class-236 pa t43426 l45444 ls811">is </span><span class="pp-class-236 pa t43426 l45445 ls572">shortest. </span><span class="pp-class-236 pa t43426 l45446 ls33174">However, </span><span class="pp-class-236 pa t43426 l45447 ls553">for </span><span class="pp-class-236 pa t43426 l28756 ls651">one </span><span class="pp-class-236 pa t43426 l45448 ls949">terminal </span><span class="pp-class-236 pa t43426 l45449 ls651">the </span><span class="pp-class-236 pa t43426 l45450 ls691">depreciation </span><span class="pp-class-236 pa t43426 l45451 ls811">is </span><span class="pp-class-236 pa t43426 l45452 ls538">based </span><span class="pp-class-236 pa t43426 l45453 ls811">on </span><span class="pp-class-236 pa t43426 l45454 ls168">volumes </span><span class="pp-class-236 pa t43333 l3 ls2036">handled </span><span class="pp-class-236 pa t43333 l31586 ls811">in </span><span class="pp-class-236 pa t43333 l45455 ls651">the </span><span class="pp-class-236 pa t43333 l45456 ls949">terminal. </span><span class="pp-class-236 pa t43333 l45457 ls115">The </span><span class="pp-class-236 pa t43333 l45458 ls138">lease </span><span class="pp-class-236 pa t43333 l17441 ls1133">payments </span><span class="pp-class-236 pa t43333 l5647 ls1078">include </span><span class="pp-class-236 pa t43333 l45459 ls967">fixed </span><span class="pp-class-236 pa t43333 l45460 ls1133">payments </span><span class="pp-class-236 pa t43333 l45461 ls297">less </span><span class="pp-class-236 pa t43333 l45462 ls570">any </span><span class="pp-class-236 pa t43333 l45463 ls138">lease </span><span class="pp-class-236 pa t43333 l45464 ls236">incentives </span><span class="pp-class-236 pa t43334 l3 ls1574">receivable </span><span class="pp-class-236 pa t43334 l2834 ls1011">and </span><span class="pp-class-236 pa t43334 l45465 ls428">variable </span><span class="pp-class-236 pa t43334 l30659 ls138">lease </span><span class="pp-class-236 pa t43334 l28271 ls1133">payments </span><span class="pp-class-236 pa t43334 l28530 ls184">that </span><span class="pp-class-236 pa t43334 l45466 ls138">depend </span><span class="pp-class-236 pa t43334 l45467 ls177">on </span><span class="pp-class-236 pa t43334 l45468 ls177">an </span><span class="pp-class-236 pa t43334 l3089 ls967">index </span><span class="pp-class-236 pa t43334 l45469 ls177">or </span><span class="pp-class-236 pa t43334 l45470 ls781">a </span><span class="pp-class-236 pa t43334 l45471 ls758">rate. </span><span class="pp-class-236 pa t43334 l45472 ls177">If </span><span class="pp-class-236 pa t43334 l45473 ls1011">the </span><span class="pp-class-236 pa t43334 l45474 ls3791">contract </span><span class="pp-class-236 pa t43334 l45475 ls138">holds </span><span class="pp-class-236 pa t43334 l45476 ls162">an </span><span class="pp-class-236 pa t43348 l3 ls1790">option </span><span class="pp-class-236 pa t43348 l45477 ls73">to </span><span class="pp-class-236 pa t43348 l31247 ls2315">purchase, </span><span class="pp-class-236 pa t43348 l45478 ls938">extend </span><span class="pp-class-236 pa t43348 l45479 ls177">or </span><span class="pp-class-236 pa t43348 l45480 ls1133">terminate </span><span class="pp-class-236 pa t43348 l45481 ls781">a </span><span class="pp-class-236 pa t43348 l45482 ls138">lease </span><span class="pp-class-236 pa t43348 l45483 ls115">and </span><span class="pp-class-236 pa t43348 l45484 ls177">it </span><span class="pp-class-236 pa t43348 l45485 ls177">is </span><span class="pp-class-236 pa t43348 l17214 ls584">reasonably </span><span class="pp-class-236 pa t43348 l45486 ls1535">certain </span><span class="pp-class-236 pa t43348 l38594 ls73">to </span><span class="pp-class-236 pa t43348 l45487 ls177">be </span><span class="pp-class-236 pa t43348 l45488 ls546">exercised </span><span class="pp-class-236 pa t43348 l45489 ls771">by </span><span class="pp-class-236 pa t43348 l45490 ls781">the </span><span class="pp-class-236 pa t43367 l3 ls811">Group, </span><span class="pp-class-236 pa t43367 l45491 ls115">the </span><span class="pp-class-236 pa t43367 l7365 ls138">lease </span><span class="pp-class-236 pa t43367 l45492 ls113">liability </span><span class="pp-class-236 pa t43367 l45493 ls297">will </span><span class="pp-class-236 pa t43367 l40252 ls1078">include </span><span class="pp-class-236 pa t43367 l45494 ls73">those. </span><span class="pp-class-236 pa t43367 l39320 ls115">The </span><span class="pp-class-236 pa t43367 l45495 ls428">variable </span><span class="pp-class-236 pa t43367 l45496 ls138">lease </span><span class="pp-class-236 pa t43367 l45497 ls1133">payments </span><span class="pp-class-236 pa t43367 l45498 ls184">that </span><span class="pp-class-236 pa t43367 l45499 ls177">do </span><span class="pp-class-236 pa t43367 l45500 ls1661">not </span><span class="pp-class-236 pa t43367 l45501 ls138">depend </span><span class="pp-class-236 pa t43367 l45502 ls177">on </span><span class="pp-class-236 pa t43367 l45503 ls162">an </span><span class="pp-class-236 pa t43461 l3 ls967">index </span><span class="pp-class-236 pa t43461 l45504 ls177">or </span><span class="pp-class-236 pa t43461 l45505 ls781">a </span><span class="pp-class-236 pa t43461 l41014 ls2207">rate </span><span class="pp-class-236 pa t43461 l45506 ls2222">are </span><span class="pp-class-236 pa t43461 l18527 ls15">recognised </span><span class="pp-class-236 pa t43461 l45507 ls177">as </span><span class="pp-class-236 pa t43461 l45508 ls131">expenses </span><span class="pp-class-236 pa t43461 l33939 ls177">in </span><span class="pp-class-236 pa t43461 l45509 ls1011">the </span><span class="pp-class-236 pa t43461 l45510 ls138">period </span><span class="pp-class-236 pa t43461 l45511 ls177">on </span><span class="pp-class-236 pa t43461 l45512 ls138">which </span><span class="pp-class-236 pa t43461 l45513 ls115">the </span><span class="pp-class-236 pa t43461 l45514 ls608">event </span><span class="pp-class-236 pa t43461 l45515 ls177">or </span><span class="pp-class-236 pa t43461 l45516 ls113">condition </span><span class="pp-class-236 pa t43461 l45517 ls1757">that </span><span class="pp-class-236 pa t43475 l3 ls113">triggers </span><span class="pp-class-236 pa t43475 l45518 ls1011">the </span><span class="pp-class-236 pa t43475 l45519 ls63">payment </span><span class="pp-class-236 pa t43475 l45520 ls113">occurs. </span><span class="pp-class-236 pa t43475 l45521 ls651">The </span><span class="pp-class-236 pa t43475 l45522 ls706">Group </span><span class="pp-class-236 pa t43475 l45523 ls2036">applies </span><span class="pp-class-236 pa t43475 l45524 ls572">the </span><span class="pp-class-236 pa t43475 l45525 ls558">short-term </span><span class="pp-class-236 pa t43475 l45526 ls538">lease </span><span class="pp-class-236 pa t43475 l45527 ls838">recognition </span><span class="pp-class-236 pa t43475 l45528 ls12490">exemption </span><span class="pp-class-236 pa t43475 l45529 ls553">for </span><span class="pp-class-236 pa t43475 l45530 ls811">lease </span><span class="pp-class-236 pa t43484 l3 ls4793">contracts </span><span class="pp-class-236 pa t43484 l45531 ls544">that, </span><span class="pp-class-236 pa t43484 l45532 ls2197">at </span><span class="pp-class-236 pa t43484 l18792 ls651">the </span><span class="pp-class-236 pa t43484 l2133 ls949">commencement </span><span class="pp-class-236 pa t43484 l38906 ls1815">date, </span><span class="pp-class-236 pa t43484 l45533 ls110">have </span><span class="pp-class-236 pa t43484 l45534 ls184">a </span><span class="pp-class-236 pa t43484 l45535 ls538">lease </span><span class="pp-class-236 pa t43484 l45536 ls995">term </span><span class="pp-class-236 pa t43484 l45537 ls98">of </span><span class="pp-class-236 pa t43484 l45538 ls811">12 </span><span class="pp-class-236 pa t43484 l45539 ls995">months </span><span class="pp-class-236 pa t43484 l45540 ls811">or </span><span class="pp-class-236 pa t43484 l45541 ls538">less, </span><span class="pp-class-236 pa t43484 l45542 ls572">and </span><span class="pp-class-236 pa t43484 l45543 ls184">the </span><span class="pp-class-236 pa t44410 l3 ls12490">exemption </span><span class="pp-class-236 pa t44410 l45544 ls553">for </span><span class="pp-class-236 pa t44410 l20470 ls538">lease </span><span class="pp-class-236 pa t44410 l45545 ls4793">contracts </span><span class="pp-class-236 pa t44410 l45546 ls553">for </span><span class="pp-class-236 pa t44410 l45547 ls538">which </span><span class="pp-class-236 pa t44410 l45548 ls651">the </span><span class="pp-class-236 pa t44410 l33224 ls2197">underlying </span><span class="pp-class-236 pa t44410 l45549 ls949">asset </span><span class="pp-class-236 pa t44410 l45550 ls811">is </span><span class="pp-class-236 pa t44410 l45551 ls98">of </span><span class="pp-class-236 pa t44410 l45552 ls556">low </span><span class="pp-class-236 pa t44410 l45553 ls1775">value. </span><span class="pp-class-236 pa t44410 l45554 ls538">Lease </span><span class="pp-class-236 pa t44410 l45555 ls4630">payments </span><span class="pp-class-236 pa t44410 l45556 ls1547">on </span><span class="pp-class-236 pa t44154 l3 ls558">short-term </span><span class="pp-class-236 pa t44154 l28296 ls1764">leases </span><span class="pp-class-236 pa t44154 l7356 ls651">and </span><span class="pp-class-236 pa t44154 l17961 ls1764">leases </span><span class="pp-class-236 pa t44154 l45557 ls98">of </span><span class="pp-class-236 pa t44154 l45558 ls4017">low-value </span><span class="pp-class-236 pa t44154 l24627 ls179">assets </span><span class="pp-class-236 pa t44154 l45559 ls2808">are </span><span class="pp-class-236 pa t44154 l40715 ls667">recognised </span><span class="pp-class-236 pa t44154 l45560 ls811">as </span><span class="pp-class-236 pa t44154 l45561 ls3855">expenses </span><span class="pp-class-236 pa t44154 l45562 ls811">on </span><span class="pp-class-236 pa t44154 l45563 ls184">a </span><span class="pp-class-236 pa t44154 l45564 ls4276">straight-line </span><span class="pp-class-236 pa t44154 l45565 ls811">basis </span><span class="pp-class-236 pa t44158 l3 ls3234">over </span><span class="pp-class-236 pa t44158 l45566 ls572">the </span><span class="pp-class-236 pa t44158 l45567 ls538">lease </span><span class="pp-class-236 pa t44158 l45568 ls625">term. </span><span class="pp-class-236 pa t44158 l19591 ls544">For </span><span class="pp-class-236 pa t44158 l45569 ls4793">contracts </span><span class="pp-class-236 pa t44158 l45570 ls2222">with </span><span class="pp-class-236 pa t44158 l45571 ls184">a </span><span class="pp-class-236 pa t44158 l45572 ls556">rolling </span><span class="pp-class-236 pa t44158 l45573 ls995">term </span><span class="pp-class-236 pa t44158 l45574 ls11050">(evergreen </span><span class="pp-class-236 pa t44158 l45575 ls1744">leases), </span><span class="pp-class-236 pa t44158 l45576 ls30">Management </span><span class="pp-class-236 pa t44158 l45577 ls110">exercises </span><span class="pp-class-236 pa t44167 l3 ls747">judgement </span><span class="pp-class-236 pa t44167 l33769 ls811">in </span><span class="pp-class-236 pa t44167 l28500 ls551">determining </span><span class="pp-class-236 pa t44167 l45578 ls590">useful </span><span class="pp-class-236 pa t44167 l18023 ls731">lifetime </span><span class="pp-class-236 pa t44167 l45579 ls98">of </span><span class="pp-class-236 pa t44167 l45580 ls651">the </span><span class="pp-class-236 pa t44167 l45581 ls2197">underlying </span><span class="pp-class-236 pa t44167 l45582 ls4276">right-of-use </span><span class="pp-class-236 pa t44167 l42313 ls538">asset.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44168 l3 ls168">Group </span><span class="pp-class-237 pa t44168 l45202 ls811">as </span><span class="pp-class-237 pa t44168 l45203 ls949">lessor </span><span class="pp-class-237 pa t44168 l45583 ls949">(lease </span><span class="pp-class-237 pa t44168 l45584 ls651">out)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44171 l3 ls544">For </span><span class="pp-class-236 pa t44171 l38701 ls30">accounting </span><span class="pp-class-236 pa t44171 l45585 ls995">purposes, </span><span class="pp-class-236 pa t44171 l45586 ls179">assets </span><span class="pp-class-236 pa t44171 l45587 ls1764">leased </span><span class="pp-class-236 pa t44171 l45588 ls651">out </span><span class="pp-class-236 pa t44171 l25089 ls2808">are </span><span class="pp-class-236 pa t44171 l45589 ls2036">divided </span><span class="pp-class-236 pa t44171 l45590 ls546">into </span><span class="pp-class-236 pa t44171 l45591 ls2036">finance </span><span class="pp-class-236 pa t44171 l45592 ls572">and </span><span class="pp-class-236 pa t44171 l45593 ls1775">operating </span><span class="pp-class-236 pa t44171 l45594 ls2036">leases. </span><span class="pp-class-236 pa t44171 l45595 ls811">In </span><span class="pp-class-236 pa t44171 l45596 ls8048">respect </span><span class="pp-class-236 pa t44182 l3 ls98">of </span><span class="pp-class-236 pa t44182 l39273 ls179">assets </span><span class="pp-class-236 pa t44182 l44259 ls1764">leased </span><span class="pp-class-236 pa t44182 l45597 ls651">out </span><span class="pp-class-236 pa t44182 l45598 ls811">on </span><span class="pp-class-236 pa t44182 l45599 ls184">a </span><span class="pp-class-236 pa t44182 l45600 ls2036">finance </span><span class="pp-class-236 pa t44182 l45601 ls541">lease, </span><span class="pp-class-236 pa t44182 l45602 ls811">an </span><span class="pp-class-236 pa t44182 l12537 ls995">amount </span><span class="pp-class-236 pa t44182 l45603 ls538">equal </span><span class="pp-class-236 pa t44182 l45604 ls538">to </span><span class="pp-class-236 pa t44182 l45605 ls572">the </span><span class="pp-class-236 pa t44182 l45606 ls4248">net </span><span class="pp-class-236 pa t44182 l42644 ls7086">present </span><span class="pp-class-236 pa t44182 l45607 ls2197">value </span><span class="pp-class-236 pa t44182 l45608 ls98">of </span><span class="pp-class-236 pa t44182 l45609 ls651">the </span><span class="pp-class-236 pa t44182 l45610 ls2197">future </span><span class="pp-class-236 pa t44182 l45611 ls811">lease </span><span class="pp-class-236 pa t44185 l3 ls4630">payments </span><span class="pp-class-236 pa t44185 l36228 ls811">is </span><span class="pp-class-236 pa t44185 l45612 ls667">recognised </span><span class="pp-class-236 pa t44185 l37360 ls811">in </span><span class="pp-class-236 pa t44185 l45613 ls651">the </span><span class="pp-class-236 pa t44185 l45614 ls2036">balance </span><span class="pp-class-236 pa t44185 l45615 ls949">sheet </span><span class="pp-class-236 pa t44185 l45616 ls811">as </span><span class="pp-class-236 pa t44185 l45617 ls184">a </span><span class="pp-class-236 pa t44185 l45618 ls538">lease </span><span class="pp-class-236 pa t44185 l45619 ls5781">receivable </span><span class="pp-class-236 pa t44185 l45620 ls877">from </span><span class="pp-class-236 pa t44185 l45621 ls541">lessee. </span><span class="pp-class-236 pa t44185 l45622 ls572">The </span><span class="pp-class-236 pa t44185 l45623 ls949">asset </span><span class="pp-class-236 pa t44185 l45624 ls1764">leased </span><span class="pp-class-236 pa t44185 l45625 ls184">out </span><span class="pp-class-236 pa t44187 l3 ls811">is </span><span class="pp-class-236 pa t44187 l40693 ls2207">reclassified </span><span class="pp-class-236 pa t44187 l45626 ls877">from </span><span class="pp-class-236 pa t44187 l43512 ls548">non-current </span><span class="pp-class-236 pa t44187 l17040 ls949">asset </span><span class="pp-class-236 pa t44187 l45627 ls538">to </span><span class="pp-class-236 pa t44187 l45628 ls1764">leases </span><span class="pp-class-236 pa t44187 l45629 ls603">receivables </span><span class="pp-class-236 pa t44187 l45630 ls572">and </span><span class="pp-class-236 pa t44187 l45276 ls553">any </span><span class="pp-class-236 pa t44187 l45631 ls2222">gain </span><span class="pp-class-236 pa t44187 l45632 ls811">or </span><span class="pp-class-236 pa t44187 l45633 ls2222">loss </span><span class="pp-class-236 pa t44187 l45634 ls2036">arising </span><span class="pp-class-236 pa t44187 l45635 ls877">from </span><span class="pp-class-236 pa t44187 l45636 ls2222">this </span><span class="pp-class-236 pa t44187 l45637 ls1547">is </span><span class="pp-class-236 pa t45638 l3 ls667">recognised </span><span class="pp-class-236 pa t45638 l39250 ls811">in </span><span class="pp-class-236 pa t45638 l39251 ls651">the </span><span class="pp-class-236 pa t45638 l45639 ls1764">income </span><span class="pp-class-236 pa t45638 l45640 ls758">statement. </span><span class="pp-class-236 pa t45638 l45641 ls538">Lease </span><span class="pp-class-236 pa t45638 l45642 ls1764">income </span><span class="pp-class-236 pa t45638 l45643 ls877">from </span><span class="pp-class-236 pa t45638 l45644 ls179">assets </span><span class="pp-class-236 pa t45638 l45645 ls1764">leased </span><span class="pp-class-236 pa t45638 l45646 ls572">out </span><span class="pp-class-236 pa t45638 l45647 ls811">on </span><span class="pp-class-236 pa t45638 l45648 ls811">an </span><span class="pp-class-236 pa t45638 l45649 ls1775">operating </span><span class="pp-class-236 pa t45638 l45650 ls538">lease </span><span class="pp-class-236 pa t45638 l45651 ls1547">is </span><span class="pp-class-236 pa t44188 l3 ls667">recognised </span><span class="pp-class-236 pa t44188 l39250 ls811">in </span><span class="pp-class-236 pa t44188 l39251 ls651">the </span><span class="pp-class-236 pa t44188 l45639 ls1764">income </span><span class="pp-class-236 pa t44188 l45640 ls556">statement </span><span class="pp-class-236 pa t44188 l45652 ls811">on </span><span class="pp-class-236 pa t44188 l45653 ls184">a </span><span class="pp-class-236 pa t44188 l45654 ls4276">straight-line </span><span class="pp-class-236 pa t44188 l45655 ls538">basis </span><span class="pp-class-236 pa t44188 l45656 ls3234">over </span><span class="pp-class-236 pa t44188 l45657 ls651">the </span><span class="pp-class-236 pa t44188 l45658 ls538">lease </span><span class="pp-class-236 pa t44188 l45659 ls651">term. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t44216 l3 ls4248">Sale </span><span class="pp-class-237 pa t44216 l45660 ls572">and </span><span class="pp-class-237 pa t44216 l45661 ls1404">leaseback </span><span class="pp-class-237 pa t44216 l37138 ls838">transactions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t44232 l3 ls2222">Sale </span><span class="pp-class-236 pa t44232 l39447 ls572">and </span><span class="pp-class-236 pa t44232 l45662 ls544">leaseback </span><span class="pp-class-236 pa t44232 l45663 ls691">transactions </span><span class="pp-class-236 pa t44232 l45664 ls2808">are </span><span class="pp-class-236 pa t44232 l5060 ls1751">assessed </span><span class="pp-class-236 pa t44232 l45665 ls538">to </span><span class="pp-class-236 pa t44232 l45666 ls553">determine </span><span class="pp-class-236 pa t44232 l45667 ls546">whether </span><span class="pp-class-236 pa t44232 l45668 ls572">the </span><span class="pp-class-236 pa t44232 l45669 ls2270">transfer </span><span class="pp-class-236 pa t44232 l45670 ls98">of </span><span class="pp-class-236 pa t44232 l45671 ls572">the </span><span class="pp-class-236 pa t44232 l45672 ls35">asset </span><span class="pp-class-236 pa t45673 l3 ls995">qualifies </span><span class="pp-class-236 pa t45673 l45674 ls811">as </span><span class="pp-class-236 pa t45673 l6041 ls184">a </span><span class="pp-class-236 pa t45673 l45675 ls2222">true </span><span class="pp-class-236 pa t45673 l45676 ls2222">sale </span><span class="pp-class-236 pa t45673 l45677 ls811">in </span><span class="pp-class-236 pa t45673 l45678 ls7086">accordance </span><span class="pp-class-236 pa t45673 l41756 ls2222">with </span><span class="pp-class-236 pa t45673 l45679 ls1369">IFRS </span><span class="pp-class-236 pa t45673 l45680 ls811">15 </span><span class="pp-class-236 pa t45673 l45681 ls877">Revenue </span><span class="pp-class-236 pa t45673 l45682 ls877">from </span><span class="pp-class-236 pa t45673 l45683 ls4793">Contracts </span><span class="pp-class-236 pa t45673 l45684 ls2222">with </span><span class="pp-class-236 pa t45673 l45685 ls179">Customers. </span><span class="pp-class-236 pa t45673 l45686 ls811">If </span><span class="pp-class-236 pa t45673 l45687 ls758">control </span><span class="pp-class-236 pa t44242 l3 ls811">is </span><span class="pp-class-236 pa t44242 l40693 ls6270">transferred </span><span class="pp-class-236 pa t44242 l18014 ls538">to </span><span class="pp-class-236 pa t44242 l33336 ls572">the </span><span class="pp-class-236 pa t44242 l42572 ls838">buyer </span><span class="pp-class-236 pa t44242 l45688 ls651">and </span><span class="pp-class-236 pa t44242 l45689 ls651">the </span><span class="pp-class-236 pa t44242 l45690 ls2969">transaction </span><span class="pp-class-236 pa t44242 l18081 ls995">qualifies </span><span class="pp-class-236 pa t44242 l45691 ls811">as </span><span class="pp-class-236 pa t44242 l45692 ls184">a </span><span class="pp-class-236 pa t44242 l45693 ls2222">true </span><span class="pp-class-236 pa t44242 l45694 ls541">sale, </span><span class="pp-class-236 pa t44242 l45695 ls2222">DFDS </span><span class="pp-class-236 pa t44242 l45696 ls2207">derecognises </span><span class="pp-class-236 pa t44242 l45697 ls651">the </span><span class="pp-class-236 pa t44242 l45698 ls35">asset </span><span class="pp-class-236 pa t44258 l3 ls651">and </span><span class="pp-class-236 pa t44258 l17989 ls667">recognises </span><span class="pp-class-236 pa t44258 l45699 ls184">a </span><span class="pp-class-236 pa t44258 l45700 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45701 ls949">asset </span><span class="pp-class-236 pa t44258 l45702 ls572">and </span><span class="pp-class-236 pa t44258 l45703 ls184">a </span><span class="pp-class-236 pa t44258 l45704 ls538">lease </span><span class="pp-class-236 pa t44258 l18518 ls6824">liability. </span><span class="pp-class-236 pa t44258 l45705 ls651">The </span><span class="pp-class-236 pa t44258 l45706 ls4276">right-of-use </span><span class="pp-class-236 pa t44258 l45707 ls949">asset </span><span class="pp-class-236 pa t44258 l45708 ls811">is </span><span class="pp-class-236 pa t44258 l45709 ls3855">measured </span><span class="pp-class-236 pa t44258 l45710 ls811">as </span><span class="pp-class-236 pa t44258 l45711 ls184">the </span><span class="pp-class-236 pa t44273 l3 ls30">proportion </span><span class="pp-class-236 pa t44273 l45712 ls98">of </span><span class="pp-class-236 pa t44273 l45713 ls651">the </span><span class="pp-class-236 pa t44273 l45714 ls2245">previous </span><span class="pp-class-236 pa t44273 l37856 ls572">carrying </span><span class="pp-class-236 pa t44273 l45715 ls995">amount </span><span class="pp-class-236 pa t44273 l29075 ls98">of </span><span class="pp-class-236 pa t44273 l45716 ls651">the </span><span class="pp-class-236 pa t44273 l17171 ls949">asset </span><span class="pp-class-236 pa t44273 l45717 ls616">that </span><span class="pp-class-236 pa t44273 l45718 ls3681">relates </span><span class="pp-class-236 pa t44273 l45719 ls538">to </span><span class="pp-class-236 pa t44273 l45720 ls572">the </span><span class="pp-class-236 pa t44273 l45721 ls5781">retained </span><span class="pp-class-236 pa t44273 l45722 ls536">right </span><span class="pp-class-236 pa t44273 l45723 ls98">of </span><span class="pp-class-236 pa t44273 l45724 ls530">use. </span><span class="pp-class-236 pa t44273 l45725 ls184">The </span><span class="pp-class-236 pa t44288 l3 ls538">lease </span><span class="pp-class-236 pa t44288 l45726 ls995">liability </span><span class="pp-class-236 pa t44288 l45727 ls811">is </span><span class="pp-class-236 pa t44288 l45728 ls3855">measured </span><span class="pp-class-236 pa t44288 l45729 ls2197">at </span><span class="pp-class-236 pa t44288 l40252 ls651">the </span><span class="pp-class-236 pa t44288 l45730 ls7086">present </span><span class="pp-class-236 pa t44288 l45731 ls2197">value </span><span class="pp-class-236 pa t44288 l45732 ls98">of </span><span class="pp-class-236 pa t44288 l45733 ls2197">future </span><span class="pp-class-236 pa t44288 l45734 ls538">lease </span><span class="pp-class-236 pa t44288 l45735 ls616">payments. </span><span class="pp-class-236 pa t44288 l45736 ls553">Any </span><span class="pp-class-236 pa t44288 l45737 ls2222">gain </span><span class="pp-class-236 pa t44288 l45738 ls811">or </span><span class="pp-class-236 pa t44288 l45739 ls2222">loss </span><span class="pp-class-236 pa t44288 l45740 ls2036">arising </span><span class="pp-class-236 pa t44288 l45741 ls1547">on </span><span class="pp-class-236 pa t45742 l3 ls651">the </span><span class="pp-class-236 pa t45742 l28221 ls2222">sale </span><span class="pp-class-236 pa t45742 l45743 ls811">is </span><span class="pp-class-236 pa t45742 l45744 ls667">recognised </span><span class="pp-class-236 pa t45742 l45745 ls811">in </span><span class="pp-class-236 pa t45742 l45746 ls651">the </span><span class="pp-class-236 pa t45742 l45747 ls1764">income </span><span class="pp-class-236 pa t45742 l45748 ls556">statement </span><span class="pp-class-236 pa t45742 l38708 ls847">only </span><span class="pp-class-236 pa t45742 l45749 ls538">to </span><span class="pp-class-236 pa t45742 l45750 ls572">the </span><span class="pp-class-236 pa t45742 l45751 ls1815">extent </span><span class="pp-class-236 pa t45742 l45752 ls616">that </span><span class="pp-class-236 pa t45742 l45753 ls811">it </span><span class="pp-class-236 pa t45742 l27472 ls3681">relates </span><span class="pp-class-236 pa t45742 l42846 ls538">to </span><span class="pp-class-236 pa t45742 l45754 ls572">the </span><span class="pp-class-236 pa t45742 l45755 ls572">rights </span><span class="pp-class-236 pa t45756 l3 ls6270">transferred </span><span class="pp-class-236 pa t45756 l45041 ls538">to </span><span class="pp-class-236 pa t45756 l27492 ls651">the </span><span class="pp-class-236 pa t45756 l45757 ls3305">buyer. </span><span class="pp-class-236 pa t45756 l39616 ls651">The </span><span class="pp-class-236 pa t45756 l45758 ls1792">portion </span><span class="pp-class-236 pa t45756 l45759 ls98">of </span><span class="pp-class-236 pa t45756 l45760 ls651">the </span><span class="pp-class-236 pa t45756 l45761 ls2222">gain </span><span class="pp-class-236 pa t45756 l31272 ls811">or </span><span class="pp-class-236 pa t45756 l45762 ls2222">loss </span><span class="pp-class-236 pa t45756 l45763 ls616">that </span><span class="pp-class-236 pa t45756 l45764 ls3681">relates </span><span class="pp-class-236 pa t45756 l45765 ls538">to </span><span class="pp-class-236 pa t45756 l45766 ls572">the </span><span class="pp-class-236 pa t45756 l45767 ls536">right </span><span class="pp-class-236 pa t45756 l45768 ls98">of </span><span class="pp-class-236 pa t45756 l45769 ls572">use </span><span class="pp-class-236 pa t45756 l45770 ls5781">retained </span><span class="pp-class-236 pa t45756 l45771 ls1547">is </span><span class="pp-class-236 pa t45772 l3 ls179">included </span><span class="pp-class-236 pa t45772 l20387 ls811">as </span><span class="pp-class-236 pa t45772 l45773 ls875">part </span><span class="pp-class-236 pa t45772 l45774 ls98">of </span><span class="pp-class-236 pa t45772 l29171 ls572">the </span><span class="pp-class-236 pa t45772 l16995 ls4276">right-of-use </span><span class="pp-class-236 pa t45772 l45775 ls1764">asset. </span><span class="pp-class-236 pa t45772 l45776 ls811">In </span><span class="pp-class-236 pa t45772 l45777 ls2222">case </span><span class="pp-class-236 pa t45772 l45778 ls651">the </span><span class="pp-class-236 pa t45772 l45779 ls2222">sale </span><span class="pp-class-236 pa t45772 l45780 ls572">and </span><span class="pp-class-236 pa t45772 l45781 ls544">leaseback </span><span class="pp-class-236 pa t45772 l45782 ls2969">transaction </span><span class="pp-class-236 pa t45772 l45783 ls2222">does </span><span class="pp-class-236 pa t45772 l45784 ls532">not </span><span class="pp-class-236 pa t45785 l3 ls33">qualify </span><span class="pp-class-236 pa t45785 l45786 ls811">as </span><span class="pp-class-236 pa t45785 l28687 ls184">a </span><span class="pp-class-236 pa t45785 l1348 ls2222">true </span><span class="pp-class-236 pa t45785 l45787 ls541">sale, </span><span class="pp-class-236 pa t45785 l45788 ls2222">then </span><span class="pp-class-236 pa t45785 l45789 ls651">the </span><span class="pp-class-236 pa t45785 l45790 ls2969">transaction </span><span class="pp-class-236 pa t45785 l45791 ls811">is </span><span class="pp-class-236 pa t45785 l13181 ls667">considered </span><span class="pp-class-236 pa t45785 l45792 ls184">a </span><span class="pp-class-236 pa t45785 l45793 ls995">financial </span><span class="pp-class-236 pa t45785 l45794 ls8048">arrangement </span><span class="pp-class-236 pa t45785 l45795 ls706">where </span><span class="pp-class-236 pa t45785 l45796 ls572">the </span><span class="pp-class-236 pa t45785 l45797 ls608">assets </span><span class="pp-class-236 pa t45798 l3 ls4248">continue </span><span class="pp-class-236 pa t45798 l28762 ls538">to </span><span class="pp-class-236 pa t45798 l16609 ls811">be </span><span class="pp-class-236 pa t45798 l28862 ls667">recognised </span><span class="pp-class-236 pa t45798 l45799 ls811">on </span><span class="pp-class-236 pa t45798 l45800 ls651">the </span><span class="pp-class-236 pa t45798 l45801 ls2036">balance </span><span class="pp-class-236 pa t45798 l45802 ls949">sheet </span><span class="pp-class-236 pa t45798 l45803 ls572">and </span><span class="pp-class-236 pa t45798 l45804 ls651">the </span><span class="pp-class-236 pa t45798 l45805 ls556">proceed </span><span class="pp-class-236 pa t45798 l45806 ls2245">received </span><span class="pp-class-236 pa t45798 l45807 ls811">is </span><span class="pp-class-236 pa t45798 l34147 ls667">recognised </span><span class="pp-class-236 pa t45798 l45808 ls811">as </span><span class="pp-class-236 pa t45798 l45809 ls26">a </span><span class="pp-class-236 pa t45810 l3 ls995">financial </span><span class="pp-class-236 pa t45810 l1599 ls110">liability.</span></p></div></div> <div class="pp-class-227 pp-class-256" id="pp-id-5360" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h46771 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3">The </span><span class="pp-class-236 pa t40754 l7349 ls3422">carrying </span><span class="pp-class-236 pa t40754 l32954 ls1098">amount </span><span class="pp-class-236 pa t40754 l46772 ls118">of </span><span class="pp-class-236 pa t40754 l46773">goodwill, </span><span class="pp-class-236 pa t40754 l46774 ls1629">non-current </span><span class="pp-class-236 pa t40754 l46775 ls85">intangible, </span><span class="pp-class-236 pa t40754 l46776 ls1444">tangible </span><span class="pp-class-236 pa t40754 l46777">and </span><span class="pp-class-236 pa t40754 l46778 ls181">right-of-use </span><span class="pp-class-236 pa t40754 l46779 ls781">assets </span><span class="pp-class-236 pa t40754 l46780 ls80">are </span><span class="pp-class-236 pa t40754 l46781 ls26">con-</span><span class="pp-class-236 pa t40763 l3 ls1024">tinuously </span><span class="pp-class-236 pa t40763 l46782">assessed, </span><span class="pp-class-236 pa t40763 l28646 ls2368">at </span><span class="pp-class-236 pa t40763 l34371">least </span><span class="pp-class-236 pa t40763 l10792">once </span><span class="pp-class-236 pa t40763 l46783">a </span><span class="pp-class-236 pa t40763 l28648 ls7832">year, </span><span class="pp-class-236 pa t40763 l46784 ls138">to </span><span class="pp-class-236 pa t40763 l46785 ls21">determine </span><span class="pp-class-236 pa t40763 l46786 ls13">whether </span><span class="pp-class-236 pa t40763 l46787 ls106">there </span><span class="pp-class-236 pa t40763 l46788">is </span><span class="pp-class-236 pa t40763 l46789">an </span><span class="pp-class-236 pa t40763 l46790 ls115">indication </span><span class="pp-class-236 pa t40763 l46791 ls118">of </span><span class="pp-class-236 pa t40763 l46792 ls88">impairment. </span><span class="pp-class-236 pa t40775 l3">When </span><span class="pp-class-236 pa t40775 l10672">such </span><span class="pp-class-236 pa t40775 l46793 ls115">indication </span><span class="pp-class-236 pa t40775 l46794 ls197">exists </span><span class="pp-class-236 pa t40775 l46795">the </span><span class="pp-class-236 pa t40775 l25097 ls771">recoverable </span><span class="pp-class-236 pa t40775 l46796 ls1098">amount </span><span class="pp-class-236 pa t40775 l46797 ls118">of </span><span class="pp-class-236 pa t40775 l46798">the </span><span class="pp-class-236 pa t40775 l46799 ls67">asset </span><span class="pp-class-236 pa t40775 l46800">is </span><span class="pp-class-236 pa t40775 l46801">assessed. </span><span class="pp-class-236 pa t40775 l46802">The </span><span class="pp-class-236 pa t40775 l46803 ls771">recoverable </span><span class="pp-class-236 pa t41664 l3 ls1098">amount </span><span class="pp-class-236 pa t41664 l16039">is </span><span class="pp-class-236 pa t41664 l46804">the </span><span class="pp-class-236 pa t41664 l17678">higher </span><span class="pp-class-236 pa t41664 l8470 ls118">of </span><span class="pp-class-236 pa t41664 l46407">the </span><span class="pp-class-236 pa t41664 l34114 ls1031">fair </span><span class="pp-class-236 pa t41664 l46805 ls129">value </span><span class="pp-class-236 pa t41664 l46806">less </span><span class="pp-class-236 pa t41664 l35298">costs </span><span class="pp-class-236 pa t41664 l46807 ls118">of </span><span class="pp-class-236 pa t41664 l46808">disposal </span><span class="pp-class-236 pa t41664 l46809">and </span><span class="pp-class-236 pa t41664 l46810">the </span><span class="pp-class-236 pa t41664 l46811 ls220">value-in-use. </span><span class="pp-class-236 pa t41664 l46812 ls26">The </span><span class="pp-class-236 pa t41664 l46813 ls1098">value-in-use </span><span class="pp-class-236 pa t40783 l3">is </span><span class="pp-class-236 pa t40783 l36586 ls135">calculated </span><span class="pp-class-236 pa t40783 l46814">as </span><span class="pp-class-236 pa t40783 l46815">the </span><span class="pp-class-236 pa t40783 l46816 ls833">present </span><span class="pp-class-236 pa t40783 l46817 ls129">value </span><span class="pp-class-236 pa t40783 l29828 ls118">of </span><span class="pp-class-236 pa t40783 l46818">the </span><span class="pp-class-236 pa t40783 l46819 ls197">future </span><span class="pp-class-236 pa t40783 l46820 ls113">net </span><span class="pp-class-236 pa t40783 l46821">cash </span><span class="pp-class-236 pa t40783 l43455 ls849">flow, </span><span class="pp-class-236 pa t40783 l46822">which </span><span class="pp-class-236 pa t40783 l46823">the </span><span class="pp-class-236 pa t40783 l46824 ls67">asset </span><span class="pp-class-236 pa t40783 l46825">is </span><span class="pp-class-236 pa t40783 l46297 ls570">expected </span><span class="pp-class-236 pa t40783 l46826 ls138">to </span><span class="pp-class-236 pa t40793 l3 ls2315">generate </span><span class="pp-class-236 pa t40793 l1403">either </span><span class="pp-class-236 pa t40793 l13251 ls967">by </span><span class="pp-class-236 pa t40793 l46827 ls1467">itself </span><span class="pp-class-236 pa t40793 l46828">or </span><span class="pp-class-236 pa t40793 l46829 ls181">from </span><span class="pp-class-236 pa t40793 l46830">the </span><span class="pp-class-236 pa t40793 l46831 ls234">lowest </span><span class="pp-class-236 pa t40793 l46832 ls1790">cash-generating </span><span class="pp-class-236 pa t40793 l46833">unit </span><span class="pp-class-236 pa t40793 l46834 ls138">to </span><span class="pp-class-236 pa t40793 l46835">which </span><span class="pp-class-236 pa t40793 l46836">the </span><span class="pp-class-236 pa t40793 l46837 ls67">asset </span><span class="pp-class-236 pa t40793 l46838 ls26">is </span><span class="pp-class-236 pa t40793 l46839 ls1031">allocated.</span></p></div></div> <div class="pp-class-227 pp-class-256" id="pp-id-5360" xmlns="http://www.w3.org/1999/xhtml"><div class="w40752 h46771 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3">The </span><span class="pp-class-236 pa t40754 l7349 ls3422">carrying </span><span class="pp-class-236 pa t40754 l32954 ls1098">amount </span><span class="pp-class-236 pa t40754 l46772 ls118">of </span><span class="pp-class-236 pa t40754 l46773">goodwill, </span><span class="pp-class-236 pa t40754 l46774 ls1629">non-current </span><span class="pp-class-236 pa t40754 l46775 ls85">intangible, </span><span class="pp-class-236 pa t40754 l46776 ls1444">tangible </span><span class="pp-class-236 pa t40754 l46777">and </span><span class="pp-class-236 pa t40754 l46778 ls181">right-of-use </span><span class="pp-class-236 pa t40754 l46779 ls781">assets </span><span class="pp-class-236 pa t40754 l46780 ls80">are </span><span class="pp-class-236 pa t40754 l46781 ls26">con-</span><span class="pp-class-236 pa t40763 l3 ls1024">tinuously </span><span class="pp-class-236 pa t40763 l46782">assessed, </span><span class="pp-class-236 pa t40763 l28646 ls2368">at </span><span class="pp-class-236 pa t40763 l34371">least </span><span class="pp-class-236 pa t40763 l10792">once </span><span class="pp-class-236 pa t40763 l46783">a </span><span class="pp-class-236 pa t40763 l28648 ls7832">year, </span><span class="pp-class-236 pa t40763 l46784 ls138">to </span><span class="pp-class-236 pa t40763 l46785 ls21">determine </span><span class="pp-class-236 pa t40763 l46786 ls13">whether </span><span class="pp-class-236 pa t40763 l46787 ls106">there </span><span class="pp-class-236 pa t40763 l46788">is </span><span class="pp-class-236 pa t40763 l46789">an </span><span class="pp-class-236 pa t40763 l46790 ls115">indication </span><span class="pp-class-236 pa t40763 l46791 ls118">of </span><span class="pp-class-236 pa t40763 l46792 ls88">impairment. </span><span class="pp-class-236 pa t40775 l3">When </span><span class="pp-class-236 pa t40775 l10672">such </span><span class="pp-class-236 pa t40775 l46793 ls115">indication </span><span class="pp-class-236 pa t40775 l46794 ls197">exists </span><span class="pp-class-236 pa t40775 l46795">the </span><span class="pp-class-236 pa t40775 l25097 ls771">recoverable </span><span class="pp-class-236 pa t40775 l46796 ls1098">amount </span><span class="pp-class-236 pa t40775 l46797 ls118">of </span><span class="pp-class-236 pa t40775 l46798">the </span><span class="pp-class-236 pa t40775 l46799 ls67">asset </span><span class="pp-class-236 pa t40775 l46800">is </span><span class="pp-class-236 pa t40775 l46801">assessed. </span><span class="pp-class-236 pa t40775 l46802">The </span><span class="pp-class-236 pa t40775 l46803 ls771">recoverable </span><span class="pp-class-236 pa t41664 l3 ls1098">amount </span><span class="pp-class-236 pa t41664 l16039">is </span><span class="pp-class-236 pa t41664 l46804">the </span><span class="pp-class-236 pa t41664 l17678">higher </span><span class="pp-class-236 pa t41664 l8470 ls118">of </span><span class="pp-class-236 pa t41664 l46407">the </span><span class="pp-class-236 pa t41664 l34114 ls1031">fair </span><span class="pp-class-236 pa t41664 l46805 ls129">value </span><span class="pp-class-236 pa t41664 l46806">less </span><span class="pp-class-236 pa t41664 l35298">costs </span><span class="pp-class-236 pa t41664 l46807 ls118">of </span><span class="pp-class-236 pa t41664 l46808">disposal </span><span class="pp-class-236 pa t41664 l46809">and </span><span class="pp-class-236 pa t41664 l46810">the </span><span class="pp-class-236 pa t41664 l46811 ls220">value-in-use. </span><span class="pp-class-236 pa t41664 l46812 ls26">The </span><span class="pp-class-236 pa t41664 l46813 ls1098">value-in-use </span><span class="pp-class-236 pa t40783 l3">is </span><span class="pp-class-236 pa t40783 l36586 ls135">calculated </span><span class="pp-class-236 pa t40783 l46814">as </span><span class="pp-class-236 pa t40783 l46815">the </span><span class="pp-class-236 pa t40783 l46816 ls833">present </span><span class="pp-class-236 pa t40783 l46817 ls129">value </span><span class="pp-class-236 pa t40783 l29828 ls118">of </span><span class="pp-class-236 pa t40783 l46818">the </span><span class="pp-class-236 pa t40783 l46819 ls197">future </span><span class="pp-class-236 pa t40783 l46820 ls113">net </span><span class="pp-class-236 pa t40783 l46821">cash </span><span class="pp-class-236 pa t40783 l43455 ls849">flow, </span><span class="pp-class-236 pa t40783 l46822">which </span><span class="pp-class-236 pa t40783 l46823">the </span><span class="pp-class-236 pa t40783 l46824 ls67">asset </span><span class="pp-class-236 pa t40783 l46825">is </span><span class="pp-class-236 pa t40783 l46297 ls570">expected </span><span class="pp-class-236 pa t40783 l46826 ls138">to </span><span class="pp-class-236 pa t40793 l3 ls2315">generate </span><span class="pp-class-236 pa t40793 l1403">either </span><span class="pp-class-236 pa t40793 l13251 ls967">by </span><span class="pp-class-236 pa t40793 l46827 ls1467">itself </span><span class="pp-class-236 pa t40793 l46828">or </span><span class="pp-class-236 pa t40793 l46829 ls181">from </span><span class="pp-class-236 pa t40793 l46830">the </span><span class="pp-class-236 pa t40793 l46831 ls234">lowest </span><span class="pp-class-236 pa t40793 l46832 ls1790">cash-generating </span><span class="pp-class-236 pa t40793 l46833">unit </span><span class="pp-class-236 pa t40793 l46834 ls138">to </span><span class="pp-class-236 pa t40793 l46835">which </span><span class="pp-class-236 pa t40793 l46836">the </span><span class="pp-class-236 pa t40793 l46837 ls67">asset </span><span class="pp-class-236 pa t40793 l46838 ls26">is </span><span class="pp-class-236 pa t40793 l46839 ls1031">allocated.</span></p></div></div> <div id="pp-id-5363" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47123 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.2.1 </span><span class="pp-class-234 pa t1122 l38307 ls1757">Receivables</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3">Other </span><span class="pp-class-236 pa t37088 l8396 ls1629">non-current </span><span class="pp-class-236 pa t37088 l16342 ls129">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47124 l3 ls6824">Total </span><span class="pp-class-237 pa t47124 l20253 ls177">non-current </span><span class="pp-class-237 pa t47124 l37419 ls143">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47124 l43684">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47124 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47125 l3 ls6255">Trade </span><span class="pp-class-236 pa t47125 l37509 ls129">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47125 l47126 ls1463">3,368</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47125 l47127">4</span><a><span class="pp-class-236 pa t47125 l47128">,</span></a><span class="pp-class-236 pa t47125 l45091">203</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47129 l3 ls1011">Receivables </span><span class="pp-class-236 pa t47129 l37491 ls181">from </span><span class="pp-class-236 pa t47129 l47130 ls135">associates </span><span class="pp-class-236 pa t47129 l47131">and </span><span class="pp-class-236 pa t47129 l47132 ls1098">joint </span><span class="pp-class-236 pa t47129 l47133 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47129 l47134">68</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47129 l47135">45</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47136 l3 ls833">Corporation </span><span class="pp-class-236 pa t47136 l37516 ls21">tax </span><span class="pp-class-236 pa t47136 l9701">and </span><span class="pp-class-236 pa t47136 l47137 ls1098">joint </span><span class="pp-class-236 pa t47136 l47138 ls2315">taxation </span><span class="pp-class-236 pa t47136 l47139 ls2441">contribution, </span><span class="pp-class-236 pa t47136 l2551 ls129">receivable </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47136 l44899">111</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47136 l47140">61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47141 l3">Public </span><span class="pp-class-236 pa t47141 l47142 ls91">authorities </span><span class="pp-class-236 pa t47141 l39155 ls30318">(VAT, </span><span class="pp-class-236 pa t47141 l47143 ls570">etc.)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47141 l47144">320</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47141 l47145 ls4381">317</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l3">Other </span><span class="pp-class-236 pa t47146 l8396 ls197">receivables </span><span class="pp-class-236 pa t47146 l33563">and </span><span class="pp-class-236 pa t47146 l47147 ls833">current </span><span class="pp-class-236 pa t47146 l47148 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47146 l47149">212</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47146 l41903 ls811">246</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47150 l3 ls6824">Total </span><span class="pp-class-237 pa t47150 l20253 ls135">current </span><span class="pp-class-237 pa t47150 l47151 ls143">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47150 l47152 ls94">4,080</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47150 l47153 ls181">4,871</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47154 l3 ls6824">Total </span><span class="pp-class-237 pa t47154 l20253 ls135">current </span><span class="pp-class-237 pa t47154 l47151">and </span><span class="pp-class-237 pa t47154 l47155 ls177">non-current </span><span class="pp-class-237 pa t47154 l47156 ls143">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47154 l47152 ls94">4,080</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47154 l47157 ls558">4,873</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47158 l3 ls651">The </span><span class="pp-class-236 pa t47158 l38379 ls572">carrying </span><span class="pp-class-236 pa t47158 l43507 ls995">amount </span><span class="pp-class-236 pa t47158 l28758 ls98">of </span><span class="pp-class-236 pa t47158 l47159 ls603">receivables </span><span class="pp-class-236 pa t47158 l47160 ls811">is </span><span class="pp-class-236 pa t47158 l23173 ls811">in </span><span class="pp-class-236 pa t47158 l47161 ls651">all </span><span class="pp-class-236 pa t47158 l47162 ls838">material </span><span class="pp-class-236 pa t47158 l47163 ls691">respects </span><span class="pp-class-236 pa t47158 l47164 ls538">equal </span><span class="pp-class-236 pa t47158 l47165 ls538">to </span><span class="pp-class-236 pa t47158 l47166 ls572">the </span><span class="pp-class-236 pa t47158 l47167 ls553">fair </span><span class="pp-class-236 pa t47158 l47168 ls1775">value. </span><span class="pp-class-236 pa t47158 l47169 ls1815">Collateral </span><span class="pp-class-236 pa t47158 l47170 ls811">is </span><span class="pp-class-236 pa t47158 l47171 ls651">pledged </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47172 l3 ls811">as </span><span class="pp-class-236 pa t47172 l47173 ls1751">security </span><span class="pp-class-236 pa t47172 l27475 ls553">for </span><span class="pp-class-236 pa t47172 l47174 ls94">certain </span><span class="pp-class-236 pa t47172 l47175 ls1463">receivables. </span><span class="pp-class-236 pa t47172 l45059 ls651">The </span><span class="pp-class-236 pa t47172 l47176 ls1815">collateral </span><span class="pp-class-236 pa t47172 l47177 ls1751">consists </span><span class="pp-class-236 pa t47172 l47178 ls98">of </span><span class="pp-class-236 pa t47172 l47179 ls2222">bank </span><span class="pp-class-236 pa t47172 l47180 ls621">guarantees </span><span class="pp-class-236 pa t47172 l40261 ls2222">with </span><span class="pp-class-236 pa t47172 l47181 ls184">a </span><span class="pp-class-236 pa t47172 l47182 ls553">fair </span><span class="pp-class-236 pa t47172 l47183 ls2197">value </span><span class="pp-class-236 pa t47172 l47184 ls98">of </span><span class="pp-class-236 pa t47172 l47185 ls572">DKK </span><span class="pp-class-236 pa t47172 l47186 ls184">65m </span><span class="pp-class-236 pa t47187 l3 ls667">(2024: </span><span class="pp-class-236 pa t47187 l45148 ls572">DKK </span><span class="pp-class-236 pa t47187 l29778 ls2222">58m).</span></p></div></div><div id="pp-id-5364" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47188 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1024">Ageing </span><span class="pp-class-237 pa t27896 l47189">of </span><span class="pp-class-237 pa t27896 l47190 ls244">trade </span><span class="pp-class-237 pa t27896 l47191 ls833">receivables </span><span class="pp-class-237 pa t27896 l47192 ls2222">at </span><span class="pp-class-237 pa t27896 l47193">31 </span><span class="pp-class-237 pa t27896 l47194">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l3 ls113">Not </span><span class="pp-class-236 pa t27900 l47195">past </span><span class="pp-class-236 pa t27900 l47196">due</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27900 l47197 ls4248">2,837</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27900 l47198 ls2081">3,662</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l3">Up </span><span class="pp-class-236 pa t27914 l40356 ls138">to </span><span class="pp-class-236 pa t27914 l47199">30 </span><span class="pp-class-236 pa t27914 l10832 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l47200">431</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l45238">426</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l3 ls565">31-60 </span><span class="pp-class-236 pa t47201 l47202 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l45090">58</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47203 ls667">73</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l3 ls565">61-90 </span><span class="pp-class-236 pa t47204 l47205 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l41696">28</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l3 ls747">91-120 </span><span class="pp-class-236 pa t47207 l47208 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l3 ls181">More </span><span class="pp-class-236 pa t47210 l47211">than </span><span class="pp-class-236 pa t47210 l47212">120 </span><span class="pp-class-236 pa t47210 l47213 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47214 ls1547">110</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47215">96</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l3 ls814">Receivables, </span><span class="pp-class-237 pa t3162 l47216 ls227">gross</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47217 ls4381">3,</span></a><span class="pp-class-237 pa t3162 l47218">503</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t3162 l47219">4</span><a><span class="pp-class-237 pa t3162 l47220">,</span></a><span class="pp-class-237 pa t3162 l47221">286</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47222 l3 ls177">Expected </span><span class="pp-class-236 pa t47222 l3387 ls197">credit </span><span class="pp-class-236 pa t47222 l47223">loss </span><span class="pp-class-236 pa t47222 l47224 ls129">allowance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47222 l47225">135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47222 l47226">83</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47227 l3 ls603">Trade </span><span class="pp-class-237 pa t47227 l47228 ls143">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47227 l47229 ls1017">3,</span></a><span class="pp-class-237 pa t47227 l47230">368</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t47227 l47231">4</span><a><span class="pp-class-237 pa t47227 l47232">,</span></a><span class="pp-class-237 pa t47227 l47233">203</span></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5365" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47234 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1618">Movements </span><span class="pp-class-237 pa t27896 l47235 ls1741">expected </span><span class="pp-class-237 pa t27896 l47236 ls1467">credit </span><span class="pp-class-237 pa t27896 l47237 ls21">loss </span><span class="pp-class-237 pa t27896 l47238 ls967">allowance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l3 ls197">Credit </span><span class="pp-class-236 pa t27900 l47239">loss </span><span class="pp-class-236 pa t27900 l21826 ls833">allowance </span><span class="pp-class-236 pa t27900 l47240 ls2368">at </span><span class="pp-class-236 pa t27900 l47241">1 </span><span class="pp-class-236 pa t27900 l47242 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l47243">83</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l47203 ls667">73</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l3 ls1133">Foreign </span><span class="pp-class-236 pa t27914 l37293 ls212">exchange </span><span class="pp-class-236 pa t27914 l37294 ls177">adjustment</span></a><span class="pp-class-236 pa t27914 l47244">s</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l43596">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l3 ls115">Addition </span><span class="pp-class-236 pa t47201 l42147">on </span><span class="pp-class-236 pa t47201 l42148 ls13">acquisition </span><span class="pp-class-236 pa t47201 l42149 ls118">of </span><span class="pp-class-236 pa t47201 l35302 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47246 ls184">10</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l3 ls76">Write-downs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l45095">64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l3">Realised </span><span class="pp-class-236 pa t47207 l3203">losses</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l3 ls129">Reversed </span><span class="pp-class-236 pa t47210 l47248 ls1098">write-downs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47249">-22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47250">-21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l3 ls118">Expected </span><span class="pp-class-237 pa t3162 l47251 ls1467">credit </span><span class="pp-class-237 pa t3162 l13817 ls21">loss </span><span class="pp-class-237 pa t3162 l47252 ls875">allowance </span><span class="pp-class-237 pa t3162 l47253 ls2222">at </span><span class="pp-class-237 pa t3162 l47254">31 </span><span class="pp-class-237 pa t3162 l47255">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47225">135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47226">83</span></a></p></td></tr></table></div></div><div id="pp-id-5369" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47257 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-234 pa t1122 l3 ls80">3.2.1 </span><span class="pp-class-234 pa t1122 l38307 ls570">Receivables </span><span class="pp-class-235 pa t1122 l47258 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47259 l3 ls651">The </span><span class="pp-class-236 pa t47259 l38379 ls2222">last </span><span class="pp-class-236 pa t47259 l47260 ls8048">five </span><span class="pp-class-236 pa t47259 l47261 ls838">years </span><span class="pp-class-236 pa t47259 l47262 ls538">DFDS’ </span><span class="pp-class-236 pa t47259 l45678 ls3855">realised </span><span class="pp-class-236 pa t47259 l13192 ls2197">credit </span><span class="pp-class-236 pa t47259 l47263 ls1764">losses </span><span class="pp-class-236 pa t47259 l47264 ls811">on </span><span class="pp-class-236 pa t47259 l47265 ls849">trade </span><span class="pp-class-236 pa t47259 l47266 ls603">receivables </span><span class="pp-class-236 pa t47259 l47267 ls110">have </span><span class="pp-class-236 pa t47259 l47268 ls2222">been </span><span class="pp-class-236 pa t47259 l47269 ls949">insignificant </span><span class="pp-class-236 pa t47259 l47270 ls651">and </span><span class="pp-class-236 pa t47259 l47271 ls572">the </span><span class="pp-class-236 pa t47259 l47272 ls2222">loss </span><span class="pp-class-236 pa t47259 l47273 ls8384">rate </span><span class="pp-class-236 pa t47259 l47274 ls1547">is </span><span class="pp-class-236 pa t47275 l3 ls838">below </span><span class="pp-class-236 pa t47275 l47276 ls2846">0.1% </span><span class="pp-class-236 pa t47275 l47277 ls667">(2024: </span><span class="pp-class-236 pa t47275 l33810 ls7832">0.1%) </span><span class="pp-class-236 pa t47275 l531 ls98">of </span><span class="pp-class-236 pa t47275 l47278 ls651">the </span><span class="pp-class-236 pa t47275 l47279 ls3084">revenue </span><span class="pp-class-236 pa t47275 l47280 ls811">in </span><span class="pp-class-236 pa t47275 l47281 ls553">any </span><span class="pp-class-236 pa t47275 l47282 ls98">of </span><span class="pp-class-236 pa t47275 l47283 ls572">the </span><span class="pp-class-236 pa t47275 l33427 ls1131">respective </span><span class="pp-class-236 pa t47275 l47284 ls758">years. </span><span class="pp-class-236 pa t47275 l40368 ls651">The </span><span class="pp-class-236 pa t47275 l47285 ls2036">changes </span><span class="pp-class-236 pa t47275 l47286 ls811">in </span><span class="pp-class-236 pa t47275 l47287 ls3855">payment </span><span class="pp-class-236 pa t47275 l47288 ls4787">pattern </span><span class="pp-class-236 pa t16056 l3 ls4248">continue </span><span class="pp-class-236 pa t16056 l28762 ls538">to </span><span class="pp-class-236 pa t16056 l16609 ls811">be </span><span class="pp-class-236 pa t16056 l28862 ls949">insignificant </span><span class="pp-class-236 pa t16056 l47289 ls651">and </span><span class="pp-class-236 pa t16056 l47290 ls2197">at </span><span class="pp-class-236 pa t16056 l28311 ls572">the </span><span class="pp-class-236 pa t16056 l30159 ls2222">same </span><span class="pp-class-236 pa t16056 l47291 ls849">level </span><span class="pp-class-236 pa t16056 l47292 ls811">as </span><span class="pp-class-236 pa t16056 l47293 ls2245">previous </span><span class="pp-class-236 pa t16056 l47294 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47295 l3 ls3170">Accordingly, </span><span class="pp-class-236 pa t47295 l47296 ls2197">at </span><span class="pp-class-236 pa t47295 l47297 ls1775">year-end </span><span class="pp-class-236 pa t47295 l33766 ls2222">2025 </span><span class="pp-class-236 pa t47295 l47298 ls651">the </span><span class="pp-class-236 pa t47295 l47299 ls5781">expected </span><span class="pp-class-236 pa t47295 l47300 ls2197">credit </span><span class="pp-class-236 pa t47295 l47301 ls1764">losses </span><span class="pp-class-236 pa t47295 l47302 ls811">on </span><span class="pp-class-236 pa t47295 l47303 ls849">trade </span><span class="pp-class-236 pa t47295 l47304 ls603">receivables </span><span class="pp-class-236 pa t47295 l47305 ls560">calculated </span><span class="pp-class-236 pa t47295 l47306 ls538">under </span><span class="pp-class-236 pa t47295 l47307 ls572">the </span><span class="pp-class-236 pa t47295 l47308 ls608">simplified </span><span class="pp-class-236 pa t47309 l3 ls5781">expected </span><span class="pp-class-236 pa t47309 l47310 ls2197">credit </span><span class="pp-class-236 pa t47309 l47311 ls2222">loss </span><span class="pp-class-236 pa t47309 l47312 ls538">model </span><span class="pp-class-236 pa t47309 l47313 ls811">is </span><span class="pp-class-236 pa t47309 l47314 ls538">based </span><span class="pp-class-236 pa t47309 l39393 ls811">on </span><span class="pp-class-236 pa t47309 l47315 ls651">the </span><span class="pp-class-236 pa t47309 l47316 ls2894">average </span><span class="pp-class-236 pa t47309 l47317 ls179">historical </span><span class="pp-class-236 pa t47309 l47318 ls2222">loss </span><span class="pp-class-236 pa t47309 l47319 ls8384">rate </span><span class="pp-class-236 pa t47309 l47320 ls811">on </span><span class="pp-class-236 pa t47309 l40975 ls3084">revenue </span><span class="pp-class-236 pa t47309 l47321 ls553">for </span><span class="pp-class-236 pa t47309 l47322 ls572">the </span><span class="pp-class-236 pa t47309 l37339 ls2222">last </span><span class="pp-class-236 pa t47309 l47323 ls8048">five </span><span class="pp-class-236 pa t47309 l47324 ls838">years </span><span class="pp-class-236 pa t47309 l47325 ls197">of </span><span class="pp-class-236 pa t47326 l3 ls1054">0.0% </span><span class="pp-class-236 pa t47326 l29368 ls667">(2024: </span><span class="pp-class-236 pa t47326 l47327 ls1173">0.0%) </span><span class="pp-class-236 pa t47326 l47328 ls4248">plus </span><span class="pp-class-236 pa t47326 l14891 ls553">adjustments </span><span class="pp-class-236 pa t47326 l47329 ls553">for </span><span class="pp-class-236 pa t47326 l47330 ls667">forward-looking </span><span class="pp-class-236 pa t47326 l30667 ls603">factors </span><span class="pp-class-236 pa t47326 l47331 ls2258">were </span><span class="pp-class-236 pa t47326 l47332 ls667">considered </span><span class="pp-class-236 pa t47326 l47333 ls6824">relevant.</span></p><div id="pp-id-5368"><div class="pp-class-227 pp-class-256" id="pp-id-5366"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls614">Receivables </span><span class="pp-class-236 pa t40754 l18164 ls2808">are </span><span class="pp-class-236 pa t40754 l47335 ls667">recognised </span><span class="pp-class-236 pa t40754 l47336 ls2197">at </span><span class="pp-class-236 pa t40754 l47337 ls52">amortised </span><span class="pp-class-236 pa t40754 l47338 ls2222">cost </span><span class="pp-class-236 pa t40754 l47339 ls2222">less </span><span class="pp-class-236 pa t40754 l47340 ls5781">expected </span><span class="pp-class-236 pa t40754 l47341 ls2197">credit </span><span class="pp-class-236 pa t40754 l47342 ls2036">losses. </span><span class="pp-class-236 pa t40754 l47343 ls538">DFDS’ </span><span class="pp-class-236 pa t40754 l47344 ls667">risks </span><span class="pp-class-236 pa t40754 l38878 ls877">regarding </span><span class="pp-class-236 pa t40763 l3 ls849">trade </span><span class="pp-class-236 pa t40763 l47345 ls603">receivables </span><span class="pp-class-236 pa t40763 l47346 ls2808">are </span><span class="pp-class-236 pa t40763 l47347 ls4248">not </span><span class="pp-class-236 pa t40763 l47348 ls667">considered </span><span class="pp-class-236 pa t40763 l47349 ls2036">unusual </span><span class="pp-class-236 pa t40763 l47350 ls651">and </span><span class="pp-class-236 pa t40763 l47351 ls811">no </span><span class="pp-class-236 pa t40763 l47352 ls838">material </span><span class="pp-class-236 pa t40763 l47353 ls2222">risk </span><span class="pp-class-236 pa t40763 l47354 ls811">is </span><span class="pp-class-236 pa t40763 l47355 ls621">attributable </span><span class="pp-class-236 pa t40763 l47356 ls538">to </span><span class="pp-class-236 pa t40763 l47357 ls184">a </span><span class="pp-class-236 pa t40763 l47358 ls1764">single </span><span class="pp-class-236 pa t40763 l47359 ls538">customer </span><span class="pp-class-236 pa t40775 l3 ls811">or </span><span class="pp-class-236 pa t40775 l44501 ls706">group </span><span class="pp-class-236 pa t40775 l19667 ls98">of </span><span class="pp-class-236 pa t40775 l47360 ls179">customers. </span><span class="pp-class-236 pa t40775 l47361 ls2270">According </span><span class="pp-class-236 pa t40775 l47362 ls538">to </span><span class="pp-class-236 pa t40775 l47363 ls572">the </span><span class="pp-class-236 pa t40775 l3657 ls2848">Group’s </span><span class="pp-class-236 pa t40775 l47364 ls758">policy </span><span class="pp-class-236 pa t40775 l47365 ls98">of </span><span class="pp-class-236 pa t40775 l47366 ls1764">undertaking </span><span class="pp-class-236 pa t40775 l47367 ls2197">credit </span><span class="pp-class-236 pa t40775 l47368 ls838">risks, </span><span class="pp-class-236 pa t40775 l47369 ls524">assessment </span><span class="pp-class-236 pa t40775 l47370 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls524">significant </span><span class="pp-class-236 pa t41664 l45314 ls949">customers </span><span class="pp-class-236 pa t41664 l34427 ls811">is </span><span class="pp-class-236 pa t41664 l47371 ls724">performed. </span><span class="pp-class-236 pa t41664 l47372 ls616">Write-downs </span><span class="pp-class-236 pa t41664 l47373 ls811">on </span><span class="pp-class-236 pa t41664 l47374 ls849">trade </span><span class="pp-class-236 pa t41664 l47375 ls603">receivables </span><span class="pp-class-236 pa t41664 l47376 ls2808">are </span><span class="pp-class-236 pa t41664 l42764 ls538">based </span><span class="pp-class-236 pa t41664 l47377 ls811">on </span><span class="pp-class-236 pa t41664 l47378 ls651">the </span><span class="pp-class-236 pa t41664 l47379 ls608">simplified </span><span class="pp-class-236 pa t40783 l3 ls5781">expected </span><span class="pp-class-236 pa t40783 l47310 ls2197">credit </span><span class="pp-class-236 pa t40783 l47311 ls2222">loss </span><span class="pp-class-236 pa t40783 l47312 ls1764">model. </span><span class="pp-class-236 pa t40783 l47380 ls2197">Credit </span><span class="pp-class-236 pa t40783 l47381 ls2222">loss </span><span class="pp-class-236 pa t40783 l47382 ls7086">allowances </span><span class="pp-class-236 pa t40783 l47383 ls811">on </span><span class="pp-class-236 pa t40783 l47384 ls562">individual </span><span class="pp-class-236 pa t40783 l47385 ls603">receivables </span><span class="pp-class-236 pa t40783 l47386 ls2808">are </span><span class="pp-class-236 pa t40783 l47387 ls2245">provided </span><span class="pp-class-236 pa t40783 l47388 ls553">for </span><span class="pp-class-236 pa t40783 l47389 ls967">when </span><span class="pp-class-236 pa t40793 l3 ls667">objective </span><span class="pp-class-236 pa t40793 l47390 ls1404">indications </span><span class="pp-class-236 pa t40793 l33899 ls98">of </span><span class="pp-class-236 pa t40793 l38614 ls2197">credit </span><span class="pp-class-236 pa t40793 l47391 ls1764">losses </span><span class="pp-class-236 pa t40793 l47392 ls538">occur </span><span class="pp-class-236 pa t40793 l47393 ls2222">such </span><span class="pp-class-236 pa t40793 l46246 ls811">as </span><span class="pp-class-236 pa t40793 l47394 ls949">customer </span><span class="pp-class-236 pa t40793 l33353 ls713">bankruptcy </span><span class="pp-class-236 pa t40793 l47395 ls572">and </span><span class="pp-class-236 pa t40793 l47396 ls2036">uncertainty </span><span class="pp-class-236 pa t40793 l47397 ls538">about </span><span class="pp-class-236 pa t40793 l43397 ls184">the </span><span class="pp-class-236 pa t40806 l3 ls524">customers’ </span><span class="pp-class-236 pa t40806 l47398 ls2036">ability </span><span class="pp-class-236 pa t40806 l47399 ls7832">and/or </span><span class="pp-class-236 pa t40806 l39450 ls625">willingness </span><span class="pp-class-236 pa t40806 l47400 ls538">to </span><span class="pp-class-236 pa t40806 l28300 ls19396">pay, </span><span class="pp-class-236 pa t40806 l47401 ls4787">etc. </span><span class="pp-class-236 pa t40806 l47402 ls811">In </span><span class="pp-class-236 pa t40806 l17482 ls544">addition </span><span class="pp-class-236 pa t40806 l47403 ls538">to </span><span class="pp-class-236 pa t40806 l47404 ls538">this, </span><span class="pp-class-236 pa t40806 l47405 ls7086">allowances </span><span class="pp-class-236 pa t40806 l47406 ls553">for </span><span class="pp-class-236 pa t40806 l47407 ls5781">expected </span><span class="pp-class-236 pa t40806 l47408 ls565">credit </span><span class="pp-class-236 pa t40818 l3 ls1764">losses </span><span class="pp-class-236 pa t40818 l47409 ls2808">are </span><span class="pp-class-236 pa t40818 l4324 ls544">made </span><span class="pp-class-236 pa t40818 l47410 ls811">on </span><span class="pp-class-236 pa t40818 l47411 ls651">the </span><span class="pp-class-236 pa t40818 l47412 ls8048">remaining </span><span class="pp-class-236 pa t40818 l47413 ls849">trade </span><span class="pp-class-236 pa t40818 l28703 ls603">receivables </span><span class="pp-class-236 pa t40818 l47414 ls538">based </span><span class="pp-class-236 pa t40818 l47415 ls811">on </span><span class="pp-class-236 pa t40818 l47416 ls184">a </span><span class="pp-class-236 pa t40818 l47417 ls562">simplified </span><span class="pp-class-236 pa t40818 l47418 ls1463">approach. </span><span class="pp-class-236 pa t40818 l47419 ls2258">Work </span><span class="pp-class-236 pa t40818 l40049 ls1547">in </span><span class="pp-class-236 pa t42636 l3 ls11713">progress </span><span class="pp-class-236 pa t42636 l39185 ls572">services </span><span class="pp-class-236 pa t42636 l42873 ls811">is </span><span class="pp-class-236 pa t42636 l47420 ls3855">measured </span><span class="pp-class-236 pa t42636 l47421 ls538">based </span><span class="pp-class-236 pa t42636 l47422 ls811">on </span><span class="pp-class-236 pa t42636 l46385 ls651">the </span><span class="pp-class-236 pa t42636 l47423 ls2197">value </span><span class="pp-class-236 pa t42636 l47424 ls98">of </span><span class="pp-class-236 pa t42636 l47425 ls651">the </span><span class="pp-class-236 pa t42636 l47426 ls98">of </span><span class="pp-class-236 pa t42636 l47427 ls651">the </span><span class="pp-class-236 pa t42636 l47428 ls8048">work </span><span class="pp-class-236 pa t42636 l47429 ls724">performed </span><span class="pp-class-236 pa t42636 l47430 ls811">as </span><span class="pp-class-236 pa t42636 l34179 ls98">of </span><span class="pp-class-236 pa t42636 l47431 ls572">the </span><span class="pp-class-236 pa t42636 l47432 ls651">balance </span><span class="pp-class-236 pa t42651 l3 ls949">sheet </span><span class="pp-class-236 pa t42651 l36339 ls1815">date. </span><span class="pp-class-236 pa t42651 l34212 ls616">Write-downs </span><span class="pp-class-236 pa t42651 l21966 ls651">and </span><span class="pp-class-236 pa t42651 l47433 ls3855">realised </span><span class="pp-class-236 pa t42651 l17067 ls1764">losses </span><span class="pp-class-236 pa t42651 l47434 ls811">on </span><span class="pp-class-236 pa t42651 l41644 ls849">trade </span><span class="pp-class-236 pa t42651 l38866 ls603">receivables </span><span class="pp-class-236 pa t42651 l47435 ls651">and </span><span class="pp-class-236 pa t42651 l47436 ls8048">work </span><span class="pp-class-236 pa t42651 l47437 ls811">in </span><span class="pp-class-236 pa t42651 l47438 ls11713">progress </span><span class="pp-class-236 pa t42651 l47439 ls572">services </span><span class="pp-class-236 pa t42651 l47440 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls608">ferry </span><span class="pp-class-236 pa t42666 l47441 ls572">and </span><span class="pp-class-236 pa t42666 l47442 ls949">other </span><span class="pp-class-236 pa t42666 l47443 ls2222">ship </span><span class="pp-class-236 pa t42666 l47444 ls1775">operation </span><span class="pp-class-236 pa t42666 l3653 ls651">and </span><span class="pp-class-236 pa t42666 l47445 ls541">maintenance </span><span class="pp-class-236 pa t42666 l43290 ls538">costs </span><span class="pp-class-236 pa t42666 l47446 ls811">in </span><span class="pp-class-236 pa t42666 l44528 ls651">the </span><span class="pp-class-236 pa t42666 l47447 ls1764">income </span><span class="pp-class-236 pa t42666 l47448 ls30">statement. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47449 l3 ls2222">DFDS </span><span class="pp-class-236 pa t47449 l28172 ls2222">uses </span><span class="pp-class-236 pa t47449 l47450 ls2197">factoring </span><span class="pp-class-236 pa t47449 l18822 ls667">arrangements </span><span class="pp-class-236 pa t47449 l10713 ls811">as </span><span class="pp-class-236 pa t47449 l2313 ls572">one </span><span class="pp-class-236 pa t47449 l47451 ls98">of </span><span class="pp-class-236 pa t47449 l47452 ls572">the </span><span class="pp-class-236 pa t47449 l16270 ls1780">working </span><span class="pp-class-236 pa t47449 l47453 ls524">capital </span><span class="pp-class-236 pa t47449 l47454 ls30">management </span><span class="pp-class-236 pa t47449 l39399 ls747">tools. </span><span class="pp-class-236 pa t47449 l47455 ls2222">Sold </span><span class="pp-class-236 pa t47449 l47456 ls706">trade </span><span class="pp-class-236 pa t42680 l3 ls603">receivables </span><span class="pp-class-236 pa t42680 l47457 ls2808">are </span><span class="pp-class-236 pa t42680 l47458 ls2207">derecognised </span><span class="pp-class-236 pa t42680 l28842 ls2222">once </span><span class="pp-class-236 pa t42680 l47459 ls524">significant </span><span class="pp-class-236 pa t42680 l18895 ls3681">related </span><span class="pp-class-236 pa t42680 l47460 ls667">risks </span><span class="pp-class-236 pa t42680 l47461 ls572">and </span><span class="pp-class-236 pa t42680 l47462 ls1592">rewards </span><span class="pp-class-236 pa t42680 l47463 ls98">of </span><span class="pp-class-236 pa t42680 l47464 ls548">ownership </span><span class="pp-class-236 pa t42680 l47465 ls110">have </span><span class="pp-class-236 pa t42680 l38691 ls967">been </span><span class="pp-class-236 pa t42693 l3 ls6270">transferred </span><span class="pp-class-236 pa t42693 l45041 ls538">to </span><span class="pp-class-236 pa t42693 l27492 ls651">the </span><span class="pp-class-236 pa t42693 l45757 ls853">buyer.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls538">Other </span><span class="pp-class-236 pa t42723 l44451 ls603">receivables </span><span class="pp-class-236 pa t42723 l16885 ls1751">comprise </span><span class="pp-class-236 pa t42723 l45747 ls949">other </span><span class="pp-class-236 pa t42723 l18614 ls849">trade </span><span class="pp-class-236 pa t42723 l47466 ls1463">receivables; </span><span class="pp-class-236 pa t42723 l45804 ls8048">insurance </span><span class="pp-class-236 pa t42723 l17096 ls603">receivables </span><span class="pp-class-236 pa t42723 l47467 ls811">on </span><span class="pp-class-236 pa t42723 l47468 ls2222">loss </span><span class="pp-class-236 pa t42723 l47469 ls811">or </span><span class="pp-class-236 pa t42723 l47470 ls544">damage </span><span class="pp-class-236 pa t42723 l47471 ls197">of </span><span class="pp-class-236 pa t42738 l3 ls551">ferries </span><span class="pp-class-236 pa t42738 l41452 ls651">and </span><span class="pp-class-236 pa t42738 l41453 ls949">other </span><span class="pp-class-236 pa t42738 l3030 ls1764">ships; </span><span class="pp-class-236 pa t42738 l31135 ls995">financial </span><span class="pp-class-236 pa t42738 l47472 ls538">lease </span><span class="pp-class-236 pa t42738 l47473 ls1463">receivables; </span><span class="pp-class-236 pa t42738 l47474 ls546">outstanding </span><span class="pp-class-236 pa t42738 l47475 ls1751">balances </span><span class="pp-class-236 pa t42738 l47476 ls553">for </span><span class="pp-class-236 pa t42738 l47477 ls548">chartered </span><span class="pp-class-236 pa t42738 l47478 ls995">ferries; </span><span class="pp-class-236 pa t42755 l3 ls706">interest </span><span class="pp-class-236 pa t42755 l47479 ls4793">receivable, </span><span class="pp-class-236 pa t42755 l47480 ls2969">etc.</span></p></div></div></div></div></div> <div id="pp-id-5364" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47188 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1024">Ageing </span><span class="pp-class-237 pa t27896 l47189">of </span><span class="pp-class-237 pa t27896 l47190 ls244">trade </span><span class="pp-class-237 pa t27896 l47191 ls833">receivables </span><span class="pp-class-237 pa t27896 l47192 ls2222">at </span><span class="pp-class-237 pa t27896 l47193">31 </span><span class="pp-class-237 pa t27896 l47194">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l3 ls113">Not </span><span class="pp-class-236 pa t27900 l47195">past </span><span class="pp-class-236 pa t27900 l47196">due</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27900 l47197 ls4248">2,837</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27900 l47198 ls2081">3,662</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l3">Up </span><span class="pp-class-236 pa t27914 l40356 ls138">to </span><span class="pp-class-236 pa t27914 l47199">30 </span><span class="pp-class-236 pa t27914 l10832 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l47200">431</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l45238">426</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l3 ls565">31-60 </span><span class="pp-class-236 pa t47201 l47202 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l45090">58</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47203 ls667">73</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l3 ls565">61-90 </span><span class="pp-class-236 pa t47204 l47205 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l41696">28</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l3 ls747">91-120 </span><span class="pp-class-236 pa t47207 l47208 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l3 ls181">More </span><span class="pp-class-236 pa t47210 l47211">than </span><span class="pp-class-236 pa t47210 l47212">120 </span><span class="pp-class-236 pa t47210 l47213 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47214 ls1547">110</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47215">96</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l3 ls814">Receivables, </span><span class="pp-class-237 pa t3162 l47216 ls227">gross</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47217 ls4381">3,</span></a><span class="pp-class-237 pa t3162 l47218">503</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t3162 l47219">4</span><a><span class="pp-class-237 pa t3162 l47220">,</span></a><span class="pp-class-237 pa t3162 l47221">286</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47222 l3 ls177">Expected </span><span class="pp-class-236 pa t47222 l3387 ls197">credit </span><span class="pp-class-236 pa t47222 l47223">loss </span><span class="pp-class-236 pa t47222 l47224 ls129">allowance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47222 l47225">135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47222 l47226">83</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47227 l3 ls603">Trade </span><span class="pp-class-237 pa t47227 l47228 ls143">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47227 l47229 ls1017">3,</span></a><span class="pp-class-237 pa t47227 l47230">368</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t47227 l47231">4</span><a><span class="pp-class-237 pa t47227 l47232">,</span></a><span class="pp-class-237 pa t47227 l47233">203</span></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5365" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47234 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1618">Movements </span><span class="pp-class-237 pa t27896 l47235 ls1741">expected </span><span class="pp-class-237 pa t27896 l47236 ls1467">credit </span><span class="pp-class-237 pa t27896 l47237 ls21">loss </span><span class="pp-class-237 pa t27896 l47238 ls967">allowance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l3 ls197">Credit </span><span class="pp-class-236 pa t27900 l47239">loss </span><span class="pp-class-236 pa t27900 l21826 ls833">allowance </span><span class="pp-class-236 pa t27900 l47240 ls2368">at </span><span class="pp-class-236 pa t27900 l47241">1 </span><span class="pp-class-236 pa t27900 l47242 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l47243">83</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l47203 ls667">73</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l3 ls1133">Foreign </span><span class="pp-class-236 pa t27914 l37293 ls212">exchange </span><span class="pp-class-236 pa t27914 l37294 ls177">adjustment</span></a><span class="pp-class-236 pa t27914 l47244">s</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l43596">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l3 ls115">Addition </span><span class="pp-class-236 pa t47201 l42147">on </span><span class="pp-class-236 pa t47201 l42148 ls13">acquisition </span><span class="pp-class-236 pa t47201 l42149 ls118">of </span><span class="pp-class-236 pa t47201 l35302 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47246 ls184">10</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l3 ls76">Write-downs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l45095">64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l3">Realised </span><span class="pp-class-236 pa t47207 l3203">losses</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l3 ls129">Reversed </span><span class="pp-class-236 pa t47210 l47248 ls1098">write-downs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47249">-22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47250">-21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l3 ls118">Expected </span><span class="pp-class-237 pa t3162 l47251 ls1467">credit </span><span class="pp-class-237 pa t3162 l13817 ls21">loss </span><span class="pp-class-237 pa t3162 l47252 ls875">allowance </span><span class="pp-class-237 pa t3162 l47253 ls2222">at </span><span class="pp-class-237 pa t3162 l47254">31 </span><span class="pp-class-237 pa t3162 l47255">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47225">135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47226">83</span></a></p></td></tr></table></div></div><div id="pp-id-5369" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47257 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-234 pa t1122 l3 ls80">3.2.1 </span><span class="pp-class-234 pa t1122 l38307 ls570">Receivables </span><span class="pp-class-235 pa t1122 l47258 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47259 l3 ls651">The </span><span class="pp-class-236 pa t47259 l38379 ls2222">last </span><span class="pp-class-236 pa t47259 l47260 ls8048">five </span><span class="pp-class-236 pa t47259 l47261 ls838">years </span><span class="pp-class-236 pa t47259 l47262 ls538">DFDS’ </span><span class="pp-class-236 pa t47259 l45678 ls3855">realised </span><span class="pp-class-236 pa t47259 l13192 ls2197">credit </span><span class="pp-class-236 pa t47259 l47263 ls1764">losses </span><span class="pp-class-236 pa t47259 l47264 ls811">on </span><span class="pp-class-236 pa t47259 l47265 ls849">trade </span><span class="pp-class-236 pa t47259 l47266 ls603">receivables </span><span class="pp-class-236 pa t47259 l47267 ls110">have </span><span class="pp-class-236 pa t47259 l47268 ls2222">been </span><span class="pp-class-236 pa t47259 l47269 ls949">insignificant </span><span class="pp-class-236 pa t47259 l47270 ls651">and </span><span class="pp-class-236 pa t47259 l47271 ls572">the </span><span class="pp-class-236 pa t47259 l47272 ls2222">loss </span><span class="pp-class-236 pa t47259 l47273 ls8384">rate </span><span class="pp-class-236 pa t47259 l47274 ls1547">is </span><span class="pp-class-236 pa t47275 l3 ls838">below </span><span class="pp-class-236 pa t47275 l47276 ls2846">0.1% </span><span class="pp-class-236 pa t47275 l47277 ls667">(2024: </span><span class="pp-class-236 pa t47275 l33810 ls7832">0.1%) </span><span class="pp-class-236 pa t47275 l531 ls98">of </span><span class="pp-class-236 pa t47275 l47278 ls651">the </span><span class="pp-class-236 pa t47275 l47279 ls3084">revenue </span><span class="pp-class-236 pa t47275 l47280 ls811">in </span><span class="pp-class-236 pa t47275 l47281 ls553">any </span><span class="pp-class-236 pa t47275 l47282 ls98">of </span><span class="pp-class-236 pa t47275 l47283 ls572">the </span><span class="pp-class-236 pa t47275 l33427 ls1131">respective </span><span class="pp-class-236 pa t47275 l47284 ls758">years. </span><span class="pp-class-236 pa t47275 l40368 ls651">The </span><span class="pp-class-236 pa t47275 l47285 ls2036">changes </span><span class="pp-class-236 pa t47275 l47286 ls811">in </span><span class="pp-class-236 pa t47275 l47287 ls3855">payment </span><span class="pp-class-236 pa t47275 l47288 ls4787">pattern </span><span class="pp-class-236 pa t16056 l3 ls4248">continue </span><span class="pp-class-236 pa t16056 l28762 ls538">to </span><span class="pp-class-236 pa t16056 l16609 ls811">be </span><span class="pp-class-236 pa t16056 l28862 ls949">insignificant </span><span class="pp-class-236 pa t16056 l47289 ls651">and </span><span class="pp-class-236 pa t16056 l47290 ls2197">at </span><span class="pp-class-236 pa t16056 l28311 ls572">the </span><span class="pp-class-236 pa t16056 l30159 ls2222">same </span><span class="pp-class-236 pa t16056 l47291 ls849">level </span><span class="pp-class-236 pa t16056 l47292 ls811">as </span><span class="pp-class-236 pa t16056 l47293 ls2245">previous </span><span class="pp-class-236 pa t16056 l47294 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47295 l3 ls3170">Accordingly, </span><span class="pp-class-236 pa t47295 l47296 ls2197">at </span><span class="pp-class-236 pa t47295 l47297 ls1775">year-end </span><span class="pp-class-236 pa t47295 l33766 ls2222">2025 </span><span class="pp-class-236 pa t47295 l47298 ls651">the </span><span class="pp-class-236 pa t47295 l47299 ls5781">expected </span><span class="pp-class-236 pa t47295 l47300 ls2197">credit </span><span class="pp-class-236 pa t47295 l47301 ls1764">losses </span><span class="pp-class-236 pa t47295 l47302 ls811">on </span><span class="pp-class-236 pa t47295 l47303 ls849">trade </span><span class="pp-class-236 pa t47295 l47304 ls603">receivables </span><span class="pp-class-236 pa t47295 l47305 ls560">calculated </span><span class="pp-class-236 pa t47295 l47306 ls538">under </span><span class="pp-class-236 pa t47295 l47307 ls572">the </span><span class="pp-class-236 pa t47295 l47308 ls608">simplified </span><span class="pp-class-236 pa t47309 l3 ls5781">expected </span><span class="pp-class-236 pa t47309 l47310 ls2197">credit </span><span class="pp-class-236 pa t47309 l47311 ls2222">loss </span><span class="pp-class-236 pa t47309 l47312 ls538">model </span><span class="pp-class-236 pa t47309 l47313 ls811">is </span><span class="pp-class-236 pa t47309 l47314 ls538">based </span><span class="pp-class-236 pa t47309 l39393 ls811">on </span><span class="pp-class-236 pa t47309 l47315 ls651">the </span><span class="pp-class-236 pa t47309 l47316 ls2894">average </span><span class="pp-class-236 pa t47309 l47317 ls179">historical </span><span class="pp-class-236 pa t47309 l47318 ls2222">loss </span><span class="pp-class-236 pa t47309 l47319 ls8384">rate </span><span class="pp-class-236 pa t47309 l47320 ls811">on </span><span class="pp-class-236 pa t47309 l40975 ls3084">revenue </span><span class="pp-class-236 pa t47309 l47321 ls553">for </span><span class="pp-class-236 pa t47309 l47322 ls572">the </span><span class="pp-class-236 pa t47309 l37339 ls2222">last </span><span class="pp-class-236 pa t47309 l47323 ls8048">five </span><span class="pp-class-236 pa t47309 l47324 ls838">years </span><span class="pp-class-236 pa t47309 l47325 ls197">of </span><span class="pp-class-236 pa t47326 l3 ls1054">0.0% </span><span class="pp-class-236 pa t47326 l29368 ls667">(2024: </span><span class="pp-class-236 pa t47326 l47327 ls1173">0.0%) </span><span class="pp-class-236 pa t47326 l47328 ls4248">plus </span><span class="pp-class-236 pa t47326 l14891 ls553">adjustments </span><span class="pp-class-236 pa t47326 l47329 ls553">for </span><span class="pp-class-236 pa t47326 l47330 ls667">forward-looking </span><span class="pp-class-236 pa t47326 l30667 ls603">factors </span><span class="pp-class-236 pa t47326 l47331 ls2258">were </span><span class="pp-class-236 pa t47326 l47332 ls667">considered </span><span class="pp-class-236 pa t47326 l47333 ls6824">relevant.</span></p><div id="pp-id-5368"><div class="pp-class-227 pp-class-256" id="pp-id-5366"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls614">Receivables </span><span class="pp-class-236 pa t40754 l18164 ls2808">are </span><span class="pp-class-236 pa t40754 l47335 ls667">recognised </span><span class="pp-class-236 pa t40754 l47336 ls2197">at </span><span class="pp-class-236 pa t40754 l47337 ls52">amortised </span><span class="pp-class-236 pa t40754 l47338 ls2222">cost </span><span class="pp-class-236 pa t40754 l47339 ls2222">less </span><span class="pp-class-236 pa t40754 l47340 ls5781">expected </span><span class="pp-class-236 pa t40754 l47341 ls2197">credit </span><span class="pp-class-236 pa t40754 l47342 ls2036">losses. </span><span class="pp-class-236 pa t40754 l47343 ls538">DFDS’ </span><span class="pp-class-236 pa t40754 l47344 ls667">risks </span><span class="pp-class-236 pa t40754 l38878 ls877">regarding </span><span class="pp-class-236 pa t40763 l3 ls849">trade </span><span class="pp-class-236 pa t40763 l47345 ls603">receivables </span><span class="pp-class-236 pa t40763 l47346 ls2808">are </span><span class="pp-class-236 pa t40763 l47347 ls4248">not </span><span class="pp-class-236 pa t40763 l47348 ls667">considered </span><span class="pp-class-236 pa t40763 l47349 ls2036">unusual </span><span class="pp-class-236 pa t40763 l47350 ls651">and </span><span class="pp-class-236 pa t40763 l47351 ls811">no </span><span class="pp-class-236 pa t40763 l47352 ls838">material </span><span class="pp-class-236 pa t40763 l47353 ls2222">risk </span><span class="pp-class-236 pa t40763 l47354 ls811">is </span><span class="pp-class-236 pa t40763 l47355 ls621">attributable </span><span class="pp-class-236 pa t40763 l47356 ls538">to </span><span class="pp-class-236 pa t40763 l47357 ls184">a </span><span class="pp-class-236 pa t40763 l47358 ls1764">single </span><span class="pp-class-236 pa t40763 l47359 ls538">customer </span><span class="pp-class-236 pa t40775 l3 ls811">or </span><span class="pp-class-236 pa t40775 l44501 ls706">group </span><span class="pp-class-236 pa t40775 l19667 ls98">of </span><span class="pp-class-236 pa t40775 l47360 ls179">customers. </span><span class="pp-class-236 pa t40775 l47361 ls2270">According </span><span class="pp-class-236 pa t40775 l47362 ls538">to </span><span class="pp-class-236 pa t40775 l47363 ls572">the </span><span class="pp-class-236 pa t40775 l3657 ls2848">Group’s </span><span class="pp-class-236 pa t40775 l47364 ls758">policy </span><span class="pp-class-236 pa t40775 l47365 ls98">of </span><span class="pp-class-236 pa t40775 l47366 ls1764">undertaking </span><span class="pp-class-236 pa t40775 l47367 ls2197">credit </span><span class="pp-class-236 pa t40775 l47368 ls838">risks, </span><span class="pp-class-236 pa t40775 l47369 ls524">assessment </span><span class="pp-class-236 pa t40775 l47370 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls524">significant </span><span class="pp-class-236 pa t41664 l45314 ls949">customers </span><span class="pp-class-236 pa t41664 l34427 ls811">is </span><span class="pp-class-236 pa t41664 l47371 ls724">performed. </span><span class="pp-class-236 pa t41664 l47372 ls616">Write-downs </span><span class="pp-class-236 pa t41664 l47373 ls811">on </span><span class="pp-class-236 pa t41664 l47374 ls849">trade </span><span class="pp-class-236 pa t41664 l47375 ls603">receivables </span><span class="pp-class-236 pa t41664 l47376 ls2808">are </span><span class="pp-class-236 pa t41664 l42764 ls538">based </span><span class="pp-class-236 pa t41664 l47377 ls811">on </span><span class="pp-class-236 pa t41664 l47378 ls651">the </span><span class="pp-class-236 pa t41664 l47379 ls608">simplified </span><span class="pp-class-236 pa t40783 l3 ls5781">expected </span><span class="pp-class-236 pa t40783 l47310 ls2197">credit </span><span class="pp-class-236 pa t40783 l47311 ls2222">loss </span><span class="pp-class-236 pa t40783 l47312 ls1764">model. </span><span class="pp-class-236 pa t40783 l47380 ls2197">Credit </span><span class="pp-class-236 pa t40783 l47381 ls2222">loss </span><span class="pp-class-236 pa t40783 l47382 ls7086">allowances </span><span class="pp-class-236 pa t40783 l47383 ls811">on </span><span class="pp-class-236 pa t40783 l47384 ls562">individual </span><span class="pp-class-236 pa t40783 l47385 ls603">receivables </span><span class="pp-class-236 pa t40783 l47386 ls2808">are </span><span class="pp-class-236 pa t40783 l47387 ls2245">provided </span><span class="pp-class-236 pa t40783 l47388 ls553">for </span><span class="pp-class-236 pa t40783 l47389 ls967">when </span><span class="pp-class-236 pa t40793 l3 ls667">objective </span><span class="pp-class-236 pa t40793 l47390 ls1404">indications </span><span class="pp-class-236 pa t40793 l33899 ls98">of </span><span class="pp-class-236 pa t40793 l38614 ls2197">credit </span><span class="pp-class-236 pa t40793 l47391 ls1764">losses </span><span class="pp-class-236 pa t40793 l47392 ls538">occur </span><span class="pp-class-236 pa t40793 l47393 ls2222">such </span><span class="pp-class-236 pa t40793 l46246 ls811">as </span><span class="pp-class-236 pa t40793 l47394 ls949">customer </span><span class="pp-class-236 pa t40793 l33353 ls713">bankruptcy </span><span class="pp-class-236 pa t40793 l47395 ls572">and </span><span class="pp-class-236 pa t40793 l47396 ls2036">uncertainty </span><span class="pp-class-236 pa t40793 l47397 ls538">about </span><span class="pp-class-236 pa t40793 l43397 ls184">the </span><span class="pp-class-236 pa t40806 l3 ls524">customers’ </span><span class="pp-class-236 pa t40806 l47398 ls2036">ability </span><span class="pp-class-236 pa t40806 l47399 ls7832">and/or </span><span class="pp-class-236 pa t40806 l39450 ls625">willingness </span><span class="pp-class-236 pa t40806 l47400 ls538">to </span><span class="pp-class-236 pa t40806 l28300 ls19396">pay, </span><span class="pp-class-236 pa t40806 l47401 ls4787">etc. </span><span class="pp-class-236 pa t40806 l47402 ls811">In </span><span class="pp-class-236 pa t40806 l17482 ls544">addition </span><span class="pp-class-236 pa t40806 l47403 ls538">to </span><span class="pp-class-236 pa t40806 l47404 ls538">this, </span><span class="pp-class-236 pa t40806 l47405 ls7086">allowances </span><span class="pp-class-236 pa t40806 l47406 ls553">for </span><span class="pp-class-236 pa t40806 l47407 ls5781">expected </span><span class="pp-class-236 pa t40806 l47408 ls565">credit </span><span class="pp-class-236 pa t40818 l3 ls1764">losses </span><span class="pp-class-236 pa t40818 l47409 ls2808">are </span><span class="pp-class-236 pa t40818 l4324 ls544">made </span><span class="pp-class-236 pa t40818 l47410 ls811">on </span><span class="pp-class-236 pa t40818 l47411 ls651">the </span><span class="pp-class-236 pa t40818 l47412 ls8048">remaining </span><span class="pp-class-236 pa t40818 l47413 ls849">trade </span><span class="pp-class-236 pa t40818 l28703 ls603">receivables </span><span class="pp-class-236 pa t40818 l47414 ls538">based </span><span class="pp-class-236 pa t40818 l47415 ls811">on </span><span class="pp-class-236 pa t40818 l47416 ls184">a </span><span class="pp-class-236 pa t40818 l47417 ls562">simplified </span><span class="pp-class-236 pa t40818 l47418 ls1463">approach. </span><span class="pp-class-236 pa t40818 l47419 ls2258">Work </span><span class="pp-class-236 pa t40818 l40049 ls1547">in </span><span class="pp-class-236 pa t42636 l3 ls11713">progress </span><span class="pp-class-236 pa t42636 l39185 ls572">services </span><span class="pp-class-236 pa t42636 l42873 ls811">is </span><span class="pp-class-236 pa t42636 l47420 ls3855">measured </span><span class="pp-class-236 pa t42636 l47421 ls538">based </span><span class="pp-class-236 pa t42636 l47422 ls811">on </span><span class="pp-class-236 pa t42636 l46385 ls651">the </span><span class="pp-class-236 pa t42636 l47423 ls2197">value </span><span class="pp-class-236 pa t42636 l47424 ls98">of </span><span class="pp-class-236 pa t42636 l47425 ls651">the </span><span class="pp-class-236 pa t42636 l47426 ls98">of </span><span class="pp-class-236 pa t42636 l47427 ls651">the </span><span class="pp-class-236 pa t42636 l47428 ls8048">work </span><span class="pp-class-236 pa t42636 l47429 ls724">performed </span><span class="pp-class-236 pa t42636 l47430 ls811">as </span><span class="pp-class-236 pa t42636 l34179 ls98">of </span><span class="pp-class-236 pa t42636 l47431 ls572">the </span><span class="pp-class-236 pa t42636 l47432 ls651">balance </span><span class="pp-class-236 pa t42651 l3 ls949">sheet </span><span class="pp-class-236 pa t42651 l36339 ls1815">date. </span><span class="pp-class-236 pa t42651 l34212 ls616">Write-downs </span><span class="pp-class-236 pa t42651 l21966 ls651">and </span><span class="pp-class-236 pa t42651 l47433 ls3855">realised </span><span class="pp-class-236 pa t42651 l17067 ls1764">losses </span><span class="pp-class-236 pa t42651 l47434 ls811">on </span><span class="pp-class-236 pa t42651 l41644 ls849">trade </span><span class="pp-class-236 pa t42651 l38866 ls603">receivables </span><span class="pp-class-236 pa t42651 l47435 ls651">and </span><span class="pp-class-236 pa t42651 l47436 ls8048">work </span><span class="pp-class-236 pa t42651 l47437 ls811">in </span><span class="pp-class-236 pa t42651 l47438 ls11713">progress </span><span class="pp-class-236 pa t42651 l47439 ls572">services </span><span class="pp-class-236 pa t42651 l47440 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls608">ferry </span><span class="pp-class-236 pa t42666 l47441 ls572">and </span><span class="pp-class-236 pa t42666 l47442 ls949">other </span><span class="pp-class-236 pa t42666 l47443 ls2222">ship </span><span class="pp-class-236 pa t42666 l47444 ls1775">operation </span><span class="pp-class-236 pa t42666 l3653 ls651">and </span><span class="pp-class-236 pa t42666 l47445 ls541">maintenance </span><span class="pp-class-236 pa t42666 l43290 ls538">costs </span><span class="pp-class-236 pa t42666 l47446 ls811">in </span><span class="pp-class-236 pa t42666 l44528 ls651">the </span><span class="pp-class-236 pa t42666 l47447 ls1764">income </span><span class="pp-class-236 pa t42666 l47448 ls30">statement. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47449 l3 ls2222">DFDS </span><span class="pp-class-236 pa t47449 l28172 ls2222">uses </span><span class="pp-class-236 pa t47449 l47450 ls2197">factoring </span><span class="pp-class-236 pa t47449 l18822 ls667">arrangements </span><span class="pp-class-236 pa t47449 l10713 ls811">as </span><span class="pp-class-236 pa t47449 l2313 ls572">one </span><span class="pp-class-236 pa t47449 l47451 ls98">of </span><span class="pp-class-236 pa t47449 l47452 ls572">the </span><span class="pp-class-236 pa t47449 l16270 ls1780">working </span><span class="pp-class-236 pa t47449 l47453 ls524">capital </span><span class="pp-class-236 pa t47449 l47454 ls30">management </span><span class="pp-class-236 pa t47449 l39399 ls747">tools. </span><span class="pp-class-236 pa t47449 l47455 ls2222">Sold </span><span class="pp-class-236 pa t47449 l47456 ls706">trade </span><span class="pp-class-236 pa t42680 l3 ls603">receivables </span><span class="pp-class-236 pa t42680 l47457 ls2808">are </span><span class="pp-class-236 pa t42680 l47458 ls2207">derecognised </span><span class="pp-class-236 pa t42680 l28842 ls2222">once </span><span class="pp-class-236 pa t42680 l47459 ls524">significant </span><span class="pp-class-236 pa t42680 l18895 ls3681">related </span><span class="pp-class-236 pa t42680 l47460 ls667">risks </span><span class="pp-class-236 pa t42680 l47461 ls572">and </span><span class="pp-class-236 pa t42680 l47462 ls1592">rewards </span><span class="pp-class-236 pa t42680 l47463 ls98">of </span><span class="pp-class-236 pa t42680 l47464 ls548">ownership </span><span class="pp-class-236 pa t42680 l47465 ls110">have </span><span class="pp-class-236 pa t42680 l38691 ls967">been </span><span class="pp-class-236 pa t42693 l3 ls6270">transferred </span><span class="pp-class-236 pa t42693 l45041 ls538">to </span><span class="pp-class-236 pa t42693 l27492 ls651">the </span><span class="pp-class-236 pa t42693 l45757 ls853">buyer.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls538">Other </span><span class="pp-class-236 pa t42723 l44451 ls603">receivables </span><span class="pp-class-236 pa t42723 l16885 ls1751">comprise </span><span class="pp-class-236 pa t42723 l45747 ls949">other </span><span class="pp-class-236 pa t42723 l18614 ls849">trade </span><span class="pp-class-236 pa t42723 l47466 ls1463">receivables; </span><span class="pp-class-236 pa t42723 l45804 ls8048">insurance </span><span class="pp-class-236 pa t42723 l17096 ls603">receivables </span><span class="pp-class-236 pa t42723 l47467 ls811">on </span><span class="pp-class-236 pa t42723 l47468 ls2222">loss </span><span class="pp-class-236 pa t42723 l47469 ls811">or </span><span class="pp-class-236 pa t42723 l47470 ls544">damage </span><span class="pp-class-236 pa t42723 l47471 ls197">of </span><span class="pp-class-236 pa t42738 l3 ls551">ferries </span><span class="pp-class-236 pa t42738 l41452 ls651">and </span><span class="pp-class-236 pa t42738 l41453 ls949">other </span><span class="pp-class-236 pa t42738 l3030 ls1764">ships; </span><span class="pp-class-236 pa t42738 l31135 ls995">financial </span><span class="pp-class-236 pa t42738 l47472 ls538">lease </span><span class="pp-class-236 pa t42738 l47473 ls1463">receivables; </span><span class="pp-class-236 pa t42738 l47474 ls546">outstanding </span><span class="pp-class-236 pa t42738 l47475 ls1751">balances </span><span class="pp-class-236 pa t42738 l47476 ls553">for </span><span class="pp-class-236 pa t42738 l47477 ls548">chartered </span><span class="pp-class-236 pa t42738 l47478 ls995">ferries; </span><span class="pp-class-236 pa t42755 l3 ls706">interest </span><span class="pp-class-236 pa t42755 l47479 ls4793">receivable, </span><span class="pp-class-236 pa t42755 l47480 ls2969">etc.</span></p></div></div></div></div></div> <div id="pp-id-5364" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47188 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1024">Ageing </span><span class="pp-class-237 pa t27896 l47189">of </span><span class="pp-class-237 pa t27896 l47190 ls244">trade </span><span class="pp-class-237 pa t27896 l47191 ls833">receivables </span><span class="pp-class-237 pa t27896 l47192 ls2222">at </span><span class="pp-class-237 pa t27896 l47193">31 </span><span class="pp-class-237 pa t27896 l47194">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l3 ls113">Not </span><span class="pp-class-236 pa t27900 l47195">past </span><span class="pp-class-236 pa t27900 l47196">due</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27900 l47197 ls4248">2,837</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27900 l47198 ls2081">3,662</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l3">Up </span><span class="pp-class-236 pa t27914 l40356 ls138">to </span><span class="pp-class-236 pa t27914 l47199">30 </span><span class="pp-class-236 pa t27914 l10832 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l47200">431</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l45238">426</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l3 ls565">31-60 </span><span class="pp-class-236 pa t47201 l47202 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l45090">58</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47203 ls667">73</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l3 ls565">61-90 </span><span class="pp-class-236 pa t47204 l47205 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l41696">28</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l3 ls747">91-120 </span><span class="pp-class-236 pa t47207 l47208 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l3 ls181">More </span><span class="pp-class-236 pa t47210 l47211">than </span><span class="pp-class-236 pa t47210 l47212">120 </span><span class="pp-class-236 pa t47210 l47213 ls534">days</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47214 ls1547">110</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47215">96</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l3 ls814">Receivables, </span><span class="pp-class-237 pa t3162 l47216 ls227">gross</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47217 ls4381">3,</span></a><span class="pp-class-237 pa t3162 l47218">503</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t3162 l47219">4</span><a><span class="pp-class-237 pa t3162 l47220">,</span></a><span class="pp-class-237 pa t3162 l47221">286</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47222 l3 ls177">Expected </span><span class="pp-class-236 pa t47222 l3387 ls197">credit </span><span class="pp-class-236 pa t47222 l47223">loss </span><span class="pp-class-236 pa t47222 l47224 ls129">allowance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47222 l47225">135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47222 l47226">83</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47227 l3 ls603">Trade </span><span class="pp-class-237 pa t47227 l47228 ls143">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47227 l47229 ls1017">3,</span></a><span class="pp-class-237 pa t47227 l47230">368</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t47227 l47231">4</span><a><span class="pp-class-237 pa t47227 l47232">,</span></a><span class="pp-class-237 pa t47227 l47233">203</span></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5365" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47234 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1618">Movements </span><span class="pp-class-237 pa t27896 l47235 ls1741">expected </span><span class="pp-class-237 pa t27896 l47236 ls1467">credit </span><span class="pp-class-237 pa t27896 l47237 ls21">loss </span><span class="pp-class-237 pa t27896 l47238 ls967">allowance</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l3 ls197">Credit </span><span class="pp-class-236 pa t27900 l47239">loss </span><span class="pp-class-236 pa t27900 l21826 ls833">allowance </span><span class="pp-class-236 pa t27900 l47240 ls2368">at </span><span class="pp-class-236 pa t27900 l47241">1 </span><span class="pp-class-236 pa t27900 l47242 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l47243">83</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27900 l47203 ls667">73</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l3 ls1133">Foreign </span><span class="pp-class-236 pa t27914 l37293 ls212">exchange </span><span class="pp-class-236 pa t27914 l37294 ls177">adjustment</span></a><span class="pp-class-236 pa t27914 l47244">s</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l43596">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t27914 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l3 ls115">Addition </span><span class="pp-class-236 pa t47201 l42147">on </span><span class="pp-class-236 pa t47201 l42148 ls13">acquisition </span><span class="pp-class-236 pa t47201 l42149 ls118">of </span><span class="pp-class-236 pa t47201 l35302 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47201 l47246 ls184">10</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l3 ls76">Write-downs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l45095">64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47204 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l3">Realised </span><span class="pp-class-236 pa t47207 l3203">losses</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47207 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l3 ls129">Reversed </span><span class="pp-class-236 pa t47210 l47248 ls1098">write-downs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47249">-22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47210 l47250">-21</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l3 ls118">Expected </span><span class="pp-class-237 pa t3162 l47251 ls1467">credit </span><span class="pp-class-237 pa t3162 l13817 ls21">loss </span><span class="pp-class-237 pa t3162 l47252 ls875">allowance </span><span class="pp-class-237 pa t3162 l47253 ls2222">at </span><span class="pp-class-237 pa t3162 l47254">31 </span><span class="pp-class-237 pa t3162 l47255">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47225">135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t3162 l47226">83</span></a></p></td></tr></table></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-234 pa t1122 l3 ls80">3.2.1 </span><span class="pp-class-234 pa t1122 l38307 ls570">Receivables </span><span class="pp-class-235 pa t1122 l47258 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47259 l3 ls651">The </span><span class="pp-class-236 pa t47259 l38379 ls2222">last </span><span class="pp-class-236 pa t47259 l47260 ls8048">five </span><span class="pp-class-236 pa t47259 l47261 ls838">years </span><span class="pp-class-236 pa t47259 l47262 ls538">DFDS’ </span><span class="pp-class-236 pa t47259 l45678 ls3855">realised </span><span class="pp-class-236 pa t47259 l13192 ls2197">credit </span><span class="pp-class-236 pa t47259 l47263 ls1764">losses </span><span class="pp-class-236 pa t47259 l47264 ls811">on </span><span class="pp-class-236 pa t47259 l47265 ls849">trade </span><span class="pp-class-236 pa t47259 l47266 ls603">receivables </span><span class="pp-class-236 pa t47259 l47267 ls110">have </span><span class="pp-class-236 pa t47259 l47268 ls2222">been </span><span class="pp-class-236 pa t47259 l47269 ls949">insignificant </span><span class="pp-class-236 pa t47259 l47270 ls651">and </span><span class="pp-class-236 pa t47259 l47271 ls572">the </span><span class="pp-class-236 pa t47259 l47272 ls2222">loss </span><span class="pp-class-236 pa t47259 l47273 ls8384">rate </span><span class="pp-class-236 pa t47259 l47274 ls1547">is </span><span class="pp-class-236 pa t47275 l3 ls838">below </span><span class="pp-class-236 pa t47275 l47276 ls2846">0.1% </span><span class="pp-class-236 pa t47275 l47277 ls667">(2024: </span><span class="pp-class-236 pa t47275 l33810 ls7832">0.1%) </span><span class="pp-class-236 pa t47275 l531 ls98">of </span><span class="pp-class-236 pa t47275 l47278 ls651">the </span><span class="pp-class-236 pa t47275 l47279 ls3084">revenue </span><span class="pp-class-236 pa t47275 l47280 ls811">in </span><span class="pp-class-236 pa t47275 l47281 ls553">any </span><span class="pp-class-236 pa t47275 l47282 ls98">of </span><span class="pp-class-236 pa t47275 l47283 ls572">the </span><span class="pp-class-236 pa t47275 l33427 ls1131">respective </span><span class="pp-class-236 pa t47275 l47284 ls758">years. </span><span class="pp-class-236 pa t47275 l40368 ls651">The </span><span class="pp-class-236 pa t47275 l47285 ls2036">changes </span><span class="pp-class-236 pa t47275 l47286 ls811">in </span><span class="pp-class-236 pa t47275 l47287 ls3855">payment </span><span class="pp-class-236 pa t47275 l47288 ls4787">pattern </span><span class="pp-class-236 pa t16056 l3 ls4248">continue </span><span class="pp-class-236 pa t16056 l28762 ls538">to </span><span class="pp-class-236 pa t16056 l16609 ls811">be </span><span class="pp-class-236 pa t16056 l28862 ls949">insignificant </span><span class="pp-class-236 pa t16056 l47289 ls651">and </span><span class="pp-class-236 pa t16056 l47290 ls2197">at </span><span class="pp-class-236 pa t16056 l28311 ls572">the </span><span class="pp-class-236 pa t16056 l30159 ls2222">same </span><span class="pp-class-236 pa t16056 l47291 ls849">level </span><span class="pp-class-236 pa t16056 l47292 ls811">as </span><span class="pp-class-236 pa t16056 l47293 ls2245">previous </span><span class="pp-class-236 pa t16056 l47294 ls838">years.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47295 l3 ls3170">Accordingly, </span><span class="pp-class-236 pa t47295 l47296 ls2197">at </span><span class="pp-class-236 pa t47295 l47297 ls1775">year-end </span><span class="pp-class-236 pa t47295 l33766 ls2222">2025 </span><span class="pp-class-236 pa t47295 l47298 ls651">the </span><span class="pp-class-236 pa t47295 l47299 ls5781">expected </span><span class="pp-class-236 pa t47295 l47300 ls2197">credit </span><span class="pp-class-236 pa t47295 l47301 ls1764">losses </span><span class="pp-class-236 pa t47295 l47302 ls811">on </span><span class="pp-class-236 pa t47295 l47303 ls849">trade </span><span class="pp-class-236 pa t47295 l47304 ls603">receivables </span><span class="pp-class-236 pa t47295 l47305 ls560">calculated </span><span class="pp-class-236 pa t47295 l47306 ls538">under </span><span class="pp-class-236 pa t47295 l47307 ls572">the </span><span class="pp-class-236 pa t47295 l47308 ls608">simplified </span><span class="pp-class-236 pa t47309 l3 ls5781">expected </span><span class="pp-class-236 pa t47309 l47310 ls2197">credit </span><span class="pp-class-236 pa t47309 l47311 ls2222">loss </span><span class="pp-class-236 pa t47309 l47312 ls538">model </span><span class="pp-class-236 pa t47309 l47313 ls811">is </span><span class="pp-class-236 pa t47309 l47314 ls538">based </span><span class="pp-class-236 pa t47309 l39393 ls811">on </span><span class="pp-class-236 pa t47309 l47315 ls651">the </span><span class="pp-class-236 pa t47309 l47316 ls2894">average </span><span class="pp-class-236 pa t47309 l47317 ls179">historical </span><span class="pp-class-236 pa t47309 l47318 ls2222">loss </span><span class="pp-class-236 pa t47309 l47319 ls8384">rate </span><span class="pp-class-236 pa t47309 l47320 ls811">on </span><span class="pp-class-236 pa t47309 l40975 ls3084">revenue </span><span class="pp-class-236 pa t47309 l47321 ls553">for </span><span class="pp-class-236 pa t47309 l47322 ls572">the </span><span class="pp-class-236 pa t47309 l37339 ls2222">last </span><span class="pp-class-236 pa t47309 l47323 ls8048">five </span><span class="pp-class-236 pa t47309 l47324 ls838">years </span><span class="pp-class-236 pa t47309 l47325 ls197">of </span><span class="pp-class-236 pa t47326 l3 ls1054">0.0% </span><span class="pp-class-236 pa t47326 l29368 ls667">(2024: </span><span class="pp-class-236 pa t47326 l47327 ls1173">0.0%) </span><span class="pp-class-236 pa t47326 l47328 ls4248">plus </span><span class="pp-class-236 pa t47326 l14891 ls553">adjustments </span><span class="pp-class-236 pa t47326 l47329 ls553">for </span><span class="pp-class-236 pa t47326 l47330 ls667">forward-looking </span><span class="pp-class-236 pa t47326 l30667 ls603">factors </span><span class="pp-class-236 pa t47326 l47331 ls2258">were </span><span class="pp-class-236 pa t47326 l47332 ls667">considered </span><span class="pp-class-236 pa t47326 l47333 ls6824">relevant.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38394 l3 ls168">Credit </span><span class="pp-class-237 pa t38394 l50329 ls1118">exposure</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t38413 l50143 ls2197">credit </span><span class="pp-class-236 pa t38413 l50330 ls11713">exposure </span><span class="pp-class-236 pa t38413 l41844 ls811">is </span><span class="pp-class-236 pa t38413 l18374 ls681">primarily </span><span class="pp-class-236 pa t38413 l50331 ls621">attributable </span><span class="pp-class-236 pa t38413 l50332 ls538">to </span><span class="pp-class-236 pa t38413 l50333 ls849">trade </span><span class="pp-class-236 pa t38413 l50334 ls651">and </span><span class="pp-class-236 pa t38413 l49434 ls949">other </span><span class="pp-class-236 pa t38413 l50335 ls603">receivables </span><span class="pp-class-236 pa t38413 l50336 ls572">and </span><span class="pp-class-236 pa t38413 l50337 ls538">cash. </span><span class="pp-class-236 pa t38413 l50338 ls572">The </span><span class="pp-class-236 pa t38413 l50339 ls556">receivables </span><span class="pp-class-236 pa t38629 l3 ls546">including </span><span class="pp-class-236 pa t38629 l50340 ls8048">work </span><span class="pp-class-236 pa t38629 l29779 ls811">in </span><span class="pp-class-236 pa t38629 l19688 ls11713">progress </span><span class="pp-class-236 pa t38629 l50341 ls572">services </span><span class="pp-class-236 pa t38629 l50342 ls2808">are </span><span class="pp-class-236 pa t38629 l31630 ls681">stated </span><span class="pp-class-236 pa t38629 l50343 ls811">in </span><span class="pp-class-236 pa t38629 l34059 ls572">the </span><span class="pp-class-236 pa t38629 l50344 ls2036">balance </span><span class="pp-class-236 pa t38629 l50345 ls949">sheet </span><span class="pp-class-236 pa t38629 l50346 ls4248">net </span><span class="pp-class-236 pa t38629 l50347 ls98">of </span><span class="pp-class-236 pa t38629 l50348 ls536">write-downs. </span><span class="pp-class-236 pa t38629 l50349 ls2969">Reference </span><span class="pp-class-236 pa t38629 l50350 ls811">is </span><span class="pp-class-236 pa t38629 l50351 ls544">made </span><span class="pp-class-236 pa t38629 l50352 ls184">to </span><span class="pp-class-236 pa t38426 l3 ls558">note </span><span class="pp-class-236 pa t38426 l43968 ls7468">3.2.1 </span><span class="pp-class-236 pa t38426 l50353 ls553">for </span><span class="pp-class-236 pa t38426 l23457 ls1792">further </span><span class="pp-class-236 pa t38426 l28455 ls621">information </span><span class="pp-class-236 pa t38426 l50354 ls811">on </span><span class="pp-class-236 pa t38426 l50355 ls2036">write-downs </span><span class="pp-class-236 pa t38426 l35096 ls811">on </span><span class="pp-class-236 pa t38426 l50356 ls849">trade </span><span class="pp-class-236 pa t38426 l50357 ls603">receivables </span><span class="pp-class-236 pa t38426 l50358 ls651">and </span><span class="pp-class-236 pa t38426 l50359 ls8048">work </span><span class="pp-class-236 pa t38426 l50360 ls811">in </span><span class="pp-class-236 pa t38426 l50361 ls11713">progress </span><span class="pp-class-236 pa t38426 l50362 ls532">services. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38439 l3 ls2270">According </span><span class="pp-class-236 pa t38439 l38372 ls538">to </span><span class="pp-class-236 pa t38439 l50363 ls651">the </span><span class="pp-class-236 pa t38439 l50364 ls2848">Group’s </span><span class="pp-class-236 pa t38439 l50365 ls758">policy </span><span class="pp-class-236 pa t38439 l50366 ls98">of </span><span class="pp-class-236 pa t38439 l50367 ls1764">undertaking </span><span class="pp-class-236 pa t38439 l2764 ls2197">credit </span><span class="pp-class-236 pa t38439 l48620 ls838">risks, </span><span class="pp-class-236 pa t38439 l50368 ls524">assessments </span><span class="pp-class-236 pa t38439 l50369 ls98">of </span><span class="pp-class-236 pa t38439 l50370 ls651">all </span><span class="pp-class-236 pa t38439 l50371 ls949">customers </span><span class="pp-class-236 pa t38439 l50372 ls572">and </span><span class="pp-class-236 pa t38439 l50373 ls949">other </span><span class="pp-class-236 pa t38439 l50374 ls587">partners </span><span class="pp-class-236 pa t38453 l3 ls2808">are </span><span class="pp-class-236 pa t38453 l38371 ls724">performed.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38476 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t38476 l50143 ls2197">credit </span><span class="pp-class-236 pa t38476 l50330 ls2222">risk </span><span class="pp-class-236 pa t38476 l50375 ls13284">towards </span><span class="pp-class-236 pa t38476 l50376 ls995">financial </span><span class="pp-class-236 pa t38476 l50377 ls995">counterparties </span><span class="pp-class-236 pa t38476 l50378 ls681">primarily </span><span class="pp-class-236 pa t38476 l50379 ls3681">relates </span><span class="pp-class-236 pa t38476 l47873 ls538">to </span><span class="pp-class-236 pa t38476 l50380 ls2222">cash </span><span class="pp-class-236 pa t38476 l50381 ls811">on </span><span class="pp-class-236 pa t38476 l50382 ls2222">bank </span><span class="pp-class-236 pa t38476 l50383 ls30">accounts </span><span class="pp-class-236 pa t38476 l50384 ls651">and </span><span class="pp-class-236 pa t38476 l50385 ls530">positive </span><span class="pp-class-236 pa t38693 l3 ls691">market </span><span class="pp-class-236 pa t38693 l46301 ls556">values </span><span class="pp-class-236 pa t38693 l50386 ls98">of </span><span class="pp-class-236 pa t38693 l50387 ls1775">derivatives. </span><span class="pp-class-236 pa t38693 l36383 ls2197">Credit </span><span class="pp-class-236 pa t38693 l50388 ls1764">limits </span><span class="pp-class-236 pa t38693 l50389 ls811">on </span><span class="pp-class-236 pa t38693 l50390 ls995">financial </span><span class="pp-class-236 pa t38693 l50391 ls995">counterparties </span><span class="pp-class-236 pa t38693 l50392 ls2808">are </span><span class="pp-class-236 pa t38693 l50393 ls560">calculated </span><span class="pp-class-236 pa t38693 l50394 ls811">in </span><span class="pp-class-236 pa t38693 l50395 ls7086">accordance </span><span class="pp-class-236 pa t38693 l50396 ls967">with </span><span class="pp-class-236 pa t38478 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t38478 l50143 ls995">Financial </span><span class="pp-class-236 pa t38478 l50397 ls603">Policy </span><span class="pp-class-236 pa t38478 l50398 ls538">based </span><span class="pp-class-236 pa t38478 l50399 ls811">on </span><span class="pp-class-236 pa t38478 l44913 ls2197">credit </span><span class="pp-class-236 pa t38478 l50400 ls7468">ratings </span><span class="pp-class-236 pa t38478 l50401 ls877">from </span><span class="pp-class-236 pa t38478 l50402 ls560">international </span><span class="pp-class-236 pa t38478 l50403 ls2197">credit </span><span class="pp-class-236 pa t38478 l50404 ls11713">rating </span><span class="pp-class-236 pa t38478 l50405 ls544">agencies. </span><span class="pp-class-236 pa t38478 l50406 ls2197">Credit </span><span class="pp-class-236 pa t38478 l50407 ls7468">ratings </span><span class="pp-class-236 pa t38478 l50408 ls184">and </span><span class="pp-class-236 pa t38491 l3 ls2969">resulting </span><span class="pp-class-236 pa t38491 l36331 ls2197">credit </span><span class="pp-class-236 pa t38491 l11513 ls1764">limits </span><span class="pp-class-236 pa t38491 l50409 ls2808">are </span><span class="pp-class-236 pa t38491 l37976 ls567">monitored </span><span class="pp-class-236 pa t38491 l50410 ls1882">continuously. </span><span class="pp-class-236 pa t38491 l50411 ls2270">According </span><span class="pp-class-236 pa t38491 l50412 ls538">to </span><span class="pp-class-236 pa t38491 l50413 ls651">the </span><span class="pp-class-236 pa t38491 l50414 ls995">Financial </span><span class="pp-class-236 pa t38491 l50415 ls1017">Policy, </span><span class="pp-class-236 pa t38491 l50416 ls572">DKK </span><span class="pp-class-236 pa t38491 l50417 ls2222">500m </span><span class="pp-class-236 pa t38491 l50418 ls811">is </span><span class="pp-class-236 pa t38491 l50419 ls572">the </span><span class="pp-class-236 pa t38491 l50420 ls651">maximum </span><span class="pp-class-236 pa t38508 l3 ls877">allowed </span><span class="pp-class-236 pa t38508 l50421 ls2197">credit </span><span class="pp-class-236 pa t38508 l50422 ls2222">risk </span><span class="pp-class-236 pa t38508 l50423 ls13284">towards </span><span class="pp-class-236 pa t38508 l50424 ls184">a </span><span class="pp-class-236 pa t38508 l50425 ls995">financial </span><span class="pp-class-236 pa t38508 l50426 ls299">counterparty.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38518 l3 ls544">For </span><span class="pp-class-236 pa t38518 l38701 ls184">a </span><span class="pp-class-236 pa t38518 l50427 ls1764">number </span><span class="pp-class-236 pa t38518 l50428 ls98">of </span><span class="pp-class-236 pa t38518 l37161 ls179">customers, </span><span class="pp-class-236 pa t38518 l42995 ls651">the </span><span class="pp-class-236 pa t38518 l50429 ls706">Group </span><span class="pp-class-236 pa t38518 l50430 ls2222">uses </span><span class="pp-class-236 pa t38518 l50431 ls168">non-recourse </span><span class="pp-class-236 pa t38518 l50432 ls567">factoring. </span><span class="pp-class-236 pa t38518 l50433 ls4823">At </span><span class="pp-class-236 pa t38518 l50434 ls1775">year-end </span><span class="pp-class-236 pa t38518 l50435 ls651">the </span><span class="pp-class-236 pa t38518 l50436 ls706">Group </span><span class="pp-class-236 pa t38518 l50437 ls544">had </span><span class="pp-class-236 pa t38518 l50438 ls696">de-recognised </span><span class="pp-class-236 pa t38520 l3 ls603">receivables </span><span class="pp-class-236 pa t38520 l47457 ls2036">without </span><span class="pp-class-236 pa t38520 l50439 ls3855">recourse </span><span class="pp-class-236 pa t38520 l50440 ls4630">having </span><span class="pp-class-236 pa t38520 l50441 ls572">due </span><span class="pp-class-236 pa t38520 l29904 ls7086">date </span><span class="pp-class-236 pa t38520 l50442 ls168">after </span><span class="pp-class-236 pa t38520 l50443 ls811">31 </span><span class="pp-class-236 pa t38520 l50444 ls1751">December </span><span class="pp-class-236 pa t38520 l50445 ls2222">2025 </span><span class="pp-class-236 pa t38520 l50446 ls747">amounting </span><span class="pp-class-236 pa t38520 l50447 ls538">to </span><span class="pp-class-236 pa t38520 l50448 ls572">DKK </span><span class="pp-class-236 pa t38520 l50449 ls2222">886m </span><span class="pp-class-236 pa t38520 l50450 ls667">(2024: </span><span class="pp-class-236 pa t38520 l50451 ls681">none). </span><span class="pp-class-236 pa t38530 l3 ls2036">Expense </span><span class="pp-class-236 pa t38530 l50452 ls667">recognised </span><span class="pp-class-236 pa t38530 l40666 ls877">from </span><span class="pp-class-236 pa t38530 l50453 ls651">the </span><span class="pp-class-236 pa t38530 l50454 ls2197">factoring </span><span class="pp-class-236 pa t38530 l50455 ls8048">arrangement </span><span class="pp-class-236 pa t38530 l50456 ls538">under </span><span class="pp-class-236 pa t38530 l50457 ls1775">operating </span><span class="pp-class-236 pa t38530 l50458 ls2222">cost </span><span class="pp-class-236 pa t38530 l50459 ls556">was </span><span class="pp-class-236 pa t38530 l50460 ls572">DKK </span><span class="pp-class-236 pa t38530 l50461 ls572">21m </span><span class="pp-class-236 pa t38530 l50462 ls667">(2024: </span><span class="pp-class-236 pa t38530 l50463 ls2687">none).</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls614">Receivables </span><span class="pp-class-236 pa t40754 l18164 ls2808">are </span><span class="pp-class-236 pa t40754 l47335 ls667">recognised </span><span class="pp-class-236 pa t40754 l47336 ls2197">at </span><span class="pp-class-236 pa t40754 l47337 ls52">amortised </span><span class="pp-class-236 pa t40754 l47338 ls2222">cost </span><span class="pp-class-236 pa t40754 l47339 ls2222">less </span><span class="pp-class-236 pa t40754 l47340 ls5781">expected </span><span class="pp-class-236 pa t40754 l47341 ls2197">credit </span><span class="pp-class-236 pa t40754 l47342 ls2036">losses. </span><span class="pp-class-236 pa t40754 l47343 ls538">DFDS’ </span><span class="pp-class-236 pa t40754 l47344 ls667">risks </span><span class="pp-class-236 pa t40754 l38878 ls877">regarding </span><span class="pp-class-236 pa t40763 l3 ls849">trade </span><span class="pp-class-236 pa t40763 l47345 ls603">receivables </span><span class="pp-class-236 pa t40763 l47346 ls2808">are </span><span class="pp-class-236 pa t40763 l47347 ls4248">not </span><span class="pp-class-236 pa t40763 l47348 ls667">considered </span><span class="pp-class-236 pa t40763 l47349 ls2036">unusual </span><span class="pp-class-236 pa t40763 l47350 ls651">and </span><span class="pp-class-236 pa t40763 l47351 ls811">no </span><span class="pp-class-236 pa t40763 l47352 ls838">material </span><span class="pp-class-236 pa t40763 l47353 ls2222">risk </span><span class="pp-class-236 pa t40763 l47354 ls811">is </span><span class="pp-class-236 pa t40763 l47355 ls621">attributable </span><span class="pp-class-236 pa t40763 l47356 ls538">to </span><span class="pp-class-236 pa t40763 l47357 ls184">a </span><span class="pp-class-236 pa t40763 l47358 ls1764">single </span><span class="pp-class-236 pa t40763 l47359 ls538">customer </span><span class="pp-class-236 pa t40775 l3 ls811">or </span><span class="pp-class-236 pa t40775 l44501 ls706">group </span><span class="pp-class-236 pa t40775 l19667 ls98">of </span><span class="pp-class-236 pa t40775 l47360 ls179">customers. </span><span class="pp-class-236 pa t40775 l47361 ls2270">According </span><span class="pp-class-236 pa t40775 l47362 ls538">to </span><span class="pp-class-236 pa t40775 l47363 ls572">the </span><span class="pp-class-236 pa t40775 l3657 ls2848">Group’s </span><span class="pp-class-236 pa t40775 l47364 ls758">policy </span><span class="pp-class-236 pa t40775 l47365 ls98">of </span><span class="pp-class-236 pa t40775 l47366 ls1764">undertaking </span><span class="pp-class-236 pa t40775 l47367 ls2197">credit </span><span class="pp-class-236 pa t40775 l47368 ls838">risks, </span><span class="pp-class-236 pa t40775 l47369 ls524">assessment </span><span class="pp-class-236 pa t40775 l47370 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls524">significant </span><span class="pp-class-236 pa t41664 l45314 ls949">customers </span><span class="pp-class-236 pa t41664 l34427 ls811">is </span><span class="pp-class-236 pa t41664 l47371 ls724">performed. </span><span class="pp-class-236 pa t41664 l47372 ls616">Write-downs </span><span class="pp-class-236 pa t41664 l47373 ls811">on </span><span class="pp-class-236 pa t41664 l47374 ls849">trade </span><span class="pp-class-236 pa t41664 l47375 ls603">receivables </span><span class="pp-class-236 pa t41664 l47376 ls2808">are </span><span class="pp-class-236 pa t41664 l42764 ls538">based </span><span class="pp-class-236 pa t41664 l47377 ls811">on </span><span class="pp-class-236 pa t41664 l47378 ls651">the </span><span class="pp-class-236 pa t41664 l47379 ls608">simplified </span><span class="pp-class-236 pa t40783 l3 ls5781">expected </span><span class="pp-class-236 pa t40783 l47310 ls2197">credit </span><span class="pp-class-236 pa t40783 l47311 ls2222">loss </span><span class="pp-class-236 pa t40783 l47312 ls1764">model. </span><span class="pp-class-236 pa t40783 l47380 ls2197">Credit </span><span class="pp-class-236 pa t40783 l47381 ls2222">loss </span><span class="pp-class-236 pa t40783 l47382 ls7086">allowances </span><span class="pp-class-236 pa t40783 l47383 ls811">on </span><span class="pp-class-236 pa t40783 l47384 ls562">individual </span><span class="pp-class-236 pa t40783 l47385 ls603">receivables </span><span class="pp-class-236 pa t40783 l47386 ls2808">are </span><span class="pp-class-236 pa t40783 l47387 ls2245">provided </span><span class="pp-class-236 pa t40783 l47388 ls553">for </span><span class="pp-class-236 pa t40783 l47389 ls967">when </span><span class="pp-class-236 pa t40793 l3 ls667">objective </span><span class="pp-class-236 pa t40793 l47390 ls1404">indications </span><span class="pp-class-236 pa t40793 l33899 ls98">of </span><span class="pp-class-236 pa t40793 l38614 ls2197">credit </span><span class="pp-class-236 pa t40793 l47391 ls1764">losses </span><span class="pp-class-236 pa t40793 l47392 ls538">occur </span><span class="pp-class-236 pa t40793 l47393 ls2222">such </span><span class="pp-class-236 pa t40793 l46246 ls811">as </span><span class="pp-class-236 pa t40793 l47394 ls949">customer </span><span class="pp-class-236 pa t40793 l33353 ls713">bankruptcy </span><span class="pp-class-236 pa t40793 l47395 ls572">and </span><span class="pp-class-236 pa t40793 l47396 ls2036">uncertainty </span><span class="pp-class-236 pa t40793 l47397 ls538">about </span><span class="pp-class-236 pa t40793 l43397 ls184">the </span><span class="pp-class-236 pa t40806 l3 ls524">customers’ </span><span class="pp-class-236 pa t40806 l47398 ls2036">ability </span><span class="pp-class-236 pa t40806 l47399 ls7832">and/or </span><span class="pp-class-236 pa t40806 l39450 ls625">willingness </span><span class="pp-class-236 pa t40806 l47400 ls538">to </span><span class="pp-class-236 pa t40806 l28300 ls19396">pay, </span><span class="pp-class-236 pa t40806 l47401 ls4787">etc. </span><span class="pp-class-236 pa t40806 l47402 ls811">In </span><span class="pp-class-236 pa t40806 l17482 ls544">addition </span><span class="pp-class-236 pa t40806 l47403 ls538">to </span><span class="pp-class-236 pa t40806 l47404 ls538">this, </span><span class="pp-class-236 pa t40806 l47405 ls7086">allowances </span><span class="pp-class-236 pa t40806 l47406 ls553">for </span><span class="pp-class-236 pa t40806 l47407 ls5781">expected </span><span class="pp-class-236 pa t40806 l47408 ls565">credit </span><span class="pp-class-236 pa t40818 l3 ls1764">losses </span><span class="pp-class-236 pa t40818 l47409 ls2808">are </span><span class="pp-class-236 pa t40818 l4324 ls544">made </span><span class="pp-class-236 pa t40818 l47410 ls811">on </span><span class="pp-class-236 pa t40818 l47411 ls651">the </span><span class="pp-class-236 pa t40818 l47412 ls8048">remaining </span><span class="pp-class-236 pa t40818 l47413 ls849">trade </span><span class="pp-class-236 pa t40818 l28703 ls603">receivables </span><span class="pp-class-236 pa t40818 l47414 ls538">based </span><span class="pp-class-236 pa t40818 l47415 ls811">on </span><span class="pp-class-236 pa t40818 l47416 ls184">a </span><span class="pp-class-236 pa t40818 l47417 ls562">simplified </span><span class="pp-class-236 pa t40818 l47418 ls1463">approach. </span><span class="pp-class-236 pa t40818 l47419 ls2258">Work </span><span class="pp-class-236 pa t40818 l40049 ls1547">in </span><span class="pp-class-236 pa t42636 l3 ls11713">progress </span><span class="pp-class-236 pa t42636 l39185 ls572">services </span><span class="pp-class-236 pa t42636 l42873 ls811">is </span><span class="pp-class-236 pa t42636 l47420 ls3855">measured </span><span class="pp-class-236 pa t42636 l47421 ls538">based </span><span class="pp-class-236 pa t42636 l47422 ls811">on </span><span class="pp-class-236 pa t42636 l46385 ls651">the </span><span class="pp-class-236 pa t42636 l47423 ls2197">value </span><span class="pp-class-236 pa t42636 l47424 ls98">of </span><span class="pp-class-236 pa t42636 l47425 ls651">the </span><span class="pp-class-236 pa t42636 l47426 ls98">of </span><span class="pp-class-236 pa t42636 l47427 ls651">the </span><span class="pp-class-236 pa t42636 l47428 ls8048">work </span><span class="pp-class-236 pa t42636 l47429 ls724">performed </span><span class="pp-class-236 pa t42636 l47430 ls811">as </span><span class="pp-class-236 pa t42636 l34179 ls98">of </span><span class="pp-class-236 pa t42636 l47431 ls572">the </span><span class="pp-class-236 pa t42636 l47432 ls651">balance </span><span class="pp-class-236 pa t42651 l3 ls949">sheet </span><span class="pp-class-236 pa t42651 l36339 ls1815">date. </span><span class="pp-class-236 pa t42651 l34212 ls616">Write-downs </span><span class="pp-class-236 pa t42651 l21966 ls651">and </span><span class="pp-class-236 pa t42651 l47433 ls3855">realised </span><span class="pp-class-236 pa t42651 l17067 ls1764">losses </span><span class="pp-class-236 pa t42651 l47434 ls811">on </span><span class="pp-class-236 pa t42651 l41644 ls849">trade </span><span class="pp-class-236 pa t42651 l38866 ls603">receivables </span><span class="pp-class-236 pa t42651 l47435 ls651">and </span><span class="pp-class-236 pa t42651 l47436 ls8048">work </span><span class="pp-class-236 pa t42651 l47437 ls811">in </span><span class="pp-class-236 pa t42651 l47438 ls11713">progress </span><span class="pp-class-236 pa t42651 l47439 ls572">services </span><span class="pp-class-236 pa t42651 l47440 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls608">ferry </span><span class="pp-class-236 pa t42666 l47441 ls572">and </span><span class="pp-class-236 pa t42666 l47442 ls949">other </span><span class="pp-class-236 pa t42666 l47443 ls2222">ship </span><span class="pp-class-236 pa t42666 l47444 ls1775">operation </span><span class="pp-class-236 pa t42666 l3653 ls651">and </span><span class="pp-class-236 pa t42666 l47445 ls541">maintenance </span><span class="pp-class-236 pa t42666 l43290 ls538">costs </span><span class="pp-class-236 pa t42666 l47446 ls811">in </span><span class="pp-class-236 pa t42666 l44528 ls651">the </span><span class="pp-class-236 pa t42666 l47447 ls1764">income </span><span class="pp-class-236 pa t42666 l47448 ls30">statement. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47449 l3 ls2222">DFDS </span><span class="pp-class-236 pa t47449 l28172 ls2222">uses </span><span class="pp-class-236 pa t47449 l47450 ls2197">factoring </span><span class="pp-class-236 pa t47449 l18822 ls667">arrangements </span><span class="pp-class-236 pa t47449 l10713 ls811">as </span><span class="pp-class-236 pa t47449 l2313 ls572">one </span><span class="pp-class-236 pa t47449 l47451 ls98">of </span><span class="pp-class-236 pa t47449 l47452 ls572">the </span><span class="pp-class-236 pa t47449 l16270 ls1780">working </span><span class="pp-class-236 pa t47449 l47453 ls524">capital </span><span class="pp-class-236 pa t47449 l47454 ls30">management </span><span class="pp-class-236 pa t47449 l39399 ls747">tools. </span><span class="pp-class-236 pa t47449 l47455 ls2222">Sold </span><span class="pp-class-236 pa t47449 l47456 ls706">trade </span><span class="pp-class-236 pa t42680 l3 ls603">receivables </span><span class="pp-class-236 pa t42680 l47457 ls2808">are </span><span class="pp-class-236 pa t42680 l47458 ls2207">derecognised </span><span class="pp-class-236 pa t42680 l28842 ls2222">once </span><span class="pp-class-236 pa t42680 l47459 ls524">significant </span><span class="pp-class-236 pa t42680 l18895 ls3681">related </span><span class="pp-class-236 pa t42680 l47460 ls667">risks </span><span class="pp-class-236 pa t42680 l47461 ls572">and </span><span class="pp-class-236 pa t42680 l47462 ls1592">rewards </span><span class="pp-class-236 pa t42680 l47463 ls98">of </span><span class="pp-class-236 pa t42680 l47464 ls548">ownership </span><span class="pp-class-236 pa t42680 l47465 ls110">have </span><span class="pp-class-236 pa t42680 l38691 ls967">been </span><span class="pp-class-236 pa t42693 l3 ls6270">transferred </span><span class="pp-class-236 pa t42693 l45041 ls538">to </span><span class="pp-class-236 pa t42693 l27492 ls651">the </span><span class="pp-class-236 pa t42693 l45757 ls853">buyer.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls538">Other </span><span class="pp-class-236 pa t42723 l44451 ls603">receivables </span><span class="pp-class-236 pa t42723 l16885 ls1751">comprise </span><span class="pp-class-236 pa t42723 l45747 ls949">other </span><span class="pp-class-236 pa t42723 l18614 ls849">trade </span><span class="pp-class-236 pa t42723 l47466 ls1463">receivables; </span><span class="pp-class-236 pa t42723 l45804 ls8048">insurance </span><span class="pp-class-236 pa t42723 l17096 ls603">receivables </span><span class="pp-class-236 pa t42723 l47467 ls811">on </span><span class="pp-class-236 pa t42723 l47468 ls2222">loss </span><span class="pp-class-236 pa t42723 l47469 ls811">or </span><span class="pp-class-236 pa t42723 l47470 ls544">damage </span><span class="pp-class-236 pa t42723 l47471 ls197">of </span><span class="pp-class-236 pa t42738 l3 ls551">ferries </span><span class="pp-class-236 pa t42738 l41452 ls651">and </span><span class="pp-class-236 pa t42738 l41453 ls949">other </span><span class="pp-class-236 pa t42738 l3030 ls1764">ships; </span><span class="pp-class-236 pa t42738 l31135 ls995">financial </span><span class="pp-class-236 pa t42738 l47472 ls538">lease </span><span class="pp-class-236 pa t42738 l47473 ls1463">receivables; </span><span class="pp-class-236 pa t42738 l47474 ls546">outstanding </span><span class="pp-class-236 pa t42738 l47475 ls1751">balances </span><span class="pp-class-236 pa t42738 l47476 ls553">for </span><span class="pp-class-236 pa t42738 l47477 ls548">chartered </span><span class="pp-class-236 pa t42738 l47478 ls995">ferries; </span><span class="pp-class-236 pa t42755 l3 ls706">interest </span><span class="pp-class-236 pa t42755 l47479 ls4793">receivable, </span><span class="pp-class-236 pa t42755 l47480 ls2969">etc.</span></p> <div id="pp-id-5373" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls80">3.2.2 </span><span class="pp-class-234 pa t1122 l38307 ls3852">Inventories</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls1024">Bunker</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47482 ls2368">140</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47483">195</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3">Goods </span><span class="pp-class-236 pa t41562 l18297 ls19">for </span><span class="pp-class-236 pa t41562 l47484">sale</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l47485">133</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls76">Write-down </span><span class="pp-class-236 pa t41566 l47486 ls118">of </span><span class="pp-class-236 pa t41566 l47487 ls241">inventories </span><span class="pp-class-236 pa t41566 l47488">end </span><span class="pp-class-236 pa t41566 l47489 ls118">of </span><span class="pp-class-236 pa t41566 l47490 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l43596">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l41788">-5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47491 l3 ls6824">Total </span><span class="pp-class-237 pa t47491 l20253 ls143">inventories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47491 l47492">255</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47491 l47493">322</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47494 l3 ls4630">Write-down </span><span class="pp-class-236 pa t47494 l23258 ls98">of </span><span class="pp-class-236 pa t47494 l31223 ls4787">inventories </span><span class="pp-class-236 pa t47494 l47495 ls1764">during </span><span class="pp-class-236 pa t47494 l40618 ls651">the </span><span class="pp-class-236 pa t47494 l47496 ls8048">year </span><span class="pp-class-236 pa t47494 l47497 ls811">is </span><span class="pp-class-236 pa t47494 l47498 ls811">an </span><span class="pp-class-236 pa t47494 l47499 ls556">expense </span><span class="pp-class-236 pa t47494 l45717 ls98">of </span><span class="pp-class-236 pa t47494 l47500 ls651">DKK </span><span class="pp-class-236 pa t47494 l47501 ls811">5m </span><span class="pp-class-236 pa t47494 l47502 ls667">(2024: </span><span class="pp-class-236 pa t47494 l47503 ls1764">income </span><span class="pp-class-236 pa t47494 l47504 ls98">of </span><span class="pp-class-236 pa t47494 l47505 ls651">DKK </span><span class="pp-class-236 pa t47494 l47506 ls811">8m </span><span class="pp-class-236 pa t47494 l47507 ls651">due </span><span class="pp-class-236 pa t47494 l47508 ls538">to </span><span class="pp-class-236 pa t47494 l47509 ls110">reversal </span><span class="pp-class-236 pa t47494 l47510 ls197">of </span><span class="pp-class-236 pa t47511 l3 ls2245">previous </span><span class="pp-class-236 pa t47511 l47512 ls758">years' </span><span class="pp-class-236 pa t47511 l47513 ls179">write-downs).</span></p><div id="pp-id-5372"><div class="pp-class-227 pp-class-256" id="pp-id-5370"><div class="w40752 h47514 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls4630">Bunker </span><span class="pp-class-236 pa t40754 l33270 ls811">is </span><span class="pp-class-236 pa t40754 l27448 ls3855">measured </span><span class="pp-class-236 pa t40754 l47515 ls2197">at </span><span class="pp-class-236 pa t40754 l47516 ls2222">cost </span><span class="pp-class-236 pa t40754 l17279 ls538">based </span><span class="pp-class-236 pa t40754 l47517 ls811">on </span><span class="pp-class-236 pa t40754 l47518 ls572">the </span><span class="pp-class-236 pa t40754 l8796 ls670">FIFO </span><span class="pp-class-236 pa t40754 l47519 ls179">method </span><span class="pp-class-236 pa t40754 l47520 ls811">or </span><span class="pp-class-236 pa t40754 l47521 ls572">the </span><span class="pp-class-236 pa t40754 l47522 ls4248">net </span><span class="pp-class-236 pa t40754 l40470 ls667">realisable </span><span class="pp-class-236 pa t40754 l47523 ls2197">value </span><span class="pp-class-236 pa t40754 l47524 ls706">where </span><span class="pp-class-236 pa t40754 l47525 ls2222">this </span><span class="pp-class-236 pa t40754 l47526 ls811">is </span><span class="pp-class-236 pa t40754 l47527 ls20667">lower. </span><span class="pp-class-236 pa t40763 l3 ls838">Catering </span><span class="pp-class-236 pa t40763 l17487 ls1751">supplies </span><span class="pp-class-236 pa t40763 l27857 ls651">and </span><span class="pp-class-236 pa t40763 l47528 ls949">other </span><span class="pp-class-236 pa t40763 l47529 ls4787">inventories </span><span class="pp-class-236 pa t40763 l47530 ls2808">are </span><span class="pp-class-236 pa t40763 l47531 ls3855">measured </span><span class="pp-class-236 pa t40763 l47532 ls2197">at </span><span class="pp-class-236 pa t40763 l47533 ls2222">cost </span><span class="pp-class-236 pa t40763 l47534 ls538">based </span><span class="pp-class-236 pa t40763 l47535 ls811">on </span><span class="pp-class-236 pa t40763 l47536 ls651">the </span><span class="pp-class-236 pa t40763 l47537 ls3855">weighted </span><span class="pp-class-236 pa t40763 l24176 ls2894">average </span><span class="pp-class-236 pa t40763 l47538 ls967">cost </span><span class="pp-class-236 pa t40775 l3 ls179">method </span><span class="pp-class-236 pa t40775 l29808 ls811">or </span><span class="pp-class-236 pa t40775 l17942 ls651">the </span><span class="pp-class-236 pa t40775 l47539 ls4248">net </span><span class="pp-class-236 pa t40775 l28523 ls667">realisable </span><span class="pp-class-236 pa t40775 l47540 ls2197">value </span><span class="pp-class-236 pa t40775 l21870 ls706">where </span><span class="pp-class-236 pa t40775 l24851 ls2222">this </span><span class="pp-class-236 pa t40775 l47541 ls811">is </span><span class="pp-class-236 pa t40775 l44401 ls13395">lower.</span></p></div></div></div></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls4630">Bunker </span><span class="pp-class-236 pa t40754 l33270 ls811">is </span><span class="pp-class-236 pa t40754 l27448 ls3855">measured </span><span class="pp-class-236 pa t40754 l47515 ls2197">at </span><span class="pp-class-236 pa t40754 l47516 ls2222">cost </span><span class="pp-class-236 pa t40754 l17279 ls538">based </span><span class="pp-class-236 pa t40754 l47517 ls811">on </span><span class="pp-class-236 pa t40754 l47518 ls572">the </span><span class="pp-class-236 pa t40754 l8796 ls670">FIFO </span><span class="pp-class-236 pa t40754 l47519 ls179">method </span><span class="pp-class-236 pa t40754 l47520 ls811">or </span><span class="pp-class-236 pa t40754 l47521 ls572">the </span><span class="pp-class-236 pa t40754 l47522 ls4248">net </span><span class="pp-class-236 pa t40754 l40470 ls667">realisable </span><span class="pp-class-236 pa t40754 l47523 ls2197">value </span><span class="pp-class-236 pa t40754 l47524 ls706">where </span><span class="pp-class-236 pa t40754 l47525 ls2222">this </span><span class="pp-class-236 pa t40754 l47526 ls811">is </span><span class="pp-class-236 pa t40754 l47527 ls20667">lower. </span><span class="pp-class-236 pa t40763 l3 ls838">Catering </span><span class="pp-class-236 pa t40763 l17487 ls1751">supplies </span><span class="pp-class-236 pa t40763 l27857 ls651">and </span><span class="pp-class-236 pa t40763 l47528 ls949">other </span><span class="pp-class-236 pa t40763 l47529 ls4787">inventories </span><span class="pp-class-236 pa t40763 l47530 ls2808">are </span><span class="pp-class-236 pa t40763 l47531 ls3855">measured </span><span class="pp-class-236 pa t40763 l47532 ls2197">at </span><span class="pp-class-236 pa t40763 l47533 ls2222">cost </span><span class="pp-class-236 pa t40763 l47534 ls538">based </span><span class="pp-class-236 pa t40763 l47535 ls811">on </span><span class="pp-class-236 pa t40763 l47536 ls651">the </span><span class="pp-class-236 pa t40763 l47537 ls3855">weighted </span><span class="pp-class-236 pa t40763 l24176 ls2894">average </span><span class="pp-class-236 pa t40763 l47538 ls967">cost </span><span class="pp-class-236 pa t40775 l3 ls179">method </span><span class="pp-class-236 pa t40775 l29808 ls811">or </span><span class="pp-class-236 pa t40775 l17942 ls651">the </span><span class="pp-class-236 pa t40775 l47539 ls4248">net </span><span class="pp-class-236 pa t40775 l28523 ls667">realisable </span><span class="pp-class-236 pa t40775 l47540 ls2197">value </span><span class="pp-class-236 pa t40775 l21870 ls706">where </span><span class="pp-class-236 pa t40775 l24851 ls2222">this </span><span class="pp-class-236 pa t40775 l47541 ls811">is </span><span class="pp-class-236 pa t40775 l44401 ls13395">lower.</span></p> <div id="pp-id-5375" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls713">3.2.3 </span><span class="pp-class-234 pa t1122 l38307">Supplier </span><span class="pp-class-234 pa t1122 l47542 ls1963">finance </span><span class="pp-class-234 pa t1122 l47543 ls1031">arrangements</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls2207 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t40114 l47544 ls1882 wtro3142 wtr526 tro3144 tr528">Group </span><span class="pp-class-236 pa t40114 l47545 ls10269 wtro3142 wtr526 tro3144 tr528">participates </span><span class="pp-class-236 pa t40114 l47546 ls544 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t40114 l47547 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t40114 l47548 ls1687 wtro3142 wtr526 tro3144 tr528">finance </span><span class="pp-class-236 pa t40114 l47549 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t40114 l47550 ls691 wtro3142 wtr526 tro3144 tr528">under </span><span class="pp-class-236 pa t40114 l47551 ls691 wtro3142 wtr526 tro3144 tr528">which </span><span class="pp-class-236 pa t40114 l47552 ls621 wtro3142 wtr526 tro3144 tr528">certain </span><span class="pp-class-236 pa t40114 l47553 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40114 l47554 ls884 wtro3142 wtr526 tro3144 tr528">institutions </span><span class="pp-class-236 pa t40114 l47555 ls110 wtro3142 wtr526 tro3144 tr528">acquire </span><span class="pp-class-236 pa t40125 l3 ls7487 wtro3142 wtr526 tro3144 tr528">invoices </span><span class="pp-class-236 pa t40125 l47556 ls603 wtro3142 wtr526 tro3144 tr528">issued </span><span class="pp-class-236 pa t40125 l47557 ls2081 wtro3142 wtr526 tro3144 tr528">by </span><span class="pp-class-236 pa t40125 l47558 ls2565 wtro3142 wtr526 tro3144 tr528">bunker </span><span class="pp-class-236 pa t40125 l27315 ls4807 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40125 l47559 ls2207 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t40125 l47560 ls1815 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t40125 l47561 ls4807 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40125 l47562 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t40125 l47563 ls691 wtro3142 wtr526 tro3144 tr528">DFDS. </span><span class="pp-class-236 pa t40125 l47564 ls556 wtro3142 wtr526 tro3144 tr528">When </span><span class="pp-class-236 pa t40125 l47565 ls572 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t40125 l47566 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40125 l47567 ls2245 wtro3142 wtr526 tro3144 tr528">institution </span><span class="pp-class-236 pa t40125 l47568 ls773 wtro3142 wtr526 tro3144 tr528">acquires </span><span class="pp-class-236 pa t40125 l47569 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l3 ls2629 wtro3142 wtr526 tro3144 tr528">invoices, </span><span class="pp-class-236 pa t40137 l47570 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47571 ls1815 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40137 l47572 ls556 wtro3142 wtr526 tro3144 tr528">will </span><span class="pp-class-236 pa t40137 l47573 ls17569 wtro3142 wtr526 tro3144 tr528">receive </span><span class="pp-class-236 pa t40137 l47574 ls2767 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-236 pa t40137 l47575 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t40137 l47576 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47577 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40137 l47578 ls2245 wtro3142 wtr526 tro3144 tr528">institution </span><span class="pp-class-236 pa t40137 l47579 ls691 wtro3142 wtr526 tro3144 tr528">while </span><span class="pp-class-236 pa t40137 l47580 ls556 wtro3142 wtr526 tro3144 tr528">DFDS </span><span class="pp-class-236 pa t40137 l47581 ls556 wtro3142 wtr526 tro3144 tr528">will </span><span class="pp-class-236 pa t40137 l47582 ls2767 wtro3142 wtr526 tro3144 tr528">settle </span><span class="pp-class-236 pa t40137 l47583 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47584 ls2258 wtro3142 wtr526 tro3144 tr528">invoice </span><span class="pp-class-236 pa t40137 l47585 ls5202 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t40137 l47586 ls26 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t40150 l3 ls2767 wtro3142 wtr526 tro3144 tr528">later </span><span class="pp-class-236 pa t40150 l47587 ls3200 wtro3142 wtr526 tro3144 tr528">stage</span><span class="pp-class-236 pa t40150 l47588">. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls651">The </span><span class="pp-class-236 pa t47589 l38379 ls706">Group </span><span class="pp-class-236 pa t47589 l1995 ls651">has </span><span class="pp-class-236 pa t47589 l44520 ls2270">entered </span><span class="pp-class-236 pa t47589 l31464 ls546">into </span><span class="pp-class-236 pa t47589 l45307 ls667">arrangements </span><span class="pp-class-236 pa t47589 l47590 ls2222">with </span><span class="pp-class-236 pa t47589 l47591 ls651">the </span><span class="pp-class-236 pa t47589 l47592 ls9435">following </span><span class="pp-class-236 pa t47589 l47593 ls35">terms: </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40167 l3 ls4630">Bunker </span><span class="pp-class-236 pa t40167 l33270 ls4630">linked </span><span class="pp-class-236 pa t40167 l43677 ls877">payables </span><span class="pp-class-236 pa t40167 l47594 ls2197">extended </span><span class="pp-class-236 pa t40167 l34066 ls538">to </span><span class="pp-class-236 pa t40167 l47595 ls7086">current </span><span class="pp-class-236 pa t40167 l47596 ls536">month </span><span class="pp-class-236 pa t40167 l47597 ls184">+ </span><span class="pp-class-236 pa t40167 l47598 ls811">93 </span><span class="pp-class-236 pa t40167 l47599 ls2245">days </span><span class="pp-class-236 pa t40167 l47600 ls667">(2024: </span><span class="pp-class-236 pa t40167 l47601 ls7086">current </span><span class="pp-class-236 pa t40167 l47602 ls536">month </span><span class="pp-class-236 pa t40167 l47603 ls184">+ </span><span class="pp-class-236 pa t40167 l47604 ls811">93 </span><span class="pp-class-236 pa t40167 l47605 ls691">days). </span><span class="pp-class-236 pa t40178 l3 ls553">Multiple </span><span class="pp-class-236 pa t40178 l47606 ls995">logistics </span><span class="pp-class-236 pa t40178 l10134 ls562">suppliers' </span><span class="pp-class-236 pa t40178 l3031 ls877">payables </span><span class="pp-class-236 pa t40178 l47607 ls567">extending </span><span class="pp-class-236 pa t40178 l47608 ls3855">payment </span><span class="pp-class-236 pa t40178 l47609 ls538">to </span><span class="pp-class-236 pa t40178 l47610 ls7086">current </span><span class="pp-class-236 pa t40178 l47611 ls536">month </span><span class="pp-class-236 pa t40178 l47612 ls184">+ </span><span class="pp-class-236 pa t40178 l47613 ls811">93 </span><span class="pp-class-236 pa t40178 l47614 ls2245">days </span><span class="pp-class-236 pa t40178 l47615 ls667">(2024: </span><span class="pp-class-236 pa t40178 l47616 ls7086">current </span><span class="pp-class-236 pa t40178 l47617 ls536">month </span><span class="pp-class-236 pa t40178 l15341">+ </span><span class="pp-class-236 pa t40187 l3 ls811">93 </span><span class="pp-class-236 pa t40187 l47618 ls11713">days).</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47619 l3 ls1107">Carrying </span><span class="pp-class-237 pa t47619 l37578 ls1098">amount </span><span class="pp-class-237 pa t47619 l43178">of </span><span class="pp-class-237 pa t47619 l47620">liabilities </span><span class="pp-class-237 pa t47619 l47621">under </span><span class="pp-class-237 pa t47619 l47622">supplier </span><span class="pp-class-237 pa t47619 l28459 ls2761">finance </span><span class="pp-class-237 pa t47619 l47623 ls177">arrangements</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47624 l3">DKK </span><span class="pp-class-236 pa t47624 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47624 l44793">202</span></a><span class="pp-class-237 pa t47624 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47624 l40478 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l3 ls297">Presented </span><span class="pp-class-237 pa t47625 l47626">within </span><span class="pp-class-237 pa t47625 l8047 ls244">trade </span><span class="pp-class-237 pa t47625 l47627 ls811">payables </span><span class="pp-class-237 pa t47625 l47628">1 </span><span class="pp-class-237 pa t47625 l47629 ls1448">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l47630 ls131">567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l47631 ls587">730</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l3 ls297">Presented </span><span class="pp-class-237 pa t47632 l47626">within </span><span class="pp-class-237 pa t47632 l8047 ls244">trade </span><span class="pp-class-237 pa t47632 l47627 ls811">payables </span><span class="pp-class-237 pa t47632 l47628">31 </span><span class="pp-class-237 pa t47632 l47633">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l47634 ls2368">497</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l47635 ls131">567</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l3 ls118">of </span><span class="pp-class-236 pa t47636 l7402">which </span><span class="pp-class-236 pa t47636 l47637">suppliers </span><span class="pp-class-236 pa t47636 l47638 ls800">received </span><span class="pp-class-236 pa t47636 l31335 ls73">payment </span><span class="pp-class-236 pa t47636 l47639 ls106">(from </span><span class="pp-class-236 pa t47636 l47640">financial </span><span class="pp-class-236 pa t47636 l47641">institution)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l47642">486</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l47643">558</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47644 l3 ls538">Range </span><span class="pp-class-237 pa t47644 l47645 ls811">of </span><span class="pp-class-237 pa t47644 l47646 ls603">payment </span><span class="pp-class-237 pa t47644 l47647 ls572">due </span><span class="pp-class-237 pa t47644 l47648 ls2969">dates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47649 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Payment </span><span class="pp-class-236 pa t47649 l47650 ls1775 wtro3142 wtr526 tro3144 tr528">terms </span><span class="pp-class-236 pa t47649 l47651 ls2808 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47649 l7571 ls2245 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t47649 l28972 ls6146 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47649 l47652 ls4149 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47649 l47653 ls524 wtro3142 wtr526 tro3144 tr528">part </span><span class="pp-class-236 pa t47649 l47654 ls30 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47649 l24730 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t47649 l47655 ls4807 wtro3142 wtr526 tro3144 tr528">financing </span><span class="pp-class-236 pa t47649 l47656 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t47649 l47657 ls1882 wtro3142 wtr526 tro3144 tr528">range </span><span class="pp-class-236 pa t47649 l47658 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47649 l47659 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47649 l47660 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47649 l47661 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47649 l47662 ls1186 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47663 l3 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47663 l47664 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47663 l47665 ls544 wtro3142 wtr526 tro3144 tr528">93 </span><span class="pp-class-236 pa t47663 l47666 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47663 l16093 ls5202 wtro3142 wtr526 tro3144 tr528">(2024: </span><span class="pp-class-236 pa t47663 l47667 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47663 l47668 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47663 l47669 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47663 l47670 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47663 l47671 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47663 l47672 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47663 l47673 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47663 l47674 ls544 wtro3142 wtr526 tro3144 tr528">93 </span><span class="pp-class-236 pa t47663 l47675 ls3038 wtro3142 wtr526 tro3144 tr528">days).</span><span class="pp-class-236 pa t47676 l3 wtro3142 wtr526 tro3144 tr528"/><span class="pp-class-236 pa t47677 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Payment </span><span class="pp-class-236 pa t47677 l47650 ls1775 wtro3142 wtr526 tro3144 tr528">terms </span><span class="pp-class-236 pa t47677 l47651 ls2808 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47677 l7571 ls2081 wtro3142 wtr526 tro3144 tr528">comparable </span><span class="pp-class-236 pa t47677 l47678 ls1957 wtro3142 wtr526 tro3144 tr528">trade </span><span class="pp-class-236 pa t47677 l47679 ls4823 wtro3142 wtr526 tro3144 tr528">payables </span><span class="pp-class-236 pa t47677 l47680 ls6146 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47677 l47681 ls4149 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47677 l47682 ls2270 wtro3142 wtr526 tro3144 tr528">not </span><span class="pp-class-236 pa t47677 l47683 ls524 wtro3142 wtr526 tro3144 tr528">part </span><span class="pp-class-236 pa t47677 l47684 ls30 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47677 l47685 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t47677 l47686 ls4807 wtro3142 wtr526 tro3144 tr528">financing </span><span class="pp-class-236 pa t47677 l47687 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t47677 l47688 ls1796 wtro3142 wtr526 tro3144 tr528">typically </span><span class="pp-class-236 pa t47689 l3 ls1882 wtro3142 wtr526 tro3144 tr528">range </span><span class="pp-class-236 pa t47689 l47690 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47689 l47691 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47689 l47692 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47693 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47689 l47694 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47689 l39141 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47689 l47695 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47689 l47696 ls544 wtro3142 wtr526 tro3144 tr528">63 </span><span class="pp-class-236 pa t47689 l47697 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47698 ls5202 wtro3142 wtr526 tro3144 tr528">(2024: </span><span class="pp-class-236 pa t47689 l47699 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47689 l47700 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47689 l47701 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47702 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47689 l47703 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47689 l47704 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47689 l47705 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47689 l47706 ls544 wtro3142 wtr526 tro3144 tr528">63 </span><span class="pp-class-236 pa t47689 l47707 ls3038 wtro3142 wtr526 tro3144 tr528">days).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47708 l3 ls94">Non-cash </span><span class="pp-class-237 pa t47708 l28970 ls1764">changes</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47709 l3 ls706">There </span><span class="pp-class-236 pa t47709 l47710 ls2258">were </span><span class="pp-class-236 pa t47709 l47711 ls811">no </span><span class="pp-class-236 pa t47709 l47712 ls524">significant </span><span class="pp-class-236 pa t47709 l47713 ls94">non-cash </span><span class="pp-class-236 pa t47709 l47714 ls2036">changes </span><span class="pp-class-236 pa t47709 l47715 ls811">in </span><span class="pp-class-236 pa t47709 l47716 ls651">the </span><span class="pp-class-236 pa t47709 l47717 ls572">carrying </span><span class="pp-class-236 pa t47709 l47718 ls625">amounts </span><span class="pp-class-236 pa t47709 l47719 ls98">of </span><span class="pp-class-236 pa t47709 l47720 ls1751">supplier </span><span class="pp-class-236 pa t47709 l47721 ls2036">finance </span><span class="pp-class-236 pa t47709 l47722 ls625">liabilities </span><span class="pp-class-236 pa t47709 l47723 ls667">(2024: </span><span class="pp-class-236 pa t47709 l47724 ls2687">none).</span></p><div id="pp-id-5374"><div class="pp-class-227 pp-class-256" id="pp-id-5371"><div class="w40752 h47514 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls572">All </span><span class="pp-class-236 pa t40754 l47725 ls1751">supplier </span><span class="pp-class-236 pa t40754 l13362 ls2036">finance </span><span class="pp-class-236 pa t40754 l47726 ls8048">arrangement </span><span class="pp-class-236 pa t40754 l47727 ls3681">related </span><span class="pp-class-236 pa t40754 l47728 ls625">liabilities </span><span class="pp-class-236 pa t40754 l47729 ls2808">are </span><span class="pp-class-236 pa t40754 l47730 ls7086">presented </span><span class="pp-class-236 pa t40754 l47731 ls1764">within </span><span class="pp-class-236 pa t40754 l47732 ls877">payables </span><span class="pp-class-236 pa t40754 l47733 ls811">as </span><span class="pp-class-236 pa t40754 l47734 ls538">these </span><span class="pp-class-236 pa t40754 l47735 ls667">are </span><span class="pp-class-236 pa t40763 l3 ls1764">deemed </span><span class="pp-class-236 pa t40763 l33799 ls538">to </span><span class="pp-class-236 pa t40763 l47736 ls811">be </span><span class="pp-class-236 pa t40763 l18262 ls875">part </span><span class="pp-class-236 pa t40763 l47737 ls98">of </span><span class="pp-class-236 pa t40763 l15132 ls1780">working </span><span class="pp-class-236 pa t40763 l18140 ls524">capital </span><span class="pp-class-236 pa t40763 l47738 ls811">in </span><span class="pp-class-236 pa t40763 l47466 ls651">the </span><span class="pp-class-236 pa t40763 l47739 ls877">Group's </span><span class="pp-class-236 pa t40763 l47740 ls1764">normal </span><span class="pp-class-236 pa t40763 l47741 ls1775">operating </span><span class="pp-class-236 pa t40763 l47742 ls847">cycle. </span><span class="pp-class-236 pa t40763 l47743 ls3170">Accordingly, </span><span class="pp-class-236 pa t40763 l47744 ls8048">they </span><span class="pp-class-236 pa t40763 l47745 ls667">are </span><span class="pp-class-236 pa t40775 l3 ls7086">presented </span><span class="pp-class-236 pa t40775 l6723 ls2036">outside </span><span class="pp-class-236 pa t40775 l47746 ls995">financing </span><span class="pp-class-236 pa t40775 l47747 ls2222">cash </span><span class="pp-class-236 pa t40775 l47748 ls2197">flows, </span><span class="pp-class-236 pa t40775 l47749 ls1764">within </span><span class="pp-class-236 pa t40775 l47750 ls1764">change </span><span class="pp-class-236 pa t40775 l47751 ls811">in </span><span class="pp-class-236 pa t40775 l47752 ls1780">working </span><span class="pp-class-236 pa t40775 l47753 ls524">capital.</span></p></div></div></div></div></div><div id="pp-id-5379" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47754 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls838">3.2.4 </span><span class="pp-class-234 pa t1122 l38307">Other </span><span class="pp-class-234 pa t1122 l47755 ls706">payables</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls227">Holiday </span><span class="pp-class-236 pa t37088 l17000 ls181">pay </span><span class="pp-class-236 pa t37088 l3377 ls177">obligations, </span><span class="pp-class-236 pa t37088 l47756 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47482">621</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47757 ls811">721</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3">Public </span><span class="pp-class-236 pa t47758 l47142 ls91">authorities </span><span class="pp-class-236 pa t47758 l39155 ls30318">(VAT, </span><span class="pp-class-236 pa t47758 l47143 ls838">duty, </span><span class="pp-class-236 pa t47758 l10818 ls570">etc.)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47759 ls17762">177</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l37184 ls2368">142</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls2368">Payables </span><span class="pp-class-236 pa t43112 l47248 ls138">to </span><span class="pp-class-236 pa t43112 l28769 ls135">associates </span><span class="pp-class-236 pa t43112 l29758">and </span><span class="pp-class-236 pa t43112 l47760 ls1098">joint </span><span class="pp-class-236 pa t43112 l12116 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l47761">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l47762 ls184">16</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls113">Accrued </span><span class="pp-class-236 pa t20959 l17364 ls428">interests</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l47763">32</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l3">Other </span><span class="pp-class-236 pa t47764 l8396 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l47765">283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l37197">233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l3 ls6824">Total </span><span class="pp-class-237 pa t47766 l20253 ls1098">other </span><span class="pp-class-237 pa t47766 l37312 ls651">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l47767">1,135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l41722 ls85">1,160</span></a></p></td></tr></table><div id="pp-id-5378"><div class="pp-class-227 pp-class-256" id="pp-id-5376"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls538">Other </span><span class="pp-class-236 pa t40754 l44451 ls877">payables </span><span class="pp-class-236 pa t40754 l47769 ls1751">comprise </span><span class="pp-class-236 pa t40754 l47770 ls625">amounts </span><span class="pp-class-236 pa t40754 l47771 ls3234">owed </span><span class="pp-class-236 pa t40754 l47772 ls538">to </span><span class="pp-class-236 pa t40754 l47773 ls8391">staff, </span><span class="pp-class-236 pa t40754 l47774 ls546">including </span><span class="pp-class-236 pa t40754 l47775 ls2270">wages </span><span class="pp-class-236 pa t40754 l47776 ls651">and </span><span class="pp-class-236 pa t40754 l47777 ls995">salaries, </span><span class="pp-class-236 pa t40754 l47778 ls616">holiday </span><span class="pp-class-236 pa t40754 l47779 ls19396">pay, </span><span class="pp-class-236 pa t40754 l47780 ls1574">salary/</span><span class="pp-class-236 pa t40763 l3 ls2270">wages </span><span class="pp-class-236 pa t40763 l47781 ls3681">related </span><span class="pp-class-236 pa t40763 l47782 ls747">items, </span><span class="pp-class-236 pa t40763 l47783 ls625">amounts </span><span class="pp-class-236 pa t40763 l47784 ls3234">owed </span><span class="pp-class-236 pa t40763 l47785 ls538">to </span><span class="pp-class-236 pa t40763 l47786 ls572">the </span><span class="pp-class-236 pa t40763 l47787 ls1764">public </span><span class="pp-class-236 pa t40763 l47788 ls530">authorities, </span><span class="pp-class-236 pa t40763 l47789 ls47790">VAT, </span><span class="pp-class-236 pa t40763 l47791 ls2081">excise </span><span class="pp-class-236 pa t40763 l47792 ls2036">duties, </span><span class="pp-class-236 pa t40763 l47793 ls877">real </span><span class="pp-class-236 pa t40763 l47794 ls30">property </span><span class="pp-class-236 pa t40763 l47795 ls713">taxes </span><span class="pp-class-236 pa t40775 l3 ls713">etc.; </span><span class="pp-class-236 pa t40775 l10979 ls625">amounts </span><span class="pp-class-236 pa t40775 l47796 ls3234">owed </span><span class="pp-class-236 pa t40775 l26077 ls811">in </span><span class="pp-class-236 pa t40775 l47797 ls278">connection </span><span class="pp-class-236 pa t40775 l47798 ls2222">with </span><span class="pp-class-236 pa t40775 l47799 ls651">the </span><span class="pp-class-236 pa t40775 l47800 ls11713">purchase/disposal </span><span class="pp-class-236 pa t40775 l47801 ls98">of </span><span class="pp-class-236 pa t40775 l47802 ls551">ferries </span><span class="pp-class-236 pa t40775 l47803 ls651">and </span><span class="pp-class-236 pa t40775 l47804 ls949">other </span><span class="pp-class-236 pa t40775 l47805 ls1764">ships, </span><span class="pp-class-236 pa t40775 l47806 ls995">buildings </span><span class="pp-class-236 pa t40775 l47807 ls184">and </span><span class="pp-class-236 pa t41664 l3 ls179">terminals; </span><span class="pp-class-236 pa t41664 l17191 ls544">accrued </span><span class="pp-class-236 pa t41664 l44562 ls706">interest </span><span class="pp-class-236 pa t41664 l47808 ls8048">expenses; </span><span class="pp-class-236 pa t41664 l47809 ls877">payables </span><span class="pp-class-236 pa t41664 l47810 ls538">to </span><span class="pp-class-236 pa t41664 l47811 ls560">associates </span><span class="pp-class-236 pa t41664 l47812 ls572">and </span><span class="pp-class-236 pa t41664 l47813 ls536">joint </span><span class="pp-class-236 pa t41664 l47814 ls1131">ventures; </span><span class="pp-class-236 pa t41664 l47815 ls625">amounts </span><span class="pp-class-236 pa t41664 l47816 ls3234">owed </span><span class="pp-class-236 pa t41664 l47817 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls1131">relation </span><span class="pp-class-236 pa t40783 l40572 ls538">to </span><span class="pp-class-236 pa t40783 l11342 ls536">defined </span><span class="pp-class-236 pa t40783 l43439 ls949">contribution </span><span class="pp-class-236 pa t40783 l43451 ls2036">pension </span><span class="pp-class-236 pa t40783 l47818 ls538">plans </span><span class="pp-class-236 pa t40783 l47819 ls2969">etc.</span></p></div></div></div></div></div> <div id="pp-id-5375" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls713">3.2.3 </span><span class="pp-class-234 pa t1122 l38307">Supplier </span><span class="pp-class-234 pa t1122 l47542 ls1963">finance </span><span class="pp-class-234 pa t1122 l47543 ls1031">arrangements</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls2207 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t40114 l47544 ls1882 wtro3142 wtr526 tro3144 tr528">Group </span><span class="pp-class-236 pa t40114 l47545 ls10269 wtro3142 wtr526 tro3144 tr528">participates </span><span class="pp-class-236 pa t40114 l47546 ls544 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t40114 l47547 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t40114 l47548 ls1687 wtro3142 wtr526 tro3144 tr528">finance </span><span class="pp-class-236 pa t40114 l47549 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t40114 l47550 ls691 wtro3142 wtr526 tro3144 tr528">under </span><span class="pp-class-236 pa t40114 l47551 ls691 wtro3142 wtr526 tro3144 tr528">which </span><span class="pp-class-236 pa t40114 l47552 ls621 wtro3142 wtr526 tro3144 tr528">certain </span><span class="pp-class-236 pa t40114 l47553 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40114 l47554 ls884 wtro3142 wtr526 tro3144 tr528">institutions </span><span class="pp-class-236 pa t40114 l47555 ls110 wtro3142 wtr526 tro3144 tr528">acquire </span><span class="pp-class-236 pa t40125 l3 ls7487 wtro3142 wtr526 tro3144 tr528">invoices </span><span class="pp-class-236 pa t40125 l47556 ls603 wtro3142 wtr526 tro3144 tr528">issued </span><span class="pp-class-236 pa t40125 l47557 ls2081 wtro3142 wtr526 tro3144 tr528">by </span><span class="pp-class-236 pa t40125 l47558 ls2565 wtro3142 wtr526 tro3144 tr528">bunker </span><span class="pp-class-236 pa t40125 l27315 ls4807 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40125 l47559 ls2207 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t40125 l47560 ls1815 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t40125 l47561 ls4807 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40125 l47562 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t40125 l47563 ls691 wtro3142 wtr526 tro3144 tr528">DFDS. </span><span class="pp-class-236 pa t40125 l47564 ls556 wtro3142 wtr526 tro3144 tr528">When </span><span class="pp-class-236 pa t40125 l47565 ls572 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t40125 l47566 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40125 l47567 ls2245 wtro3142 wtr526 tro3144 tr528">institution </span><span class="pp-class-236 pa t40125 l47568 ls773 wtro3142 wtr526 tro3144 tr528">acquires </span><span class="pp-class-236 pa t40125 l47569 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l3 ls2629 wtro3142 wtr526 tro3144 tr528">invoices, </span><span class="pp-class-236 pa t40137 l47570 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47571 ls1815 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40137 l47572 ls556 wtro3142 wtr526 tro3144 tr528">will </span><span class="pp-class-236 pa t40137 l47573 ls17569 wtro3142 wtr526 tro3144 tr528">receive </span><span class="pp-class-236 pa t40137 l47574 ls2767 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-236 pa t40137 l47575 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t40137 l47576 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47577 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40137 l47578 ls2245 wtro3142 wtr526 tro3144 tr528">institution </span><span class="pp-class-236 pa t40137 l47579 ls691 wtro3142 wtr526 tro3144 tr528">while </span><span class="pp-class-236 pa t40137 l47580 ls556 wtro3142 wtr526 tro3144 tr528">DFDS </span><span class="pp-class-236 pa t40137 l47581 ls556 wtro3142 wtr526 tro3144 tr528">will </span><span class="pp-class-236 pa t40137 l47582 ls2767 wtro3142 wtr526 tro3144 tr528">settle </span><span class="pp-class-236 pa t40137 l47583 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47584 ls2258 wtro3142 wtr526 tro3144 tr528">invoice </span><span class="pp-class-236 pa t40137 l47585 ls5202 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t40137 l47586 ls26 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t40150 l3 ls2767 wtro3142 wtr526 tro3144 tr528">later </span><span class="pp-class-236 pa t40150 l47587 ls3200 wtro3142 wtr526 tro3144 tr528">stage</span><span class="pp-class-236 pa t40150 l47588">. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls651">The </span><span class="pp-class-236 pa t47589 l38379 ls706">Group </span><span class="pp-class-236 pa t47589 l1995 ls651">has </span><span class="pp-class-236 pa t47589 l44520 ls2270">entered </span><span class="pp-class-236 pa t47589 l31464 ls546">into </span><span class="pp-class-236 pa t47589 l45307 ls667">arrangements </span><span class="pp-class-236 pa t47589 l47590 ls2222">with </span><span class="pp-class-236 pa t47589 l47591 ls651">the </span><span class="pp-class-236 pa t47589 l47592 ls9435">following </span><span class="pp-class-236 pa t47589 l47593 ls35">terms: </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40167 l3 ls4630">Bunker </span><span class="pp-class-236 pa t40167 l33270 ls4630">linked </span><span class="pp-class-236 pa t40167 l43677 ls877">payables </span><span class="pp-class-236 pa t40167 l47594 ls2197">extended </span><span class="pp-class-236 pa t40167 l34066 ls538">to </span><span class="pp-class-236 pa t40167 l47595 ls7086">current </span><span class="pp-class-236 pa t40167 l47596 ls536">month </span><span class="pp-class-236 pa t40167 l47597 ls184">+ </span><span class="pp-class-236 pa t40167 l47598 ls811">93 </span><span class="pp-class-236 pa t40167 l47599 ls2245">days </span><span class="pp-class-236 pa t40167 l47600 ls667">(2024: </span><span class="pp-class-236 pa t40167 l47601 ls7086">current </span><span class="pp-class-236 pa t40167 l47602 ls536">month </span><span class="pp-class-236 pa t40167 l47603 ls184">+ </span><span class="pp-class-236 pa t40167 l47604 ls811">93 </span><span class="pp-class-236 pa t40167 l47605 ls691">days). </span><span class="pp-class-236 pa t40178 l3 ls553">Multiple </span><span class="pp-class-236 pa t40178 l47606 ls995">logistics </span><span class="pp-class-236 pa t40178 l10134 ls562">suppliers' </span><span class="pp-class-236 pa t40178 l3031 ls877">payables </span><span class="pp-class-236 pa t40178 l47607 ls567">extending </span><span class="pp-class-236 pa t40178 l47608 ls3855">payment </span><span class="pp-class-236 pa t40178 l47609 ls538">to </span><span class="pp-class-236 pa t40178 l47610 ls7086">current </span><span class="pp-class-236 pa t40178 l47611 ls536">month </span><span class="pp-class-236 pa t40178 l47612 ls184">+ </span><span class="pp-class-236 pa t40178 l47613 ls811">93 </span><span class="pp-class-236 pa t40178 l47614 ls2245">days </span><span class="pp-class-236 pa t40178 l47615 ls667">(2024: </span><span class="pp-class-236 pa t40178 l47616 ls7086">current </span><span class="pp-class-236 pa t40178 l47617 ls536">month </span><span class="pp-class-236 pa t40178 l15341">+ </span><span class="pp-class-236 pa t40187 l3 ls811">93 </span><span class="pp-class-236 pa t40187 l47618 ls11713">days).</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47619 l3 ls1107">Carrying </span><span class="pp-class-237 pa t47619 l37578 ls1098">amount </span><span class="pp-class-237 pa t47619 l43178">of </span><span class="pp-class-237 pa t47619 l47620">liabilities </span><span class="pp-class-237 pa t47619 l47621">under </span><span class="pp-class-237 pa t47619 l47622">supplier </span><span class="pp-class-237 pa t47619 l28459 ls2761">finance </span><span class="pp-class-237 pa t47619 l47623 ls177">arrangements</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47624 l3">DKK </span><span class="pp-class-236 pa t47624 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47624 l44793">202</span></a><span class="pp-class-237 pa t47624 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47624 l40478 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l3 ls297">Presented </span><span class="pp-class-237 pa t47625 l47626">within </span><span class="pp-class-237 pa t47625 l8047 ls244">trade </span><span class="pp-class-237 pa t47625 l47627 ls811">payables </span><span class="pp-class-237 pa t47625 l47628">1 </span><span class="pp-class-237 pa t47625 l47629 ls1448">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l47630 ls131">567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l47631 ls587">730</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l3 ls297">Presented </span><span class="pp-class-237 pa t47632 l47626">within </span><span class="pp-class-237 pa t47632 l8047 ls244">trade </span><span class="pp-class-237 pa t47632 l47627 ls811">payables </span><span class="pp-class-237 pa t47632 l47628">31 </span><span class="pp-class-237 pa t47632 l47633">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l47634 ls2368">497</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l47635 ls131">567</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l3 ls118">of </span><span class="pp-class-236 pa t47636 l7402">which </span><span class="pp-class-236 pa t47636 l47637">suppliers </span><span class="pp-class-236 pa t47636 l47638 ls800">received </span><span class="pp-class-236 pa t47636 l31335 ls73">payment </span><span class="pp-class-236 pa t47636 l47639 ls106">(from </span><span class="pp-class-236 pa t47636 l47640">financial </span><span class="pp-class-236 pa t47636 l47641">institution)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l47642">486</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l47643">558</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47644 l3 ls538">Range </span><span class="pp-class-237 pa t47644 l47645 ls811">of </span><span class="pp-class-237 pa t47644 l47646 ls603">payment </span><span class="pp-class-237 pa t47644 l47647 ls572">due </span><span class="pp-class-237 pa t47644 l47648 ls2969">dates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47649 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Payment </span><span class="pp-class-236 pa t47649 l47650 ls1775 wtro3142 wtr526 tro3144 tr528">terms </span><span class="pp-class-236 pa t47649 l47651 ls2808 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47649 l7571 ls2245 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t47649 l28972 ls6146 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47649 l47652 ls4149 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47649 l47653 ls524 wtro3142 wtr526 tro3144 tr528">part </span><span class="pp-class-236 pa t47649 l47654 ls30 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47649 l24730 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t47649 l47655 ls4807 wtro3142 wtr526 tro3144 tr528">financing </span><span class="pp-class-236 pa t47649 l47656 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t47649 l47657 ls1882 wtro3142 wtr526 tro3144 tr528">range </span><span class="pp-class-236 pa t47649 l47658 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47649 l47659 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47649 l47660 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47649 l47661 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47649 l47662 ls1186 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47663 l3 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47663 l47664 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47663 l47665 ls544 wtro3142 wtr526 tro3144 tr528">93 </span><span class="pp-class-236 pa t47663 l47666 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47663 l16093 ls5202 wtro3142 wtr526 tro3144 tr528">(2024: </span><span class="pp-class-236 pa t47663 l47667 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47663 l47668 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47663 l47669 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47663 l47670 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47663 l47671 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47663 l47672 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47663 l47673 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47663 l47674 ls544 wtro3142 wtr526 tro3144 tr528">93 </span><span class="pp-class-236 pa t47663 l47675 ls3038 wtro3142 wtr526 tro3144 tr528">days).</span><span class="pp-class-236 pa t47676 l3 wtro3142 wtr526 tro3144 tr528"/><span class="pp-class-236 pa t47677 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Payment </span><span class="pp-class-236 pa t47677 l47650 ls1775 wtro3142 wtr526 tro3144 tr528">terms </span><span class="pp-class-236 pa t47677 l47651 ls2808 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47677 l7571 ls2081 wtro3142 wtr526 tro3144 tr528">comparable </span><span class="pp-class-236 pa t47677 l47678 ls1957 wtro3142 wtr526 tro3144 tr528">trade </span><span class="pp-class-236 pa t47677 l47679 ls4823 wtro3142 wtr526 tro3144 tr528">payables </span><span class="pp-class-236 pa t47677 l47680 ls6146 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47677 l47681 ls4149 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47677 l47682 ls2270 wtro3142 wtr526 tro3144 tr528">not </span><span class="pp-class-236 pa t47677 l47683 ls524 wtro3142 wtr526 tro3144 tr528">part </span><span class="pp-class-236 pa t47677 l47684 ls30 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47677 l47685 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t47677 l47686 ls4807 wtro3142 wtr526 tro3144 tr528">financing </span><span class="pp-class-236 pa t47677 l47687 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t47677 l47688 ls1796 wtro3142 wtr526 tro3144 tr528">typically </span><span class="pp-class-236 pa t47689 l3 ls1882 wtro3142 wtr526 tro3144 tr528">range </span><span class="pp-class-236 pa t47689 l47690 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47689 l47691 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47689 l47692 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47693 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47689 l47694 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47689 l39141 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47689 l47695 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47689 l47696 ls544 wtro3142 wtr526 tro3144 tr528">63 </span><span class="pp-class-236 pa t47689 l47697 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47698 ls5202 wtro3142 wtr526 tro3144 tr528">(2024: </span><span class="pp-class-236 pa t47689 l47699 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47689 l47700 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47689 l47701 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47702 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47689 l47703 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47689 l47704 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47689 l47705 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47689 l47706 ls544 wtro3142 wtr526 tro3144 tr528">63 </span><span class="pp-class-236 pa t47689 l47707 ls3038 wtro3142 wtr526 tro3144 tr528">days).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47708 l3 ls94">Non-cash </span><span class="pp-class-237 pa t47708 l28970 ls1764">changes</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47709 l3 ls706">There </span><span class="pp-class-236 pa t47709 l47710 ls2258">were </span><span class="pp-class-236 pa t47709 l47711 ls811">no </span><span class="pp-class-236 pa t47709 l47712 ls524">significant </span><span class="pp-class-236 pa t47709 l47713 ls94">non-cash </span><span class="pp-class-236 pa t47709 l47714 ls2036">changes </span><span class="pp-class-236 pa t47709 l47715 ls811">in </span><span class="pp-class-236 pa t47709 l47716 ls651">the </span><span class="pp-class-236 pa t47709 l47717 ls572">carrying </span><span class="pp-class-236 pa t47709 l47718 ls625">amounts </span><span class="pp-class-236 pa t47709 l47719 ls98">of </span><span class="pp-class-236 pa t47709 l47720 ls1751">supplier </span><span class="pp-class-236 pa t47709 l47721 ls2036">finance </span><span class="pp-class-236 pa t47709 l47722 ls625">liabilities </span><span class="pp-class-236 pa t47709 l47723 ls667">(2024: </span><span class="pp-class-236 pa t47709 l47724 ls2687">none).</span></p><div id="pp-id-5374"><div class="pp-class-227 pp-class-256" id="pp-id-5371"><div class="w40752 h47514 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls572">All </span><span class="pp-class-236 pa t40754 l47725 ls1751">supplier </span><span class="pp-class-236 pa t40754 l13362 ls2036">finance </span><span class="pp-class-236 pa t40754 l47726 ls8048">arrangement </span><span class="pp-class-236 pa t40754 l47727 ls3681">related </span><span class="pp-class-236 pa t40754 l47728 ls625">liabilities </span><span class="pp-class-236 pa t40754 l47729 ls2808">are </span><span class="pp-class-236 pa t40754 l47730 ls7086">presented </span><span class="pp-class-236 pa t40754 l47731 ls1764">within </span><span class="pp-class-236 pa t40754 l47732 ls877">payables </span><span class="pp-class-236 pa t40754 l47733 ls811">as </span><span class="pp-class-236 pa t40754 l47734 ls538">these </span><span class="pp-class-236 pa t40754 l47735 ls667">are </span><span class="pp-class-236 pa t40763 l3 ls1764">deemed </span><span class="pp-class-236 pa t40763 l33799 ls538">to </span><span class="pp-class-236 pa t40763 l47736 ls811">be </span><span class="pp-class-236 pa t40763 l18262 ls875">part </span><span class="pp-class-236 pa t40763 l47737 ls98">of </span><span class="pp-class-236 pa t40763 l15132 ls1780">working </span><span class="pp-class-236 pa t40763 l18140 ls524">capital </span><span class="pp-class-236 pa t40763 l47738 ls811">in </span><span class="pp-class-236 pa t40763 l47466 ls651">the </span><span class="pp-class-236 pa t40763 l47739 ls877">Group's </span><span class="pp-class-236 pa t40763 l47740 ls1764">normal </span><span class="pp-class-236 pa t40763 l47741 ls1775">operating </span><span class="pp-class-236 pa t40763 l47742 ls847">cycle. </span><span class="pp-class-236 pa t40763 l47743 ls3170">Accordingly, </span><span class="pp-class-236 pa t40763 l47744 ls8048">they </span><span class="pp-class-236 pa t40763 l47745 ls667">are </span><span class="pp-class-236 pa t40775 l3 ls7086">presented </span><span class="pp-class-236 pa t40775 l6723 ls2036">outside </span><span class="pp-class-236 pa t40775 l47746 ls995">financing </span><span class="pp-class-236 pa t40775 l47747 ls2222">cash </span><span class="pp-class-236 pa t40775 l47748 ls2197">flows, </span><span class="pp-class-236 pa t40775 l47749 ls1764">within </span><span class="pp-class-236 pa t40775 l47750 ls1764">change </span><span class="pp-class-236 pa t40775 l47751 ls811">in </span><span class="pp-class-236 pa t40775 l47752 ls1780">working </span><span class="pp-class-236 pa t40775 l47753 ls524">capital.</span></p></div></div></div></div></div><div class="pp-class-256" id="pp-id-5380" xmlns="http://www.w3.org/1999/xhtml"><div class="w47820 h47821 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls110">3.2.5 </span><span class="pp-class-234 pa t1122 l38307 ls13">Pension </span><span class="pp-class-234 pa t1122 l47822">and </span><span class="pp-class-234 pa t1122 l47823 ls21">jubilee </span><span class="pp-class-234 pa t1122 l47824">liabilities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls2207">The </span><span class="pp-class-236 pa t40114 l40248 ls1882">Group </span><span class="pp-class-236 pa t40114 l47825 ls6270">contributes </span><span class="pp-class-236 pa t40114 l18449 ls2889">to </span><span class="pp-class-236 pa t40114 l47826 ls877">defined </span><span class="pp-class-236 pa t40114 l47827 ls299">contribution </span><span class="pp-class-236 pa t40114 l29420 ls691">plans </span><span class="pp-class-236 pa t40114 l47828 ls544">as </span><span class="pp-class-236 pa t40114 l47829 ls8486">well </span><span class="pp-class-236 pa t40114 l47830 ls544">as </span><span class="pp-class-236 pa t40114 l47831 ls877">defined </span><span class="pp-class-236 pa t40114 l47832 ls877">benefit </span><span class="pp-class-236 pa t40114 l47833 ls603">plans. </span><span class="pp-class-236 pa t40114 l47834 ls2207">The </span><span class="pp-class-236 pa t40114 l47835 ls1775">majority </span><span class="pp-class-236 pa t40114 l47836 ls30">of </span><span class="pp-class-236 pa t40114 l34075 ls2207">the </span><span class="pp-class-236 pa t40114 l47837 ls2207">pension </span><span class="pp-class-236 pa t40125 l3 ls681">plans </span><span class="pp-class-236 pa t40125 l47838 ls4149">are </span><span class="pp-class-236 pa t40125 l47839 ls603">funded </span><span class="pp-class-236 pa t40125 l47840 ls2629">through </span><span class="pp-class-236 pa t40125 l28217 ls2081">payments </span><span class="pp-class-236 pa t40125 l47841 ls2889">to </span><span class="pp-class-236 pa t40125 l47842 ls2808">independent </span><span class="pp-class-236 pa t40125 l47843 ls11072">insurance </span><span class="pp-class-236 pa t40125 l47844 ls4807">companies </span><span class="pp-class-236 pa t40125 l47845 ls4609">responsible </span><span class="pp-class-236 pa t40125 l34095 ls2808">for </span><span class="pp-class-236 pa t40125 l47846 ls2207">the </span><span class="pp-class-236 pa t40125 l47507 ls1687">pension </span><span class="pp-class-236 pa t40125 l47847 ls884">obligation </span><span class="pp-class-236 pa t40137 l3 ls19231">towards </span><span class="pp-class-236 pa t40137 l22237 ls2207">the </span><span class="pp-class-236 pa t40137 l5757 ls6092">employees </span><span class="pp-class-236 pa t40137 l12330 ls11592">(defined </span><span class="pp-class-236 pa t40137 l47848 ls299">contribution </span><span class="pp-class-236 pa t40137 l45533 ls4017">plans). </span><span class="pp-class-236 pa t40137 l47849 ls544">In </span><span class="pp-class-236 pa t40137 l47850 ls691">these </span><span class="pp-class-236 pa t40137 l47851 ls691">plans </span><span class="pp-class-236 pa t40137 l40687 ls2207">the </span><span class="pp-class-236 pa t40137 l47852 ls1882">Group </span><span class="pp-class-236 pa t40137 l47853 ls2207">has </span><span class="pp-class-236 pa t40137 l38851 ls544">no </span><span class="pp-class-236 pa t40137 l47854 ls691">legal </span><span class="pp-class-236 pa t40137 l47855 ls544">or </span><span class="pp-class-236 pa t40137 l47856 ls1118">constructive </span><span class="pp-class-236 pa t40150 l3 ls15034">obligation </span><span class="pp-class-236 pa t40150 l47857 ls2889">to </span><span class="pp-class-236 pa t40150 l43449 ls3084">pay </span><span class="pp-class-236 pa t40150 l45714 ls4630">further </span><span class="pp-class-236 pa t40150 l47858 ls7468">contributions </span><span class="pp-class-236 pa t40150 l47859 ls4149">irrespective </span><span class="pp-class-236 pa t40150 l47860 ls30">of </span><span class="pp-class-236 pa t40150 l348 ls2207">the </span><span class="pp-class-236 pa t40150 l47861 ls1815">financial </span><span class="pp-class-236 pa t40150 l47862 ls3234">situation </span><span class="pp-class-236 pa t40150 l47863 ls30">of </span><span class="pp-class-236 pa t40150 l47864 ls681">these </span><span class="pp-class-236 pa t40150 l47865 ls11072">insurance </span><span class="pp-class-236 pa t40150 l47866 ls1815">companies </span><span class="pp-class-236 pa t40150 l47867 ls544">or </span><span class="pp-class-236 pa t40150 l47868 ls651">the </span><span class="pp-class-236 pa t40161 l3 ls11592">return </span><span class="pp-class-236 pa t40161 l7403 ls30">of </span><span class="pp-class-236 pa t40161 l31586 ls2207">the </span><span class="pp-class-236 pa t40161 l28205 ls1882">underlying </span><span class="pp-class-236 pa t40161 l42949 ls2816">investments. </span><span class="pp-class-236 pa t40161 l47869 ls1118">Pension </span><span class="pp-class-236 pa t40161 l45919 ls691">costs </span><span class="pp-class-236 pa t40161 l47870 ls4284">from </span><span class="pp-class-236 pa t40161 l47871 ls556">such </span><span class="pp-class-236 pa t40161 l47872 ls691">plans </span><span class="pp-class-236 pa t40161 l47873 ls4149">are </span><span class="pp-class-236 pa t40161 l47874 ls12546">expensed </span><span class="pp-class-236 pa t40161 l47875 ls544">in </span><span class="pp-class-236 pa t40161 l47876 ls2207">the </span><span class="pp-class-236 pa t40161 l47877 ls603">income </span><span class="pp-class-236 pa t40161 l39496 ls3084">statement </span><span class="pp-class-236 pa t40161 l47878 ls995">when </span><span class="pp-class-236 pa t47589 l3 ls12546">incurred.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40178 l3 ls2207">The </span><span class="pp-class-236 pa t40178 l40248 ls1882">Group </span><span class="pp-class-236 pa t40178 l47825 ls2207">has </span><span class="pp-class-236 pa t40178 l47879 ls877">defined </span><span class="pp-class-236 pa t40178 l47880 ls877">benefit </span><span class="pp-class-236 pa t40178 l26678 ls603">plans, </span><span class="pp-class-236 pa t40178 l47881 ls3292">primarily </span><span class="pp-class-236 pa t40178 l47882 ls544">in </span><span class="pp-class-236 pa t40178 l47883 ls2207">the </span><span class="pp-class-236 pa t40178 l47884 ls2207">UK. </span><span class="pp-class-236 pa t40178 l47885 ls544">In </span><span class="pp-class-236 pa t40178 l47886 ls2687">addition, </span><span class="pp-class-236 pa t40178 l47887 ls1882">there </span><span class="pp-class-236 pa t40178 l47888 ls4149">are </span><span class="pp-class-236 pa t40178 l47889 ls691">minor </span><span class="pp-class-236 pa t40178 l47890 ls877">defined </span><span class="pp-class-236 pa t40178 l47891 ls877">benefit </span><span class="pp-class-236 pa t40178 l47892 ls681">plans </span><span class="pp-class-236 pa t40178 l47893 ls184">in </span><span class="pp-class-236 pa t40187 l3 ls15764">Norway, </span><span class="pp-class-236 pa t40187 l47894 ls1775">Belgium, </span><span class="pp-class-236 pa t40187 l28899 ls1046">Italy, </span><span class="pp-class-236 pa t40187 l47895 ls26708">Türkiye, </span><span class="pp-class-236 pa t40187 l47896 ls556">Lithuania, </span><span class="pp-class-236 pa t40187 l47897 ls2855">France, </span><span class="pp-class-236 pa t40187 l47898 ls25295">Germany, </span><span class="pp-class-236 pa t40187 l47610 ls2207">and </span><span class="pp-class-236 pa t40187 l47899 ls6146">Sweden. </span><span class="pp-class-236 pa t40187 l47900 ls2207">The </span><span class="pp-class-236 pa t40187 l47901 ls544">UK </span><span class="pp-class-236 pa t40187 l38851 ls3681">accounts </span><span class="pp-class-236 pa t40187 l47902 ls2808">for </span><span class="pp-class-236 pa t40187 l47903 ls4381">-5.8%</span><span class="pp-class-250 pa t47904 l47905 ls2036">1</span><span class="pp-class-236 pa t40187 l47906"/><span class="pp-class-236 pa t40187 l47907 ls4807">(2024: </span><span class="pp-class-236 pa t40199 l3 ls1039">-46.9%) </span><span class="pp-class-236 pa t40199 l33095 ls30">of </span><span class="pp-class-236 pa t40199 l47857 ls2207">the </span><span class="pp-class-236 pa t40199 l47908 ls6824">total </span><span class="pp-class-236 pa t40199 l47909 ls2270">net </span><span class="pp-class-236 pa t40199 l47910 ls4807">liability </span><span class="pp-class-236 pa t40199 l7533 ls2207">and </span><span class="pp-class-236 pa t40199 l47911 ls2363">85.5% </span><span class="pp-class-236 pa t40199 l38384 ls5202">(2024: </span><span class="pp-class-236 pa t40199 l47912 ls6255">88.4%) </span><span class="pp-class-236 pa t40199 l38620 ls30">of </span><span class="pp-class-236 pa t40199 l47913 ls2207">the </span><span class="pp-class-236 pa t40199 l47914 ls603">funded </span><span class="pp-class-236 pa t40199 l47915 ls2207">and </span><span class="pp-class-236 pa t40199 l47916 ls4017">unfunded </span><span class="pp-class-236 pa t40199 l47917 ls15034">obligation. </span><span class="pp-class-236 pa t40199 l47918 ls2207">The </span><span class="pp-class-236 pa t40199 l47919 ls1775">majority </span><span class="pp-class-236 pa t40199 l47920 ls2315">of </span><span class="pp-class-236 pa t40213 l3 ls2207">the </span><span class="pp-class-236 pa t40213 l3864 ls877">defined </span><span class="pp-class-236 pa t40213 l47921 ls877">benefit </span><span class="pp-class-236 pa t40213 l47922 ls681">plans </span><span class="pp-class-236 pa t40213 l36297 ls4149">are </span><span class="pp-class-236 pa t40213 l47923 ls1687">pension </span><span class="pp-class-236 pa t40213 l47924 ls691">plans </span><span class="pp-class-236 pa t40213 l47925 ls6146">that </span><span class="pp-class-236 pa t40213 l39254 ls11050">yearly </span><span class="pp-class-236 pa t40213 l47926 ls3084">pay </span><span class="pp-class-236 pa t40213 l47927 ls2207">out </span><span class="pp-class-236 pa t40213 l47928 ls651">a </span><span class="pp-class-236 pa t40213 l47929 ls621">certain </span><span class="pp-class-236 pa t40213 l47930 ls8384">percentage </span><span class="pp-class-236 pa t40213 l47931 ls30">of </span><span class="pp-class-236 pa t40213 l47932 ls2207">the </span><span class="pp-class-236 pa t40213 l47933 ls749">employee’s </span><span class="pp-class-236 pa t40213 l47934 ls544">final </span><span class="pp-class-236 pa t47935 l3 ls758">salary </span><span class="pp-class-236 pa t47935 l45069 ls556">upon </span><span class="pp-class-236 pa t47935 l43992 ls7832">retirement. </span><span class="pp-class-236 pa t47935 l47936 ls2207">The </span><span class="pp-class-236 pa t47935 l35323 ls1775">pensions </span><span class="pp-class-236 pa t47935 l47937 ls4149">are </span><span class="pp-class-236 pa t47935 l47938 ls556">paid </span><span class="pp-class-236 pa t47935 l47939 ls2207">out </span><span class="pp-class-236 pa t47935 l16853 ls544">as </span><span class="pp-class-236 pa t47935 l47940 ls4284">from </span><span class="pp-class-236 pa t47935 l47941 ls17548">retirement </span><span class="pp-class-236 pa t47935 l47942 ls2207">and </span><span class="pp-class-236 pa t47935 l47943 ls603">during </span><span class="pp-class-236 pa t47935 l47944 ls2207">the </span><span class="pp-class-236 pa t47935 l47945 ls11072">remaining </span><span class="pp-class-236 pa t47935 l47946 ls4017">life </span><span class="pp-class-236 pa t47935 l47947 ls30">of </span><span class="pp-class-236 pa t47935 l47948 ls651">the </span><span class="pp-class-236 pa t40221 l3 ls3200">employee. </span><span class="pp-class-236 pa t40221 l47949 ls2207">The </span><span class="pp-class-236 pa t40221 l47950 ls8384">percentage </span><span class="pp-class-236 pa t40221 l47951 ls30">of </span><span class="pp-class-236 pa t40221 l47952 ls2207">the </span><span class="pp-class-236 pa t40221 l47953 ls758">salary </span><span class="pp-class-236 pa t40221 l47954 ls544">is </span><span class="pp-class-236 pa t40221 l47955 ls2245">dependent </span><span class="pp-class-236 pa t40221 l47956 ls30">of </span><span class="pp-class-236 pa t40221 l36570 ls2207">the </span><span class="pp-class-236 pa t40221 l47957 ls4807">seniority </span><span class="pp-class-236 pa t40221 l47958 ls30">of </span><span class="pp-class-236 pa t40221 l47959 ls2207">the </span><span class="pp-class-236 pa t40221 l47960 ls773">employee </span><span class="pp-class-236 pa t40221 l47961 ls8200">except </span><span class="pp-class-236 pa t40221 l47962 ls2808">for </span><span class="pp-class-236 pa t40221 l47963 ls621">certain </span><span class="pp-class-236 pa t40221 l47964 ls614">closed </span></p></div></div><div id="pp-id-5291" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls651">The </span><span class="pp-class-239 pa t1332 l38379 ls811">UK </span><span class="pp-class-239 pa t1332 l47965 ls536">defined </span><span class="pp-class-239 pa t1332 l47966 ls33">benefit </span><span class="pp-class-239 pa t1335 l3 ls538">plans </span><span class="pp-class-239 pa t1335 l47967 ls2808">are </span><span class="pp-class-239 pa t1335 l47968 ls2197">at </span><span class="pp-class-239 pa t1335 l47969 ls524">accounting </span><span class="pp-class-239 pa t1339 l3 ls538">basis </span><span class="pp-class-239 pa t1339 l47970 ls7086">overfunded </span><span class="pp-class-239 pa t1339 l30209 ls706">by </span><span class="pp-class-239 pa t1339 l46816 ls184">DKK </span><span class="pp-class-239 pa t3352 l3 ls811">5m </span><span class="pp-class-239 pa t3352 l47971 ls811">as </span><span class="pp-class-239 pa t3352 l47972 ls651">per </span><span class="pp-class-239 pa t3352 l47973 ls572">end </span><span class="pp-class-239 pa t3352 l43998 ls98">of </span><span class="pp-class-239 pa t3352 l47974 ls967">2025 </span><span class="pp-class-239 pa t3355 l3 ls667">(2024: </span><span class="pp-class-239 pa t3355 l45148 ls572">DKK </span><span class="pp-class-239 pa t3355 l29778 ls2222">25m).</span></p></div></div><div class="pp-class-10" id="pp-id-5382" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls681">plans </span><span class="pp-class-236 pa t283 l47838 ls544">in </span><span class="pp-class-236 pa t283 l47977 ls2207">the </span><span class="pp-class-236 pa t283 l47978 ls544">UK </span><span class="pp-class-236 pa t283 l11795 ls2207">and </span><span class="pp-class-236 pa t283 l47979 ls556">some </span><span class="pp-class-236 pa t283 l47980 ls30">of </span><span class="pp-class-236 pa t283 l5403 ls2207">the </span><span class="pp-class-236 pa t283 l12697 ls1131">other </span><span class="pp-class-236 pa t283 l47981 ls691">minor </span><span class="pp-class-236 pa t283 l47982 ls603">plans. </span><span class="pp-class-236 pa t283 l47983 ls2207">The </span><span class="pp-class-236 pa t283 l47984 ls877">defined </span><span class="pp-class-236 pa t283 l47985 ls877">benefit </span><span class="pp-class-236 pa t283 l47986 ls691">plans </span><span class="pp-class-236 pa t283 l47987 ls3292">typically </span><span class="pp-class-236 pa t283 l46698 ls884">include </span><span class="pp-class-236 pa t283 l47988 ls651">a </span><span class="pp-class-236 pa t283 l47989 ls603">spouse </span><span class="pp-class-236 pa t283 l47990 ls2207">pension </span><span class="pp-class-236 pa t38325 l3 ls2207">and </span><span class="pp-class-236 pa t38325 l47991 ls4793">disability </span><span class="pp-class-236 pa t38325 l47992 ls3292">insurance.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38356 l3 ls556">Some </span><span class="pp-class-236 pa t38356 l41066 ls30">of </span><span class="pp-class-236 pa t38356 l17217 ls2207">the </span><span class="pp-class-236 pa t38356 l47993 ls1687">pension </span><span class="pp-class-236 pa t38356 l29119 ls681">plans </span><span class="pp-class-236 pa t38356 l37880 ls544">in </span><span class="pp-class-236 pa t38356 l47994 ls1796">Sweden </span><span class="pp-class-236 pa t38356 l42428 ls4149">are </span><span class="pp-class-236 pa t38356 l14657 ls12546">multi-employer </span><span class="pp-class-236 pa t38356 l47995 ls603">plans, </span><span class="pp-class-236 pa t38356 l17540 ls773">covering </span><span class="pp-class-236 pa t38356 l47996 ls572">a </span><span class="pp-class-236 pa t38356 l47997 ls1882">large </span><span class="pp-class-236 pa t38356 l47998 ls603">number </span><span class="pp-class-236 pa t38356 l47999 ls30">of </span><span class="pp-class-236 pa t38356 l48000 ls2687">enterprises. </span><span class="pp-class-236 pa t38356 l48001 ls651">The </span><span class="pp-class-236 pa t38370 l3 ls681">plans </span><span class="pp-class-236 pa t38370 l47838 ls4149">are </span><span class="pp-class-236 pa t38370 l47839 ls4609">collective </span><span class="pp-class-236 pa t38370 l48002 ls2207">and </span><span class="pp-class-236 pa t38370 l31231 ls11722">covered </span><span class="pp-class-236 pa t38370 l40116 ls2629">through </span><span class="pp-class-236 pa t38370 l48003 ls7468">contributions </span><span class="pp-class-236 pa t38370 l48004 ls556">paid </span><span class="pp-class-236 pa t38370 l48005 ls2889">to </span><span class="pp-class-236 pa t38370 l35173 ls2207">the </span><span class="pp-class-236 pa t38370 l48006 ls1687">pension </span><span class="pp-class-236 pa t38370 l48007 ls2687">company </span><span class="pp-class-236 pa t38370 l48008 ls7086">Alecta. </span><span class="pp-class-236 pa t38370 l48009 ls2207">The </span><span class="pp-class-236 pa t38370 l48010 ls1815">Swedish </span><span class="pp-class-236 pa t38598 l3 ls4807">Financial </span><span class="pp-class-236 pa t38598 l48011 ls15034">Accounting </span><span class="pp-class-236 pa t38598 l48012 ls2848">Standards </span><span class="pp-class-236 pa t38598 l33775 ls1017">Council’s </span><span class="pp-class-236 pa t38598 l48013 ls3200">interpretations </span><span class="pp-class-236 pa t38598 l48014 ls8486">committee </span><span class="pp-class-236 pa t38598 l48015 ls773">(Redovisningsrådet) </span><span class="pp-class-236 pa t38598 l48016 ls2207">has </span><span class="pp-class-236 pa t38598 l48017 ls877">defined </span><span class="pp-class-236 pa t38598 l48018 ls556">this </span><span class="pp-class-236 pa t38598 l48019 ls995">plan </span><span class="pp-class-236 pa t38378 l3 ls544">as </span><span class="pp-class-236 pa t38378 l48020 ls572">a </span><span class="pp-class-236 pa t38378 l48021 ls12546">multi-employer </span><span class="pp-class-236 pa t38378 l48022 ls877">defined </span><span class="pp-class-236 pa t38378 l48023 ls877">benefit </span><span class="pp-class-236 pa t38378 l48024 ls681">plan. </span><span class="pp-class-236 pa t38378 l17865 ls1151">Presently, </span><span class="pp-class-236 pa t38378 l48025 ls544">it </span><span class="pp-class-236 pa t38378 l48026 ls544">is </span><span class="pp-class-236 pa t38378 l48027 ls2270">not </span><span class="pp-class-236 pa t38378 l45991 ls1775">possible </span><span class="pp-class-236 pa t38378 l48028 ls2889">to </span><span class="pp-class-236 pa t38378 l48029 ls10269">obtain </span><span class="pp-class-236 pa t38378 l48030 ls4775">sufficient </span><span class="pp-class-236 pa t38378 l48031 ls2258">information </span><span class="pp-class-236 pa t38378 l48032 ls4284">from </span><span class="pp-class-236 pa t38378 l48033 ls681">Alecta </span><span class="pp-class-236 pa t38394 l3 ls2889">to </span><span class="pp-class-236 pa t38394 l48034 ls4787">apportion </span><span class="pp-class-236 pa t38394 l43171 ls884">assets </span><span class="pp-class-236 pa t38394 l48035 ls2207">and </span><span class="pp-class-236 pa t38394 l48036 ls2245">liabilities </span><span class="pp-class-236 pa t38394 l5974 ls30">of </span><span class="pp-class-236 pa t38394 l48037 ls2207">the </span><span class="pp-class-236 pa t38394 l48038 ls681">plans </span><span class="pp-class-236 pa t38394 l48039 ls2889">to </span><span class="pp-class-236 pa t38394 l17156 ls2207">the </span><span class="pp-class-236 pa t38394 l48040 ls4017">participating </span><span class="pp-class-236 pa t38394 l48041 ls9307">employers. </span><span class="pp-class-236 pa t38394 l48042 ls19231">Consequently, </span><span class="pp-class-236 pa t38394 l48043 ls2207">the </span><span class="pp-class-236 pa t38394 l48044 ls1687">pension </span><span class="pp-class-236 pa t38394 l48045 ls544">plans </span><span class="pp-class-236 pa t38413 l3 ls4149">are </span><span class="pp-class-236 pa t38413 l48046 ls3292">similarly </span><span class="pp-class-236 pa t38413 l37741 ls2889">to </span><span class="pp-class-236 pa t38413 l48047 ls681">prior </span><span class="pp-class-236 pa t38413 l48048 ls1796">years </span><span class="pp-class-236 pa t38413 l48049 ls11726">treated </span><span class="pp-class-236 pa t38413 l48050 ls544">as </span><span class="pp-class-236 pa t38413 l48051 ls877">defined </span><span class="pp-class-236 pa t38413 l48052 ls299">contribution </span><span class="pp-class-236 pa t38413 l48053 ls603">plans. </span><span class="pp-class-236 pa t38413 l48054 ls2207">The </span><span class="pp-class-236 pa t38413 l48055 ls7468">contributions </span><span class="pp-class-236 pa t38413 l48056 ls4149">are </span><span class="pp-class-236 pa t38413 l48057 ls2207">DKK </span><span class="pp-class-236 pa t38413 l48058 ls544">3m </span><span class="pp-class-236 pa t38413 l48059 ls544">in </span><span class="pp-class-236 pa t38413 l48060 ls556">2025 </span><span class="pp-class-236 pa t38413 l48061 ls4807">(2024: </span><span class="pp-class-236 pa t38629 l3 ls2207">DKK </span><span class="pp-class-236 pa t38629 l48062 ls556">3m). </span><span class="pp-class-236 pa t38629 l48063 ls2207">The </span><span class="pp-class-236 pa t38629 l48064 ls4609">collective </span><span class="pp-class-236 pa t38629 l48065 ls1687">funding </span><span class="pp-class-236 pa t38629 l27289 ls9737">ratio </span><span class="pp-class-236 pa t38629 l48066 ls5202">at </span><span class="pp-class-236 pa t38629 l48067 ls10269">Alecta </span><span class="pp-class-236 pa t38629 l42410 ls1815">amounts </span><span class="pp-class-236 pa t38629 l48068 ls2889">to </span><span class="pp-class-236 pa t38629 l48069 ls2808">167% </span><span class="pp-class-236 pa t38629 l48070 ls544">as </span><span class="pp-class-236 pa t38629 l48071 ls2207">per </span><span class="pp-class-236 pa t38629 l48072 ls11713">September </span><span class="pp-class-236 pa t38629 l48073 ls556">2025 </span><span class="pp-class-236 pa t38629 l48074 ls11713">(September </span><span class="pp-class-236 pa t38629 l48075 ls1775">2024: </span><span class="pp-class-236 pa t38426 l3 ls849">163%). </span><span class="pp-class-236 pa t38426 l48076 ls2245">For </span><span class="pp-class-236 pa t38426 l21644 ls2846">2026, </span><span class="pp-class-236 pa t38426 l48077 ls2207">the </span><span class="pp-class-236 pa t38426 l26668 ls7468">contributions </span><span class="pp-class-236 pa t38426 l48078 ls4149">are </span><span class="pp-class-236 pa t38426 l48079 ls11592">expected </span><span class="pp-class-236 pa t38426 l48080 ls2889">to </span><span class="pp-class-236 pa t38426 l48081 ls544">be </span><span class="pp-class-236 pa t38426 l48082 ls2207">DKK </span><span class="pp-class-236 pa t38426 l48083 ls2207">3m. </span><span class="pp-class-236 pa t38426 l48084 ls691">DFDS’ </span><span class="pp-class-236 pa t38426 l48085 ls1882">share </span><span class="pp-class-236 pa t38426 l48086 ls30">of </span><span class="pp-class-236 pa t38426 l48087 ls2207">the </span><span class="pp-class-236 pa t38426 l48088 ls12546">multi-employer </span><span class="pp-class-236 pa t38426 l48089 ls556">plan </span><span class="pp-class-236 pa t38426 l48090 ls184">is </span><span class="pp-class-236 pa t38428 l3 ls5202">estimated </span><span class="pp-class-236 pa t38428 l48091 ls2889">to </span><span class="pp-class-236 pa t38428 l48092 ls544">be </span><span class="pp-class-236 pa t38428 l41640 ls7487">around </span><span class="pp-class-236 pa t38428 l48093 ls3197">0.0036% </span><span class="pp-class-236 pa t38428 l17935 ls2207">and </span><span class="pp-class-236 pa t38428 l28251 ls2207">the </span><span class="pp-class-236 pa t38428 l2210 ls1815">liability </span><span class="pp-class-236 pa t38428 l48094 ls4149">follows </span><span class="pp-class-236 pa t38428 l48095 ls2207">the </span><span class="pp-class-236 pa t38428 l48096 ls1882">share </span><span class="pp-class-236 pa t38428 l48097 ls30">of </span><span class="pp-class-236 pa t38428 l48098 ls2207">the </span><span class="pp-class-236 pa t38428 l48099 ls6824">total </span><span class="pp-class-236 pa t38428 l48100 ls544">plan. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38453 l3 ls544">In </span><span class="pp-class-236 pa t38453 l48101 ls2565">2024, </span><span class="pp-class-236 pa t38453 l48102 ls651">a </span><span class="pp-class-236 pa t38453 l48103 ls603">ruling </span><span class="pp-class-236 pa t38453 l48104 ls544">in </span><span class="pp-class-236 pa t38453 l48105 ls2207">the </span><span class="pp-class-236 pa t38453 l48106 ls544">UK </span><span class="pp-class-236 pa t38453 l48107 ls544">on </span><span class="pp-class-236 pa t38453 l48108 ls4775">amendments </span><span class="pp-class-236 pa t38453 l48109 ls2808">made </span><span class="pp-class-236 pa t38453 l48110 ls2889">to </span><span class="pp-class-236 pa t38453 l48111 ls572">a </span><span class="pp-class-236 pa t38453 l48112 ls2889">non-DFDS </span><span class="pp-class-236 pa t38453 l42661 ls1687">pension </span><span class="pp-class-236 pa t38453 l48113 ls603">scheme </span><span class="pp-class-236 pa t38453 l45685 ls2808">for </span><span class="pp-class-236 pa t38453 l34109 ls2207">the </span><span class="pp-class-236 pa t38453 l48114 ls1796">years </span><span class="pp-class-236 pa t38453 l48115 ls8486">1997 </span><span class="pp-class-236 pa t38453 l48116 ls651">– </span><span class="pp-class-236 pa t38453 l48117 ls2808">2016 </span><span class="pp-class-236 pa t38453 l48118 ls556">was </span><span class="pp-class-236 pa t38465 l3 ls7468">concluded. </span><span class="pp-class-236 pa t38465 l17218 ls556">This </span><span class="pp-class-236 pa t38465 l48119 ls603">ruling </span><span class="pp-class-236 pa t38465 l48120 ls2270">might </span><span class="pp-class-236 pa t38465 l16594 ls1592">have </span><span class="pp-class-236 pa t38465 l43614 ls15034">implications </span><span class="pp-class-236 pa t38465 l48121 ls544">on </span><span class="pp-class-236 pa t38465 l45559 ls2207">the </span><span class="pp-class-236 pa t38465 l48122 ls1882">Group </span><span class="pp-class-236 pa t38465 l48123 ls544">as </span><span class="pp-class-236 pa t38465 l48124 ls4775">amendments </span><span class="pp-class-236 pa t38465 l48125 ls17589">were </span><span class="pp-class-236 pa t38465 l48126 ls556">also </span><span class="pp-class-236 pa t38465 l48127 ls2808">made </span><span class="pp-class-236 pa t38465 l48128 ls2889">to </span><span class="pp-class-236 pa t38465 l48129 ls2207">the </span><span class="pp-class-236 pa t38465 l48130 ls8384">Group's </span><span class="pp-class-236 pa t38465 l48131 ls184">UK </span><span class="pp-class-236 pa t38476 l3 ls1687">pension </span><span class="pp-class-236 pa t38476 l48132 ls1687">schemes </span><span class="pp-class-236 pa t38476 l9675 ls544">in </span><span class="pp-class-236 pa t38476 l48133 ls2207">the </span><span class="pp-class-236 pa t38476 l48134 ls603">period </span><span class="pp-class-236 pa t38476 l48135 ls544">in </span><span class="pp-class-236 pa t38476 l28727 ls4807">question. </span><span class="pp-class-236 pa t38476 l48136 ls651">A </span><span class="pp-class-236 pa t38476 l48137 ls1687">pension </span><span class="pp-class-236 pa t38476 l48138 ls556">bill </span><span class="pp-class-236 pa t38476 l39348 ls544">in </span><span class="pp-class-236 pa t38476 l48139 ls2207">its </span><span class="pp-class-236 pa t38476 l48140 ls691">final </span><span class="pp-class-236 pa t38476 l48141 ls847">stage </span><span class="pp-class-236 pa t38476 l48142 ls544">is </span><span class="pp-class-236 pa t38476 l48143 ls691">being </span><span class="pp-class-236 pa t38476 l32436 ls2565">debated </span><span class="pp-class-236 pa t38476 l48144 ls544">in </span><span class="pp-class-236 pa t38476 l48145 ls2207">the </span><span class="pp-class-236 pa t38476 l48146 ls544">UK </span><span class="pp-class-236 pa t38476 l48147 ls621">parliament. </span><span class="pp-class-236 pa t38693 l3 ls2207">The </span><span class="pp-class-236 pa t38693 l40248 ls1687">pension </span><span class="pp-class-236 pa t38693 l17097 ls556">bill </span><span class="pp-class-236 pa t38693 l48148 ls556">will </span><span class="pp-class-236 pa t38693 l28632 ls12546">make </span><span class="pp-class-236 pa t38693 l48149 ls544">it </span><span class="pp-class-236 pa t38693 l16551 ls1775">possible </span><span class="pp-class-236 pa t38693 l48150 ls556">with </span><span class="pp-class-236 pa t38693 l48151 ls15952">retroactive </span><span class="pp-class-236 pa t38693 l47374 ls11077">effect </span><span class="pp-class-236 pa t38693 l48152 ls2889">to </span><span class="pp-class-236 pa t38693 l18177 ls691">issue </span><span class="pp-class-236 pa t38693 l43808 ls2207">the </span><span class="pp-class-236 pa t38693 l39034 ls603">needed </span><span class="pp-class-236 pa t38693 l48153 ls3234">actuarial </span><span class="pp-class-236 pa t38693 l48154 ls5202">confirmations </span><span class="pp-class-236 pa t38693 l48155 ls7086">that </span><span class="pp-class-236 pa t38478 l3 ls2081">makes </span><span class="pp-class-236 pa t38478 l33375 ls2207">the </span><span class="pp-class-236 pa t38478 l43034 ls4775">amendments </span><span class="pp-class-236 pa t38478 l21816 ls1796">valid. </span><span class="pp-class-236 pa t38478 l13304 ls1186">Management </span><span class="pp-class-236 pa t38478 l48156 ls2207">has </span><span class="pp-class-236 pa t38478 l7907 ls11713">obtained </span><span class="pp-class-236 pa t38478 l42382 ls681">legal </span><span class="pp-class-236 pa t38478 l38664 ls2808">assessments </span><span class="pp-class-236 pa t38478 l48157 ls2207">and </span><span class="pp-class-236 pa t38478 l48158 ls556">will </span><span class="pp-class-236 pa t38478 l48159 ls1131">continue </span><span class="pp-class-236 pa t38478 l48160 ls2889">to </span><span class="pp-class-236 pa t38478 l48161 ls556">seek </span><span class="pp-class-236 pa t38478 l48162 ls544">legal </span><span class="pp-class-236 pa t38491 l3 ls849">advice </span><span class="pp-class-236 pa t38491 l48163 ls544">on </span><span class="pp-class-236 pa t38491 l4497 ls2207">the </span><span class="pp-class-236 pa t38491 l48164 ls7832">matter </span><span class="pp-class-236 pa t38491 l48165 ls2207">and </span><span class="pp-class-236 pa t38491 l48166 ls1796">act </span><span class="pp-class-236 pa t38491 l48167 ls657">accordingly. </span><span class="pp-class-236 pa t38491 l48168 ls13392">However, </span><span class="pp-class-236 pa t38491 l48169 ls544">as </span><span class="pp-class-236 pa t38491 l48170 ls2207">the </span><span class="pp-class-236 pa t38491 l18434 ls556">bill </span><span class="pp-class-236 pa t38491 l48171 ls544">is </span><span class="pp-class-236 pa t38491 l48172 ls2270">not </span><span class="pp-class-236 pa t38491 l48173 ls2855">yet </span><span class="pp-class-236 pa t38491 l48174 ls544">in </span><span class="pp-class-236 pa t38491 l48175 ls3076">force </span><span class="pp-class-236 pa t38491 l48176 ls2207">the </span><span class="pp-class-236 pa t38491 l48177 ls1775">amount </span><span class="pp-class-236 pa t38491 l48178 ls30">of </span><span class="pp-class-236 pa t38491 l48179 ls2808">any </span><span class="pp-class-236 pa t38491 l48180 ls1815">potential </span><span class="pp-class-236 pa t38508 l3 ls6824">impact </span><span class="pp-class-236 pa t38508 l48181 ls544">on </span><span class="pp-class-236 pa t38508 l3056 ls2207">the </span><span class="pp-class-236 pa t38508 l44009 ls877">defined </span><span class="pp-class-236 pa t38508 l48182 ls877">benefit </span><span class="pp-class-236 pa t38508 l48183 ls15034">obligation </span><span class="pp-class-236 pa t38508 l48184 ls884">cannot </span><span class="pp-class-236 pa t38508 l34200 ls544">be </span><span class="pp-class-236 pa t38508 l48185 ls849">confirmed </span><span class="pp-class-236 pa t38508 l42002 ls17851">and/or </span><span class="pp-class-236 pa t38508 l46801 ls12546">measured </span><span class="pp-class-236 pa t38508 l48186 ls556">with </span><span class="pp-class-236 pa t38508 l48187 ls4775">sufficient </span><span class="pp-class-236 pa t38508 l48188 ls4609">reliability </span><span class="pp-class-236 pa t38508 l48189 ls5202">at </span><span class="pp-class-236 pa t38508 l48190 ls572">the </span><span class="pp-class-236 pa t38711 l3 ls556">2025 </span><span class="pp-class-236 pa t38711 l48191 ls4284">year-end.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48192 l3">Based </span><span class="pp-class-236 pa t48192 l16343">on </span><span class="pp-class-236 pa t48192 l36373 ls138">actuarial </span><span class="pp-class-236 pa t48192 l48193 ls177">calculations </span><span class="pp-class-236 pa t48192 l39125">the </span><span class="pp-class-236 pa t48192 l48194 ls1583">defined </span><span class="pp-class-236 pa t48192 l48195 ls1583">benefit </span><span class="pp-class-236 pa t48192 l48196">plans </span><span class="pp-class-236 pa t48192 l48197 ls833">show </span><span class="pp-class-236 pa t48192 l48198">the </span><span class="pp-class-236 pa t48192 l44702 ls203">following </span><span class="pp-class-236 pa t48192 l39133 ls26">liabilities:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48199 l3">DKK </span><span class="pp-class-236 pa t48199 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48199 l44793">202</span></a><span class="pp-class-237 pa t48199 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48199 l40478 ls811">202</span></a><span class="pp-class-236 pa t48199 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48200 l3 ls833">Present </span><span class="pp-class-236 pa t48200 l48201 ls129">value </span><span class="pp-class-236 pa t48200 l48202 ls118">of </span><span class="pp-class-236 pa t48200 l48203">funded </span><span class="pp-class-236 pa t48200 l15095 ls1583">defined </span><span class="pp-class-236 pa t48200 l48204 ls1583">benefit </span><span class="pp-class-236 pa t48200 l48205 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48200 l48206">567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48200 l48207">609</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48208 l3 ls135">Fair </span><span class="pp-class-236 pa t48208 l48209 ls129">value </span><span class="pp-class-236 pa t48208 l45744 ls118">of </span><span class="pp-class-236 pa t48208 l48210">plan </span><span class="pp-class-236 pa t48208 l44190 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48208 l48211 ls2207">-572</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48208 l48212">-633</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48213 l3">Funded </span><span class="pp-class-237 pa t48213 l40463 ls2761">defined </span><span class="pp-class-237 pa t48213 l48214 ls2761">benefit </span><span class="pp-class-237 pa t48213 l48215 ls1467">obligations, </span><span class="pp-class-237 pa t48213 l48216 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48213 l40429">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48213 l48217 ls1547">-24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48218 l3 ls833">Present </span><span class="pp-class-236 pa t48218 l48201 ls129">value </span><span class="pp-class-236 pa t48218 l48202 ls118">of </span><span class="pp-class-236 pa t48218 l48203 ls217">unfunded </span><span class="pp-class-236 pa t48218 l48219 ls1583">defined </span><span class="pp-class-236 pa t48218 l48220 ls1583">benefit </span><span class="pp-class-236 pa t48218 l48221 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48218 l48222">93</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48218 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48224 l3">Recognised </span><span class="pp-class-237 pa t48224 l46744">liabilities </span><span class="pp-class-237 pa t48224 l48225 ls781">for </span><span class="pp-class-237 pa t48224 l48226 ls2761">defined </span><span class="pp-class-237 pa t48224 l48227 ls2761">benefit </span><span class="pp-class-237 pa t48224 l48228 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48224 l48229">89</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48224 l48230">53</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48231 l3 ls807">Provision </span><span class="pp-class-236 pa t48231 l43170 ls19">for </span><span class="pp-class-236 pa t48231 l19189">jubilee </span><span class="pp-class-236 pa t48231 l48232">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48231 l48233">29</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48231 l48234 ls129">27</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48235 l3 ls6824">Total </span><span class="pp-class-237 pa t48235 l20253 ls177">actuarial </span><span class="pp-class-237 pa t48235 l48236">liabilities, </span><span class="pp-class-237 pa t48235 l7382 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48235 l48237 ls814">118</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48235 l22955 ls135">79</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48238 l3 ls1011">Pension </span><span class="pp-class-236 pa t48238 l36284 ls67">assets</span><span class="pp-class-240 pa t48239 l48240">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48238 l43719">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48238 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48241 l3 ls1011">Pension </span><span class="pp-class-236 pa t48241 l36284">and </span><span class="pp-class-236 pa t48241 l37491">jubilee </span><span class="pp-class-236 pa t48241 l37492">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48241 l43695">123</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48241 l44906 ls1547">104</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48242 l3 ls6824">Total </span><span class="pp-class-237 pa t48242 l20253 ls177">actuarial </span><span class="pp-class-237 pa t48242 l48236">liabilities, </span><span class="pp-class-237 pa t48242 l7382 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48242 l48237 ls814">118</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48242 l22955 ls135">79</span></a></p></td></tr></table></div></div><div id="pp-id-5383" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h48243 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l3">DKK </span><span class="pp-class-236 pa t283 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l44793">202</span></a><span class="pp-class-237 pa t283 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t283 l40478 ls811">202</span></a><span class="pp-class-236 pa t283 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27896 l3 ls1618">Movements </span><span class="pp-class-237 pa t27896 l47235">in </span><span class="pp-class-237 pa t27896 l48244">the </span><span class="pp-class-237 pa t27896 l48245 ls1535">net </span><span class="pp-class-237 pa t27896 l48246 ls135">present </span><span class="pp-class-237 pa t27896 l48247 ls106">value </span><span class="pp-class-237 pa t27896 l48248">of </span><span class="pp-class-237 pa t27896 l48249">funded </span><span class="pp-class-237 pa t27896 l48250">and </span><span class="pp-class-237 pa t27896 l48251 ls1098">unfunded </span><span class="pp-class-237 pa t27896 l48252 ls2761">defined </span><span class="pp-class-237 pa t43198 l3 ls2761">benefit </span><span class="pp-class-237 pa t43198 l48253 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l3">Funded </span><span class="pp-class-236 pa t48254 l48255">and </span><span class="pp-class-236 pa t48254 l28624 ls217">unfunded </span><span class="pp-class-236 pa t48254 l48256 ls85">obligations </span><span class="pp-class-236 pa t48254 l48257 ls2368">at </span><span class="pp-class-236 pa t48254 l48258">1 </span><span class="pp-class-236 pa t48254 l48259 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l48260">685</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l48261 ls2368">714</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48262 l3 ls115">Addition </span><span class="pp-class-236 pa t48262 l42147 ls181">regarding </span><span class="pp-class-236 pa t48262 l48263 ls217">acquisition</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48262 l43124">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48262 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48264 l3 ls1133">Foreign </span><span class="pp-class-236 pa t48264 l37293 ls212">exchange </span><span class="pp-class-236 pa t48264 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48264 l48265">-35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48264 l37155">33</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l3 ls833">Current </span><span class="pp-class-236 pa t48266 l41779 ls1448">service </span><span class="pp-class-236 pa t48266 l48267">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l3 ls428">Interest </span><span class="pp-class-236 pa t48268 l26038">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l43248">31</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48269 l3 ls793">Actuarial </span><span class="pp-class-236 pa t48269 l48270">gain(-)/loss(+) </span><span class="pp-class-236 pa t48269 l16513">arising </span><span class="pp-class-236 pa t48269 l48271 ls181">from </span><span class="pp-class-236 pa t48269 l48272">changes </span><span class="pp-class-236 pa t48269 l48273">in </span><span class="pp-class-236 pa t48269 l48274 ls108">demographic </span><span class="pp-class-236 pa t48269 l48275 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48269 l48276">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48269 l41866">-1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48277 l3 ls793">Actuarial </span><span class="pp-class-236 pa t48277 l48270">gain(-)/loss(+) </span><span class="pp-class-236 pa t48277 l16513">arising </span><span class="pp-class-236 pa t48277 l48271 ls181">from </span><span class="pp-class-236 pa t48277 l48272">changes </span><span class="pp-class-236 pa t48277 l48273">in </span><span class="pp-class-236 pa t48277 l48274">financial </span><span class="pp-class-236 pa t48277 l48278 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48277 l48279">-15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48277 l48280">-68</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48281 l3 ls1629">Past </span><span class="pp-class-236 pa t48281 l48282 ls1448">service </span><span class="pp-class-236 pa t48281 l48283">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48281 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48281 l41926">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48285 l3 ls3337">Benefits </span><span class="pp-class-236 pa t48285 l48286">paid</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48285 l48287">-51</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48285 l48288">-45</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48289 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48289 l45698">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48289 l48290">7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48291 l3">Funded </span><span class="pp-class-237 pa t48291 l40463">and </span><span class="pp-class-237 pa t48291 l48292 ls1098">unfunded </span><span class="pp-class-237 pa t48291 l48293 ls135">obligations </span><span class="pp-class-237 pa t48291 l48294 ls2222">at </span><span class="pp-class-237 pa t48291 l48295">31 </span><span class="pp-class-237 pa t48291 l25954">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48291 l43156">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48291 l48296">685</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48297 l3 ls1618">Movements </span><span class="pp-class-237 pa t48297 l47235">in </span><span class="pp-class-237 pa t48297 l48244">the </span><span class="pp-class-237 pa t48297 l48245 ls1535">fair </span><span class="pp-class-237 pa t48297 l48298 ls106">value </span><span class="pp-class-237 pa t48297 l48299">of </span><span class="pp-class-237 pa t48297 l48300">the </span><span class="pp-class-237 pa t48297 l48301 ls2761">defined </span><span class="pp-class-237 pa t48297 l48302 ls2761">benefit </span><span class="pp-class-237 pa t48297 l48303 ls21">plan </span><span class="pp-class-237 pa t48297 l48304 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48305 l3">Plan </span><span class="pp-class-236 pa t48305 l48306 ls781">assets </span><span class="pp-class-236 pa t48305 l48307 ls2368">at </span><span class="pp-class-236 pa t48305 l33256">1 </span><span class="pp-class-236 pa t48305 l19359 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48305 l48308">-633</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48305 l48309">-650</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48310 l3 ls1133">Foreign </span><span class="pp-class-236 pa t48310 l37293 ls212">exchange </span><span class="pp-class-236 pa t48310 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48310 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48310 l48311">-32</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48312 l3 ls135">Calculated </span><span class="pp-class-236 pa t48312 l19165 ls428">interest </span><span class="pp-class-236 pa t48312 l36336">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48312 l44231">-33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48312 l48313">-30</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48314 l3 ls781">Return </span><span class="pp-class-236 pa t48314 l3129">on </span><span class="pp-class-236 pa t48314 l1020">plan </span><span class="pp-class-236 pa t48314 l38735 ls781">assets </span><span class="pp-class-236 pa t48314 l48315 ls212">excluding </span><span class="pp-class-236 pa t48314 l21919 ls135">calculated </span><span class="pp-class-236 pa t48314 l48316 ls428">interest </span><span class="pp-class-236 pa t48314 l48317">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48314 l48318 ls1914">77</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48314 l43130">59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48319 l3">Costs </span><span class="pp-class-236 pa t48319 l44000 ls118">of </span><span class="pp-class-236 pa t48319 l48320 ls220">managing </span><span class="pp-class-236 pa t48319 l48321">the </span><span class="pp-class-236 pa t48319 l42440 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48319 l43124">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48319 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48322 l3 ls129">Employer </span><span class="pp-class-236 pa t48322 l48323 ls2441">contributions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48322 l48324">-48</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48322 l48325">-23</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48326 l3 ls3337">Benefits </span><span class="pp-class-236 pa t48326 l48286">paid</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48326 l44698">34</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48326 l43211">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48327 l3 ls21">Plan </span><span class="pp-class-237 pa t48327 l48328 ls1098">assets </span><span class="pp-class-237 pa t48327 l28769 ls2222">at </span><span class="pp-class-237 pa t48327 l7680">31 </span><span class="pp-class-237 pa t48327 l48329">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48327 l46627 ls168">-572</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48327 l48330">-633</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48331 l3 ls21">Plan </span><span class="pp-class-237 pa t48331 l48328 ls1098">assets </span><span class="pp-class-237 pa t48331 l28769">consist </span><span class="pp-class-237 pa t48331 l48332">of </span><span class="pp-class-237 pa t48331 l48333">the </span><span class="pp-class-237 pa t48331 l48334 ls76">following:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48335 l3">Cash </span><span class="pp-class-236 pa t48335 l3028">and </span><span class="pp-class-236 pa t48335 l37435">cash </span><span class="pp-class-236 pa t48335 l37436 ls1700">equivalents</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48335 l42330">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48335 l43042">-4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48336 l3">Blended </span><span class="pp-class-236 pa t48336 l48337 ls203">investment </span><span class="pp-class-236 pa t48336 l48338">funds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48336 l43124">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48336 l48339 ls135">-627</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48340 l3 ls1661">Insured </span><span class="pp-class-236 pa t48340 l48341">plans</span><span class="pp-class-240 pa t48342 l48343">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48340 l48344">-567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48340 l37258">-2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48345 l3 ls6824">Total </span><span class="pp-class-237 pa t48345 l20253 ls21">plan </span><span class="pp-class-237 pa t48345 l18457 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48345 l46627 ls168">-572</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48345 l48330">-633</span></a></p></td></tr></table></div></div><div id="pp-id-5292" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls651">The </span><span class="pp-class-239 pa t1332 l38379 ls811">UK </span><span class="pp-class-239 pa t1332 l47965 ls536">defined </span><span class="pp-class-239 pa t1332 l47966 ls33">benefit </span><span class="pp-class-239 pa t1335 l3 ls538">plans </span><span class="pp-class-239 pa t1335 l47967 ls2808">are </span><span class="pp-class-239 pa t1335 l47968 ls2197">at </span><span class="pp-class-239 pa t1335 l47969 ls524">accounting </span><span class="pp-class-239 pa t1339 l3 ls538">basis </span><span class="pp-class-239 pa t1339 l47970 ls7086">overfunded </span><span class="pp-class-239 pa t1339 l30209 ls706">by </span><span class="pp-class-239 pa t1339 l46816 ls184">DKK </span><span class="pp-class-239 pa t3352 l3 ls811">5m </span><span class="pp-class-239 pa t3352 l47971 ls811">as </span><span class="pp-class-239 pa t3352 l47972 ls651">per </span><span class="pp-class-239 pa t3352 l47973 ls572">end </span><span class="pp-class-239 pa t3352 l43998 ls98">of </span><span class="pp-class-239 pa t3352 l47974 ls967">2025 </span><span class="pp-class-239 pa t3355 l3 ls667">(2024: </span><span class="pp-class-239 pa t3355 l45148 ls572">DKK </span><span class="pp-class-239 pa t3355 l29778 ls2222">25m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t48346 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t48347 l3">The </span><span class="pp-class-239 pa t48347 l7349">UK </span><span class="pp-class-239 pa t48347 l36647">funded </span><span class="pp-class-239 pa t48347 l48348 ls1583">defined </span><span class="pp-class-239 pa t48349 l3 ls1583">benefit </span><span class="pp-class-239 pa t48349 l48350">plans </span><span class="pp-class-239 pa t48351 l3 ls162">implemented </span><span class="pp-class-239 pa t48351 l48352">a </span><span class="pp-class-239 pa t48351 l48353 ls685">buy-in </span><span class="pp-class-239 pa t48354 l3">during </span><span class="pp-class-239 pa t48354 l19883 ls651">2025, </span><span class="pp-class-239 pa t48354 l48355 ls428">resulting </span><span class="pp-class-239 pa t48354 l48356">in </span><span class="pp-class-239 pa t48357 l3">the </span><span class="pp-class-239 pa t48357 l9689">plans </span><span class="pp-class-239 pa t48357 l17515">becoming </span><span class="pp-class-239 pa t48357 l42655 ls1574">fully </span><span class="pp-class-239 pa t48358 l3 ls203">insured. </span><span class="pp-class-239 pa t48358 l1341">Prior </span><span class="pp-class-239 pa t48358 l48359 ls138">to </span><span class="pp-class-239 pa t48358 l48360">the </span><span class="pp-class-239 pa t48361 l3 ls1078">buy-in, </span><span class="pp-class-239 pa t48361 l33274">the </span><span class="pp-class-239 pa t48361 l40385">pension </span><span class="pp-class-239 pa t48362 l3">scheme </span><span class="pp-class-239 pa t48362 l48363 ls781">assets </span><span class="pp-class-239 pa t48362 l48364 ls2036">were </span><span class="pp-class-239 pa t48365 l3">held </span><span class="pp-class-239 pa t48365 l48366">in </span><span class="pp-class-239 pa t48365 l48076">blended </span><span class="pp-class-239 pa t48367 l3 ls203">investment </span><span class="pp-class-239 pa t48367 l18188">funds.</span></p></div></div><div id="pp-id-5384" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h48368 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls110">3.2.5 </span><span class="pp-class-234 pa t1122 l38307 ls13">Pension </span><span class="pp-class-234 pa t1122 l47822">and </span><span class="pp-class-234 pa t1122 l47823 ls21">jubilee </span><span class="pp-class-234 pa t1122 l47824">liabilities </span><span class="pp-class-235 pa t1122 l47976 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Expenses </span><span class="pp-class-237 pa t37088 l28801 ls67">recognised </span><span class="pp-class-237 pa t37088 l48369">as </span><span class="pp-class-237 pa t37088 l39552 ls967">employee </span><span class="pp-class-237 pa t37088 l14276">costs </span><span class="pp-class-237 pa t37088 l48370">in </span><span class="pp-class-237 pa t37088 l48371">the </span><span class="pp-class-237 pa t37088 l21495">income </span><span class="pp-class-237 pa t37088 l48372 ls1790">statement:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls833">Current </span><span class="pp-class-236 pa t47758 l41779 ls1448">service </span><span class="pp-class-236 pa t47758 l48267">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47245 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l40978">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1629">Past </span><span class="pp-class-236 pa t43112 l48282 ls1448">service </span><span class="pp-class-236 pa t43112 l48283">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43112 l37094">-</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48373 l3 ls6824">Total </span><span class="pp-class-237 pa t48373 l20253 ls2441">included </span><span class="pp-class-237 pa t48373 l36496">in </span><span class="pp-class-237 pa t48373 l48374 ls967">employee </span><span class="pp-class-237 pa t48373 l48375">costs </span><span class="pp-class-237 pa t48373 l38003 ls227">regarding </span><span class="pp-class-237 pa t48373 l48376 ls2761">defined </span><span class="pp-class-237 pa t48373 l48377 ls2761">benefit </span><span class="pp-class-237 pa t48373 l48378 ls21">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48373 l48379">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48373 l48380">11</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48381 l3">Expenses </span><span class="pp-class-237 pa t48381 l28801 ls67">recognised </span><span class="pp-class-237 pa t48381 l48369">as </span><span class="pp-class-237 pa t48381 l39552 ls1107">financial </span><span class="pp-class-237 pa t48381 l48382">costs </span><span class="pp-class-237 pa t48381 l46677">in </span><span class="pp-class-237 pa t48381 l48383">the </span><span class="pp-class-237 pa t48381 l48384">income </span><span class="pp-class-237 pa t48381 l48385 ls1790">statement:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48386 l3 ls428">Interest </span><span class="pp-class-236 pa t48386 l26038">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48386 l47206">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48386 l43248">31</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48387 l3 ls428">Interest </span><span class="pp-class-236 pa t48387 l26038">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48387 l48388">33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48387 l44893">30</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48389 l3 ls6824">Total </span><span class="pp-class-237 pa t48389 l20253 ls2441">included </span><span class="pp-class-237 pa t48389 l36496">in </span><span class="pp-class-237 pa t48389 l48374 ls1107">financial </span><span class="pp-class-237 pa t48389 l14116">costs </span><span class="pp-class-237 pa t48389 l48390 ls227">regarding </span><span class="pp-class-237 pa t48389 l48391 ls2761">defined </span><span class="pp-class-237 pa t48389 l48392 ls2761">benefit </span><span class="pp-class-237 pa t48389 l15296 ls21">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48389 l48393">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48389 l48394">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48395 l3 ls6824">Total </span><span class="pp-class-237 pa t48395 l20253 ls428">expenses </span><span class="pp-class-237 pa t48395 l48396 ls781">for </span><span class="pp-class-237 pa t48395 l48397 ls2761">defined </span><span class="pp-class-237 pa t48395 l48398 ls2761">benefit </span><span class="pp-class-237 pa t48395 l48399 ls781">plans </span><span class="pp-class-237 pa t48395 l28291 ls67">recognised </span><span class="pp-class-237 pa t48395 l48400">in </span><span class="pp-class-237 pa t48395 l35499">the </span><span class="pp-class-237 pa t48395 l48401">income </span><span class="pp-class-237 pa t48395 l48402 ls73">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48395 l48403 ls37163">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48395 l48404">12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48405 l3">Expenses </span><span class="pp-class-237 pa t48405 l28801 ls67">recognised </span><span class="pp-class-237 pa t48405 l48369">in </span><span class="pp-class-237 pa t48405 l44826 ls1098">other </span><span class="pp-class-237 pa t48405 l9270 ls227">comprehensive </span><span class="pp-class-237 pa t48405 l48406 ls67">income, </span><span class="pp-class-237 pa t48405 l48407 ls101">gain(-)/loss(+):</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48408 l3 ls1700">Remeasurements </span><span class="pp-class-236 pa t48408 l9942 ls118">of </span><span class="pp-class-236 pa t48408 l31352">plan </span><span class="pp-class-236 pa t48408 l48409 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48408 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48408 l43060 ls1780">-70</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48410 l3 ls1700">Remeasurements </span><span class="pp-class-236 pa t48410 l9942 ls118">of </span><span class="pp-class-236 pa t48410 l31352">plan </span><span class="pp-class-236 pa t48410 l48409 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48410 l48318 ls1914">77</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48410 l47140">61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48411 l3 ls6824">Total </span><span class="pp-class-237 pa t48411 l20253 ls2441">included </span><span class="pp-class-237 pa t48411 l36496">in </span><span class="pp-class-237 pa t48411 l48374 ls1098">other </span><span class="pp-class-237 pa t48411 l45954 ls227">comprehensive </span><span class="pp-class-237 pa t48411 l3657">income </span><span class="pp-class-237 pa t48411 l48412 ls227">regarding </span><span class="pp-class-237 pa t48411 l48413 ls2761">defined </span><span class="pp-class-237 pa t48411 l48414 ls2761">benefit </span><span class="pp-class-237 pa t48411 l48415 ls21">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48411 l48388 ls2687">70</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48411 l48416">-9</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t48417 l3 ls8486 wtro3142 wtr3143 tro3144 tr3145">Actuarial </span><span class="pp-class-236 pa t48417 l48418 ls15034 wtro3142 wtr3143 tro3144 tr3145">calculations </span><span class="pp-class-236 pa t48417 l15561 ls544 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t48417 l48419 ls4284 wtro3142 wtr3143 tro3144 tr3145">roll </span><span class="pp-class-236 pa t48417 l48420 ls1957 wtro3142 wtr3143 tro3144 tr3145">forward </span><span class="pp-class-236 pa t48417 l48421 ls15034 wtro3142 wtr3143 tro3144 tr3145">calculations </span><span class="pp-class-236 pa t48417 l48422 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t48417 l48423 ls1118 wtro3142 wtr3143 tro3144 tr3145">performed </span><span class="pp-class-236 pa t48417 l48424 ls4284 wtro3142 wtr3143 tro3144 tr3145">annually </span><span class="pp-class-236 pa t48417 l48425 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t48417 l48426 ls2207 wtro3142 wtr3143 tro3144 tr3145">all </span><span class="pp-class-236 pa t48417 l48427 ls877 wtro3142 wtr3143 tro3144 tr3145">defined </span><span class="pp-class-236 pa t48417 l48428 ls877 wtro3142 wtr3143 tro3144 tr3145">benefit </span><span class="pp-class-236 pa t48417 l48429 ls614 wtro3142 wtr3143 tro3144 tr3145">plans. </span><span class="pp-class-236 pa t48430 l3 ls849 wtro3142 wtr3143 tro3144 tr3145">Assumptions </span><span class="pp-class-236 pa t48430 l48431 ls3076 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t48430 l17614 ls7487 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t48430 l48432 ls706 wtro3142 wtr3143 tro3144 tr3145">mortality </span><span class="pp-class-236 pa t48430 l48433 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t48430 l48434 ls681 wtro3142 wtr3143 tro3144 tr3145">based </span><span class="pp-class-236 pa t48430 l25085 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t48430 l48435 ls3234 wtro3142 wtr3143 tro3144 tr3145">actuarial </span><span class="pp-class-236 pa t48430 l48436 ls849 wtro3142 wtr3143 tro3144 tr3145">advice </span><span class="pp-class-236 pa t48430 l48437 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t48430 l48438 ls9307 wtro3142 wtr3143 tro3144 tr3145">accordance </span><span class="pp-class-236 pa t48430 l48439 ls556 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t48430 l48440 ls1815 wtro3142 wtr3143 tro3144 tr3145">published </span><span class="pp-class-236 pa t48430 l48441 ls8486 wtro3142 wtr3143 tro3144 tr3145">statistics </span><span class="pp-class-236 pa t48430 l48442 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t48443 l3 ls2081 wtro3142 wtr3143 tro3144 tr3145">experience </span><span class="pp-class-236 pa t48443 l48444 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t48443 l20696 ls2808 wtro3142 wtr3143 tro3144 tr3145">each </span><span class="pp-class-236 pa t48443 l48445 ls3151 wtro3142 wtr3143 tro3144 tr3145">country. </span><span class="pp-class-236 pa t48443 l21177 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t48443 l48446 ls2629 wtro3142 wtr3143 tro3144 tr3145">following </span><span class="pp-class-236 pa t48443 l48447 ls2808 wtro3142 wtr3143 tro3144 tr3145">significant </span><span class="pp-class-236 pa t48443 l19204 ls849 wtro3142 wtr3143 tro3144 tr3145">assumptions </span><span class="pp-class-236 pa t48443 l48448 ls1592 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t48443 l48449 ls556 wtro3142 wtr3143 tro3144 tr3145">been </span><span class="pp-class-236 pa t48443 l48450 ls556 wtro3142 wtr3143 tro3144 tr3145">used </span><span class="pp-class-236 pa t48443 l48451 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t48443 l48452 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t48443 l48453 ls3234 wtro3142 wtr3143 tro3144 tr3145">actuarial </span><span class="pp-class-236 pa t48443 l48454 ls15034 wtro3142 wtr3143 tro3144 tr3145">calculations:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48455 l48456"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48455 l48457"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48458 l40370">2025</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48459 l3 ls162">Assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48459 l48460">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48459 l48461">Others</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48462 l48463 ls80">Weighted</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48459 l48464 ls614">average</span><span class="pp-class-240 pa t48465 l48466">1</span><span class="pp-class-251 pa t48459 l48467"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48468 l3 ls118">Discount </span><span class="pp-class-236 pa t48468 l48469 ls556">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48468 l48470 ls3351">5.5%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48468 l48471 ls5781">2.0%-5.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48468 l48472 ls2207">5.2%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48473 l3">Social </span><span class="pp-class-236 pa t48473 l48474">security </span><span class="pp-class-236 pa t48473 l48475 ls556">rate</span><span class="pp-class-240 pa t48476 l48477">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48473 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48473 l48479 ls3076">0.0%-3.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48473 l48480 ls3197">0.0%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48481 l3 ls197">Future </span><span class="pp-class-236 pa t48481 l28564 ls3289">salary </span><span class="pp-class-236 pa t48481 l48482 ls1661">increase</span><span class="pp-class-240 pa t48483 l48484">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48481 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48481 l48485 ls1957">0.0%-28.9%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48481 l48486">1.1%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48487 l3 ls197">Future </span><span class="pp-class-236 pa t48487 l28564">pension </span><span class="pp-class-236 pa t48487 l22474 ls1661">increase</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48487 l48488 ls2081">3.0% </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48487 l48489 ls10811">0.0%-3.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48487 l48490 ls548">2.5%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48491 l3 ls19">Inflation</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48491 l48492 ls696">2.4%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48491 l48493 ls4780">0.0%-23.4%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48491 l48494 ls110">3.3%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48495 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48495 l48496"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48495 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48497 l48456"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48497 l48457"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48498 l40478 ls811">202</span></a><span class="pp-class-236 pa t48498 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48499 l3 ls162">Assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48499 l48460">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48499 l48461">Others</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48500 l48463 ls80">Weighted</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48499 l48501 ls614">average</span><span class="pp-class-251 pa t48499 l48502">¹</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l3 ls118">Discount </span><span class="pp-class-236 pa t48503 l48469 ls556">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l48504 ls1592">5.4%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l48505 ls3855">1.5%-3.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48503 l48506 ls2207">5.1%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l3">Social </span><span class="pp-class-236 pa t48507 l48474">security </span><span class="pp-class-236 pa t48507 l48475 ls556">rate</span><span class="pp-class-240 pa t48508 l48477">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l48479 ls3076">0.0%-3.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48507 l48480 ls3197">0.0%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l3 ls197">Future </span><span class="pp-class-236 pa t48509 l28564 ls3289">salary </span><span class="pp-class-236 pa t48509 l48482 ls1661">increase</span><span class="pp-class-240 pa t48510 l48484">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l48478 ls3197">0.0%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l48511 ls749">0.0%-3.5%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48509 l48512 ls3351">0.3%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l3 ls197">Future </span><span class="pp-class-236 pa t48513 l28564">pension </span><span class="pp-class-236 pa t48513 l22474 ls1661">increase</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l48514 ls2036">3.2%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l48515 ls3681">0.0%-2.3%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48513 l48516 ls2036">2.8%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l3 ls19">Inflation</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l48518 ls548">2.5%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l48519 ls847">0.0%-26.2%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48517 l48520 ls2846">3.0%</span></a></p></td></tr></table></div></div><div id="pp-id-5385" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h48521 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls2808">Significant </span><span class="pp-class-236 pa t283 l48522 ls3234">actuarial </span><span class="pp-class-236 pa t283 l48523 ls849">assumptions </span><span class="pp-class-236 pa t283 l10799 ls2808">for </span><span class="pp-class-236 pa t283 l48524 ls2207">the </span><span class="pp-class-236 pa t283 l48525 ls2081">determination </span><span class="pp-class-236 pa t283 l48526 ls30">of </span><span class="pp-class-236 pa t283 l48527 ls2207">the </span><span class="pp-class-236 pa t283 l48528 ls17548">retirement </span><span class="pp-class-236 pa t283 l48529 ls877">benefit </span><span class="pp-class-236 pa t283 l42583 ls15034">obligation </span><span class="pp-class-236 pa t283 l48530 ls4149">are </span><span class="pp-class-236 pa t283 l48531 ls2207">the </span><span class="pp-class-236 pa t283 l48532 ls556">discount </span><span class="pp-class-236 pa t38325 l3 ls3351">rate, </span><span class="pp-class-236 pa t38325 l48533 ls11592">expected </span><span class="pp-class-236 pa t38325 l31298 ls7487">future </span><span class="pp-class-236 pa t38325 l48534 ls11726">remuneration </span><span class="pp-class-236 pa t38325 l48535 ls2081">increases, </span><span class="pp-class-236 pa t38325 l48536 ls2207">and </span><span class="pp-class-236 pa t38325 l48537 ls11592">expected </span><span class="pp-class-236 pa t38325 l48538 ls16417">mortality. </span><span class="pp-class-236 pa t38325 l48539 ls2207">The </span><span class="pp-class-236 pa t38325 l48540 ls2245">sensitivity </span><span class="pp-class-236 pa t38325 l48541 ls7959">analysis </span><span class="pp-class-236 pa t38325 l48542 ls1796">below </span><span class="pp-class-236 pa t38325 l48543 ls2207">has </span><span class="pp-class-236 pa t38325 l48544 ls995">been </span><span class="pp-class-236 pa t38337 l3 ls11713">determined </span><span class="pp-class-236 pa t38337 l40557 ls691">based </span><span class="pp-class-236 pa t38337 l48545 ls544">on </span><span class="pp-class-236 pa t38337 l48546 ls11726">reasonably </span><span class="pp-class-236 pa t38337 l23952 ls11722">likely </span><span class="pp-class-236 pa t38337 l42745 ls1687">changes </span><span class="pp-class-236 pa t38337 l48547 ls544">in </span><span class="pp-class-236 pa t38337 l48548 ls2207">the </span><span class="pp-class-236 pa t38337 l48549 ls849">assumptions </span><span class="pp-class-236 pa t38337 l48550 ls4807">occurring </span><span class="pp-class-236 pa t38337 l48551 ls5202">at </span><span class="pp-class-236 pa t38337 l48552 ls2207">the </span><span class="pp-class-236 pa t38337 l48553 ls2207">end </span><span class="pp-class-236 pa t38337 l48554 ls30">of </span><span class="pp-class-236 pa t38337 l48555 ls2207">the </span><span class="pp-class-236 pa t38337 l48556 ls603">period.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48557 l3">DKK </span><span class="pp-class-236 pa t48557 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48557 l44793">202</span></a><span class="pp-class-237 pa t48557 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48557 l40478 ls811">202</span></a><span class="pp-class-236 pa t48557 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48558 l3">Sensitivity </span><span class="pp-class-237 pa t48558 l48559 ls212">analysis</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48560 l3 ls4480">Reported </span><span class="pp-class-236 pa t48560 l48561 ls115">obligation </span><span class="pp-class-236 pa t48560 l48562">31 </span><span class="pp-class-236 pa t48560 l48563">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48560 l48564">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48560 l48565">685</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48566 l3 ls118">Discount </span><span class="pp-class-236 pa t48566 l48469 ls546">rate </span><span class="pp-class-236 pa t48566 l48567 ls13284">-0.5% </span><span class="pp-class-236 pa t48566 l28646 ls1098">point </span><span class="pp-class-236 pa t48566 l48568 ls203">compared </span><span class="pp-class-236 pa t48566 l48569 ls138">to </span><span class="pp-class-236 pa t48566 l48570 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48566 l48571">691</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48566 l48572 ls1775">724</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48573 l3 ls118">Discount </span><span class="pp-class-236 pa t48573 l48469 ls546">rate </span><span class="pp-class-236 pa t48573 l48567 ls13284">+0.5% </span><span class="pp-class-236 pa t48573 l16920 ls1098">point </span><span class="pp-class-236 pa t48573 l42408 ls203">compared </span><span class="pp-class-236 pa t48573 l39318 ls138">to </span><span class="pp-class-236 pa t48573 l48574 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48573 l48575">629</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48573 l44619">650</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48576 l3 ls3289">Salary </span><span class="pp-class-236 pa t48576 l30837 ls203">increase </span><span class="pp-class-236 pa t48576 l7362 ls13284">-0.5% </span><span class="pp-class-236 pa t48576 l48577 ls1098">point </span><span class="pp-class-236 pa t48576 l48578 ls203">compared </span><span class="pp-class-236 pa t48576 l48579 ls138">to </span><span class="pp-class-236 pa t48576 l48580 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48576 l48581 ls538">657</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48576 l48582">684</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48583 l3 ls3289">Salary </span><span class="pp-class-236 pa t48583 l30837 ls203">increase </span><span class="pp-class-236 pa t48583 l7362 ls13284">+0.5% </span><span class="pp-class-236 pa t48583 l48584 ls1098">point </span><span class="pp-class-236 pa t48583 l48585 ls203">compared </span><span class="pp-class-236 pa t48583 l48586 ls138">to </span><span class="pp-class-236 pa t48583 l18097 ls91">assumptions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48583 l48564">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48583 l40971 ls197">687</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48587 l3 ls270">Mortality </span><span class="pp-class-236 pa t48587 l39223">-1 </span><span class="pp-class-236 pa t48587 l48588 ls833">year </span><span class="pp-class-236 pa t48587 l34113 ls203">compared </span><span class="pp-class-236 pa t48587 l48589">with </span><span class="pp-class-236 pa t48587 l21924">used </span><span class="pp-class-236 pa t48587 l48590 ls270">mortality </span><span class="pp-class-236 pa t48587 l31086 ls13">tables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48587 l48591">646</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48587 l48592">671</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48593 l3 ls270">Mortality </span><span class="pp-class-236 pa t48593 l39223">+1 </span><span class="pp-class-236 pa t48593 l13314 ls833">year </span><span class="pp-class-236 pa t48593 l48594 ls203">compared </span><span class="pp-class-236 pa t48593 l47994">with </span><span class="pp-class-236 pa t48593 l45308">used </span><span class="pp-class-236 pa t48593 l48595 ls270">mortality </span><span class="pp-class-236 pa t48593 l48596 ls13">tables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48593 l44599">683</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48593 l41877 ls1547">710</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t48597 l3 ls2207">The </span><span class="pp-class-236 pa t48597 l40248 ls706">mortality </span><span class="pp-class-236 pa t48597 l48598 ls1775">table </span><span class="pp-class-236 pa t48597 l48599 ls556">used </span><span class="pp-class-236 pa t48597 l48600 ls2808">for </span><span class="pp-class-236 pa t48597 l48601 ls2207">the </span><span class="pp-class-236 pa t48597 l17873 ls110">two </span><span class="pp-class-236 pa t48597 l48602 ls877">defined </span><span class="pp-class-236 pa t48597 l48603 ls877">benefit </span><span class="pp-class-236 pa t48597 l48604 ls1687">schemes </span><span class="pp-class-236 pa t48597 l48605 ls544">in </span><span class="pp-class-236 pa t48597 l48606 ls2207">the </span><span class="pp-class-236 pa t48597 l48607 ls544">UK </span><span class="pp-class-236 pa t48597 l48608 ls544">is </span><span class="pp-class-236 pa t48597 l48609 ls2207">the </span><span class="pp-class-236 pa t48597 l48610 ls603">public </span><span class="pp-class-236 pa t48597 l48611 ls758">S3PxA </span><span class="pp-class-236 pa t48597 l48612 ls1775">table </span><span class="pp-class-236 pa t48597 l48613 ls556">with </span><span class="pp-class-236 pa t48597 l48614 ls614">annual </span><span class="pp-class-236 pa t48615 l3 ls11726">improvement </span><span class="pp-class-236 pa t48615 l48616 ls30">of </span><span class="pp-class-236 pa t48615 l48236 ls681">1.25% </span><span class="pp-class-236 pa t48615 l6034 ls5202">(2024: </span><span class="pp-class-236 pa t48615 l48617 ls758">S3PxA </span><span class="pp-class-236 pa t48615 l45652 ls1775">table </span><span class="pp-class-236 pa t48615 l48618 ls556">with </span><span class="pp-class-236 pa t48615 l48619 ls691">1.25% </span><span class="pp-class-236 pa t48615 l48620 ls603">annual </span><span class="pp-class-236 pa t48615 l48621 ls11043">improvement). </span><span class="pp-class-236 pa t48615 l48622 ls4371">Average </span><span class="pp-class-236 pa t48615 l48623 ls11072">remaining </span><span class="pp-class-236 pa t48615 l48624 ls4017">life </span><span class="pp-class-236 pa t48615 l48625 ls4780">expectancy </span><span class="pp-class-236 pa t48626 l3 ls2808">for </span><span class="pp-class-236 pa t48626 l48627 ls651">a </span><span class="pp-class-236 pa t48626 l48628 ls6146">65-year-old </span><span class="pp-class-236 pa t48626 l43545 ls544">is </span><span class="pp-class-236 pa t48626 l48629 ls1017">22.9 </span><span class="pp-class-236 pa t48626 l48630 ls1796">years </span><span class="pp-class-236 pa t48626 l16344 ls5202">(2024: </span><span class="pp-class-236 pa t48626 l48631 ls8518">22.7 </span><span class="pp-class-236 pa t48626 l48632 ls3084">years). </span><span class="pp-class-236 pa t48626 l34330 ls16417">Weighted </span><span class="pp-class-236 pa t48626 l48633 ls1039">average </span><span class="pp-class-236 pa t48626 l48634 ls7959">duration </span><span class="pp-class-236 pa t48626 l48635 ls544">on </span><span class="pp-class-236 pa t48626 l48636 ls2207">the </span><span class="pp-class-236 pa t48626 l48637 ls2245">liabilities </span><span class="pp-class-236 pa t48626 l48638 ls2207">end </span><span class="pp-class-236 pa t48626 l48639 ls30">of </span><span class="pp-class-236 pa t48626 l48640 ls556">2025 </span><span class="pp-class-236 pa t48626 l48641 ls544">is </span><span class="pp-class-236 pa t48626 l48642 ls3139">10.8 </span><span class="pp-class-236 pa t48643 l3 ls1796">years </span><span class="pp-class-236 pa t48643 l48644 ls5202">(2024: </span><span class="pp-class-236 pa t48643 l48645 ls1017">11.6 </span><span class="pp-class-236 pa t48643 l48646 ls3084">years). </span><span class="pp-class-236 pa t48643 l48647 ls2207">The </span><span class="pp-class-236 pa t48643 l48648 ls1882">Group </span><span class="pp-class-236 pa t48643 l48649 ls4284">expects </span><span class="pp-class-236 pa t48643 l43419 ls2889">to </span><span class="pp-class-236 pa t48643 l48650 ls12546">make </span><span class="pp-class-236 pa t48643 l48651 ls651">a </span><span class="pp-class-236 pa t48643 l48652 ls299">contribution </span><span class="pp-class-236 pa t48643 l48653 ls30">of </span><span class="pp-class-236 pa t48643 l41058 ls2207">DKK </span><span class="pp-class-236 pa t48643 l48654 ls3414">17m </span><span class="pp-class-236 pa t48643 l43675 ls2889">to </span><span class="pp-class-236 pa t48643 l48655 ls2207">the </span><span class="pp-class-236 pa t48643 l48656 ls877">defined </span><span class="pp-class-236 pa t48643 l48657 ls877">benefit </span><span class="pp-class-236 pa t48643 l48658 ls681">plans </span><span class="pp-class-236 pa t48643 l48659 ls184">in </span><span class="pp-class-236 pa t48660 l3 ls2846">2026. </span><span class="pp-class-236 pa t48660 l46010 ls2207">The </span><span class="pp-class-236 pa t48660 l42390 ls11592">expected </span><span class="pp-class-236 pa t48660 l28562 ls299">contribution </span><span class="pp-class-236 pa t48660 l35162 ls2808">for </span><span class="pp-class-236 pa t48660 l48661 ls556">2025 </span><span class="pp-class-236 pa t48660 l26865 ls110">was </span><span class="pp-class-236 pa t48660 l34187 ls2207">DKK </span><span class="pp-class-236 pa t48660 l48662 ls556">42m, </span><span class="pp-class-236 pa t48660 l17043 ls691">which </span><span class="pp-class-236 pa t48660 l48663 ls603">turned </span><span class="pp-class-236 pa t48660 l48664 ls2207">out </span><span class="pp-class-236 pa t48660 l48665 ls2889">to </span><span class="pp-class-236 pa t48660 l48666 ls544">be </span><span class="pp-class-236 pa t48660 l48667 ls2207">DKK </span><span class="pp-class-236 pa t48660 l48668 ls556">64m. </span><span class="pp-class-236 pa t48660 l48669 ls2207">The </span><span class="pp-class-236 pa t48660 l48670 ls614">higher </span><span class="pp-class-236 pa t48671 l3 ls299">contribution </span><span class="pp-class-236 pa t48671 l48672 ls2808">for </span><span class="pp-class-236 pa t48671 l48673 ls556">2025 </span><span class="pp-class-236 pa t48671 l48674 ls544">is </span><span class="pp-class-236 pa t48671 l48675 ls3292">primarily </span><span class="pp-class-236 pa t48671 l48676 ls11726">related </span><span class="pp-class-236 pa t48671 l28731 ls2889">to </span><span class="pp-class-236 pa t48671 l37279 ls849">completion </span><span class="pp-class-236 pa t48671 l48677 ls30">of </span><span class="pp-class-236 pa t48671 l39471 ls651">a </span><span class="pp-class-236 pa t48671 l48678 ls4807">buy-in </span><span class="pp-class-236 pa t48671 l48679 ls2629">process </span><span class="pp-class-236 pa t48671 l48680 ls2808">for </span><span class="pp-class-236 pa t48671 l48681 ls2207">the </span><span class="pp-class-236 pa t48671 l48682 ls110">two </span><span class="pp-class-236 pa t48671 l42007 ls877">defined </span><span class="pp-class-236 pa t48671 l39745 ls877">benefit </span><span class="pp-class-236 pa t48671 l48683 ls2207">schemes </span><span class="pp-class-236 pa t48684 l3 ls544">in </span><span class="pp-class-236 pa t48684 l48685 ls2207">the </span><span class="pp-class-236 pa t48684 l48686 ls544">UK.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48687 l3">DKK </span><span class="pp-class-236 pa t48687 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48687 l44793">202</span></a><span class="pp-class-237 pa t48687 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48687 l40478 ls811">202</span></a><span class="pp-class-236 pa t48687 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48688 l3 ls1790">Maturity </span><span class="pp-class-237 pa t48688 l10747 ls1618">analysis </span><span class="pp-class-237 pa t48688 l48689">of </span><span class="pp-class-237 pa t48688 l48690">the </span><span class="pp-class-237 pa t48688 l48691 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48692 l3">0-1 </span><span class="pp-class-236 pa t48692 l48693 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48692 l44812">56</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48692 l44693">48</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48694 l3 ls12546">1-5 </span><span class="pp-class-236 pa t48694 l48695 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48694 l48696 ls2368">149</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48694 l43125 ls2368">149</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48697 l3 ls244">After </span><span class="pp-class-236 pa t48697 l13177">5 </span><span class="pp-class-236 pa t48697 l44855 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48697 l48698">455</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48697 l48699">489</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48700 l3 ls6824">Total </span><span class="pp-class-237 pa t48700 l20253 ls108">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48700 l43156">661</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48700 l48296">685</span></a></p></td></tr></table></div></div><div id="pp-id-5342" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">All </span><span class="pp-class-239 pa t1332 l33611 ls15">factors </span><span class="pp-class-239 pa t1332 l14723 ls80">are </span><span class="pp-class-239 pa t1332 l27270 ls203">weighted </span><span class="pp-class-239 pa t1335 l3 ls2368">at </span><span class="pp-class-239 pa t1335 l19882">the </span><span class="pp-class-239 pa t1335 l1336 ls80">pro </span><span class="pp-class-239 pa t1335 l46323 ls546">rata </span><span class="pp-class-239 pa t1335 l48701 ls106">share </span><span class="pp-class-239 pa t1335 l34082 ls118">of </span><span class="pp-class-239 pa t1339 l3">the </span><span class="pp-class-239 pa t1339 l9689">individual </span><span class="pp-class-239 pa t1339 l39593 ls138">actuarial </span><span class="pp-class-239 pa t3352 l3 ls749">obligation.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3437 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3493 l3">Schemes </span><span class="pp-class-239 pa t3493 l19157">closed </span><span class="pp-class-239 pa t3493 l48702 ls19">for </span><span class="pp-class-239 pa t3493 l48703 ls1133">new </span><span class="pp-class-239 pa t3497 l3">members </span><span class="pp-class-239 pa t3497 l28183">will </span><span class="pp-class-239 pa t3497 l48704 ls94">have </span><span class="pp-class-239 pa t3497 l48705">a </span><span class="pp-class-239 pa t45156 l3">social </span><span class="pp-class-239 pa t45156 l48706">security </span><span class="pp-class-239 pa t45156 l36365 ls546">rate </span><span class="pp-class-239 pa t45156 l48707">and </span><span class="pp-class-239 pa t45157 l3 ls197">future </span><span class="pp-class-239 pa t45157 l43320 ls3289">salary </span><span class="pp-class-239 pa t45157 l48708 ls203">increase </span><span class="pp-class-239 pa t45158 l3 ls118">of </span><span class="pp-class-239 pa t45158 l7402">0%.</span></p></div></div><div class="pp-class-10" id="pp-id-5388" xmlns="http://www.w3.org/1999/xhtml"><div class="w48709 h48710 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls110">3.2.5 </span><span class="pp-class-234 pa t1122 l38307 ls13">Pension </span><span class="pp-class-234 pa t1122 l47822">and </span><span class="pp-class-234 pa t1122 l47823 ls21">jubilee </span><span class="pp-class-234 pa t1122 l47824">liabilities </span><span class="pp-class-235 pa t1122 l47976 ls938">(continued)</span></p><div id="pp-id-5387"><div class="pp-class-227 pp-class-256" id="pp-id-5386"><div class="w48711 h48712 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls949">Contributions </span><span class="pp-class-236 pa t40754 l48713 ls538">to </span><span class="pp-class-236 pa t40754 l47335 ls536">defined </span><span class="pp-class-236 pa t40754 l48714 ls949">contribution </span><span class="pp-class-236 pa t40754 l48715 ls2036">pension </span><span class="pp-class-236 pa t40754 l48716 ls538">plans </span><span class="pp-class-236 pa t40754 l17110 ls2808">are </span><span class="pp-class-236 pa t40754 l48717 ls667">recognised </span><span class="pp-class-236 pa t40754 l48718 ls811">in </span><span class="pp-class-236 pa t40754 l48719 ls651">the </span><span class="pp-class-236 pa t40754 l48720 ls1764">income </span><span class="pp-class-236 pa t40754 l48721 ls556">statement </span><span class="pp-class-236 pa t40754 l48722 ls811">in </span><span class="pp-class-236 pa t40754 l48723 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls1764">period </span><span class="pp-class-236 pa t40763 l48724 ls811">in </span><span class="pp-class-236 pa t40763 l48725 ls538">which </span><span class="pp-class-236 pa t40763 l18255 ls8048">they </span><span class="pp-class-236 pa t40763 l48726 ls2565">relate, </span><span class="pp-class-236 pa t40763 l48727 ls651">and </span><span class="pp-class-236 pa t40763 l48728 ls553">any </span><span class="pp-class-236 pa t40763 l48729 ls4793">payable </span><span class="pp-class-236 pa t40763 l48730 ls949">contributions </span><span class="pp-class-236 pa t40763 l24371 ls2808">are </span><span class="pp-class-236 pa t40763 l48731 ls544">accrued </span><span class="pp-class-236 pa t40763 l48732 ls811">in </span><span class="pp-class-236 pa t40763 l48733 ls572">the </span><span class="pp-class-236 pa t40763 l48734 ls2036">balance </span><span class="pp-class-236 pa t40763 l48735 ls949">sheet </span><span class="pp-class-236 pa t40763 l48736 ls1547">as </span><span class="pp-class-236 pa t40775 l3 ls949">other </span><span class="pp-class-236 pa t40775 l38610 ls4276">payables. </span><span class="pp-class-236 pa t40775 l48737 ls811">As </span><span class="pp-class-236 pa t40775 l45030 ls3234">regards </span><span class="pp-class-236 pa t40775 l12884 ls536">defined </span><span class="pp-class-236 pa t40775 l48738 ls536">benefit </span><span class="pp-class-236 pa t40775 l13352 ls2036">pension </span><span class="pp-class-236 pa t40775 l35642 ls1764">plans, </span><span class="pp-class-236 pa t40775 l48739 ls811">an </span><span class="pp-class-236 pa t40775 l48740 ls614">actuarial </span><span class="pp-class-236 pa t40775 l38817 ls5781">valuation </span><span class="pp-class-236 pa t40775 l48741 ls98">of </span><span class="pp-class-236 pa t40775 l48742 ls572">the </span><span class="pp-class-236 pa t40775 l48743 ls584">value-in-use </span><span class="pp-class-236 pa t41664 l3 ls98">of </span><span class="pp-class-236 pa t41664 l39273 ls2197">future </span><span class="pp-class-236 pa t41664 l39973 ls995">benefits </span><span class="pp-class-236 pa t41664 l48744 ls4793">payable </span><span class="pp-class-236 pa t41664 l11740 ls538">under </span><span class="pp-class-236 pa t41664 l48745 ls651">the </span><span class="pp-class-236 pa t41664 l48746 ls2222">plan </span><span class="pp-class-236 pa t41664 l48747 ls811">is </span><span class="pp-class-236 pa t41664 l48748 ls544">made </span><span class="pp-class-236 pa t41664 l48749 ls2222">once </span><span class="pp-class-236 pa t41664 l48750 ls184">a </span><span class="pp-class-236 pa t41664 l48751 ls853">year. </span><span class="pp-class-236 pa t41664 l48752 ls651">The </span><span class="pp-class-236 pa t41664 l48753 ls608">value-in-use </span><span class="pp-class-236 pa t41664 l48754 ls811">is </span><span class="pp-class-236 pa t41664 l48755 ls560">calculated </span><span class="pp-class-236 pa t41664 l48756 ls811">based </span><span class="pp-class-236 pa t40783 l3 ls811">on </span><span class="pp-class-236 pa t40783 l31254 ls530">assumptions </span><span class="pp-class-236 pa t40783 l48757 ls98">of </span><span class="pp-class-236 pa t40783 l48758 ls2197">future </span><span class="pp-class-236 pa t40783 l33360 ls7086">development </span><span class="pp-class-236 pa t40783 l48759 ls811">in </span><span class="pp-class-236 pa t40783 l40310 ls884">wage/salary </span><span class="pp-class-236 pa t40783 l48760 ls877">levels, </span><span class="pp-class-236 pa t40783 l48761 ls706">interest </span><span class="pp-class-236 pa t40783 l48762 ls1796">rates, </span><span class="pp-class-236 pa t40783 l48763 ls616">inflation, </span><span class="pp-class-236 pa t40783 l48764 ls10269">mortality, </span><span class="pp-class-236 pa t40783 l48765 ls553">etc. </span><span class="pp-class-236 pa t40793 l3 ls651">The </span><span class="pp-class-236 pa t40793 l38379 ls608">value-in-use </span><span class="pp-class-236 pa t40793 l48766 ls811">is </span><span class="pp-class-236 pa t40793 l48767 ls847">only </span><span class="pp-class-236 pa t40793 l48768 ls560">calculated </span><span class="pp-class-236 pa t40793 l48769 ls553">for </span><span class="pp-class-236 pa t40793 l17108 ls995">benefits </span><span class="pp-class-236 pa t40793 l48770 ls538">to </span><span class="pp-class-236 pa t40793 l48771 ls538">which </span><span class="pp-class-236 pa t40793 l48772 ls651">the </span><span class="pp-class-236 pa t40793 l48773 ls1463">employees </span><span class="pp-class-236 pa t40793 l48774 ls110">have </span><span class="pp-class-236 pa t40793 l48775 ls1764">become </span><span class="pp-class-236 pa t40793 l48776 ls4248">entitled </span><span class="pp-class-236 pa t40793 l48777 ls1792">during </span><span class="pp-class-236 pa t40806 l3 ls538">their </span><span class="pp-class-236 pa t40806 l48778 ls1780">employment </span><span class="pp-class-236 pa t40806 l48779 ls2222">with </span><span class="pp-class-236 pa t40806 l48315 ls651">the </span><span class="pp-class-236 pa t40806 l48780 ls4807">Group. </span><span class="pp-class-236 pa t40806 l48781 ls651">The </span><span class="pp-class-236 pa t40806 l48782 ls614">actuarial </span><span class="pp-class-236 pa t40806 l48783 ls1404">calculation </span><span class="pp-class-236 pa t40806 l48784 ls98">of </span><span class="pp-class-236 pa t40806 l48785 ls572">the </span><span class="pp-class-236 pa t40806 l48786 ls608">value-in-use </span><span class="pp-class-236 pa t40806 l48787 ls2222">less </span><span class="pp-class-236 pa t40806 l48788 ls572">the </span><span class="pp-class-236 pa t40806 l48789 ls553">fair </span><span class="pp-class-236 pa t40806 l48790 ls2197">value </span><span class="pp-class-236 pa t40806 l48791 ls197">of </span><span class="pp-class-236 pa t40818 l3 ls553">any </span><span class="pp-class-236 pa t40818 l42497 ls179">assets </span><span class="pp-class-236 pa t40818 l48792 ls538">under </span><span class="pp-class-236 pa t40818 l36366 ls651">the </span><span class="pp-class-236 pa t40818 l48793 ls2222">plan </span><span class="pp-class-236 pa t40818 l48794 ls811">is </span><span class="pp-class-236 pa t40818 l48795 ls667">recognised </span><span class="pp-class-236 pa t40818 l48796 ls811">in </span><span class="pp-class-236 pa t40818 l48797 ls572">the </span><span class="pp-class-236 pa t40818 l48798 ls2036">balance </span><span class="pp-class-236 pa t40818 l48799 ls949">sheet </span><span class="pp-class-236 pa t40818 l48800 ls538">under </span><span class="pp-class-236 pa t40818 l48801 ls2036">pension </span><span class="pp-class-236 pa t40818 l48802 ls630">obligations. </span><span class="pp-class-236 pa t40818 l48803 ls811">If </span><span class="pp-class-236 pa t40818 l48804 ls184">a </span><span class="pp-class-236 pa t40818 l48805 ls33">defined </span><span class="pp-class-236 pa t42636 l3 ls536">benefit </span><span class="pp-class-236 pa t42636 l27558 ls2036">pension </span><span class="pp-class-236 pa t42636 l48806 ls2222">plan </span><span class="pp-class-236 pa t42636 l42616 ls546">constitutes </span><span class="pp-class-236 pa t42636 l48807 ls184">a </span><span class="pp-class-236 pa t42636 l48808 ls4248">net </span><span class="pp-class-236 pa t42636 l48809 ls1764">asset, </span><span class="pp-class-236 pa t42636 l16987 ls651">the </span><span class="pp-class-236 pa t42636 l48810 ls949">asset </span><span class="pp-class-236 pa t42636 l48811 ls811">is </span><span class="pp-class-236 pa t42636 l48812 ls667">recognised </span><span class="pp-class-236 pa t42636 l48813 ls847">only </span><span class="pp-class-236 pa t42636 l48814 ls811">if </span><span class="pp-class-236 pa t42636 l48815 ls811">it </span><span class="pp-class-236 pa t42636 l48816 ls530">offsets </span><span class="pp-class-236 pa t42636 l48817 ls2197">future </span><span class="pp-class-236 pa t42636 l48818 ls565">refunds </span><span class="pp-class-236 pa t42651 l3 ls877">from </span><span class="pp-class-236 pa t42651 l44380 ls572">the </span><span class="pp-class-236 pa t42651 l44381 ls2222">plan </span><span class="pp-class-236 pa t42651 l27449 ls811">or </span><span class="pp-class-236 pa t42651 l48819 ls2222">will </span><span class="pp-class-236 pa t42651 l46434 ls544">lead </span><span class="pp-class-236 pa t42651 l48820 ls538">to </span><span class="pp-class-236 pa t42651 l48821 ls556">reduced </span><span class="pp-class-236 pa t42651 l48822 ls2197">future </span><span class="pp-class-236 pa t42651 l48823 ls4630">payments </span><span class="pp-class-236 pa t42651 l15295 ls538">to </span><span class="pp-class-236 pa t42651 l48824 ls651">the </span><span class="pp-class-236 pa t42651 l18020 ls538">plan. </span><span class="pp-class-236 pa t42651 l48825 ls553">Pension </span><span class="pp-class-236 pa t42651 l48826 ls538">costs </span><span class="pp-class-236 pa t42651 l48827 ls98">of </span><span class="pp-class-236 pa t42651 l48828 ls651">the </span><span class="pp-class-236 pa t42651 l48829 ls8048">year </span><span class="pp-class-236 pa t42651 l48830 ls667">are </span><span class="pp-class-236 pa t42666 l3 ls667">recognised </span><span class="pp-class-236 pa t42666 l39250 ls811">in </span><span class="pp-class-236 pa t42666 l39251 ls651">the </span><span class="pp-class-236 pa t42666 l45639 ls1764">income </span><span class="pp-class-236 pa t42666 l45640 ls556">statement </span><span class="pp-class-236 pa t42666 l45652 ls538">based </span><span class="pp-class-236 pa t42666 l48831 ls811">on </span><span class="pp-class-236 pa t42666 l48832 ls614">actuarial </span><span class="pp-class-236 pa t42666 l48833 ls2207">estimates </span><span class="pp-class-236 pa t42666 l48834 ls651">and </span><span class="pp-class-236 pa t42666 l48835 ls995">financial </span><span class="pp-class-236 pa t42666 l48836 ls1815">expectations </span><span class="pp-class-236 pa t42666 l48837 ls2197">at </span><span class="pp-class-236 pa t42666 l48838 ls184">the </span><span class="pp-class-236 pa t42678 l3 ls995">beginning </span><span class="pp-class-236 pa t42678 l39461 ls98">of </span><span class="pp-class-236 pa t42678 l48839 ls651">the </span><span class="pp-class-236 pa t42678 l48840 ls3139">year.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls681">difference </span><span class="pp-class-236 pa t42680 l48841 ls713">between </span><span class="pp-class-236 pa t42680 l28735 ls651">the </span><span class="pp-class-236 pa t42680 l48842 ls560">calculated </span><span class="pp-class-236 pa t42680 l48843 ls7086">development </span><span class="pp-class-236 pa t42680 l48844 ls811">in </span><span class="pp-class-236 pa t42680 l48845 ls2036">pension </span><span class="pp-class-236 pa t42680 l48846 ls179">assets </span><span class="pp-class-236 pa t42680 l48847 ls572">and </span><span class="pp-class-236 pa t42680 l48848 ls625">liabilities </span><span class="pp-class-236 pa t42680 l48849 ls572">and </span><span class="pp-class-236 pa t42680 l48850 ls184">the </span><span class="pp-class-236 pa t42693 l3 ls3855">realised </span><span class="pp-class-236 pa t42693 l48851 ls556">values </span><span class="pp-class-236 pa t42693 l48852 ls2808">are </span><span class="pp-class-236 pa t42693 l4394 ls667">recognised </span><span class="pp-class-236 pa t42693 l48853 ls811">in </span><span class="pp-class-236 pa t42693 l48854 ls949">other </span><span class="pp-class-236 pa t42693 l48855 ls681">comprehensive </span><span class="pp-class-236 pa t42693 l48856 ls1764">income </span><span class="pp-class-236 pa t42693 l48857 ls811">as </span><span class="pp-class-236 pa t42693 l48858 ls614">actuarial </span><span class="pp-class-236 pa t42693 l48859 ls538">gains </span><span class="pp-class-236 pa t42693 l48860 ls651">and </span><span class="pp-class-236 pa t42693 l48861 ls1764">losses.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42723 l3 ls2036">Changes </span><span class="pp-class-236 pa t42723 l17507 ls811">in </span><span class="pp-class-236 pa t42723 l48862 ls651">the </span><span class="pp-class-236 pa t42723 l48863 ls995">benefits </span><span class="pp-class-236 pa t42723 l48864 ls4793">payable </span><span class="pp-class-236 pa t42723 l48865 ls553">for </span><span class="pp-class-236 pa t42723 l31326 ls7086">employees' </span><span class="pp-class-236 pa t42723 l48866 ls2222">past </span><span class="pp-class-236 pa t42723 l48867 ls534">service </span><span class="pp-class-236 pa t42723 l48621 ls538">to </span><span class="pp-class-236 pa t42723 l48868 ls651">the </span><span class="pp-class-236 pa t42723 l48869 ls541">enterprise </span><span class="pp-class-236 pa t42723 l48870 ls2808">result </span><span class="pp-class-236 pa t42723 l48871 ls811">in </span><span class="pp-class-236 pa t42723 l48872 ls811">an </span><span class="pp-class-236 pa t42723 l48873 ls10269">adjust-</span><span class="pp-class-236 pa t42738 l3 ls664">ment </span><span class="pp-class-236 pa t42738 l48874 ls98">of </span><span class="pp-class-236 pa t42738 l8009 ls651">the </span><span class="pp-class-236 pa t42738 l44534 ls614">actuarial </span><span class="pp-class-236 pa t42738 l48875 ls1404">calculation </span><span class="pp-class-236 pa t42738 l48876 ls98">of </span><span class="pp-class-236 pa t42738 l48877 ls651">the </span><span class="pp-class-236 pa t42738 l48878 ls1751">value-in-use, </span><span class="pp-class-236 pa t42738 l48879 ls538">which </span><span class="pp-class-236 pa t42738 l48880 ls811">is </span><span class="pp-class-236 pa t42738 l48881 ls562">classified </span><span class="pp-class-236 pa t42738 l48882 ls811">as </span><span class="pp-class-236 pa t42738 l48883 ls2222">past </span><span class="pp-class-236 pa t42738 l48884 ls534">service </span><span class="pp-class-236 pa t42738 l48885 ls1764">costs. </span><span class="pp-class-236 pa t42738 l48886 ls1369">Past </span><span class="pp-class-236 pa t42755 l3 ls534">service </span><span class="pp-class-236 pa t42755 l48887 ls538">costs </span><span class="pp-class-236 pa t42755 l48888 ls2808">are </span><span class="pp-class-236 pa t42755 l27331 ls667">recognised </span><span class="pp-class-236 pa t42755 l48889 ls811">in </span><span class="pp-class-236 pa t42755 l48890 ls651">the </span><span class="pp-class-236 pa t42755 l32936 ls1764">income </span><span class="pp-class-236 pa t42755 l48891 ls556">statement </span><span class="pp-class-236 pa t42755 l48892 ls4775">immediately </span><span class="pp-class-236 pa t42755 l48893 ls811">if </span><span class="pp-class-236 pa t42755 l48894 ls572">the </span><span class="pp-class-236 pa t42755 l48895 ls1463">employees </span><span class="pp-class-236 pa t42755 l48896 ls110">have </span><span class="pp-class-236 pa t42755 l48897 ls556">already </span><span class="pp-class-236 pa t42768 l3 ls1764">earned </span><span class="pp-class-236 pa t42768 l7415 ls572">the </span><span class="pp-class-236 pa t42768 l48898 ls536">right </span><span class="pp-class-236 pa t42768 l29199 ls538">to </span><span class="pp-class-236 pa t42768 l48899 ls572">the </span><span class="pp-class-236 pa t42768 l48900 ls630">adjusted </span><span class="pp-class-236 pa t42768 l48901 ls670">benefit. </span><span class="pp-class-236 pa t42768 l48902 ls536">Otherwise, </span><span class="pp-class-236 pa t42768 l48903 ls651">the </span><span class="pp-class-236 pa t42768 l48904 ls995">benefits </span><span class="pp-class-236 pa t42768 l48905 ls2222">will </span><span class="pp-class-236 pa t42768 l48906 ls811">be </span><span class="pp-class-236 pa t42768 l48907 ls667">recognised </span><span class="pp-class-236 pa t42768 l48908 ls811">in </span><span class="pp-class-236 pa t42768 l48909 ls572">the </span><span class="pp-class-236 pa t42768 l48910 ls1792">income </span><span class="pp-class-236 pa t42786 l3 ls556">statement </span><span class="pp-class-236 pa t42786 l1995 ls3234">over </span><span class="pp-class-236 pa t42786 l48911 ls651">the </span><span class="pp-class-236 pa t42786 l48912 ls1764">period </span><span class="pp-class-236 pa t42786 l40755 ls811">in </span><span class="pp-class-236 pa t42786 l48913 ls538">which </span><span class="pp-class-236 pa t42786 l48914 ls651">the </span><span class="pp-class-236 pa t42786 l48915 ls1463">employees </span><span class="pp-class-236 pa t42786 l48916 ls2222">earn </span><span class="pp-class-236 pa t42786 l48917 ls572">the </span><span class="pp-class-236 pa t42786 l48918 ls536">right </span><span class="pp-class-236 pa t42786 l48919 ls538">to </span><span class="pp-class-236 pa t42786 l48920 ls572">the </span><span class="pp-class-236 pa t42786 l48921 ls630">adjusted </span><span class="pp-class-236 pa t42786 l48922 ls205">benefits. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t48923 l3 ls538">Other </span><span class="pp-class-236 pa t48923 l44451 ls548">non-current </span><span class="pp-class-236 pa t48923 l44452 ls4276">employee </span><span class="pp-class-236 pa t48923 l47994 ls1404">obligations </span><span class="pp-class-236 pa t48923 l48924 ls949">include </span><span class="pp-class-236 pa t48923 l48925 ls2036">jubilee </span><span class="pp-class-236 pa t48923 l48926 ls562">benefits, </span><span class="pp-class-236 pa t48923 l48927 ls2969">etc.</span></p></div></div></div></div></div> <div id="pp-id-5375" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls713">3.2.3 </span><span class="pp-class-234 pa t1122 l38307">Supplier </span><span class="pp-class-234 pa t1122 l47542 ls1963">finance </span><span class="pp-class-234 pa t1122 l47543 ls1031">arrangements</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls2207 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t40114 l47544 ls1882 wtro3142 wtr526 tro3144 tr528">Group </span><span class="pp-class-236 pa t40114 l47545 ls10269 wtro3142 wtr526 tro3144 tr528">participates </span><span class="pp-class-236 pa t40114 l47546 ls544 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t40114 l47547 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t40114 l47548 ls1687 wtro3142 wtr526 tro3144 tr528">finance </span><span class="pp-class-236 pa t40114 l47549 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t40114 l47550 ls691 wtro3142 wtr526 tro3144 tr528">under </span><span class="pp-class-236 pa t40114 l47551 ls691 wtro3142 wtr526 tro3144 tr528">which </span><span class="pp-class-236 pa t40114 l47552 ls621 wtro3142 wtr526 tro3144 tr528">certain </span><span class="pp-class-236 pa t40114 l47553 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40114 l47554 ls884 wtro3142 wtr526 tro3144 tr528">institutions </span><span class="pp-class-236 pa t40114 l47555 ls110 wtro3142 wtr526 tro3144 tr528">acquire </span><span class="pp-class-236 pa t40125 l3 ls7487 wtro3142 wtr526 tro3144 tr528">invoices </span><span class="pp-class-236 pa t40125 l47556 ls603 wtro3142 wtr526 tro3144 tr528">issued </span><span class="pp-class-236 pa t40125 l47557 ls2081 wtro3142 wtr526 tro3144 tr528">by </span><span class="pp-class-236 pa t40125 l47558 ls2565 wtro3142 wtr526 tro3144 tr528">bunker </span><span class="pp-class-236 pa t40125 l27315 ls4807 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40125 l47559 ls2207 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-236 pa t40125 l47560 ls1815 wtro3142 wtr526 tro3144 tr528">logistics </span><span class="pp-class-236 pa t40125 l47561 ls4807 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40125 l47562 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t40125 l47563 ls691 wtro3142 wtr526 tro3144 tr528">DFDS. </span><span class="pp-class-236 pa t40125 l47564 ls556 wtro3142 wtr526 tro3144 tr528">When </span><span class="pp-class-236 pa t40125 l47565 ls572 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t40125 l47566 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40125 l47567 ls2245 wtro3142 wtr526 tro3144 tr528">institution </span><span class="pp-class-236 pa t40125 l47568 ls773 wtro3142 wtr526 tro3144 tr528">acquires </span><span class="pp-class-236 pa t40125 l47569 ls651 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l3 ls2629 wtro3142 wtr526 tro3144 tr528">invoices, </span><span class="pp-class-236 pa t40137 l47570 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47571 ls1815 wtro3142 wtr526 tro3144 tr528">suppliers </span><span class="pp-class-236 pa t40137 l47572 ls556 wtro3142 wtr526 tro3144 tr528">will </span><span class="pp-class-236 pa t40137 l47573 ls17569 wtro3142 wtr526 tro3144 tr528">receive </span><span class="pp-class-236 pa t40137 l47574 ls2767 wtro3142 wtr526 tro3144 tr528">payment </span><span class="pp-class-236 pa t40137 l47575 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t40137 l47576 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47577 ls4807 wtro3142 wtr526 tro3144 tr528">financial </span><span class="pp-class-236 pa t40137 l47578 ls2245 wtro3142 wtr526 tro3144 tr528">institution </span><span class="pp-class-236 pa t40137 l47579 ls691 wtro3142 wtr526 tro3144 tr528">while </span><span class="pp-class-236 pa t40137 l47580 ls556 wtro3142 wtr526 tro3144 tr528">DFDS </span><span class="pp-class-236 pa t40137 l47581 ls556 wtro3142 wtr526 tro3144 tr528">will </span><span class="pp-class-236 pa t40137 l47582 ls2767 wtro3142 wtr526 tro3144 tr528">settle </span><span class="pp-class-236 pa t40137 l47583 ls2207 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t40137 l47584 ls2258 wtro3142 wtr526 tro3144 tr528">invoice </span><span class="pp-class-236 pa t40137 l47585 ls5202 wtro3142 wtr526 tro3144 tr528">at </span><span class="pp-class-236 pa t40137 l47586 ls26 wtro3142 wtr526 tro3144 tr528">a </span><span class="pp-class-236 pa t40150 l3 ls2767 wtro3142 wtr526 tro3144 tr528">later </span><span class="pp-class-236 pa t40150 l47587 ls3200 wtro3142 wtr526 tro3144 tr528">stage</span><span class="pp-class-236 pa t40150 l47588">. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls651">The </span><span class="pp-class-236 pa t47589 l38379 ls706">Group </span><span class="pp-class-236 pa t47589 l1995 ls651">has </span><span class="pp-class-236 pa t47589 l44520 ls2270">entered </span><span class="pp-class-236 pa t47589 l31464 ls546">into </span><span class="pp-class-236 pa t47589 l45307 ls667">arrangements </span><span class="pp-class-236 pa t47589 l47590 ls2222">with </span><span class="pp-class-236 pa t47589 l47591 ls651">the </span><span class="pp-class-236 pa t47589 l47592 ls9435">following </span><span class="pp-class-236 pa t47589 l47593 ls35">terms: </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40167 l3 ls4630">Bunker </span><span class="pp-class-236 pa t40167 l33270 ls4630">linked </span><span class="pp-class-236 pa t40167 l43677 ls877">payables </span><span class="pp-class-236 pa t40167 l47594 ls2197">extended </span><span class="pp-class-236 pa t40167 l34066 ls538">to </span><span class="pp-class-236 pa t40167 l47595 ls7086">current </span><span class="pp-class-236 pa t40167 l47596 ls536">month </span><span class="pp-class-236 pa t40167 l47597 ls184">+ </span><span class="pp-class-236 pa t40167 l47598 ls811">93 </span><span class="pp-class-236 pa t40167 l47599 ls2245">days </span><span class="pp-class-236 pa t40167 l47600 ls667">(2024: </span><span class="pp-class-236 pa t40167 l47601 ls7086">current </span><span class="pp-class-236 pa t40167 l47602 ls536">month </span><span class="pp-class-236 pa t40167 l47603 ls184">+ </span><span class="pp-class-236 pa t40167 l47604 ls811">93 </span><span class="pp-class-236 pa t40167 l47605 ls691">days). </span><span class="pp-class-236 pa t40178 l3 ls553">Multiple </span><span class="pp-class-236 pa t40178 l47606 ls995">logistics </span><span class="pp-class-236 pa t40178 l10134 ls562">suppliers' </span><span class="pp-class-236 pa t40178 l3031 ls877">payables </span><span class="pp-class-236 pa t40178 l47607 ls567">extending </span><span class="pp-class-236 pa t40178 l47608 ls3855">payment </span><span class="pp-class-236 pa t40178 l47609 ls538">to </span><span class="pp-class-236 pa t40178 l47610 ls7086">current </span><span class="pp-class-236 pa t40178 l47611 ls536">month </span><span class="pp-class-236 pa t40178 l47612 ls184">+ </span><span class="pp-class-236 pa t40178 l47613 ls811">93 </span><span class="pp-class-236 pa t40178 l47614 ls2245">days </span><span class="pp-class-236 pa t40178 l47615 ls667">(2024: </span><span class="pp-class-236 pa t40178 l47616 ls7086">current </span><span class="pp-class-236 pa t40178 l47617 ls536">month </span><span class="pp-class-236 pa t40178 l15341">+ </span><span class="pp-class-236 pa t40187 l3 ls811">93 </span><span class="pp-class-236 pa t40187 l47618 ls11713">days).</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47619 l3 ls1107">Carrying </span><span class="pp-class-237 pa t47619 l37578 ls1098">amount </span><span class="pp-class-237 pa t47619 l43178">of </span><span class="pp-class-237 pa t47619 l47620">liabilities </span><span class="pp-class-237 pa t47619 l47621">under </span><span class="pp-class-237 pa t47619 l47622">supplier </span><span class="pp-class-237 pa t47619 l28459 ls2761">finance </span><span class="pp-class-237 pa t47619 l47623 ls177">arrangements</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47624 l3">DKK </span><span class="pp-class-236 pa t47624 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47624 l44793">202</span></a><span class="pp-class-237 pa t47624 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47624 l40478 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l3 ls297">Presented </span><span class="pp-class-237 pa t47625 l47626">within </span><span class="pp-class-237 pa t47625 l8047 ls244">trade </span><span class="pp-class-237 pa t47625 l47627 ls811">payables </span><span class="pp-class-237 pa t47625 l47628">1 </span><span class="pp-class-237 pa t47625 l47629 ls1448">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l47630 ls131">567</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47625 l47631 ls587">730</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l3 ls297">Presented </span><span class="pp-class-237 pa t47632 l47626">within </span><span class="pp-class-237 pa t47632 l8047 ls244">trade </span><span class="pp-class-237 pa t47632 l47627 ls811">payables </span><span class="pp-class-237 pa t47632 l47628">31 </span><span class="pp-class-237 pa t47632 l47633">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l47634 ls2368">497</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47632 l47635 ls131">567</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l3 ls118">of </span><span class="pp-class-236 pa t47636 l7402">which </span><span class="pp-class-236 pa t47636 l47637">suppliers </span><span class="pp-class-236 pa t47636 l47638 ls800">received </span><span class="pp-class-236 pa t47636 l31335 ls73">payment </span><span class="pp-class-236 pa t47636 l47639 ls106">(from </span><span class="pp-class-236 pa t47636 l47640">financial </span><span class="pp-class-236 pa t47636 l47641">institution)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l47642">486</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47636 l47643">558</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47644 l3 ls538">Range </span><span class="pp-class-237 pa t47644 l47645 ls811">of </span><span class="pp-class-237 pa t47644 l47646 ls603">payment </span><span class="pp-class-237 pa t47644 l47647 ls572">due </span><span class="pp-class-237 pa t47644 l47648 ls2969">dates</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47649 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Payment </span><span class="pp-class-236 pa t47649 l47650 ls1775 wtro3142 wtr526 tro3144 tr528">terms </span><span class="pp-class-236 pa t47649 l47651 ls2808 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47649 l7571 ls2245 wtro3142 wtr526 tro3144 tr528">liabilities </span><span class="pp-class-236 pa t47649 l28972 ls6146 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47649 l47652 ls4149 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47649 l47653 ls524 wtro3142 wtr526 tro3144 tr528">part </span><span class="pp-class-236 pa t47649 l47654 ls30 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47649 l24730 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t47649 l47655 ls4807 wtro3142 wtr526 tro3144 tr528">financing </span><span class="pp-class-236 pa t47649 l47656 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t47649 l47657 ls1882 wtro3142 wtr526 tro3144 tr528">range </span><span class="pp-class-236 pa t47649 l47658 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47649 l47659 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47649 l47660 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47649 l47661 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47649 l47662 ls1186 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47663 l3 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47663 l47664 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47663 l47665 ls544 wtro3142 wtr526 tro3144 tr528">93 </span><span class="pp-class-236 pa t47663 l47666 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47663 l16093 ls5202 wtro3142 wtr526 tro3144 tr528">(2024: </span><span class="pp-class-236 pa t47663 l47667 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47663 l47668 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47663 l47669 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47663 l47670 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47663 l47671 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47663 l47672 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47663 l47673 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47663 l47674 ls544 wtro3142 wtr526 tro3144 tr528">93 </span><span class="pp-class-236 pa t47663 l47675 ls3038 wtro3142 wtr526 tro3144 tr528">days).</span><span class="pp-class-236 pa t47676 l3 wtro3142 wtr526 tro3144 tr528"/><span class="pp-class-236 pa t47677 l3 ls8384 wtro3142 wtr526 tro3144 tr528">Payment </span><span class="pp-class-236 pa t47677 l47650 ls1775 wtro3142 wtr526 tro3144 tr528">terms </span><span class="pp-class-236 pa t47677 l47651 ls2808 wtro3142 wtr526 tro3144 tr528">for </span><span class="pp-class-236 pa t47677 l7571 ls2081 wtro3142 wtr526 tro3144 tr528">comparable </span><span class="pp-class-236 pa t47677 l47678 ls1957 wtro3142 wtr526 tro3144 tr528">trade </span><span class="pp-class-236 pa t47677 l47679 ls4823 wtro3142 wtr526 tro3144 tr528">payables </span><span class="pp-class-236 pa t47677 l47680 ls6146 wtro3142 wtr526 tro3144 tr528">that </span><span class="pp-class-236 pa t47677 l47681 ls4149 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t47677 l47682 ls2270 wtro3142 wtr526 tro3144 tr528">not </span><span class="pp-class-236 pa t47677 l47683 ls524 wtro3142 wtr526 tro3144 tr528">part </span><span class="pp-class-236 pa t47677 l47684 ls30 wtro3142 wtr526 tro3144 tr528">of </span><span class="pp-class-236 pa t47677 l47685 ls1775 wtro3142 wtr526 tro3144 tr528">supplier </span><span class="pp-class-236 pa t47677 l47686 ls4807 wtro3142 wtr526 tro3144 tr528">financing </span><span class="pp-class-236 pa t47677 l47687 ls11072 wtro3142 wtr526 tro3144 tr528">arrangements </span><span class="pp-class-236 pa t47677 l47688 ls1796 wtro3142 wtr526 tro3144 tr528">typically </span><span class="pp-class-236 pa t47689 l3 ls1882 wtro3142 wtr526 tro3144 tr528">range </span><span class="pp-class-236 pa t47689 l47690 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47689 l47691 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47689 l47692 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47693 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47689 l47694 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47689 l39141 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47689 l47695 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47689 l47696 ls544 wtro3142 wtr526 tro3144 tr528">63 </span><span class="pp-class-236 pa t47689 l47697 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47698 ls5202 wtro3142 wtr526 tro3144 tr528">(2024: </span><span class="pp-class-236 pa t47689 l47699 ls4284 wtro3142 wtr526 tro3144 tr528">from </span><span class="pp-class-236 pa t47689 l47700 ls544 wtro3142 wtr526 tro3144 tr528">30 </span><span class="pp-class-236 pa t47689 l47701 ls4149 wtro3142 wtr526 tro3144 tr528">days </span><span class="pp-class-236 pa t47689 l47702 ls2889 wtro3142 wtr526 tro3144 tr528">to </span><span class="pp-class-236 pa t47689 l47703 ls2258 wtro3142 wtr526 tro3144 tr528">current </span><span class="pp-class-236 pa t47689 l47704 ls2270 wtro3142 wtr526 tro3144 tr528">month </span><span class="pp-class-236 pa t47689 l47705 ls572 wtro3142 wtr526 tro3144 tr528">+ </span><span class="pp-class-236 pa t47689 l47706 ls544 wtro3142 wtr526 tro3144 tr528">63 </span><span class="pp-class-236 pa t47689 l47707 ls3038 wtro3142 wtr526 tro3144 tr528">days).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t47708 l3 ls94">Non-cash </span><span class="pp-class-237 pa t47708 l28970 ls1764">changes</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47709 l3 ls706">There </span><span class="pp-class-236 pa t47709 l47710 ls2258">were </span><span class="pp-class-236 pa t47709 l47711 ls811">no </span><span class="pp-class-236 pa t47709 l47712 ls524">significant </span><span class="pp-class-236 pa t47709 l47713 ls94">non-cash </span><span class="pp-class-236 pa t47709 l47714 ls2036">changes </span><span class="pp-class-236 pa t47709 l47715 ls811">in </span><span class="pp-class-236 pa t47709 l47716 ls651">the </span><span class="pp-class-236 pa t47709 l47717 ls572">carrying </span><span class="pp-class-236 pa t47709 l47718 ls625">amounts </span><span class="pp-class-236 pa t47709 l47719 ls98">of </span><span class="pp-class-236 pa t47709 l47720 ls1751">supplier </span><span class="pp-class-236 pa t47709 l47721 ls2036">finance </span><span class="pp-class-236 pa t47709 l47722 ls625">liabilities </span><span class="pp-class-236 pa t47709 l47723 ls667">(2024: </span><span class="pp-class-236 pa t47709 l47724 ls2687">none).</span></p><div id="pp-id-5374"><div class="pp-class-227 pp-class-256" id="pp-id-5371"><div class="w40752 h47514 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls572">All </span><span class="pp-class-236 pa t40754 l47725 ls1751">supplier </span><span class="pp-class-236 pa t40754 l13362 ls2036">finance </span><span class="pp-class-236 pa t40754 l47726 ls8048">arrangement </span><span class="pp-class-236 pa t40754 l47727 ls3681">related </span><span class="pp-class-236 pa t40754 l47728 ls625">liabilities </span><span class="pp-class-236 pa t40754 l47729 ls2808">are </span><span class="pp-class-236 pa t40754 l47730 ls7086">presented </span><span class="pp-class-236 pa t40754 l47731 ls1764">within </span><span class="pp-class-236 pa t40754 l47732 ls877">payables </span><span class="pp-class-236 pa t40754 l47733 ls811">as </span><span class="pp-class-236 pa t40754 l47734 ls538">these </span><span class="pp-class-236 pa t40754 l47735 ls667">are </span><span class="pp-class-236 pa t40763 l3 ls1764">deemed </span><span class="pp-class-236 pa t40763 l33799 ls538">to </span><span class="pp-class-236 pa t40763 l47736 ls811">be </span><span class="pp-class-236 pa t40763 l18262 ls875">part </span><span class="pp-class-236 pa t40763 l47737 ls98">of </span><span class="pp-class-236 pa t40763 l15132 ls1780">working </span><span class="pp-class-236 pa t40763 l18140 ls524">capital </span><span class="pp-class-236 pa t40763 l47738 ls811">in </span><span class="pp-class-236 pa t40763 l47466 ls651">the </span><span class="pp-class-236 pa t40763 l47739 ls877">Group's </span><span class="pp-class-236 pa t40763 l47740 ls1764">normal </span><span class="pp-class-236 pa t40763 l47741 ls1775">operating </span><span class="pp-class-236 pa t40763 l47742 ls847">cycle. </span><span class="pp-class-236 pa t40763 l47743 ls3170">Accordingly, </span><span class="pp-class-236 pa t40763 l47744 ls8048">they </span><span class="pp-class-236 pa t40763 l47745 ls667">are </span><span class="pp-class-236 pa t40775 l3 ls7086">presented </span><span class="pp-class-236 pa t40775 l6723 ls2036">outside </span><span class="pp-class-236 pa t40775 l47746 ls995">financing </span><span class="pp-class-236 pa t40775 l47747 ls2222">cash </span><span class="pp-class-236 pa t40775 l47748 ls2197">flows, </span><span class="pp-class-236 pa t40775 l47749 ls1764">within </span><span class="pp-class-236 pa t40775 l47750 ls1764">change </span><span class="pp-class-236 pa t40775 l47751 ls811">in </span><span class="pp-class-236 pa t40775 l47752 ls1780">working </span><span class="pp-class-236 pa t40775 l47753 ls524">capital.</span></p></div></div></div></div></div><div id="pp-id-5379" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47754 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls838">3.2.4 </span><span class="pp-class-234 pa t1122 l38307">Other </span><span class="pp-class-234 pa t1122 l47755 ls706">payables</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls227">Holiday </span><span class="pp-class-236 pa t37088 l17000 ls181">pay </span><span class="pp-class-236 pa t37088 l3377 ls177">obligations, </span><span class="pp-class-236 pa t37088 l47756 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47482">621</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47757 ls811">721</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3">Public </span><span class="pp-class-236 pa t47758 l47142 ls91">authorities </span><span class="pp-class-236 pa t47758 l39155 ls30318">(VAT, </span><span class="pp-class-236 pa t47758 l47143 ls838">duty, </span><span class="pp-class-236 pa t47758 l10818 ls570">etc.)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47759 ls17762">177</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l37184 ls2368">142</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls2368">Payables </span><span class="pp-class-236 pa t43112 l47248 ls138">to </span><span class="pp-class-236 pa t43112 l28769 ls135">associates </span><span class="pp-class-236 pa t43112 l29758">and </span><span class="pp-class-236 pa t43112 l47760 ls1098">joint </span><span class="pp-class-236 pa t43112 l12116 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l47761">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l47762 ls184">16</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls113">Accrued </span><span class="pp-class-236 pa t20959 l17364 ls428">interests</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l47763">32</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l3">Other </span><span class="pp-class-236 pa t47764 l8396 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l47765">283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l37197">233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l3 ls6824">Total </span><span class="pp-class-237 pa t47766 l20253 ls1098">other </span><span class="pp-class-237 pa t47766 l37312 ls651">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l47767">1,135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l41722 ls85">1,160</span></a></p></td></tr></table><div id="pp-id-5378"><div class="pp-class-227 pp-class-256" id="pp-id-5376"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls538">Other </span><span class="pp-class-236 pa t40754 l44451 ls877">payables </span><span class="pp-class-236 pa t40754 l47769 ls1751">comprise </span><span class="pp-class-236 pa t40754 l47770 ls625">amounts </span><span class="pp-class-236 pa t40754 l47771 ls3234">owed </span><span class="pp-class-236 pa t40754 l47772 ls538">to </span><span class="pp-class-236 pa t40754 l47773 ls8391">staff, </span><span class="pp-class-236 pa t40754 l47774 ls546">including </span><span class="pp-class-236 pa t40754 l47775 ls2270">wages </span><span class="pp-class-236 pa t40754 l47776 ls651">and </span><span class="pp-class-236 pa t40754 l47777 ls995">salaries, </span><span class="pp-class-236 pa t40754 l47778 ls616">holiday </span><span class="pp-class-236 pa t40754 l47779 ls19396">pay, </span><span class="pp-class-236 pa t40754 l47780 ls1574">salary/</span><span class="pp-class-236 pa t40763 l3 ls2270">wages </span><span class="pp-class-236 pa t40763 l47781 ls3681">related </span><span class="pp-class-236 pa t40763 l47782 ls747">items, </span><span class="pp-class-236 pa t40763 l47783 ls625">amounts </span><span class="pp-class-236 pa t40763 l47784 ls3234">owed </span><span class="pp-class-236 pa t40763 l47785 ls538">to </span><span class="pp-class-236 pa t40763 l47786 ls572">the </span><span class="pp-class-236 pa t40763 l47787 ls1764">public </span><span class="pp-class-236 pa t40763 l47788 ls530">authorities, </span><span class="pp-class-236 pa t40763 l47789 ls47790">VAT, </span><span class="pp-class-236 pa t40763 l47791 ls2081">excise </span><span class="pp-class-236 pa t40763 l47792 ls2036">duties, </span><span class="pp-class-236 pa t40763 l47793 ls877">real </span><span class="pp-class-236 pa t40763 l47794 ls30">property </span><span class="pp-class-236 pa t40763 l47795 ls713">taxes </span><span class="pp-class-236 pa t40775 l3 ls713">etc.; </span><span class="pp-class-236 pa t40775 l10979 ls625">amounts </span><span class="pp-class-236 pa t40775 l47796 ls3234">owed </span><span class="pp-class-236 pa t40775 l26077 ls811">in </span><span class="pp-class-236 pa t40775 l47797 ls278">connection </span><span class="pp-class-236 pa t40775 l47798 ls2222">with </span><span class="pp-class-236 pa t40775 l47799 ls651">the </span><span class="pp-class-236 pa t40775 l47800 ls11713">purchase/disposal </span><span class="pp-class-236 pa t40775 l47801 ls98">of </span><span class="pp-class-236 pa t40775 l47802 ls551">ferries </span><span class="pp-class-236 pa t40775 l47803 ls651">and </span><span class="pp-class-236 pa t40775 l47804 ls949">other </span><span class="pp-class-236 pa t40775 l47805 ls1764">ships, </span><span class="pp-class-236 pa t40775 l47806 ls995">buildings </span><span class="pp-class-236 pa t40775 l47807 ls184">and </span><span class="pp-class-236 pa t41664 l3 ls179">terminals; </span><span class="pp-class-236 pa t41664 l17191 ls544">accrued </span><span class="pp-class-236 pa t41664 l44562 ls706">interest </span><span class="pp-class-236 pa t41664 l47808 ls8048">expenses; </span><span class="pp-class-236 pa t41664 l47809 ls877">payables </span><span class="pp-class-236 pa t41664 l47810 ls538">to </span><span class="pp-class-236 pa t41664 l47811 ls560">associates </span><span class="pp-class-236 pa t41664 l47812 ls572">and </span><span class="pp-class-236 pa t41664 l47813 ls536">joint </span><span class="pp-class-236 pa t41664 l47814 ls1131">ventures; </span><span class="pp-class-236 pa t41664 l47815 ls625">amounts </span><span class="pp-class-236 pa t41664 l47816 ls3234">owed </span><span class="pp-class-236 pa t41664 l47817 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls1131">relation </span><span class="pp-class-236 pa t40783 l40572 ls538">to </span><span class="pp-class-236 pa t40783 l11342 ls536">defined </span><span class="pp-class-236 pa t40783 l43439 ls949">contribution </span><span class="pp-class-236 pa t40783 l43451 ls2036">pension </span><span class="pp-class-236 pa t40783 l47818 ls538">plans </span><span class="pp-class-236 pa t40783 l47819 ls2969">etc.</span></p></div></div></div></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls572">All </span><span class="pp-class-236 pa t40754 l47725 ls1751">supplier </span><span class="pp-class-236 pa t40754 l13362 ls2036">finance </span><span class="pp-class-236 pa t40754 l47726 ls8048">arrangement </span><span class="pp-class-236 pa t40754 l47727 ls3681">related </span><span class="pp-class-236 pa t40754 l47728 ls625">liabilities </span><span class="pp-class-236 pa t40754 l47729 ls2808">are </span><span class="pp-class-236 pa t40754 l47730 ls7086">presented </span><span class="pp-class-236 pa t40754 l47731 ls1764">within </span><span class="pp-class-236 pa t40754 l47732 ls877">payables </span><span class="pp-class-236 pa t40754 l47733 ls811">as </span><span class="pp-class-236 pa t40754 l47734 ls538">these </span><span class="pp-class-236 pa t40754 l47735 ls667">are </span><span class="pp-class-236 pa t40763 l3 ls1764">deemed </span><span class="pp-class-236 pa t40763 l33799 ls538">to </span><span class="pp-class-236 pa t40763 l47736 ls811">be </span><span class="pp-class-236 pa t40763 l18262 ls875">part </span><span class="pp-class-236 pa t40763 l47737 ls98">of </span><span class="pp-class-236 pa t40763 l15132 ls1780">working </span><span class="pp-class-236 pa t40763 l18140 ls524">capital </span><span class="pp-class-236 pa t40763 l47738 ls811">in </span><span class="pp-class-236 pa t40763 l47466 ls651">the </span><span class="pp-class-236 pa t40763 l47739 ls877">Group's </span><span class="pp-class-236 pa t40763 l47740 ls1764">normal </span><span class="pp-class-236 pa t40763 l47741 ls1775">operating </span><span class="pp-class-236 pa t40763 l47742 ls847">cycle. </span><span class="pp-class-236 pa t40763 l47743 ls3170">Accordingly, </span><span class="pp-class-236 pa t40763 l47744 ls8048">they </span><span class="pp-class-236 pa t40763 l47745 ls667">are </span><span class="pp-class-236 pa t40775 l3 ls7086">presented </span><span class="pp-class-236 pa t40775 l6723 ls2036">outside </span><span class="pp-class-236 pa t40775 l47746 ls995">financing </span><span class="pp-class-236 pa t40775 l47747 ls2222">cash </span><span class="pp-class-236 pa t40775 l47748 ls2197">flows, </span><span class="pp-class-236 pa t40775 l47749 ls1764">within </span><span class="pp-class-236 pa t40775 l47750 ls1764">change </span><span class="pp-class-236 pa t40775 l47751 ls811">in </span><span class="pp-class-236 pa t40775 l47752 ls1780">working </span><span class="pp-class-236 pa t40775 l47753 ls524">capital.</span></p><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls538">Other </span><span class="pp-class-236 pa t40754 l44451 ls877">payables </span><span class="pp-class-236 pa t40754 l47769 ls1751">comprise </span><span class="pp-class-236 pa t40754 l47770 ls625">amounts </span><span class="pp-class-236 pa t40754 l47771 ls3234">owed </span><span class="pp-class-236 pa t40754 l47772 ls538">to </span><span class="pp-class-236 pa t40754 l47773 ls8391">staff, </span><span class="pp-class-236 pa t40754 l47774 ls546">including </span><span class="pp-class-236 pa t40754 l47775 ls2270">wages </span><span class="pp-class-236 pa t40754 l47776 ls651">and </span><span class="pp-class-236 pa t40754 l47777 ls995">salaries, </span><span class="pp-class-236 pa t40754 l47778 ls616">holiday </span><span class="pp-class-236 pa t40754 l47779 ls19396">pay, </span><span class="pp-class-236 pa t40754 l47780 ls1574">salary/</span><span class="pp-class-236 pa t40763 l3 ls2270">wages </span><span class="pp-class-236 pa t40763 l47781 ls3681">related </span><span class="pp-class-236 pa t40763 l47782 ls747">items, </span><span class="pp-class-236 pa t40763 l47783 ls625">amounts </span><span class="pp-class-236 pa t40763 l47784 ls3234">owed </span><span class="pp-class-236 pa t40763 l47785 ls538">to </span><span class="pp-class-236 pa t40763 l47786 ls572">the </span><span class="pp-class-236 pa t40763 l47787 ls1764">public </span><span class="pp-class-236 pa t40763 l47788 ls530">authorities, </span><span class="pp-class-236 pa t40763 l47789 ls47790">VAT, </span><span class="pp-class-236 pa t40763 l47791 ls2081">excise </span><span class="pp-class-236 pa t40763 l47792 ls2036">duties, </span><span class="pp-class-236 pa t40763 l47793 ls877">real </span><span class="pp-class-236 pa t40763 l47794 ls30">property </span><span class="pp-class-236 pa t40763 l47795 ls713">taxes </span><span class="pp-class-236 pa t40775 l3 ls713">etc.; </span><span class="pp-class-236 pa t40775 l10979 ls625">amounts </span><span class="pp-class-236 pa t40775 l47796 ls3234">owed </span><span class="pp-class-236 pa t40775 l26077 ls811">in </span><span class="pp-class-236 pa t40775 l47797 ls278">connection </span><span class="pp-class-236 pa t40775 l47798 ls2222">with </span><span class="pp-class-236 pa t40775 l47799 ls651">the </span><span class="pp-class-236 pa t40775 l47800 ls11713">purchase/disposal </span><span class="pp-class-236 pa t40775 l47801 ls98">of </span><span class="pp-class-236 pa t40775 l47802 ls551">ferries </span><span class="pp-class-236 pa t40775 l47803 ls651">and </span><span class="pp-class-236 pa t40775 l47804 ls949">other </span><span class="pp-class-236 pa t40775 l47805 ls1764">ships, </span><span class="pp-class-236 pa t40775 l47806 ls995">buildings </span><span class="pp-class-236 pa t40775 l47807 ls184">and </span><span class="pp-class-236 pa t41664 l3 ls179">terminals; </span><span class="pp-class-236 pa t41664 l17191 ls544">accrued </span><span class="pp-class-236 pa t41664 l44562 ls706">interest </span><span class="pp-class-236 pa t41664 l47808 ls8048">expenses; </span><span class="pp-class-236 pa t41664 l47809 ls877">payables </span><span class="pp-class-236 pa t41664 l47810 ls538">to </span><span class="pp-class-236 pa t41664 l47811 ls560">associates </span><span class="pp-class-236 pa t41664 l47812 ls572">and </span><span class="pp-class-236 pa t41664 l47813 ls536">joint </span><span class="pp-class-236 pa t41664 l47814 ls1131">ventures; </span><span class="pp-class-236 pa t41664 l47815 ls625">amounts </span><span class="pp-class-236 pa t41664 l47816 ls3234">owed </span><span class="pp-class-236 pa t41664 l47817 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls1131">relation </span><span class="pp-class-236 pa t40783 l40572 ls538">to </span><span class="pp-class-236 pa t40783 l11342 ls536">defined </span><span class="pp-class-236 pa t40783 l43439 ls949">contribution </span><span class="pp-class-236 pa t40783 l43451 ls2036">pension </span><span class="pp-class-236 pa t40783 l47818 ls538">plans </span><span class="pp-class-236 pa t40783 l47819 ls2969">etc.</span></p> <div id="pp-id-5379" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47754 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls838">3.2.4 </span><span class="pp-class-234 pa t1122 l38307">Other </span><span class="pp-class-234 pa t1122 l47755 ls706">payables</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls227">Holiday </span><span class="pp-class-236 pa t37088 l17000 ls181">pay </span><span class="pp-class-236 pa t37088 l3377 ls177">obligations, </span><span class="pp-class-236 pa t37088 l47756 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47482">621</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l47757 ls811">721</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3">Public </span><span class="pp-class-236 pa t47758 l47142 ls91">authorities </span><span class="pp-class-236 pa t47758 l39155 ls30318">(VAT, </span><span class="pp-class-236 pa t47758 l47143 ls838">duty, </span><span class="pp-class-236 pa t47758 l10818 ls570">etc.)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47759 ls17762">177</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l37184 ls2368">142</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls2368">Payables </span><span class="pp-class-236 pa t43112 l47248 ls138">to </span><span class="pp-class-236 pa t43112 l28769 ls135">associates </span><span class="pp-class-236 pa t43112 l29758">and </span><span class="pp-class-236 pa t43112 l47760 ls1098">joint </span><span class="pp-class-236 pa t43112 l12116 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l47761">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l47762 ls184">16</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls113">Accrued </span><span class="pp-class-236 pa t20959 l17364 ls428">interests</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l47763">32</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l3">Other </span><span class="pp-class-236 pa t47764 l8396 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l47765">283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47764 l37197">233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l3 ls6824">Total </span><span class="pp-class-237 pa t47766 l20253 ls1098">other </span><span class="pp-class-237 pa t47766 l37312 ls651">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l47767">1,135</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47766 l41722 ls85">1,160</span></a></p></td></tr></table><div id="pp-id-5378"><div class="pp-class-227 pp-class-256" id="pp-id-5376"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls538">Other </span><span class="pp-class-236 pa t40754 l44451 ls877">payables </span><span class="pp-class-236 pa t40754 l47769 ls1751">comprise </span><span class="pp-class-236 pa t40754 l47770 ls625">amounts </span><span class="pp-class-236 pa t40754 l47771 ls3234">owed </span><span class="pp-class-236 pa t40754 l47772 ls538">to </span><span class="pp-class-236 pa t40754 l47773 ls8391">staff, </span><span class="pp-class-236 pa t40754 l47774 ls546">including </span><span class="pp-class-236 pa t40754 l47775 ls2270">wages </span><span class="pp-class-236 pa t40754 l47776 ls651">and </span><span class="pp-class-236 pa t40754 l47777 ls995">salaries, </span><span class="pp-class-236 pa t40754 l47778 ls616">holiday </span><span class="pp-class-236 pa t40754 l47779 ls19396">pay, </span><span class="pp-class-236 pa t40754 l47780 ls1574">salary/</span><span class="pp-class-236 pa t40763 l3 ls2270">wages </span><span class="pp-class-236 pa t40763 l47781 ls3681">related </span><span class="pp-class-236 pa t40763 l47782 ls747">items, </span><span class="pp-class-236 pa t40763 l47783 ls625">amounts </span><span class="pp-class-236 pa t40763 l47784 ls3234">owed </span><span class="pp-class-236 pa t40763 l47785 ls538">to </span><span class="pp-class-236 pa t40763 l47786 ls572">the </span><span class="pp-class-236 pa t40763 l47787 ls1764">public </span><span class="pp-class-236 pa t40763 l47788 ls530">authorities, </span><span class="pp-class-236 pa t40763 l47789 ls47790">VAT, </span><span class="pp-class-236 pa t40763 l47791 ls2081">excise </span><span class="pp-class-236 pa t40763 l47792 ls2036">duties, </span><span class="pp-class-236 pa t40763 l47793 ls877">real </span><span class="pp-class-236 pa t40763 l47794 ls30">property </span><span class="pp-class-236 pa t40763 l47795 ls713">taxes </span><span class="pp-class-236 pa t40775 l3 ls713">etc.; </span><span class="pp-class-236 pa t40775 l10979 ls625">amounts </span><span class="pp-class-236 pa t40775 l47796 ls3234">owed </span><span class="pp-class-236 pa t40775 l26077 ls811">in </span><span class="pp-class-236 pa t40775 l47797 ls278">connection </span><span class="pp-class-236 pa t40775 l47798 ls2222">with </span><span class="pp-class-236 pa t40775 l47799 ls651">the </span><span class="pp-class-236 pa t40775 l47800 ls11713">purchase/disposal </span><span class="pp-class-236 pa t40775 l47801 ls98">of </span><span class="pp-class-236 pa t40775 l47802 ls551">ferries </span><span class="pp-class-236 pa t40775 l47803 ls651">and </span><span class="pp-class-236 pa t40775 l47804 ls949">other </span><span class="pp-class-236 pa t40775 l47805 ls1764">ships, </span><span class="pp-class-236 pa t40775 l47806 ls995">buildings </span><span class="pp-class-236 pa t40775 l47807 ls184">and </span><span class="pp-class-236 pa t41664 l3 ls179">terminals; </span><span class="pp-class-236 pa t41664 l17191 ls544">accrued </span><span class="pp-class-236 pa t41664 l44562 ls706">interest </span><span class="pp-class-236 pa t41664 l47808 ls8048">expenses; </span><span class="pp-class-236 pa t41664 l47809 ls877">payables </span><span class="pp-class-236 pa t41664 l47810 ls538">to </span><span class="pp-class-236 pa t41664 l47811 ls560">associates </span><span class="pp-class-236 pa t41664 l47812 ls572">and </span><span class="pp-class-236 pa t41664 l47813 ls536">joint </span><span class="pp-class-236 pa t41664 l47814 ls1131">ventures; </span><span class="pp-class-236 pa t41664 l47815 ls625">amounts </span><span class="pp-class-236 pa t41664 l47816 ls3234">owed </span><span class="pp-class-236 pa t41664 l47817 ls1547">in </span><span class="pp-class-236 pa t40783 l3 ls1131">relation </span><span class="pp-class-236 pa t40783 l40572 ls538">to </span><span class="pp-class-236 pa t40783 l11342 ls536">defined </span><span class="pp-class-236 pa t40783 l43439 ls949">contribution </span><span class="pp-class-236 pa t40783 l43451 ls2036">pension </span><span class="pp-class-236 pa t40783 l47818 ls538">plans </span><span class="pp-class-236 pa t40783 l47819 ls2969">etc.</span></p></div></div></div></div></div> <div id="pp-id-5391" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2855">3.2.6 </span><span class="pp-class-234 pa t1122 l38307 ls10">Provisions</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t37088 l3">P</span><a><span class="pp-class-236 pa t37088 l37496 ls807">rovisions </span><span class="pp-class-236 pa t37088 l41879 ls2368">at </span><span class="pp-class-236 pa t37088 l34361">1 </span><span class="pp-class-236 pa t37088 l21969 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l48928">449</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l40890">134</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls1133">Foreign </span><span class="pp-class-236 pa t47758 l37293 ls212">exchange </span><span class="pp-class-236 pa t47758 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls115">Addition </span><span class="pp-class-236 pa t43112 l42147 ls181">from </span><span class="pp-class-236 pa t43112 l48929 ls13">acquisition </span><span class="pp-class-236 pa t43112 l7620 ls118">of </span><span class="pp-class-236 pa t43112 l48930 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l48931 ls2368">142</span><span class="pp-class-240 pa t48932 l44809">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls129">Provisions </span><span class="pp-class-236 pa t20959 l41879 ls135">made </span><span class="pp-class-236 pa t20959 l48933">during </span><span class="pp-class-236 pa t20959 l48934">the </span><span class="pp-class-236 pa t20959 l48935 ls1133">year</span></a><span class="pp-class-240 pa t8119 l35162">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l43156">605</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l37197">345</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48936 l3">Used </span><span class="pp-class-236 pa t48936 l48937">during </span><span class="pp-class-236 pa t48936 l48938">the </span><span class="pp-class-236 pa t48936 l17351 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48936 l48939">-466</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48936 l48940">-59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls129">Reversal </span><span class="pp-class-236 pa t48941 l37151 ls118">of </span><span class="pp-class-236 pa t48941 l37152">unused </span><span class="pp-class-236 pa t48941 l21204 ls807">provisions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l40498">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48942 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48942 l40498">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48942 l41866">-7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48943 l3">P</span><a><span class="pp-class-237 pa t48943 l48944 ls197">rovisions </span><span class="pp-class-237 pa t48943 l43514 ls2222">at </span><span class="pp-class-237 pa t48943 l48945">31 </span><span class="pp-class-237 pa t48943 l41558">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48943 l48946">694</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48943 l48947">449</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48948 l3">P</span><a><span class="pp-class-237 pa t48948 l48944 ls197">rovisions </span><span class="pp-class-237 pa t48948 l43514 ls1661">are </span><span class="pp-class-237 pa t48948 l17402 ls1741">expected </span><span class="pp-class-237 pa t48948 l48949">to </span><span class="pp-class-237 pa t48948 l48950">be </span><span class="pp-class-237 pa t48948 l48951 ls651">payable </span><span class="pp-class-237 pa t48948 l38727">in:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48952 l3">0-1 </span><span class="pp-class-236 pa t48952 l48693 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48952 l47630">636</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48952 l48953">392</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48954 l3 ls12546">1-5 </span><span class="pp-class-236 pa t48954 l48695 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48954 l45090">58</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48954 l48955">55</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48956 l3 ls244">After </span><span class="pp-class-236 pa t48956 l13177">5 </span><span class="pp-class-236 pa t48956 l44855 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48956 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48956 l48957">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48958 l3">P</span><a><span class="pp-class-237 pa t48958 l48944 ls197">rovisions </span><span class="pp-class-237 pa t48958 l43514 ls2222">at </span><span class="pp-class-237 pa t48958 l48945">31 </span><span class="pp-class-237 pa t48958 l41558">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48958 l48946">694</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48958 l48947">449</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t48959 l3 ls544">Of </span><span class="pp-class-236 pa t48959 l48960 ls2207">the </span><span class="pp-class-236 pa t48959 l48961 ls1017">Group’s </span><span class="pp-class-236 pa t48959 l48962 ls7297">provision </span><span class="pp-class-236 pa t48959 l48963 ls30">of </span><span class="pp-class-236 pa t48959 l48964 ls2207">DKK </span><span class="pp-class-236 pa t48959 l2713 ls556">694m </span><span class="pp-class-236 pa t48959 l48965 ls5202">(2024: </span><span class="pp-class-236 pa t48959 l47401 ls2207">DKK </span><span class="pp-class-236 pa t48959 l48966 ls603">449m), </span><span class="pp-class-236 pa t48959 l48967 ls2207">DKK </span><span class="pp-class-236 pa t48959 l48968 ls556">536m </span><span class="pp-class-236 pa t48959 l48969 ls2565">(2024 </span><span class="pp-class-236 pa t48959 l48970 ls2207">DKK </span><span class="pp-class-236 pa t48959 l48971 ls2808">318m) </span><span class="pp-class-236 pa t48959 l48972 ls544">is </span><span class="pp-class-236 pa t48959 l48973 ls3681">ETS </span><span class="pp-class-236 pa t48959 l48974 ls1775">emission </span><span class="pp-class-236 pa t48959 l48975 ls2816">provision; </span><span class="pp-class-236 pa t48976 l3 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48062 ls2207">46m </span><span class="pp-class-236 pa t48976 l48977 ls5202">(2024: </span><span class="pp-class-236 pa t48976 l48978 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48979 ls556">34m) </span><span class="pp-class-236 pa t48976 l21874 ls544">is </span><span class="pp-class-236 pa t48976 l47760 ls7487">redelivery </span><span class="pp-class-236 pa t48976 l48980 ls7297">provision </span><span class="pp-class-236 pa t48976 l48981 ls544">on </span><span class="pp-class-236 pa t48976 l48982 ls1687">leases; </span><span class="pp-class-236 pa t48976 l48983 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48984 ls2207">33m </span><span class="pp-class-236 pa t48976 l48985 ls5202">(2024: </span><span class="pp-class-236 pa t48976 l48986 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48987 ls2081">24m) </span><span class="pp-class-236 pa t48976 l48988 ls544">is </span><span class="pp-class-236 pa t48976 l48989 ls11726">related </span><span class="pp-class-236 pa t48976 l48990 ls2889">to </span><span class="pp-class-236 pa t48976 l48991 ls15034">investments </span><span class="pp-class-236 pa t48992 l3 ls544">in </span><span class="pp-class-236 pa t48992 l48685 ls8486">associates </span><span class="pp-class-236 pa t48992 l23457 ls2207">and </span><span class="pp-class-236 pa t48992 l48993 ls2270">joint </span><span class="pp-class-236 pa t48992 l48994 ls3154">ventures; </span><span class="pp-class-236 pa t48992 l46462 ls2207">DKK </span><span class="pp-class-236 pa t48992 l28322 ls544">0m </span><span class="pp-class-236 pa t48992 l48995 ls5202">(2024: </span><span class="pp-class-236 pa t48992 l48996 ls2207">DKK </span><span class="pp-class-236 pa t48992 l48997 ls2207">9m) </span><span class="pp-class-236 pa t48992 l48998 ls544">is </span><span class="pp-class-236 pa t48992 l48999 ls2816">restructuring </span><span class="pp-class-236 pa t48992 l49000 ls8384">provision, </span><span class="pp-class-236 pa t48992 l49001 ls2207">and </span><span class="pp-class-236 pa t48992 l49002 ls2207">DKK </span><span class="pp-class-236 pa t48992 l39544 ls2245">79m </span><span class="pp-class-236 pa t48992 l24147 ls5202">(2024: </span><span class="pp-class-236 pa t48992 l49003 ls651">DKK </span><span class="pp-class-236 pa t49004 l3 ls556">65m) </span><span class="pp-class-236 pa t49004 l49005 ls544">is </span><span class="pp-class-236 pa t49004 l44432 ls1131">other </span><span class="pp-class-236 pa t49004 l49006 ls8384">provisions.</span></p><div id="pp-id-5390"><div class="pp-class-227 pp-class-256" id="pp-id-5389"><div class="w40752 h49007 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40754 l49008 ls2808">are </span><span class="pp-class-236 pa t40754 l49009 ls667">recognised </span><span class="pp-class-236 pa t40754 l49010 ls538">when, </span><span class="pp-class-236 pa t40754 l49011 ls651">due </span><span class="pp-class-236 pa t40754 l49012 ls538">to </span><span class="pp-class-236 pa t40754 l12524 ls811">an </span><span class="pp-class-236 pa t40754 l26731 ls1186">event </span><span class="pp-class-236 pa t40754 l49013 ls995">occurring </span><span class="pp-class-236 pa t40754 l49014 ls811">on </span><span class="pp-class-236 pa t40754 l38348 ls811">or </span><span class="pp-class-236 pa t40754 l49015 ls2808">before </span><span class="pp-class-236 pa t40754 l49016 ls651">the </span><span class="pp-class-236 pa t40754 l49017 ls30">reporting </span><span class="pp-class-236 pa t40754 l49018 ls1815">date, </span><span class="pp-class-236 pa t40754 l49019 ls651">the </span><span class="pp-class-236 pa t40754 l49020 ls1780">Group </span><span class="pp-class-236 pa t40763 l3 ls651">has </span><span class="pp-class-236 pa t40763 l42497 ls184">a </span><span class="pp-class-236 pa t40763 l49021 ls538">legal </span><span class="pp-class-236 pa t40763 l19679 ls811">or </span><span class="pp-class-236 pa t40763 l49022 ls758">constructive </span><span class="pp-class-236 pa t40763 l21951 ls1404">obligation, </span><span class="pp-class-236 pa t40763 l49023 ls651">and </span><span class="pp-class-236 pa t40763 l49024 ls811">it </span><span class="pp-class-236 pa t40763 l49025 ls811">is </span><span class="pp-class-236 pa t40763 l49026 ls3855">probable </span><span class="pp-class-236 pa t40763 l49027 ls616">that </span><span class="pp-class-236 pa t40763 l49028 ls651">the </span><span class="pp-class-236 pa t40763 l49029 ls706">Group </span><span class="pp-class-236 pa t40763 l46697 ls2222">will </span><span class="pp-class-236 pa t40763 l49030 ls110">have </span><span class="pp-class-236 pa t40763 l49031 ls538">to </span><span class="pp-class-236 pa t40763 l42435 ls8048">give </span><span class="pp-class-236 pa t40763 l46657 ls811">up </span><span class="pp-class-236 pa t40763 l49032 ls565">future </span><span class="pp-class-236 pa t40775 l3 ls1751">economic </span><span class="pp-class-236 pa t40775 l49033 ls995">benefits </span><span class="pp-class-236 pa t40775 l49034 ls538">to </span><span class="pp-class-236 pa t40775 l45353 ls524">meet </span><span class="pp-class-236 pa t40775 l49035 ls651">the </span><span class="pp-class-236 pa t40775 l49036 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49037 ls651">and </span><span class="pp-class-236 pa t40775 l49038 ls616">that </span><span class="pp-class-236 pa t40775 l49039 ls572">the </span><span class="pp-class-236 pa t40775 l49040 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49041 ls651">can </span><span class="pp-class-236 pa t40775 l49042 ls811">be </span><span class="pp-class-236 pa t40775 l49043 ls5202">reliably </span><span class="pp-class-236 pa t40775 l49044 ls551">estimated. </span><span class="pp-class-236 pa t41664 l3 ls5781">Provisions </span><span class="pp-class-236 pa t41664 l49008 ls2808">are </span><span class="pp-class-236 pa t41664 l49009 ls667">recognised </span><span class="pp-class-236 pa t41664 l49010 ls538">based </span><span class="pp-class-236 pa t41664 l49045 ls811">on </span><span class="pp-class-236 pa t41664 l28193 ls731">Management’s </span><span class="pp-class-236 pa t41664 l49046 ls2222">best </span><span class="pp-class-236 pa t41664 l49047 ls838">estimate </span><span class="pp-class-236 pa t41664 l49048 ls98">of </span><span class="pp-class-236 pa t41664 l49049 ls651">the </span><span class="pp-class-236 pa t41664 l49050 ls2207">anticipated </span><span class="pp-class-236 pa t41664 l49051 ls1815">expenditure </span><span class="pp-class-236 pa t41664 l49052 ls94">for </span><span class="pp-class-236 pa t40783 l3 ls667">settling </span><span class="pp-class-236 pa t40783 l49053 ls651">the </span><span class="pp-class-236 pa t40783 l18298 ls11072">relevant </span><span class="pp-class-236 pa t40783 l13225 ls1404">obligation </span><span class="pp-class-236 pa t40783 l49054 ls651">and </span><span class="pp-class-236 pa t40783 l49055 ls2808">are </span><span class="pp-class-236 pa t40783 l49056 ls541">discounted </span><span class="pp-class-236 pa t40783 l49057 ls811">if </span><span class="pp-class-236 pa t40783 l49058 ls1764">deemed </span><span class="pp-class-236 pa t40783 l49059 ls838">material.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40806 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40806 l49008 ls553">for </span><span class="pp-class-236 pa t40806 l49060 ls1780">ETS </span><span class="pp-class-236 pa t40806 l49061 ls1751">emission </span><span class="pp-class-236 pa t40806 l49062 ls2808">are </span><span class="pp-class-236 pa t40806 l49063 ls681">initially </span><span class="pp-class-236 pa t40806 l49064 ls560">calculated </span><span class="pp-class-236 pa t40806 l38578 ls538">based </span><span class="pp-class-236 pa t40806 l49065 ls811">on </span><span class="pp-class-236 pa t40806 l49066 ls3855">measured </span><span class="pp-class-236 pa t40806 l49067 ls995">emissions </span><span class="pp-class-236 pa t40806 l49068 ls2197">at </span><span class="pp-class-236 pa t40806 l49069 ls1764">hedged </span><span class="pp-class-236 pa t40806 l48638 ls1764">prices </span><span class="pp-class-236 pa t40806 l49070">- </span><span class="pp-class-236 pa t40818 l3 ls553">for </span><span class="pp-class-236 pa t40818 l43533 ls1744">certificates </span><span class="pp-class-236 pa t40818 l49071 ls3084">covered </span><span class="pp-class-236 pa t40818 l49072 ls706">by </span><span class="pp-class-236 pa t40818 l49073 ls2036">hedging </span><span class="pp-class-236 pa t40818 l45775">- </span><span class="pp-class-236 pa t40818 l24011 ls651">and </span><span class="pp-class-236 pa t40818 l49074 ls2197">at </span><span class="pp-class-236 pa t40818 l49075 ls524">spot </span><span class="pp-class-236 pa t40818 l48110 ls1764">prices </span><span class="pp-class-236 pa t40818 l49076">- </span><span class="pp-class-236 pa t40818 l49077 ls553">for </span><span class="pp-class-236 pa t40818 l49078 ls538">those </span><span class="pp-class-236 pa t40818 l41216 ls4248">not </span><span class="pp-class-236 pa t40818 l49079 ls3084">covered </span><span class="pp-class-236 pa t40818 l49080 ls706">by </span><span class="pp-class-236 pa t40818 l49081 ls1764">hedges </span><span class="pp-class-236 pa t40818 l49082">- </span><span class="pp-class-236 pa t40818 l49083 ls651">and </span><span class="pp-class-236 pa t40818 l49084 ls184">the </span><span class="pp-class-236 pa t42636 l3 ls2222">cost </span><span class="pp-class-236 pa t42636 l39101 ls811">is </span><span class="pp-class-236 pa t42636 l49085 ls667">recognised </span><span class="pp-class-236 pa t42636 l49086 ls811">in </span><span class="pp-class-236 pa t42636 l49087 ls651">the </span><span class="pp-class-236 pa t42636 l4209 ls1764">income </span><span class="pp-class-236 pa t42636 l49088 ls556">statement </span><span class="pp-class-236 pa t42636 l36139 ls538">under </span><span class="pp-class-236 pa t42636 l49089 ls572">the </span><span class="pp-class-236 pa t42636 l49090 ls2222">line </span><span class="pp-class-236 pa t42636 l49091 ls995">item </span><span class="pp-class-236 pa t42636 l49092 ls2222">Ferry </span><span class="pp-class-236 pa t42636 l49093 ls651">and </span><span class="pp-class-236 pa t42636 l49094 ls949">other </span><span class="pp-class-236 pa t42636 l49095 ls2222">ship </span><span class="pp-class-236 pa t42636 l49096 ls1775">operation </span><span class="pp-class-236 pa t42636 l49097 ls184">and </span><span class="pp-class-236 pa t42651 l3 ls541">maintenance </span><span class="pp-class-236 pa t42651 l49098 ls651">and </span><span class="pp-class-236 pa t42651 l47130 ls651">the </span><span class="pp-class-236 pa t42651 l49099 ls758">corresponding </span><span class="pp-class-236 pa t42651 l49100 ls995">liability </span><span class="pp-class-236 pa t42651 l17031 ls811">is </span><span class="pp-class-236 pa t42651 l49101 ls667">recognised </span><span class="pp-class-236 pa t42651 l49102 ls538">under </span><span class="pp-class-236 pa t42651 l49103 ls603">provisions. </span><span class="pp-class-236 pa t42651 l49104 ls4823">At </span><span class="pp-class-236 pa t42651 l49105 ls536">month </span><span class="pp-class-236 pa t42651 l49106 ls572">end </span><span class="pp-class-236 pa t42651 l49107 ls572">the </span><span class="pp-class-236 pa t42651 l49108 ls696">ETS </span><span class="pp-class-236 pa t42666 l3 ls1751">emission </span><span class="pp-class-236 pa t42666 l49109 ls5781">provisions </span><span class="pp-class-236 pa t42666 l40357 ls616">that </span><span class="pp-class-236 pa t42666 l49110 ls2808">are </span><span class="pp-class-236 pa t42666 l40711 ls4248">not </span><span class="pp-class-236 pa t42666 l49111 ls3084">covered </span><span class="pp-class-236 pa t42666 l49112 ls706">by </span><span class="pp-class-236 pa t42666 l49113 ls1764">hedges </span><span class="pp-class-236 pa t42666 l49114 ls2808">are </span><span class="pp-class-236 pa t42666 l49115 ls884">remeasured </span><span class="pp-class-236 pa t42666 l45438 ls538">based </span><span class="pp-class-236 pa t42666 l49116 ls811">on </span><span class="pp-class-236 pa t42666 l49117 ls572">the </span><span class="pp-class-236 pa t42666 l49118 ls2889">latest </span><span class="pp-class-236 pa t42666 l49119 ls524">spot </span><span class="pp-class-236 pa t42666 l49120 ls651">prices. </span><span class="pp-class-236 pa t42678 l3 ls2036">Changes </span><span class="pp-class-236 pa t42678 l17507 ls811">in </span><span class="pp-class-236 pa t42678 l48862 ls651">the </span><span class="pp-class-236 pa t42678 l48863 ls1780">ETS </span><span class="pp-class-236 pa t42678 l3093 ls1751">emission </span><span class="pp-class-236 pa t42678 l49121 ls5781">provisions </span><span class="pp-class-236 pa t42678 l49122 ls2808">are </span><span class="pp-class-236 pa t42678 l49123 ls731">reported </span><span class="pp-class-236 pa t42678 l49124 ls538">under </span><span class="pp-class-236 pa t42678 l49125 ls1764">change </span><span class="pp-class-236 pa t42678 l49126 ls811">in </span><span class="pp-class-236 pa t42678 l49127 ls1780">working </span><span class="pp-class-236 pa t42678 l42021 ls524">capital </span><span class="pp-class-236 pa t42678 l49128 ls811">in </span><span class="pp-class-236 pa t42678 l49129 ls184">the </span><span class="pp-class-236 pa t47449 l3 ls556">statement </span><span class="pp-class-236 pa t47449 l1995 ls98">of </span><span class="pp-class-236 pa t47449 l5491 ls2222">cash </span><span class="pp-class-236 pa t47449 l16146 ls565">flows. </span></p></div></div></div></div></div><div id="pp-id-5343" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls115">Addition </span><span class="pp-class-239 pa t1332 l42147 ls181">from </span><span class="pp-class-239 pa t1335 l3 ls13">acquisition </span><span class="pp-class-239 pa t1335 l29771 ls118">of </span><span class="pp-class-239 pa t1339 l3 ls162">enterprises </span><span class="pp-class-239 pa t1339 l11802 ls3791">relate </span><span class="pp-class-239 pa t1339 l43490 ls138">to </span><span class="pp-class-239 pa t3352 l3 ls570">Ekol </span><span class="pp-class-239 pa t3352 l43491 ls838">Transport </span><span class="pp-class-239 pa t3352 l36332 ls1574">Group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3437 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3493 l3 ls1618">Includes </span><span class="pp-class-239 pa t3493 l49130 ls747">mainly </span><span class="pp-class-239 pa t3493 l49131 ls1369">provision </span><span class="pp-class-239 pa t3497 l3 ls80">for </span><span class="pp-class-239 pa t3497 l42667 ls98">emitted </span><span class="pp-class-239 pa t3497 l49132 ls80">greenhouse </span><span class="pp-class-239 pa t45156 l3 ls15">gases </span><span class="pp-class-239 pa t45156 l49133 ls558">related </span><span class="pp-class-239 pa t45156 l38926 ls184">to </span><span class="pp-class-239 pa t45156 l18138 ls1078">the </span><span class="pp-class-239 pa t45157 l3 ls1133">Maritime </span><span class="pp-class-239 pa t45157 l45661 ls1547">EU </span><span class="pp-class-239 pa t45157 l49134 ls129">Emissions </span><span class="pp-class-239 pa t45158 l3 ls1029">Trading </span><span class="pp-class-239 pa t45158 l49135 ls938">System </span><span class="pp-class-239 pa t45158 l49136 ls2368">(ETS) </span><span class="pp-class-239 pa t45159 l3 ls428">and </span><span class="pp-class-239 pa t45159 l17486 ls1547">is </span><span class="pp-class-239 pa t45159 l3226 ls1618">included </span><span class="pp-class-239 pa t45159 l49137 ls1547">in </span><span class="pp-class-239 pa t45159 l49138 ls1078">the </span><span class="pp-class-239 pa t45160 l3 ls106">income </span><span class="pp-class-239 pa t45160 l10710 ls651">statement </span><span class="pp-class-239 pa t45160 l49139 ls138">in </span><span class="pp-class-239 pa t49140 l3 ls428">the </span><span class="pp-class-239 pa t49140 l49141 ls129">line </span><span class="pp-class-239 pa t49140 l49142 ls184">item </span><span class="pp-class-239 pa t49140 l49143 ls244">Ferry </span><span class="pp-class-239 pa t49140 l49144 ls1078">and </span><span class="pp-class-239 pa t38024 l3 ls2315">other </span><span class="pp-class-239 pa t38024 l49145 ls129">ship </span><span class="pp-class-239 pa t38024 l3056 ls2036">operation </span><span class="pp-class-239 pa t38024 l19449 ls1078">and </span><span class="pp-class-239 pa t38025 l3 ls967">maintenance.</span></p></div></div> <div id="pp-id-5391" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2855">3.2.6 </span><span class="pp-class-234 pa t1122 l38307 ls10">Provisions</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t37088 l3">P</span><a><span class="pp-class-236 pa t37088 l37496 ls807">rovisions </span><span class="pp-class-236 pa t37088 l41879 ls2368">at </span><span class="pp-class-236 pa t37088 l34361">1 </span><span class="pp-class-236 pa t37088 l21969 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l48928">449</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l40890">134</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls1133">Foreign </span><span class="pp-class-236 pa t47758 l37293 ls212">exchange </span><span class="pp-class-236 pa t47758 l37294 ls67">adjustments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls115">Addition </span><span class="pp-class-236 pa t43112 l42147 ls181">from </span><span class="pp-class-236 pa t43112 l48929 ls13">acquisition </span><span class="pp-class-236 pa t43112 l7620 ls118">of </span><span class="pp-class-236 pa t43112 l48930 ls162">enterprises</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l48931 ls2368">142</span><span class="pp-class-240 pa t48932 l44809">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls129">Provisions </span><span class="pp-class-236 pa t20959 l41879 ls135">made </span><span class="pp-class-236 pa t20959 l48933">during </span><span class="pp-class-236 pa t20959 l48934">the </span><span class="pp-class-236 pa t20959 l48935 ls1133">year</span></a><span class="pp-class-240 pa t8119 l35162">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l43156">605</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l37197">345</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48936 l3">Used </span><span class="pp-class-236 pa t48936 l48937">during </span><span class="pp-class-236 pa t48936 l48938">the </span><span class="pp-class-236 pa t48936 l17351 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48936 l48939">-466</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48936 l48940">-59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls129">Reversal </span><span class="pp-class-236 pa t48941 l37151 ls118">of </span><span class="pp-class-236 pa t48941 l37152">unused </span><span class="pp-class-236 pa t48941 l21204 ls807">provisions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l40498">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48942 l3 ls3234">Transfers</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48942 l40498">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48942 l41866">-7</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48943 l3">P</span><a><span class="pp-class-237 pa t48943 l48944 ls197">rovisions </span><span class="pp-class-237 pa t48943 l43514 ls2222">at </span><span class="pp-class-237 pa t48943 l48945">31 </span><span class="pp-class-237 pa t48943 l41558">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48943 l48946">694</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48943 l48947">449</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48948 l3">P</span><a><span class="pp-class-237 pa t48948 l48944 ls197">rovisions </span><span class="pp-class-237 pa t48948 l43514 ls1661">are </span><span class="pp-class-237 pa t48948 l17402 ls1741">expected </span><span class="pp-class-237 pa t48948 l48949">to </span><span class="pp-class-237 pa t48948 l48950">be </span><span class="pp-class-237 pa t48948 l48951 ls651">payable </span><span class="pp-class-237 pa t48948 l38727">in:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48952 l3">0-1 </span><span class="pp-class-236 pa t48952 l48693 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48952 l47630">636</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48952 l48953">392</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48954 l3 ls12546">1-5 </span><span class="pp-class-236 pa t48954 l48695 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48954 l45090">58</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48954 l48955">55</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48956 l3 ls244">After </span><span class="pp-class-236 pa t48956 l13177">5 </span><span class="pp-class-236 pa t48956 l44855 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48956 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48956 l48957">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t48958 l3">P</span><a><span class="pp-class-237 pa t48958 l48944 ls197">rovisions </span><span class="pp-class-237 pa t48958 l43514 ls2222">at </span><span class="pp-class-237 pa t48958 l48945">31 </span><span class="pp-class-237 pa t48958 l41558">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48958 l48946">694</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48958 l48947">449</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t48959 l3 ls544">Of </span><span class="pp-class-236 pa t48959 l48960 ls2207">the </span><span class="pp-class-236 pa t48959 l48961 ls1017">Group’s </span><span class="pp-class-236 pa t48959 l48962 ls7297">provision </span><span class="pp-class-236 pa t48959 l48963 ls30">of </span><span class="pp-class-236 pa t48959 l48964 ls2207">DKK </span><span class="pp-class-236 pa t48959 l2713 ls556">694m </span><span class="pp-class-236 pa t48959 l48965 ls5202">(2024: </span><span class="pp-class-236 pa t48959 l47401 ls2207">DKK </span><span class="pp-class-236 pa t48959 l48966 ls603">449m), </span><span class="pp-class-236 pa t48959 l48967 ls2207">DKK </span><span class="pp-class-236 pa t48959 l48968 ls556">536m </span><span class="pp-class-236 pa t48959 l48969 ls2565">(2024 </span><span class="pp-class-236 pa t48959 l48970 ls2207">DKK </span><span class="pp-class-236 pa t48959 l48971 ls2808">318m) </span><span class="pp-class-236 pa t48959 l48972 ls544">is </span><span class="pp-class-236 pa t48959 l48973 ls3681">ETS </span><span class="pp-class-236 pa t48959 l48974 ls1775">emission </span><span class="pp-class-236 pa t48959 l48975 ls2816">provision; </span><span class="pp-class-236 pa t48976 l3 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48062 ls2207">46m </span><span class="pp-class-236 pa t48976 l48977 ls5202">(2024: </span><span class="pp-class-236 pa t48976 l48978 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48979 ls556">34m) </span><span class="pp-class-236 pa t48976 l21874 ls544">is </span><span class="pp-class-236 pa t48976 l47760 ls7487">redelivery </span><span class="pp-class-236 pa t48976 l48980 ls7297">provision </span><span class="pp-class-236 pa t48976 l48981 ls544">on </span><span class="pp-class-236 pa t48976 l48982 ls1687">leases; </span><span class="pp-class-236 pa t48976 l48983 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48984 ls2207">33m </span><span class="pp-class-236 pa t48976 l48985 ls5202">(2024: </span><span class="pp-class-236 pa t48976 l48986 ls2207">DKK </span><span class="pp-class-236 pa t48976 l48987 ls2081">24m) </span><span class="pp-class-236 pa t48976 l48988 ls544">is </span><span class="pp-class-236 pa t48976 l48989 ls11726">related </span><span class="pp-class-236 pa t48976 l48990 ls2889">to </span><span class="pp-class-236 pa t48976 l48991 ls15034">investments </span><span class="pp-class-236 pa t48992 l3 ls544">in </span><span class="pp-class-236 pa t48992 l48685 ls8486">associates </span><span class="pp-class-236 pa t48992 l23457 ls2207">and </span><span class="pp-class-236 pa t48992 l48993 ls2270">joint </span><span class="pp-class-236 pa t48992 l48994 ls3154">ventures; </span><span class="pp-class-236 pa t48992 l46462 ls2207">DKK </span><span class="pp-class-236 pa t48992 l28322 ls544">0m </span><span class="pp-class-236 pa t48992 l48995 ls5202">(2024: </span><span class="pp-class-236 pa t48992 l48996 ls2207">DKK </span><span class="pp-class-236 pa t48992 l48997 ls2207">9m) </span><span class="pp-class-236 pa t48992 l48998 ls544">is </span><span class="pp-class-236 pa t48992 l48999 ls2816">restructuring </span><span class="pp-class-236 pa t48992 l49000 ls8384">provision, </span><span class="pp-class-236 pa t48992 l49001 ls2207">and </span><span class="pp-class-236 pa t48992 l49002 ls2207">DKK </span><span class="pp-class-236 pa t48992 l39544 ls2245">79m </span><span class="pp-class-236 pa t48992 l24147 ls5202">(2024: </span><span class="pp-class-236 pa t48992 l49003 ls651">DKK </span><span class="pp-class-236 pa t49004 l3 ls556">65m) </span><span class="pp-class-236 pa t49004 l49005 ls544">is </span><span class="pp-class-236 pa t49004 l44432 ls1131">other </span><span class="pp-class-236 pa t49004 l49006 ls8384">provisions.</span></p><div id="pp-id-5390"><div class="pp-class-227 pp-class-256" id="pp-id-5389"><div class="w40752 h49007 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40754 l49008 ls2808">are </span><span class="pp-class-236 pa t40754 l49009 ls667">recognised </span><span class="pp-class-236 pa t40754 l49010 ls538">when, </span><span class="pp-class-236 pa t40754 l49011 ls651">due </span><span class="pp-class-236 pa t40754 l49012 ls538">to </span><span class="pp-class-236 pa t40754 l12524 ls811">an </span><span class="pp-class-236 pa t40754 l26731 ls1186">event </span><span class="pp-class-236 pa t40754 l49013 ls995">occurring </span><span class="pp-class-236 pa t40754 l49014 ls811">on </span><span class="pp-class-236 pa t40754 l38348 ls811">or </span><span class="pp-class-236 pa t40754 l49015 ls2808">before </span><span class="pp-class-236 pa t40754 l49016 ls651">the </span><span class="pp-class-236 pa t40754 l49017 ls30">reporting </span><span class="pp-class-236 pa t40754 l49018 ls1815">date, </span><span class="pp-class-236 pa t40754 l49019 ls651">the </span><span class="pp-class-236 pa t40754 l49020 ls1780">Group </span><span class="pp-class-236 pa t40763 l3 ls651">has </span><span class="pp-class-236 pa t40763 l42497 ls184">a </span><span class="pp-class-236 pa t40763 l49021 ls538">legal </span><span class="pp-class-236 pa t40763 l19679 ls811">or </span><span class="pp-class-236 pa t40763 l49022 ls758">constructive </span><span class="pp-class-236 pa t40763 l21951 ls1404">obligation, </span><span class="pp-class-236 pa t40763 l49023 ls651">and </span><span class="pp-class-236 pa t40763 l49024 ls811">it </span><span class="pp-class-236 pa t40763 l49025 ls811">is </span><span class="pp-class-236 pa t40763 l49026 ls3855">probable </span><span class="pp-class-236 pa t40763 l49027 ls616">that </span><span class="pp-class-236 pa t40763 l49028 ls651">the </span><span class="pp-class-236 pa t40763 l49029 ls706">Group </span><span class="pp-class-236 pa t40763 l46697 ls2222">will </span><span class="pp-class-236 pa t40763 l49030 ls110">have </span><span class="pp-class-236 pa t40763 l49031 ls538">to </span><span class="pp-class-236 pa t40763 l42435 ls8048">give </span><span class="pp-class-236 pa t40763 l46657 ls811">up </span><span class="pp-class-236 pa t40763 l49032 ls565">future </span><span class="pp-class-236 pa t40775 l3 ls1751">economic </span><span class="pp-class-236 pa t40775 l49033 ls995">benefits </span><span class="pp-class-236 pa t40775 l49034 ls538">to </span><span class="pp-class-236 pa t40775 l45353 ls524">meet </span><span class="pp-class-236 pa t40775 l49035 ls651">the </span><span class="pp-class-236 pa t40775 l49036 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49037 ls651">and </span><span class="pp-class-236 pa t40775 l49038 ls616">that </span><span class="pp-class-236 pa t40775 l49039 ls572">the </span><span class="pp-class-236 pa t40775 l49040 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49041 ls651">can </span><span class="pp-class-236 pa t40775 l49042 ls811">be </span><span class="pp-class-236 pa t40775 l49043 ls5202">reliably </span><span class="pp-class-236 pa t40775 l49044 ls551">estimated. </span><span class="pp-class-236 pa t41664 l3 ls5781">Provisions </span><span class="pp-class-236 pa t41664 l49008 ls2808">are </span><span class="pp-class-236 pa t41664 l49009 ls667">recognised </span><span class="pp-class-236 pa t41664 l49010 ls538">based </span><span class="pp-class-236 pa t41664 l49045 ls811">on </span><span class="pp-class-236 pa t41664 l28193 ls731">Management’s </span><span class="pp-class-236 pa t41664 l49046 ls2222">best </span><span class="pp-class-236 pa t41664 l49047 ls838">estimate </span><span class="pp-class-236 pa t41664 l49048 ls98">of </span><span class="pp-class-236 pa t41664 l49049 ls651">the </span><span class="pp-class-236 pa t41664 l49050 ls2207">anticipated </span><span class="pp-class-236 pa t41664 l49051 ls1815">expenditure </span><span class="pp-class-236 pa t41664 l49052 ls94">for </span><span class="pp-class-236 pa t40783 l3 ls667">settling </span><span class="pp-class-236 pa t40783 l49053 ls651">the </span><span class="pp-class-236 pa t40783 l18298 ls11072">relevant </span><span class="pp-class-236 pa t40783 l13225 ls1404">obligation </span><span class="pp-class-236 pa t40783 l49054 ls651">and </span><span class="pp-class-236 pa t40783 l49055 ls2808">are </span><span class="pp-class-236 pa t40783 l49056 ls541">discounted </span><span class="pp-class-236 pa t40783 l49057 ls811">if </span><span class="pp-class-236 pa t40783 l49058 ls1764">deemed </span><span class="pp-class-236 pa t40783 l49059 ls838">material.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40806 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40806 l49008 ls553">for </span><span class="pp-class-236 pa t40806 l49060 ls1780">ETS </span><span class="pp-class-236 pa t40806 l49061 ls1751">emission </span><span class="pp-class-236 pa t40806 l49062 ls2808">are </span><span class="pp-class-236 pa t40806 l49063 ls681">initially </span><span class="pp-class-236 pa t40806 l49064 ls560">calculated </span><span class="pp-class-236 pa t40806 l38578 ls538">based </span><span class="pp-class-236 pa t40806 l49065 ls811">on </span><span class="pp-class-236 pa t40806 l49066 ls3855">measured </span><span class="pp-class-236 pa t40806 l49067 ls995">emissions </span><span class="pp-class-236 pa t40806 l49068 ls2197">at </span><span class="pp-class-236 pa t40806 l49069 ls1764">hedged </span><span class="pp-class-236 pa t40806 l48638 ls1764">prices </span><span class="pp-class-236 pa t40806 l49070">- </span><span class="pp-class-236 pa t40818 l3 ls553">for </span><span class="pp-class-236 pa t40818 l43533 ls1744">certificates </span><span class="pp-class-236 pa t40818 l49071 ls3084">covered </span><span class="pp-class-236 pa t40818 l49072 ls706">by </span><span class="pp-class-236 pa t40818 l49073 ls2036">hedging </span><span class="pp-class-236 pa t40818 l45775">- </span><span class="pp-class-236 pa t40818 l24011 ls651">and </span><span class="pp-class-236 pa t40818 l49074 ls2197">at </span><span class="pp-class-236 pa t40818 l49075 ls524">spot </span><span class="pp-class-236 pa t40818 l48110 ls1764">prices </span><span class="pp-class-236 pa t40818 l49076">- </span><span class="pp-class-236 pa t40818 l49077 ls553">for </span><span class="pp-class-236 pa t40818 l49078 ls538">those </span><span class="pp-class-236 pa t40818 l41216 ls4248">not </span><span class="pp-class-236 pa t40818 l49079 ls3084">covered </span><span class="pp-class-236 pa t40818 l49080 ls706">by </span><span class="pp-class-236 pa t40818 l49081 ls1764">hedges </span><span class="pp-class-236 pa t40818 l49082">- </span><span class="pp-class-236 pa t40818 l49083 ls651">and </span><span class="pp-class-236 pa t40818 l49084 ls184">the </span><span class="pp-class-236 pa t42636 l3 ls2222">cost </span><span class="pp-class-236 pa t42636 l39101 ls811">is </span><span class="pp-class-236 pa t42636 l49085 ls667">recognised </span><span class="pp-class-236 pa t42636 l49086 ls811">in </span><span class="pp-class-236 pa t42636 l49087 ls651">the </span><span class="pp-class-236 pa t42636 l4209 ls1764">income </span><span class="pp-class-236 pa t42636 l49088 ls556">statement </span><span class="pp-class-236 pa t42636 l36139 ls538">under </span><span class="pp-class-236 pa t42636 l49089 ls572">the </span><span class="pp-class-236 pa t42636 l49090 ls2222">line </span><span class="pp-class-236 pa t42636 l49091 ls995">item </span><span class="pp-class-236 pa t42636 l49092 ls2222">Ferry </span><span class="pp-class-236 pa t42636 l49093 ls651">and </span><span class="pp-class-236 pa t42636 l49094 ls949">other </span><span class="pp-class-236 pa t42636 l49095 ls2222">ship </span><span class="pp-class-236 pa t42636 l49096 ls1775">operation </span><span class="pp-class-236 pa t42636 l49097 ls184">and </span><span class="pp-class-236 pa t42651 l3 ls541">maintenance </span><span class="pp-class-236 pa t42651 l49098 ls651">and </span><span class="pp-class-236 pa t42651 l47130 ls651">the </span><span class="pp-class-236 pa t42651 l49099 ls758">corresponding </span><span class="pp-class-236 pa t42651 l49100 ls995">liability </span><span class="pp-class-236 pa t42651 l17031 ls811">is </span><span class="pp-class-236 pa t42651 l49101 ls667">recognised </span><span class="pp-class-236 pa t42651 l49102 ls538">under </span><span class="pp-class-236 pa t42651 l49103 ls603">provisions. </span><span class="pp-class-236 pa t42651 l49104 ls4823">At </span><span class="pp-class-236 pa t42651 l49105 ls536">month </span><span class="pp-class-236 pa t42651 l49106 ls572">end </span><span class="pp-class-236 pa t42651 l49107 ls572">the </span><span class="pp-class-236 pa t42651 l49108 ls696">ETS </span><span class="pp-class-236 pa t42666 l3 ls1751">emission </span><span class="pp-class-236 pa t42666 l49109 ls5781">provisions </span><span class="pp-class-236 pa t42666 l40357 ls616">that </span><span class="pp-class-236 pa t42666 l49110 ls2808">are </span><span class="pp-class-236 pa t42666 l40711 ls4248">not </span><span class="pp-class-236 pa t42666 l49111 ls3084">covered </span><span class="pp-class-236 pa t42666 l49112 ls706">by </span><span class="pp-class-236 pa t42666 l49113 ls1764">hedges </span><span class="pp-class-236 pa t42666 l49114 ls2808">are </span><span class="pp-class-236 pa t42666 l49115 ls884">remeasured </span><span class="pp-class-236 pa t42666 l45438 ls538">based </span><span class="pp-class-236 pa t42666 l49116 ls811">on </span><span class="pp-class-236 pa t42666 l49117 ls572">the </span><span class="pp-class-236 pa t42666 l49118 ls2889">latest </span><span class="pp-class-236 pa t42666 l49119 ls524">spot </span><span class="pp-class-236 pa t42666 l49120 ls651">prices. </span><span class="pp-class-236 pa t42678 l3 ls2036">Changes </span><span class="pp-class-236 pa t42678 l17507 ls811">in </span><span class="pp-class-236 pa t42678 l48862 ls651">the </span><span class="pp-class-236 pa t42678 l48863 ls1780">ETS </span><span class="pp-class-236 pa t42678 l3093 ls1751">emission </span><span class="pp-class-236 pa t42678 l49121 ls5781">provisions </span><span class="pp-class-236 pa t42678 l49122 ls2808">are </span><span class="pp-class-236 pa t42678 l49123 ls731">reported </span><span class="pp-class-236 pa t42678 l49124 ls538">under </span><span class="pp-class-236 pa t42678 l49125 ls1764">change </span><span class="pp-class-236 pa t42678 l49126 ls811">in </span><span class="pp-class-236 pa t42678 l49127 ls1780">working </span><span class="pp-class-236 pa t42678 l42021 ls524">capital </span><span class="pp-class-236 pa t42678 l49128 ls811">in </span><span class="pp-class-236 pa t42678 l49129 ls184">the </span><span class="pp-class-236 pa t47449 l3 ls556">statement </span><span class="pp-class-236 pa t47449 l1995 ls98">of </span><span class="pp-class-236 pa t47449 l5491 ls2222">cash </span><span class="pp-class-236 pa t47449 l16146 ls565">flows. </span></p></div></div></div></div></div><div id="pp-id-5343" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3 ls115">Addition </span><span class="pp-class-239 pa t1332 l42147 ls181">from </span><span class="pp-class-239 pa t1335 l3 ls13">acquisition </span><span class="pp-class-239 pa t1335 l29771 ls118">of </span><span class="pp-class-239 pa t1339 l3 ls162">enterprises </span><span class="pp-class-239 pa t1339 l11802 ls3791">relate </span><span class="pp-class-239 pa t1339 l43490 ls138">to </span><span class="pp-class-239 pa t3352 l3 ls570">Ekol </span><span class="pp-class-239 pa t3352 l43491 ls838">Transport </span><span class="pp-class-239 pa t3352 l36332 ls1574">Group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3437 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3493 l3 ls1618">Includes </span><span class="pp-class-239 pa t3493 l49130 ls747">mainly </span><span class="pp-class-239 pa t3493 l49131 ls1369">provision </span><span class="pp-class-239 pa t3497 l3 ls80">for </span><span class="pp-class-239 pa t3497 l42667 ls98">emitted </span><span class="pp-class-239 pa t3497 l49132 ls80">greenhouse </span><span class="pp-class-239 pa t45156 l3 ls15">gases </span><span class="pp-class-239 pa t45156 l49133 ls558">related </span><span class="pp-class-239 pa t45156 l38926 ls184">to </span><span class="pp-class-239 pa t45156 l18138 ls1078">the </span><span class="pp-class-239 pa t45157 l3 ls1133">Maritime </span><span class="pp-class-239 pa t45157 l45661 ls1547">EU </span><span class="pp-class-239 pa t45157 l49134 ls129">Emissions </span><span class="pp-class-239 pa t45158 l3 ls1029">Trading </span><span class="pp-class-239 pa t45158 l49135 ls938">System </span><span class="pp-class-239 pa t45158 l49136 ls2368">(ETS) </span><span class="pp-class-239 pa t45159 l3 ls428">and </span><span class="pp-class-239 pa t45159 l17486 ls1547">is </span><span class="pp-class-239 pa t45159 l3226 ls1618">included </span><span class="pp-class-239 pa t45159 l49137 ls1547">in </span><span class="pp-class-239 pa t45159 l49138 ls1078">the </span><span class="pp-class-239 pa t45160 l3 ls106">income </span><span class="pp-class-239 pa t45160 l10710 ls651">statement </span><span class="pp-class-239 pa t45160 l49139 ls138">in </span><span class="pp-class-239 pa t49140 l3 ls428">the </span><span class="pp-class-239 pa t49140 l49141 ls129">line </span><span class="pp-class-239 pa t49140 l49142 ls184">item </span><span class="pp-class-239 pa t49140 l49143 ls244">Ferry </span><span class="pp-class-239 pa t49140 l49144 ls1078">and </span><span class="pp-class-239 pa t38024 l3 ls2315">other </span><span class="pp-class-239 pa t38024 l49145 ls129">ship </span><span class="pp-class-239 pa t38024 l3056 ls2036">operation </span><span class="pp-class-239 pa t38024 l19449 ls1078">and </span><span class="pp-class-239 pa t38025 l3 ls967">maintenance.</span></p></div></div> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40754 l49008 ls2808">are </span><span class="pp-class-236 pa t40754 l49009 ls667">recognised </span><span class="pp-class-236 pa t40754 l49010 ls538">when, </span><span class="pp-class-236 pa t40754 l49011 ls651">due </span><span class="pp-class-236 pa t40754 l49012 ls538">to </span><span class="pp-class-236 pa t40754 l12524 ls811">an </span><span class="pp-class-236 pa t40754 l26731 ls1186">event </span><span class="pp-class-236 pa t40754 l49013 ls995">occurring </span><span class="pp-class-236 pa t40754 l49014 ls811">on </span><span class="pp-class-236 pa t40754 l38348 ls811">or </span><span class="pp-class-236 pa t40754 l49015 ls2808">before </span><span class="pp-class-236 pa t40754 l49016 ls651">the </span><span class="pp-class-236 pa t40754 l49017 ls30">reporting </span><span class="pp-class-236 pa t40754 l49018 ls1815">date, </span><span class="pp-class-236 pa t40754 l49019 ls651">the </span><span class="pp-class-236 pa t40754 l49020 ls1780">Group </span><span class="pp-class-236 pa t40763 l3 ls651">has </span><span class="pp-class-236 pa t40763 l42497 ls184">a </span><span class="pp-class-236 pa t40763 l49021 ls538">legal </span><span class="pp-class-236 pa t40763 l19679 ls811">or </span><span class="pp-class-236 pa t40763 l49022 ls758">constructive </span><span class="pp-class-236 pa t40763 l21951 ls1404">obligation, </span><span class="pp-class-236 pa t40763 l49023 ls651">and </span><span class="pp-class-236 pa t40763 l49024 ls811">it </span><span class="pp-class-236 pa t40763 l49025 ls811">is </span><span class="pp-class-236 pa t40763 l49026 ls3855">probable </span><span class="pp-class-236 pa t40763 l49027 ls616">that </span><span class="pp-class-236 pa t40763 l49028 ls651">the </span><span class="pp-class-236 pa t40763 l49029 ls706">Group </span><span class="pp-class-236 pa t40763 l46697 ls2222">will </span><span class="pp-class-236 pa t40763 l49030 ls110">have </span><span class="pp-class-236 pa t40763 l49031 ls538">to </span><span class="pp-class-236 pa t40763 l42435 ls8048">give </span><span class="pp-class-236 pa t40763 l46657 ls811">up </span><span class="pp-class-236 pa t40763 l49032 ls565">future </span><span class="pp-class-236 pa t40775 l3 ls1751">economic </span><span class="pp-class-236 pa t40775 l49033 ls995">benefits </span><span class="pp-class-236 pa t40775 l49034 ls538">to </span><span class="pp-class-236 pa t40775 l45353 ls524">meet </span><span class="pp-class-236 pa t40775 l49035 ls651">the </span><span class="pp-class-236 pa t40775 l49036 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49037 ls651">and </span><span class="pp-class-236 pa t40775 l49038 ls616">that </span><span class="pp-class-236 pa t40775 l49039 ls572">the </span><span class="pp-class-236 pa t40775 l49040 ls1404">obligation </span><span class="pp-class-236 pa t40775 l49041 ls651">can </span><span class="pp-class-236 pa t40775 l49042 ls811">be </span><span class="pp-class-236 pa t40775 l49043 ls5202">reliably </span><span class="pp-class-236 pa t40775 l49044 ls551">estimated. </span><span class="pp-class-236 pa t41664 l3 ls5781">Provisions </span><span class="pp-class-236 pa t41664 l49008 ls2808">are </span><span class="pp-class-236 pa t41664 l49009 ls667">recognised </span><span class="pp-class-236 pa t41664 l49010 ls538">based </span><span class="pp-class-236 pa t41664 l49045 ls811">on </span><span class="pp-class-236 pa t41664 l28193 ls731">Management’s </span><span class="pp-class-236 pa t41664 l49046 ls2222">best </span><span class="pp-class-236 pa t41664 l49047 ls838">estimate </span><span class="pp-class-236 pa t41664 l49048 ls98">of </span><span class="pp-class-236 pa t41664 l49049 ls651">the </span><span class="pp-class-236 pa t41664 l49050 ls2207">anticipated </span><span class="pp-class-236 pa t41664 l49051 ls1815">expenditure </span><span class="pp-class-236 pa t41664 l49052 ls94">for </span><span class="pp-class-236 pa t40783 l3 ls667">settling </span><span class="pp-class-236 pa t40783 l49053 ls651">the </span><span class="pp-class-236 pa t40783 l18298 ls11072">relevant </span><span class="pp-class-236 pa t40783 l13225 ls1404">obligation </span><span class="pp-class-236 pa t40783 l49054 ls651">and </span><span class="pp-class-236 pa t40783 l49055 ls2808">are </span><span class="pp-class-236 pa t40783 l49056 ls541">discounted </span><span class="pp-class-236 pa t40783 l49057 ls811">if </span><span class="pp-class-236 pa t40783 l49058 ls1764">deemed </span><span class="pp-class-236 pa t40783 l49059 ls838">material.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40806 l3 ls5781">Provisions </span><span class="pp-class-236 pa t40806 l49008 ls553">for </span><span class="pp-class-236 pa t40806 l49060 ls1780">ETS </span><span class="pp-class-236 pa t40806 l49061 ls1751">emission </span><span class="pp-class-236 pa t40806 l49062 ls2808">are </span><span class="pp-class-236 pa t40806 l49063 ls681">initially </span><span class="pp-class-236 pa t40806 l49064 ls560">calculated </span><span class="pp-class-236 pa t40806 l38578 ls538">based </span><span class="pp-class-236 pa t40806 l49065 ls811">on </span><span class="pp-class-236 pa t40806 l49066 ls3855">measured </span><span class="pp-class-236 pa t40806 l49067 ls995">emissions </span><span class="pp-class-236 pa t40806 l49068 ls2197">at </span><span class="pp-class-236 pa t40806 l49069 ls1764">hedged </span><span class="pp-class-236 pa t40806 l48638 ls1764">prices </span><span class="pp-class-236 pa t40806 l49070">- </span><span class="pp-class-236 pa t40818 l3 ls553">for </span><span class="pp-class-236 pa t40818 l43533 ls1744">certificates </span><span class="pp-class-236 pa t40818 l49071 ls3084">covered </span><span class="pp-class-236 pa t40818 l49072 ls706">by </span><span class="pp-class-236 pa t40818 l49073 ls2036">hedging </span><span class="pp-class-236 pa t40818 l45775">- </span><span class="pp-class-236 pa t40818 l24011 ls651">and </span><span class="pp-class-236 pa t40818 l49074 ls2197">at </span><span class="pp-class-236 pa t40818 l49075 ls524">spot </span><span class="pp-class-236 pa t40818 l48110 ls1764">prices </span><span class="pp-class-236 pa t40818 l49076">- </span><span class="pp-class-236 pa t40818 l49077 ls553">for </span><span class="pp-class-236 pa t40818 l49078 ls538">those </span><span class="pp-class-236 pa t40818 l41216 ls4248">not </span><span class="pp-class-236 pa t40818 l49079 ls3084">covered </span><span class="pp-class-236 pa t40818 l49080 ls706">by </span><span class="pp-class-236 pa t40818 l49081 ls1764">hedges </span><span class="pp-class-236 pa t40818 l49082">- </span><span class="pp-class-236 pa t40818 l49083 ls651">and </span><span class="pp-class-236 pa t40818 l49084 ls184">the </span><span class="pp-class-236 pa t42636 l3 ls2222">cost </span><span class="pp-class-236 pa t42636 l39101 ls811">is </span><span class="pp-class-236 pa t42636 l49085 ls667">recognised </span><span class="pp-class-236 pa t42636 l49086 ls811">in </span><span class="pp-class-236 pa t42636 l49087 ls651">the </span><span class="pp-class-236 pa t42636 l4209 ls1764">income </span><span class="pp-class-236 pa t42636 l49088 ls556">statement </span><span class="pp-class-236 pa t42636 l36139 ls538">under </span><span class="pp-class-236 pa t42636 l49089 ls572">the </span><span class="pp-class-236 pa t42636 l49090 ls2222">line </span><span class="pp-class-236 pa t42636 l49091 ls995">item </span><span class="pp-class-236 pa t42636 l49092 ls2222">Ferry </span><span class="pp-class-236 pa t42636 l49093 ls651">and </span><span class="pp-class-236 pa t42636 l49094 ls949">other </span><span class="pp-class-236 pa t42636 l49095 ls2222">ship </span><span class="pp-class-236 pa t42636 l49096 ls1775">operation </span><span class="pp-class-236 pa t42636 l49097 ls184">and </span><span class="pp-class-236 pa t42651 l3 ls541">maintenance </span><span class="pp-class-236 pa t42651 l49098 ls651">and </span><span class="pp-class-236 pa t42651 l47130 ls651">the </span><span class="pp-class-236 pa t42651 l49099 ls758">corresponding </span><span class="pp-class-236 pa t42651 l49100 ls995">liability </span><span class="pp-class-236 pa t42651 l17031 ls811">is </span><span class="pp-class-236 pa t42651 l49101 ls667">recognised </span><span class="pp-class-236 pa t42651 l49102 ls538">under </span><span class="pp-class-236 pa t42651 l49103 ls603">provisions. </span><span class="pp-class-236 pa t42651 l49104 ls4823">At </span><span class="pp-class-236 pa t42651 l49105 ls536">month </span><span class="pp-class-236 pa t42651 l49106 ls572">end </span><span class="pp-class-236 pa t42651 l49107 ls572">the </span><span class="pp-class-236 pa t42651 l49108 ls696">ETS </span><span class="pp-class-236 pa t42666 l3 ls1751">emission </span><span class="pp-class-236 pa t42666 l49109 ls5781">provisions </span><span class="pp-class-236 pa t42666 l40357 ls616">that </span><span class="pp-class-236 pa t42666 l49110 ls2808">are </span><span class="pp-class-236 pa t42666 l40711 ls4248">not </span><span class="pp-class-236 pa t42666 l49111 ls3084">covered </span><span class="pp-class-236 pa t42666 l49112 ls706">by </span><span class="pp-class-236 pa t42666 l49113 ls1764">hedges </span><span class="pp-class-236 pa t42666 l49114 ls2808">are </span><span class="pp-class-236 pa t42666 l49115 ls884">remeasured </span><span class="pp-class-236 pa t42666 l45438 ls538">based </span><span class="pp-class-236 pa t42666 l49116 ls811">on </span><span class="pp-class-236 pa t42666 l49117 ls572">the </span><span class="pp-class-236 pa t42666 l49118 ls2889">latest </span><span class="pp-class-236 pa t42666 l49119 ls524">spot </span><span class="pp-class-236 pa t42666 l49120 ls651">prices. </span><span class="pp-class-236 pa t42678 l3 ls2036">Changes </span><span class="pp-class-236 pa t42678 l17507 ls811">in </span><span class="pp-class-236 pa t42678 l48862 ls651">the </span><span class="pp-class-236 pa t42678 l48863 ls1780">ETS </span><span class="pp-class-236 pa t42678 l3093 ls1751">emission </span><span class="pp-class-236 pa t42678 l49121 ls5781">provisions </span><span class="pp-class-236 pa t42678 l49122 ls2808">are </span><span class="pp-class-236 pa t42678 l49123 ls731">reported </span><span class="pp-class-236 pa t42678 l49124 ls538">under </span><span class="pp-class-236 pa t42678 l49125 ls1764">change </span><span class="pp-class-236 pa t42678 l49126 ls811">in </span><span class="pp-class-236 pa t42678 l49127 ls1780">working </span><span class="pp-class-236 pa t42678 l42021 ls524">capital </span><span class="pp-class-236 pa t42678 l49128 ls811">in </span><span class="pp-class-236 pa t42678 l49129 ls184">the </span><span class="pp-class-236 pa t47449 l3 ls556">statement </span><span class="pp-class-236 pa t47449 l1995 ls98">of </span><span class="pp-class-236 pa t47449 l5491 ls2222">cash </span><span class="pp-class-236 pa t47449 l16146 ls565">flows. </span></p> <div id="pp-id-5396" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h49253 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls538">DFDS’ </span><span class="pp-class-237 pa t40114 l49257 ls2222">risk </span><span class="pp-class-237 pa t40114 l41879 ls30">management </span><span class="pp-class-237 pa t40114 l49258 ls2197">policy</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls8367">DFDS’ </span><span class="pp-class-236 pa t40125 l3237 ls2081">risk </span><span class="pp-class-236 pa t40125 l49259 ls3267">management </span><span class="pp-class-236 pa t40125 l49260 ls9737">policy </span><span class="pp-class-236 pa t40125 l49261 ls1775">is </span><span class="pp-class-236 pa t40125 l49262 ls2924">governed </span><span class="pp-class-236 pa t40125 l49263 ls17626">by </span><span class="pp-class-236 pa t40125 l49264 ls847">the </span><span class="pp-class-236 pa t40125 l49265 ls2081">DFDS </span><span class="pp-class-236 pa t40125 l49266 ls3200">Financial </span><span class="pp-class-236 pa t40125 l49267 ls18948">Policy, </span><span class="pp-class-236 pa t40125 l49268 ls8367">which </span><span class="pp-class-236 pa t40125 l49269 ls1775">is </span><span class="pp-class-236 pa t40125 l49270 ls17762">approved </span><span class="pp-class-236 pa t40125 l49271 ls17626">by </span><span class="pp-class-236 pa t40125 l49272 ls847">the </span><span class="pp-class-236 pa t40125 l49273 ls1017">Board </span><span class="pp-class-236 pa t40125 l49274 ls98">of </span><span class="pp-class-236 pa t40137 l3 ls2924">Directors </span><span class="pp-class-236 pa t40137 l49275 ls1775">on </span><span class="pp-class-236 pa t40137 l49276 ls1775">an </span><span class="pp-class-236 pa t40137 l49277 ls13284">annual </span><span class="pp-class-236 pa t40137 l41844 ls13284">basis. </span><span class="pp-class-236 pa t40137 l46618 ls847">The </span><span class="pp-class-236 pa t40137 l49278 ls9737">policy </span><span class="pp-class-236 pa t40137 l49279 ls4149">outlines </span><span class="pp-class-236 pa t40137 l49280 ls7832">principles, </span><span class="pp-class-236 pa t40137 l39255 ls3351">targets, </span><span class="pp-class-236 pa t40137 l49281 ls847">and </span><span class="pp-class-236 pa t40137 l49282 ls17851">strategies </span><span class="pp-class-236 pa t40137 l49283 ls4149">for </span><span class="pp-class-236 pa t40137 l49284 ls8775">managing </span><span class="pp-class-236 pa t40137 l49285 ls847">the </span><span class="pp-class-236 pa t40137 l49286 ls2972">Group's </span><span class="pp-class-236 pa t40150 l3 ls4149">financial </span><span class="pp-class-236 pa t40150 l49287 ls8367">risk. </span><span class="pp-class-236 pa t40150 l49288 ls8644">To </span><span class="pp-class-236 pa t40150 l49289 ls4149">minimise </span><span class="pp-class-236 pa t40150 l49290 ls2972">potential </span><span class="pp-class-236 pa t40150 l49291 ls1017">adverse </span><span class="pp-class-236 pa t40150 l40141 ls8391">effects </span><span class="pp-class-236 pa t40150 l47301 ls1775">on </span><span class="pp-class-236 pa t40150 l49292 ls847">the </span><span class="pp-class-236 pa t40150 l49293 ls17859">Group’s </span><span class="pp-class-236 pa t40150 l49294 ls3200">financial </span><span class="pp-class-236 pa t40150 l49295 ls2846">performance, </span><span class="pp-class-236 pa t40150 l49296 ls2081">DFDS </span><span class="pp-class-236 pa t40150 l39059 ls2081">uses </span><span class="pp-class-236 pa t40150 l49297 ls2081">financial </span><span class="pp-class-236 pa t40161 l3 ls28063">derivatives </span><span class="pp-class-236 pa t40161 l49298 ls1039">strictly </span><span class="pp-class-236 pa t40161 l49299 ls4149">for </span><span class="pp-class-236 pa t40161 l49300 ls11592">hedging </span><span class="pp-class-236 pa t40161 l49301 ls10811">commercial </span><span class="pp-class-236 pa t40161 l18166 ls6276">exposures </span><span class="pp-class-236 pa t40161 l42630">- </span><span class="pp-class-236 pa t40161 l49302 ls2258">not </span><span class="pp-class-236 pa t40161 l49303 ls4149">for </span><span class="pp-class-236 pa t40161 l49304 ls1044">speculative </span><span class="pp-class-236 pa t40161 l49305 ls3200">purposes. </span><span class="pp-class-236 pa t40161 l49306 ls847">The </span><span class="pp-class-236 pa t40161 l49307 ls2081">most </span><span class="pp-class-236 pa t40161 l49308 ls1796">important </span><span class="pp-class-236 pa t47589 l3 ls4149">financial </span><span class="pp-class-236 pa t47589 l49287 ls2081">risk </span><span class="pp-class-236 pa t47589 l49309 ls15952">factors </span><span class="pp-class-236 pa t47589 l49310 ls19231">are </span><span class="pp-class-236 pa t47589 l49311 ls1775">1) </span><span class="pp-class-236 pa t47589 l49312 ls5207">bunker </span><span class="pp-class-236 pa t47589 l27193 ls8367">price </span><span class="pp-class-236 pa t47589 l49313 ls8367">risk, </span><span class="pp-class-236 pa t47589 l49314 ls1775">2) </span><span class="pp-class-236 pa t47589 l49315 ls913">interest </span><span class="pp-class-236 pa t47589 l49316 ls1151">rate </span><span class="pp-class-236 pa t47589 l49317 ls8367">risk, </span><span class="pp-class-236 pa t47589 l49318 ls1775">3) </span><span class="pp-class-236 pa t47589 l49319 ls6255">currency </span><span class="pp-class-236 pa t47589 l49320 ls11733">exchange </span><span class="pp-class-236 pa t47589 l49321 ls8367">risk, </span><span class="pp-class-236 pa t47589 l49322 ls1775">4) </span><span class="pp-class-236 pa t47589 l49323 ls3200">liquidity </span><span class="pp-class-236 pa t47589 l49324 ls2081">risk </span><span class="pp-class-236 pa t47589 l49325 ls847">and </span><span class="pp-class-236 pa t47589 l49326 ls811">5) </span><span class="pp-class-236 pa t40167 l3 ls11722">credit </span><span class="pp-class-236 pa t40167 l46010 ls657">exposure.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40187 l3 ls884">Bunker </span><span class="pp-class-237 pa t40187 l49327 ls538">price </span><span class="pp-class-237 pa t40187 l49328 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40199 l3 ls4630">Fluctuations </span><span class="pp-class-236 pa t40199 l49329 ls811">in </span><span class="pp-class-236 pa t40199 l49330 ls4630">bunker </span><span class="pp-class-236 pa t40199 l4071 ls2036">prices, </span><span class="pp-class-236 pa t40199 l49331 ls538">which </span><span class="pp-class-236 pa t40199 l49332 ls2808">are </span><span class="pp-class-236 pa t40199 l49333 ls1780">denominated </span><span class="pp-class-236 pa t40199 l49334 ls811">in </span><span class="pp-class-236 pa t40199 l49335 ls3200">USD, </span><span class="pp-class-236 pa t40199 l49336 ls179">constitute </span><span class="pp-class-236 pa t40199 l49337 ls184">a </span><span class="pp-class-236 pa t40199 l49338 ls524">significant </span><span class="pp-class-236 pa t40199 l49339 ls2222">risk </span><span class="pp-class-236 pa t40199 l49340 ls553">for </span><span class="pp-class-236 pa t40199 l49341 ls2222">DFDS.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47935 l3 ls811">In </span><span class="pp-class-236 pa t47935 l38573 ls651">the </span><span class="pp-class-236 pa t47935 l17996 ls7086">freight </span><span class="pp-class-236 pa t47935 l49342 ls696">segment, </span><span class="pp-class-236 pa t47935 l49343 ls4630">fluctuations </span><span class="pp-class-236 pa t47935 l49344 ls811">in </span><span class="pp-class-236 pa t47935 l26171 ls4630">bunker </span><span class="pp-class-236 pa t47935 l49345 ls1764">prices </span><span class="pp-class-236 pa t47935 l49346 ls572">and </span><span class="pp-class-236 pa t47935 l49347 ls651">the </span><span class="pp-class-236 pa t47935 l49348 ls3681">related </span><span class="pp-class-236 pa t47935 l49349 ls4558">foreign </span><span class="pp-class-236 pa t47935 l49350 ls11713">exchange </span><span class="pp-class-236 pa t47935 l49351 ls2222">risk </span><span class="pp-class-236 pa t47935 l49352 ls2808">are </span><span class="pp-class-236 pa t47935 l49353 ls2889">customarily </span><span class="pp-class-236 pa t40221 l3 ls1764">passed </span><span class="pp-class-236 pa t40221 l39448 ls811">on </span><span class="pp-class-236 pa t40221 l49354 ls538">to </span><span class="pp-class-236 pa t40221 l12480 ls949">customers </span><span class="pp-class-236 pa t40221 l40223 ls556">through </span><span class="pp-class-236 pa t40221 l49355 ls184">a </span><span class="pp-class-236 pa t40221 l14887 ls4630">bunker </span><span class="pp-class-236 pa t40221 l49356 ls30">adjustment </span><span class="pp-class-236 pa t40221 l49357 ls1775">factor </span><span class="pp-class-236 pa t40221 l49358 ls544">(BAF). </span><span class="pp-class-236 pa t40221 l49359 ls811">In </span><span class="pp-class-236 pa t40221 l49360 ls572">the </span><span class="pp-class-236 pa t40221 l49361 ls995">passenger </span><span class="pp-class-236 pa t40221 l49362 ls696">segment, </span><span class="pp-class-236 pa t40221 l49363 ls2036">changes </span><span class="pp-class-236 pa t40221 l49364 ls1547">in </span><span class="pp-class-236 pa t40233 l3 ls4630">bunker </span><span class="pp-class-236 pa t40233 l49365 ls538">costs </span><span class="pp-class-236 pa t40233 l49366 ls2808">are </span><span class="pp-class-236 pa t40233 l49367 ls4276">reflected </span><span class="pp-class-236 pa t40233 l49368 ls811">in </span><span class="pp-class-236 pa t40233 l49369 ls691">ticket </span><span class="pp-class-236 pa t40233 l49370 ls1764">prices </span><span class="pp-class-236 pa t40233 l31808 ls538">to </span><span class="pp-class-236 pa t40233 l49371 ls572">the </span><span class="pp-class-236 pa t40233 l39803 ls1815">extent </span><span class="pp-class-236 pa t40233 l49372 ls1751">possible. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49373 l3 ls49374">To </span><span class="pp-class-236 pa t49373 l49375 ls2197">reduce </span><span class="pp-class-236 pa t49373 l49376 ls11713">exposure </span><span class="pp-class-236 pa t49373 l49377 ls538">to </span><span class="pp-class-236 pa t49373 l28450 ls4630">bunker </span><span class="pp-class-236 pa t49373 l49378 ls651">and </span><span class="pp-class-236 pa t49373 l16616 ls2245">currency </span><span class="pp-class-236 pa t49373 l49379 ls538">risk, </span><span class="pp-class-236 pa t49373 l49380 ls6092">approximately </span><span class="pp-class-236 pa t49373 l49381 ls572">96% </span><span class="pp-class-236 pa t49373 l49382 ls2222">(94% </span><span class="pp-class-236 pa t49373 l49383 ls811">in </span><span class="pp-class-236 pa t49373 l49384 ls2889">2024) </span><span class="pp-class-236 pa t49373 l49385 ls98">of </span><span class="pp-class-236 pa t49373 l49386 ls538">DFDS’ </span><span class="pp-class-236 pa t49373 l49387 ls530">consumption </span><span class="pp-class-236 pa t49373 l49388 ls949">was </span><span class="pp-class-236 pa t40247 l3 ls3084">covered </span><span class="pp-class-236 pa t40247 l41543 ls706">by </span><span class="pp-class-236 pa t40247 l31242 ls544">BAF </span><span class="pp-class-236 pa t40247 l49389 ls7086">agreements. </span><span class="pp-class-236 pa t40247 l5728 ls811">As </span><span class="pp-class-236 pa t40247 l6167 ls651">the </span><span class="pp-class-236 pa t40247 l49390 ls544">BAF </span><span class="pp-class-236 pa t40247 l49391 ls811">is </span><span class="pp-class-236 pa t40247 l49392 ls538">based </span><span class="pp-class-236 pa t40247 l49393 ls811">on </span><span class="pp-class-236 pa t40247 l49394 ls667">low-sulphur </span><span class="pp-class-236 pa t40247 l49395 ls2222">fuel </span><span class="pp-class-236 pa t40247 l49396 ls2036">prices, </span><span class="pp-class-236 pa t40247 l48635 ls538">while </span><span class="pp-class-236 pa t40247 l49397 ls94">certain </span><span class="pp-class-236 pa t40247 l49398 ls551">ferries </span><span class="pp-class-236 pa t40247 l49399 ls2808">are </span><span class="pp-class-236 pa t40247 l49400 ls94">equipped </span><span class="pp-class-236 pa t40265 l3 ls2222">with </span><span class="pp-class-236 pa t40265 l8961 ls995">scrubbers </span><span class="pp-class-236 pa t40265 l49401 ls651">and </span><span class="pp-class-236 pa t40265 l49402 ls6146">therefore </span><span class="pp-class-236 pa t40265 l48167 ls2036">consume </span><span class="pp-class-236 pa t40265 l49403 ls696">high-sulphur </span><span class="pp-class-236 pa t40265 l49404 ls538">fuel, </span><span class="pp-class-236 pa t40265 l49405 ls572">the </span><span class="pp-class-236 pa t40265 l49406 ls706">Group </span><span class="pp-class-236 pa t40265 l49407 ls811">is </span><span class="pp-class-236 pa t40265 l49408 ls556">exposed </span><span class="pp-class-236 pa t40265 l49409 ls538">to </span><span class="pp-class-236 pa t40265 l49410 ls184">a </span><span class="pp-class-236 pa t40265 l49411 ls538">price </span><span class="pp-class-236 pa t40265 l49412 ls1131">spread </span><span class="pp-class-236 pa t40265 l49413 ls2222">risk </span><span class="pp-class-236 pa t40265 l49414 ls1404">between </span><span class="pp-class-236 pa t40281 l3 ls4793">low- </span><span class="pp-class-236 pa t40281 l49415 ls572">and </span><span class="pp-class-236 pa t40281 l49416 ls696">high-sulphur </span><span class="pp-class-236 pa t40281 l10282 ls538">fuel. </span><span class="pp-class-236 pa t40281 l49417 ls651">The </span><span class="pp-class-236 pa t40281 l49418 ls2222">risk </span><span class="pp-class-236 pa t40281 l49419 ls3681">related </span><span class="pp-class-236 pa t40281 l4195 ls538">to </span><span class="pp-class-236 pa t40281 l49420 ls572">the </span><span class="pp-class-236 pa t40281 l49421 ls538">price </span><span class="pp-class-236 pa t40281 l49422 ls1131">spread </span><span class="pp-class-236 pa t40281 l49423 ls713">between </span><span class="pp-class-236 pa t40281 l49424 ls696">high-sulphur </span><span class="pp-class-236 pa t40281 l49425 ls572">and </span><span class="pp-class-236 pa t40281 l49426 ls667">low-sulphur </span><span class="pp-class-236 pa t40281 l49427 ls2222">fuel </span><span class="pp-class-236 pa t40281 l49428 ls1547">is </span><span class="pp-class-236 pa t40296 l3 ls2889">partly </span><span class="pp-class-236 pa t40296 l49429 ls1764">hedged </span><span class="pp-class-236 pa t40296 l18818 ls538">using </span><span class="pp-class-236 pa t40296 l49430 ls995">commodity </span><span class="pp-class-236 pa t40296 l49431 ls1775">swaps. </span><span class="pp-class-236 pa t40296 l49432 ls811">In </span><span class="pp-class-236 pa t40296 l49433 ls7086">accordance </span><span class="pp-class-236 pa t40296 l40548 ls2222">with </span><span class="pp-class-236 pa t40296 l49434 ls572">the </span><span class="pp-class-236 pa t40296 l49435 ls2222">DFDS </span><span class="pp-class-236 pa t40296 l49436 ls995">Financial </span><span class="pp-class-236 pa t40296 l49437 ls1017">Policy, </span><span class="pp-class-236 pa t40296 l49438 ls4248">net </span><span class="pp-class-236 pa t40296 l49439 ls4630">bunker </span><span class="pp-class-236 pa t40296 l49440 ls4807">exposure </span><span class="pp-class-236 pa t40306 l3 ls2969">may </span><span class="pp-class-236 pa t40306 l49441 ls811">be </span><span class="pp-class-236 pa t40306 l49442 ls1764">hedged </span><span class="pp-class-236 pa t40306 l49443 ls811">up </span><span class="pp-class-236 pa t40306 l49444 ls538">to </span><span class="pp-class-236 pa t40306 l18332 ls544">100% </span><span class="pp-class-236 pa t40306 l49445 ls553">for </span><span class="pp-class-236 pa t40306 l49446 ls651">the </span><span class="pp-class-236 pa t40306 l49447 ls9435">following </span><span class="pp-class-236 pa t40306 l49448 ls553">four </span><span class="pp-class-236 pa t40306 l49449 ls2222">quarters </span><span class="pp-class-236 pa t40306 l49450 ls651">and </span><span class="pp-class-236 pa t40306 l49451 ls811">up </span><span class="pp-class-236 pa t40306 l49452 ls538">to </span><span class="pp-class-236 pa t40306 l49453 ls572">50% </span><span class="pp-class-236 pa t40306 l49454 ls553">for </span><span class="pp-class-236 pa t40306 l49455 ls572">the </span><span class="pp-class-236 pa t40306 l49456 ls608">fifth </span><span class="pp-class-236 pa t40306 l38608 ls572">and </span><span class="pp-class-236 pa t40306 l49457 ls538">sixth </span><span class="pp-class-236 pa t40306 l40391 ls2222">quarters.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t49458 l3 ls614">Interest </span><span class="pp-class-237 pa t49458 l49459 ls6146">rate </span><span class="pp-class-237 pa t49458 l49460 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40321 l3 ls129">DFDS </span><span class="pp-class-236 pa t40321 l49461 ls1547">is </span><span class="pp-class-236 pa t40321 l813 ls2222">primarily </span><span class="pp-class-236 pa t40321 l41952 ls33">exposed </span><span class="pp-class-236 pa t40321 l49462 ls184">to </span><span class="pp-class-236 pa t40321 l49463 ls670">interest </span><span class="pp-class-236 pa t40321 l49464 ls4793">rate </span><span class="pp-class-236 pa t40321 l35280 ls129">risk </span><span class="pp-class-236 pa t40321 l49465 ls33">through </span><span class="pp-class-236 pa t40321 l49466 ls1133">funding. </span><span class="pp-class-236 pa t40321 l49467 ls696">According </span><span class="pp-class-236 pa t40321 l49468 ls184">to </span><span class="pp-class-236 pa t40321 l49469 ls15">DFDS’ </span><span class="pp-class-236 pa t40321 l49470 ls1133">Financial </span><span class="pp-class-236 pa t40321 l49471 ls1764">Policy </span><span class="pp-class-236 pa t40321 l49472 ls1078">the </span><span class="pp-class-236 pa t40335 l3 ls670">interest </span><span class="pp-class-236 pa t40335 l43331 ls4793">rate </span><span class="pp-class-236 pa t40335 l49473 ls1547">on </span><span class="pp-class-236 pa t40335 l49474 ls4248">more </span><span class="pp-class-236 pa t40335 l49475 ls129">than </span><span class="pp-class-236 pa t40335 l36279 ls428">40% </span><span class="pp-class-236 pa t40335 l39065 ls197">of </span><span class="pp-class-236 pa t40335 l49476 ls428">the </span><span class="pp-class-236 pa t40335 l49477 ls129">loan </span><span class="pp-class-236 pa t40335 l49478 ls212">portfolio </span><span class="pp-class-236 pa t40335 l49479 ls1618">including </span><span class="pp-class-236 pa t40335 l49480 ls1133">long-term </span><span class="pp-class-236 pa t40335 l49481 ls76">charter </span><span class="pp-class-236 pa t40335 l49482 ls205">agreements </span><span class="pp-class-236 pa t40335 l49483 ls129">must </span><span class="pp-class-236 pa t40335 l49484 ls1547">be </span><span class="pp-class-236 pa t40335 l49485 ls52">fixed </span><span class="pp-class-236 pa t40347 l3 ls129">with </span><span class="pp-class-236 pa t40347 l17175 ls1078">a </span><span class="pp-class-236 pa t40347 l49486 ls771">weighted </span><span class="pp-class-236 pa t40347 l49487 ls2245">average </span><span class="pp-class-236 pa t40347 l49488 ls4248">duration </span><span class="pp-class-236 pa t40347 l47413 ls197">of </span><span class="pp-class-236 pa t40347 l49489 ls73">9-36 </span><span class="pp-class-236 pa t40347 l49490 ls63">months. </span><span class="pp-class-236 pa t40347 l18036 ls129">DFDS </span><span class="pp-class-236 pa t40347 l49491 ls1747">enters </span><span class="pp-class-236 pa t40347 l49492 ls83">into </span><span class="pp-class-236 pa t40347 l45821 ls670">interest </span><span class="pp-class-236 pa t40347 l49493 ls4793">rate </span><span class="pp-class-236 pa t40347 l49494 ls278">swaps </span><span class="pp-class-236 pa t40347 l37444 ls428">and </span><span class="pp-class-236 pa t40347 l49495 ls129">caps </span><span class="pp-class-236 pa t40347 l49496 ls184">to </span><span class="pp-class-236 pa t40347 l49497 ls1764">comply </span><span class="pp-class-236 pa t49498 l3 ls129">with </span><span class="pp-class-236 pa t49498 l17175 ls129">this </span><span class="pp-class-236 pa t49498 l42316 ls2687">policy. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49499 l3 ls28052">Total </span><span class="pp-class-236 pa t49499 l49500 ls4248">net </span><span class="pp-class-236 pa t49499 l10764 ls706">interest-bearing </span><span class="pp-class-236 pa t49499 l49501 ls524">debt </span><span class="pp-class-236 pa t49499 l49502 ls875">(including </span><span class="pp-class-236 pa t49499 l49503 ls553">fair </span><span class="pp-class-236 pa t49499 l6660 ls556">values </span><span class="pp-class-236 pa t49499 l49504 ls98">of </span><span class="pp-class-236 pa t49499 l49505 ls4775">derivative </span><span class="pp-class-236 pa t49499 l49506 ls995">financial </span><span class="pp-class-236 pa t49499 l49507 ls524">instruments </span><span class="pp-class-236 pa t49499 l49508 ls3681">related </span><span class="pp-class-236 pa t49499 l49509 ls538">to </span><span class="pp-class-236 pa t49499 l49510 ls12546">interest-</span><span class="pp-class-236 pa t49511 l3 ls2036">bearing </span><span class="pp-class-236 pa t49511 l46614 ls838">activities) </span><span class="pp-class-236 pa t49511 l49512 ls625">amounts </span><span class="pp-class-236 pa t49511 l49513 ls538">to </span><span class="pp-class-236 pa t49511 l6590 ls651">DKK </span><span class="pp-class-236 pa t49511 l49514 ls6270">15,260m </span><span class="pp-class-236 pa t49511 l49515 ls2197">at </span><span class="pp-class-236 pa t49511 l49516 ls1775">year-end </span><span class="pp-class-236 pa t49511 l49517 ls2222">2025 </span><span class="pp-class-236 pa t49511 l49518 ls667">(2024: </span><span class="pp-class-236 pa t49511 l49519 ls572">DKK </span><span class="pp-class-236 pa t49511 l49520 ls11194">17,204m). </span><span class="pp-class-236 pa t49511 l49521 ls572">The </span><span class="pp-class-236 pa t49511 l49522 ls2848">Group’s </span><span class="pp-class-236 pa t49511 l39284 ls758">total </span><span class="pp-class-236 pa t49511 l49523 ls12546">interest-</span><span class="pp-class-236 pa t49524 l3 ls2036">bearing </span><span class="pp-class-236 pa t49524 l46614 ls524">debt </span><span class="pp-class-236 pa t49524 l46192 ls681">primarily </span><span class="pp-class-236 pa t49524 l7370 ls1751">consists </span><span class="pp-class-236 pa t49524 l49525 ls98">of </span><span class="pp-class-236 pa t49524 l49526 ls2889">partly </span><span class="pp-class-236 pa t49524 l49527 ls556">secured </span><span class="pp-class-236 pa t49524 l49528 ls2197">credit </span><span class="pp-class-236 pa t49524 l49529 ls731">facilities, </span><span class="pp-class-236 pa t49524 l49530 ls8048">unsecured </span><span class="pp-class-236 pa t49524 l49531 ls2245">corporate </span><span class="pp-class-236 pa t49524 l49532 ls538">bonds </span><span class="pp-class-236 pa t49524 l49533 ls651">and </span><span class="pp-class-236 pa t49524 l49534 ls670">mortgages </span><span class="pp-class-236 pa t49535 l3 ls2222">with </span><span class="pp-class-236 pa t49535 l8961 ls1751">security </span><span class="pp-class-236 pa t49535 l49536 ls811">in </span><span class="pp-class-236 pa t49535 l49537 ls551">ferries </span><span class="pp-class-236 pa t49535 l49538 ls651">and </span><span class="pp-class-236 pa t49535 l49539 ls949">other </span><span class="pp-class-236 pa t49535 l17330 ls1764">ships. </span><span class="pp-class-236 pa t49535 l49540 ls651">The </span><span class="pp-class-236 pa t49535 l38180 ls524">debt </span><span class="pp-class-236 pa t49535 l49541 ls30">portfolio </span><span class="pp-class-236 pa t49535 l49542 ls544">had </span><span class="pp-class-236 pa t49535 l49543 ls811">an </span><span class="pp-class-236 pa t49535 l49544 ls2894">average </span><span class="pp-class-236 pa t49535 l49545 ls2222">time </span><span class="pp-class-236 pa t49535 l49546 ls538">to </span><span class="pp-class-236 pa t49535 l49547 ls548">maturity </span><span class="pp-class-236 pa t49535 l49548 ls98">of </span><span class="pp-class-236 pa t49535 l49549 ls3414">2.7 </span><span class="pp-class-236 pa t49535 l49550 ls838">years </span><span class="pp-class-236 pa t49535 l49551 ls544">(2024: </span><span class="pp-class-236 pa t49552 l3 ls3160">3.4 </span><span class="pp-class-236 pa t49552 l49553 ls565">years). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49554 l3 ls811">In </span><span class="pp-class-236 pa t49554 l38573 ls7086">accordance </span><span class="pp-class-236 pa t49554 l49555 ls2222">with </span><span class="pp-class-236 pa t49554 l39252 ls651">the </span><span class="pp-class-236 pa t49554 l42949 ls995">Financial </span><span class="pp-class-236 pa t49554 l49556 ls1017">Policy, </span><span class="pp-class-236 pa t49554 l49557 ls706">interest </span><span class="pp-class-236 pa t49554 l49558 ls8384">rate </span><span class="pp-class-236 pa t49554 l24113 ls884">swaps </span><span class="pp-class-236 pa t49554 l49559 ls572">and </span><span class="pp-class-236 pa t49554 l24342 ls2222">caps </span><span class="pp-class-236 pa t49554 l49560 ls2222">with </span><span class="pp-class-236 pa t49554 l49561 ls184">a </span><span class="pp-class-236 pa t49554 l40184 ls995">principal </span><span class="pp-class-236 pa t49554 l49562 ls995">amount </span><span class="pp-class-236 pa t49554 l49563 ls98">of </span><span class="pp-class-236 pa t49554 l49564 ls572">DKK </span><span class="pp-class-236 pa t49554 l49565 ls847">5,110m </span><span class="pp-class-236 pa t49566 l3 ls667">(2024: </span><span class="pp-class-236 pa t49566 l45148 ls572">DKK </span><span class="pp-class-236 pa t49566 l29778 ls30681">4,817m) </span><span class="pp-class-236 pa t49566 l49567 ls110">have </span><span class="pp-class-236 pa t49566 l49568 ls2222">been </span><span class="pp-class-236 pa t49566 l49569 ls2270">entered </span><span class="pp-class-236 pa t49566 l42278 ls546">into </span><span class="pp-class-236 pa t49566 l70 ls538">to </span><span class="pp-class-236 pa t49566 l18185 ls838">mitigate </span><span class="pp-class-236 pa t49566 l49570 ls572">the </span><span class="pp-class-236 pa t49566 l49571 ls2848">Group’s </span><span class="pp-class-236 pa t49566 l49572 ls11713">exposure </span><span class="pp-class-236 pa t49566 l49573 ls538">to </span><span class="pp-class-236 pa t49566 l49574 ls706">interest </span><span class="pp-class-236 pa t49566 l39666 ls8384">rate </span><span class="pp-class-236 pa t49566 l49575 ls538">risk. </span><span class="pp-class-236 pa t49566 l49576 ls4823">At </span><span class="pp-class-236 pa t49566 l49577 ls4787">year-end </span><span class="pp-class-236 pa t49578 l3 ls2565">2025, </span><span class="pp-class-236 pa t49578 l46721 ls3993">47% </span><span class="pp-class-236 pa t49578 l49579 ls98">of </span><span class="pp-class-236 pa t49578 l49580 ls651">the </span><span class="pp-class-236 pa t49578 l49581 ls2848">Group’s </span><span class="pp-class-236 pa t49578 l27499 ls524">debt </span><span class="pp-class-236 pa t49578 l49582 ls556">was </span><span class="pp-class-236 pa t49578 l49370 ls12490">fixed-rate </span><span class="pp-class-236 pa t49578 l49583 ls546">including </span><span class="pp-class-236 pa t49578 l49584 ls706">interest </span><span class="pp-class-236 pa t49578 l49585 ls8384">rate </span><span class="pp-class-236 pa t49578 l49586 ls4793">derivatives </span><span class="pp-class-236 pa t49578 l49587 ls667">(2024: </span><span class="pp-class-236 pa t49578 l49588 ls538">42%). </span><span class="pp-class-236 pa t49578 l49589 ls706">Share </span><span class="pp-class-236 pa t49578 l49590 ls98">of </span><span class="pp-class-236 pa t49578 l49591 ls706">fixed-</span><span class="pp-class-236 pa t49592 l3 ls8384">rate </span><span class="pp-class-236 pa t49592 l46275 ls524">debt </span><span class="pp-class-236 pa t49592 l49593 ls546">including </span><span class="pp-class-236 pa t49592 l28380 ls696">long-term </span><span class="pp-class-236 pa t49592 l12808 ls94">charter </span><span class="pp-class-236 pa t49592 l49594 ls625">liabilities </span><span class="pp-class-236 pa t49592 l49595 ls530">amounted </span><span class="pp-class-236 pa t49592 l49596 ls538">to </span><span class="pp-class-236 pa t49592 l49597 ls572">51% </span><span class="pp-class-236 pa t49592 l49598 ls667">(2024: </span><span class="pp-class-236 pa t49592 l49599 ls2972">47%). </span><span class="pp-class-236 pa t49592 l49600 ls572">The </span><span class="pp-class-236 pa t49592 l49601 ls3855">weighted </span><span class="pp-class-236 pa t49592 l49602 ls2894">average </span><span class="pp-class-236 pa t49592 l39826 ls691">duration </span><span class="pp-class-236 pa t49603 l3 ls98">of </span><span class="pp-class-236 pa t49603 l39273 ls651">the </span><span class="pp-class-236 pa t49603 l39799 ls2848">Group’s </span><span class="pp-class-236 pa t49603 l21916 ls524">debt </span><span class="pp-class-236 pa t49603 l49604 ls560">portfolio, </span><span class="pp-class-236 pa t49603 l49605 ls546">including </span><span class="pp-class-236 pa t49603 l49606 ls94">charter </span><span class="pp-class-236 pa t49603 l49607 ls4248">liabilities, </span><span class="pp-class-236 pa t49603 l49608 ls556">was </span><span class="pp-class-236 pa t49603 l49609 ls7433">1.0 </span><span class="pp-class-236 pa t49603 l38447 ls8048">year </span><span class="pp-class-236 pa t49603 l49610 ls667">(2024: </span><span class="pp-class-236 pa t49603 l49611 ls2687">1.3 </span><span class="pp-class-236 pa t49603 l49612 ls681">years).</span></p></div></div><div id="pp-id-5397" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3">A </span><span class="pp-class-236 pa t283 l49613">1 </span><span class="pp-class-236 pa t283 l49614 ls129">percentage </span><span class="pp-class-236 pa t283 l49615 ls1098">point </span><span class="pp-class-236 pa t283 l49616 ls203">increase </span><span class="pp-class-236 pa t283 l49617">in </span><span class="pp-class-236 pa t283 l49618 ls428">interest </span><span class="pp-class-236 pa t283 l17397 ls2222">rates </span><span class="pp-class-236 pa t283 l49619 ls203">compared </span><span class="pp-class-236 pa t283 l49620">with </span><span class="pp-class-236 pa t283 l49621">the </span><span class="pp-class-236 pa t283 l47873 ls1078">actual </span><span class="pp-class-236 pa t283 l49622 ls234">levels </span><span class="pp-class-236 pa t283 l49623">in </span><span class="pp-class-236 pa t283 l49624 ls26">2025 </span><span class="pp-class-236 pa t283 l49625 ls71">would, </span><span class="pp-class-236 pa t283 l39563 ls26">all </span><span class="pp-class-236 pa t283 l49626">else </span><span class="pp-class-236 pa t283 l49627 ls26">being </span><span class="pp-class-236 pa t38325 l3">equal, </span><span class="pp-class-236 pa t38325 l49628 ls94">have </span><span class="pp-class-236 pa t38325 l49629 ls227">increased </span><span class="pp-class-236 pa t38325 l49630">the </span><span class="pp-class-236 pa t38325 l49631 ls35">Group’s </span><span class="pp-class-236 pa t38325 l49632 ls113">net </span><span class="pp-class-236 pa t38325 l49633 ls428">interest </span><span class="pp-class-236 pa t38325 l49634 ls143">expense, </span><span class="pp-class-236 pa t38325 l49635 ls91">including </span><span class="pp-class-236 pa t38325 l49636">hedging </span><span class="pp-class-236 pa t38325 l24452 ls793">effects, </span><span class="pp-class-236 pa t38325 l49637 ls967">by </span><span class="pp-class-236 pa t38325 l49638">DKK </span><span class="pp-class-236 pa t38325 l49639 ls670">70m </span><span class="pp-class-236 pa t38325 l49640 ls685">(2024: </span><span class="pp-class-236 pa t38325 l49641">DKK </span><span class="pp-class-236 pa t38337 l3">59m). </span><span class="pp-class-236 pa t38337 l49642 ls1780">Conversely, </span><span class="pp-class-236 pa t38337 l49643">a </span><span class="pp-class-236 pa t38337 l40593">1 </span><span class="pp-class-236 pa t38337 l49644 ls129">percentage </span><span class="pp-class-236 pa t38337 l18173 ls1098">point </span><span class="pp-class-236 pa t38337 l14711 ls203">decrease </span><span class="pp-class-236 pa t38337 l49645">in </span><span class="pp-class-236 pa t38337 l49646 ls428">interest </span><span class="pp-class-236 pa t38337 l49647 ls2222">rates </span><span class="pp-class-236 pa t38337 l42446 ls73">would </span><span class="pp-class-236 pa t38337 l49648 ls94">have </span><span class="pp-class-236 pa t38337 l49649 ls1661">reduced </span><span class="pp-class-236 pa t38337 l49650 ls113">net </span><span class="pp-class-236 pa t38337 l49651 ls428">interest </span><span class="pp-class-236 pa t38337 l49652 ls1661">expense </span><span class="pp-class-236 pa t38356 l3 ls967">by </span><span class="pp-class-236 pa t38356 l3373">DKK </span><span class="pp-class-236 pa t38356 l49653 ls670">70m </span><span class="pp-class-236 pa t38356 l28921 ls685">(2024: </span><span class="pp-class-236 pa t38356 l49654">DKK </span><span class="pp-class-236 pa t38356 l49655">59m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38598 l3 ls184">A </span><span class="pp-class-236 pa t38598 l45104 ls184">1 </span><span class="pp-class-236 pa t38598 l49656 ls5781">percentage </span><span class="pp-class-236 pa t38598 l49657 ls536">point </span><span class="pp-class-236 pa t38598 l49658 ls3855">increase </span><span class="pp-class-236 pa t38598 l15120 ls811">in </span><span class="pp-class-236 pa t38598 l49659 ls706">interest </span><span class="pp-class-236 pa t38598 l49660 ls2816">rates </span><span class="pp-class-236 pa t38598 l49661 ls3855">compared </span><span class="pp-class-236 pa t38598 l49662 ls2222">with </span><span class="pp-class-236 pa t38598 l49663 ls572">the </span><span class="pp-class-236 pa t38598 l49664 ls849">level </span><span class="pp-class-236 pa t38598 l49665 ls2197">at </span><span class="pp-class-236 pa t38598 l49156 ls572">the </span><span class="pp-class-236 pa t38598 l49666 ls2036">balance </span><span class="pp-class-236 pa t38598 l49667 ls949">sheet </span><span class="pp-class-236 pa t38598 l49668 ls7086">date </span><span class="pp-class-236 pa t38598 l49669 ls758">would, </span><span class="pp-class-236 pa t38598 l49670 ls184">all </span><span class="pp-class-236 pa t38378 l3 ls2222">else </span><span class="pp-class-236 pa t38378 l49671 ls538">being </span><span class="pp-class-236 pa t38378 l13330 ls1764">equal, </span><span class="pp-class-236 pa t38378 l49672 ls110">have </span><span class="pp-class-236 pa t38378 l40059 ls544">had </span><span class="pp-class-236 pa t38378 l49673 ls184">a </span><span class="pp-class-236 pa t38378 l49674 ls731">positive </span><span class="pp-class-236 pa t38378 l49675 ls1780">impact </span><span class="pp-class-236 pa t38378 l34373 ls98">of </span><span class="pp-class-236 pa t38378 l12308 ls572">DKK </span><span class="pp-class-236 pa t38378 l49676 ls651">62m </span><span class="pp-class-236 pa t38378 l46268 ls811">on </span><span class="pp-class-236 pa t38378 l49677 ls651">the </span><span class="pp-class-236 pa t38378 l49678 ls2848">Group’s </span><span class="pp-class-236 pa t38378 l49679 ls2036">hedging </span><span class="pp-class-236 pa t38378 l49680 ls2969">reserve </span><span class="pp-class-236 pa t38378 l49681 ls667">(2024: </span><span class="pp-class-236 pa t38378 l49682 ls572">DKK </span><span class="pp-class-236 pa t38378 l49683 ls811">90m). </span><span class="pp-class-236 pa t38394 l3 ls5207">Conversely, </span><span class="pp-class-236 pa t38394 l49684 ls184">a </span><span class="pp-class-236 pa t38394 l47151 ls184">1 </span><span class="pp-class-236 pa t38394 l49685 ls5781">percentage </span><span class="pp-class-236 pa t38394 l49686 ls536">point </span><span class="pp-class-236 pa t38394 l49687 ls3855">decrease </span><span class="pp-class-236 pa t38394 l49688 ls811">in </span><span class="pp-class-236 pa t38394 l28544 ls706">interest </span><span class="pp-class-236 pa t38394 l49689 ls2816">rates </span><span class="pp-class-236 pa t38394 l49690 ls838">would </span><span class="pp-class-236 pa t38394 l49691 ls110">have </span><span class="pp-class-236 pa t38394 l49692 ls544">had </span><span class="pp-class-236 pa t38394 l49693 ls184">a </span><span class="pp-class-236 pa t38394 l49694 ls2969">negative </span><span class="pp-class-236 pa t38394 l49695 ls1780">impact </span><span class="pp-class-236 pa t38394 l49696 ls98">of </span><span class="pp-class-236 pa t38394 l49697 ls572">DKK </span><span class="pp-class-236 pa t38394 l49698 ls651">63m </span><span class="pp-class-236 pa t38394 l49699 ls1547">on </span><span class="pp-class-236 pa t38413 l3 ls651">the </span><span class="pp-class-236 pa t38413 l28221 ls2036">hedging </span><span class="pp-class-236 pa t38413 l49700 ls2969">reserve </span><span class="pp-class-236 pa t38413 l49701 ls667">(2024: </span><span class="pp-class-236 pa t38413 l49702 ls651">DKK </span><span class="pp-class-236 pa t38413 l49703 ls2222">93m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls2270">Currency </span><span class="pp-class-237 pa t38426 l49704 ls3084">exchange </span><span class="pp-class-237 pa t38426 l49705 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls2245">Currency </span><span class="pp-class-236 pa t38428 l39108 ls11713">exchange </span><span class="pp-class-236 pa t38428 l49706 ls2222">risk </span><span class="pp-class-236 pa t38428 l49707 ls811">is </span><span class="pp-class-236 pa t38428 l49708 ls567">monitored </span><span class="pp-class-236 pa t38428 l19853 ls621">continuously </span><span class="pp-class-236 pa t38428 l49709 ls572">and </span><span class="pp-class-236 pa t38428 l49710 ls8367">actively </span><span class="pp-class-236 pa t38428 l49711 ls1764">hedged </span><span class="pp-class-236 pa t38428 l49712 ls538">to </span><span class="pp-class-236 pa t38428 l49713 ls2197">reduce </span><span class="pp-class-236 pa t38428 l49714 ls11713">exposure </span><span class="pp-class-236 pa t38428 l49715 ls538">using </span><span class="pp-class-236 pa t38428 l49716 ls603">forward </span><span class="pp-class-236 pa t38439 l3 ls11713">exchange </span><span class="pp-class-236 pa t38439 l35099 ls4793">contracts </span><span class="pp-class-236 pa t38439 l33943 ls651">and </span><span class="pp-class-236 pa t38439 l49717 ls2245">currency </span><span class="pp-class-236 pa t38439 l4336 ls1775">swaps. </span><span class="pp-class-236 pa t38439 l49718 ls2270">According </span><span class="pp-class-236 pa t38439 l17101 ls538">to </span><span class="pp-class-236 pa t38439 l49719 ls538">DFDS’ </span><span class="pp-class-236 pa t38439 l49720 ls995">Financial </span><span class="pp-class-236 pa t38439 l49721 ls1017">Policy, </span><span class="pp-class-236 pa t38439 l49722 ls2222">DFDS </span><span class="pp-class-236 pa t38439 l49723 ls651">can </span><span class="pp-class-236 pa t38439 l49724 ls538">hedge </span><span class="pp-class-236 pa t38439 l49725 ls572">balance </span><span class="pp-class-236 pa t38453 l3 ls884">exposures, </span><span class="pp-class-236 pa t38453 l49726 ls651">and </span><span class="pp-class-236 pa t38453 l38466 ls4248">net </span><span class="pp-class-236 pa t38453 l49727 ls98">of </span><span class="pp-class-236 pa t38453 l31035 ls1751">hedging, </span><span class="pp-class-236 pa t38453 l49728 ls2036">balance </span><span class="pp-class-236 pa t38453 l45602 ls4017">exposures </span><span class="pp-class-236 pa t38453 l49729 ls2222">must </span><span class="pp-class-236 pa t38453 l49730 ls811">be </span><span class="pp-class-236 pa t38453 l49731 ls4793">kept </span><span class="pp-class-236 pa t38453 l49732 ls838">below </span><span class="pp-class-236 pa t38453 l49733 ls811">an </span><span class="pp-class-236 pa t38453 l49734 ls1780">equivalent </span><span class="pp-class-236 pa t38453 l49735 ls538">to </span><span class="pp-class-236 pa t38453 l49736 ls572">DKK </span><span class="pp-class-236 pa t38453 l49737 ls2222">150m </span><span class="pp-class-236 pa t38453 l49738 ls811">in </span><span class="pp-class-236 pa t38453 l49739 ls2222">each </span><span class="pp-class-236 pa t38465 l3 ls3170">currency. </span><span class="pp-class-236 pa t38465 l49740 ls2270">According </span><span class="pp-class-236 pa t38465 l49741 ls538">to </span><span class="pp-class-236 pa t38465 l49742 ls651">the </span><span class="pp-class-236 pa t38465 l49743 ls995">Financial </span><span class="pp-class-236 pa t38465 l49744 ls1017">Policy, </span><span class="pp-class-236 pa t38465 l16380 ls2222">DFDS </span><span class="pp-class-236 pa t38465 l49745 ls572">can </span><span class="pp-class-236 pa t38465 l15245 ls2222">also </span><span class="pp-class-236 pa t38465 l49746 ls538">hedge </span><span class="pp-class-236 pa t38465 l49747 ls4017">exposures </span><span class="pp-class-236 pa t38465 l49748 ls877">from </span><span class="pp-class-236 pa t38465 l49749 ls5781">expected </span><span class="pp-class-236 pa t38465 l49750 ls2222">cash </span><span class="pp-class-236 pa t38465 l49751 ls706">flows </span><span class="pp-class-236 pa t38465 l49752 ls2207">from </span><span class="pp-class-236 pa t38476 l3 ls2270">operations </span><span class="pp-class-236 pa t38476 l17870 ls811">up </span><span class="pp-class-236 pa t38476 l28492 ls538">to </span><span class="pp-class-236 pa t38476 l49753 ls553">four </span><span class="pp-class-236 pa t38476 l49300 ls2222">quarters </span><span class="pp-class-236 pa t38476 l49754 ls544">ahead </span><span class="pp-class-236 pa t38476 l49755 ls651">and </span><span class="pp-class-236 pa t38476 l49756 ls2222">cash </span><span class="pp-class-236 pa t38476 l49757 ls706">flows </span><span class="pp-class-236 pa t38476 l49758 ls877">from </span><span class="pp-class-236 pa t38476 l49759 ls560">off-balance </span><span class="pp-class-236 pa t38476 l49760 ls949">sheet </span><span class="pp-class-236 pa t38476 l49761 ls2270">contractual </span><span class="pp-class-236 pa t38476 l49762 ls590">commitments. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls6092">Approximately </span><span class="pp-class-236 pa t38478 l49763 ls651">91% </span><span class="pp-class-236 pa t38478 l49654 ls98">of </span><span class="pp-class-236 pa t38478 l37316 ls538">DFDS’ </span><span class="pp-class-236 pa t38478 l49764 ls110">revenues </span><span class="pp-class-236 pa t38478 l49765 ls811">in </span><span class="pp-class-236 pa t38478 l49766 ls2222">2025 </span><span class="pp-class-236 pa t38478 l49767 ls2258">were </span><span class="pp-class-236 pa t38478 l49768 ls567">invoiced </span><span class="pp-class-236 pa t38478 l49769 ls811">in </span><span class="pp-class-236 pa t38478 l49770 ls4558">foreign </span><span class="pp-class-236 pa t38478 l39181 ls667">currencies </span><span class="pp-class-236 pa t38478 l49771 ls667">(2024: </span><span class="pp-class-236 pa t38478 l49772 ls553">87%) </span><span class="pp-class-236 pa t38478 l49773 ls2222">with </span><span class="pp-class-236 pa t38478 l49774 ls651">the </span><span class="pp-class-236 pa t38478 l49775 ls967">most </span><span class="pp-class-236 pa t38491 l3 ls541">substantial </span><span class="pp-class-236 pa t38491 l34281 ls3084">revenue </span><span class="pp-class-236 pa t38491 l49776 ls2245">generated </span><span class="pp-class-236 pa t38491 l38888 ls811">in </span><span class="pp-class-236 pa t38491 l49777 ls651">EUR </span><span class="pp-class-236 pa t38491 l49778 ls538">which </span><span class="pp-class-236 pa t38491 l35410 ls548">accounted </span><span class="pp-class-236 pa t38491 l49779 ls553">for </span><span class="pp-class-236 pa t38491 l49780 ls651">61% </span><span class="pp-class-236 pa t38491 l49781 ls98">of </span><span class="pp-class-236 pa t38491 l49782 ls758">total </span><span class="pp-class-236 pa t38491 l49783 ls3084">revenue </span><span class="pp-class-236 pa t38491 l49784 ls667">(2024: </span><span class="pp-class-236 pa t38491 l49785 ls811">64%). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38711 l3 ls938">Apart </span><span class="pp-class-236 pa t38711 l1521 ls877">from </span><span class="pp-class-236 pa t38711 l1670 ls651">DKK </span><span class="pp-class-236 pa t38711 l49786 ls651">and </span><span class="pp-class-236 pa t38711 l49787 ls129">EUR, </span><span class="pp-class-236 pa t38711 l49788 ls3084">revenue </span><span class="pp-class-236 pa t38711 l47299 ls811">is </span><span class="pp-class-236 pa t38711 l49789 ls4807">mainly </span><span class="pp-class-236 pa t38711 l49790 ls2245">generated </span><span class="pp-class-236 pa t38711 l49791 ls811">in </span><span class="pp-class-236 pa t38711 l49792 ls2222">SEK, </span><span class="pp-class-236 pa t38711 l42530 ls49793">GBP, </span><span class="pp-class-236 pa t38711 l49794 ls651">and </span><span class="pp-class-236 pa t38711 l49795 ls2222">NOK. </span><span class="pp-class-236 pa t38711 l49796 ls33174">However, </span><span class="pp-class-236 pa t38711 l49797 ls2222">SEK, </span><span class="pp-class-236 pa t38711 l49798 ls49793">GBP, </span><span class="pp-class-236 pa t38711 l49799 ls651">and </span><span class="pp-class-236 pa t38711 l49800 ls184">NOK </span><span class="pp-class-236 pa t38518 l3 ls667">risks </span><span class="pp-class-236 pa t38518 l48628 ls2808">are </span><span class="pp-class-236 pa t38518 l46074 ls538">to </span><span class="pp-class-236 pa t38518 l33769 ls184">a </span><span class="pp-class-236 pa t38518 l18783 ls706">large </span><span class="pp-class-236 pa t38518 l49801 ls1815">extent </span><span class="pp-class-236 pa t38518 l49802 ls278">offset </span><span class="pp-class-236 pa t38518 l49803 ls706">by </span><span class="pp-class-236 pa t38518 l49804 ls1764">costs. </span><span class="pp-class-236 pa t38518 l34186 ls651">USD </span><span class="pp-class-236 pa t38518 l49805 ls2222">risk </span><span class="pp-class-236 pa t38518 l49806 ls681">primarily </span><span class="pp-class-236 pa t38518 l49807 ls538">comes </span><span class="pp-class-236 pa t38518 l49808 ls877">from </span><span class="pp-class-236 pa t38518 l49809 ls2197">future </span><span class="pp-class-236 pa t38518 l49810 ls4630">bunker </span><span class="pp-class-236 pa t38518 l49811 ls530">consumption </span><span class="pp-class-236 pa t38518 l49812 ls184">and </span><span class="pp-class-236 pa t38520 l3 ls94">charter </span><span class="pp-class-236 pa t38520 l49813 ls7086">agreements. </span><span class="pp-class-236 pa t38520 l49814 ls651">EUR </span><span class="pp-class-236 pa t38520 l34197 ls811">is </span><span class="pp-class-236 pa t38520 l49815 ls667">considered </span><span class="pp-class-236 pa t38520 l49816 ls184">a </span><span class="pp-class-236 pa t38520 l49817 ls538">minor </span><span class="pp-class-236 pa t38520 l49818 ls2222">risk </span><span class="pp-class-236 pa t38520 l46621 ls651">due </span><span class="pp-class-236 pa t38520 l47885 ls538">to </span><span class="pp-class-236 pa t38520 l49819 ls706">Denmark’s </span><span class="pp-class-236 pa t38520 l45318 ls706">fixed </span><span class="pp-class-236 pa t38520 l49820 ls11713">exchange </span><span class="pp-class-236 pa t38520 l49821 ls8384">rate </span><span class="pp-class-236 pa t38520 l49822 ls758">policy </span><span class="pp-class-236 pa t38520 l49823 ls13284">towards </span><span class="pp-class-236 pa t38520 l49824 ls135">EUR. </span><span class="pp-class-236 pa t38530 l3 ls651">USD </span><span class="pp-class-236 pa t38530 l49825 ls2222">risk </span><span class="pp-class-236 pa t38530 l49826 ls811">is </span><span class="pp-class-236 pa t38530 l49354 ls556">reduced </span><span class="pp-class-236 pa t38530 l49827 ls706">by </span><span class="pp-class-236 pa t38530 l49828 ls651">the </span><span class="pp-class-236 pa t38530 l5876 ls544">BAF </span><span class="pp-class-236 pa t38530 l49829 ls995">mechanism </span><span class="pp-class-236 pa t38530 l49830 ls811">as </span><span class="pp-class-236 pa t38530 l49831 ls995">described </span><span class="pp-class-236 pa t38530 l49832 ls2565">above.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38554 l3 ls651">The </span><span class="pp-class-236 pa t38554 l38379 ls2969">operational </span><span class="pp-class-236 pa t38554 l49833 ls2245">currency </span><span class="pp-class-236 pa t38554 l49834 ls2222">cash </span><span class="pp-class-236 pa t38554 l49835 ls8048">flow </span><span class="pp-class-236 pa t38554 l49836 ls811">is </span><span class="pp-class-236 pa t38554 l49837 ls536">defined </span><span class="pp-class-236 pa t38554 l49838 ls811">as </span><span class="pp-class-236 pa t38554 l49839 ls572">the </span><span class="pp-class-236 pa t38554 l49840 ls877">Group's </span><span class="pp-class-236 pa t38554 l49841 ls731">consolidated </span><span class="pp-class-236 pa t38554 l49842 ls4248">net </span><span class="pp-class-236 pa t38554 l49843 ls2245">currency </span><span class="pp-class-236 pa t38554 l49844 ls2222">cash </span><span class="pp-class-236 pa t38554 l49845 ls706">flows </span><span class="pp-class-236 pa t38554 l49846 ls2207">from </span><span class="pp-class-236 pa t38567 l3 ls110">revenues </span><span class="pp-class-236 pa t38567 l17350 ls651">and </span><span class="pp-class-236 pa t38567 l3348 ls2969">operational </span><span class="pp-class-236 pa t38567 l49847 ls1764">costs. </span><span class="pp-class-236 pa t38567 l49848 ls651">The </span><span class="pp-class-236 pa t38567 l49849 ls625">table </span><span class="pp-class-236 pa t38567 l49850 ls706">shows </span><span class="pp-class-236 pa t38567 l49851 ls572">the </span><span class="pp-class-236 pa t38567 l49852 ls1780">impact </span><span class="pp-class-236 pa t38567 l49853 ls811">on </span><span class="pp-class-236 pa t38567 l49854 ls572">the </span><span class="pp-class-236 pa t38567 l49855 ls877">Group's </span><span class="pp-class-236 pa t38567 l49856 ls1775">operating </span><span class="pp-class-236 pa t38567 l49857 ls681">profit </span><span class="pp-class-236 pa t38567 l49858 ls691">before </span><span class="pp-class-236 pa t39613 l3 ls691">depreciation </span><span class="pp-class-236 pa t39613 l41763 ls651">and </span><span class="pp-class-236 pa t39613 l18502 ls179">amortisation </span><span class="pp-class-236 pa t39613 l49859 ls560">(EBITDA).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39646 l3 ls572">All </span><span class="pp-class-236 pa t39646 l47725 ls2222">else </span><span class="pp-class-236 pa t39646 l49860 ls1764">equal, </span><span class="pp-class-236 pa t39646 l49861 ls184">a </span><span class="pp-class-236 pa t39646 l49862 ls758">strengthening </span><span class="pp-class-236 pa t39646 l1576 ls98">of </span><span class="pp-class-236 pa t39646 l49863 ls2222">SEK, </span><span class="pp-class-236 pa t39646 l21149 ls2222">NOK, </span><span class="pp-class-236 pa t39646 l49864 ls49793">GBP, </span><span class="pp-class-236 pa t39646 l49865 ls29617">TRY, </span><span class="pp-class-236 pa t39646 l49866 ls572">and </span><span class="pp-class-236 pa t39646 l49867 ls651">USD </span><span class="pp-class-236 pa t39646 l49868 ls544">against </span><span class="pp-class-236 pa t39646 l49869 ls651">DKK </span><span class="pp-class-236 pa t39646 l49870 ls2197">at </span><span class="pp-class-236 pa t39646 l49871 ls2036">balance </span><span class="pp-class-236 pa t39646 l48803 ls949">sheet </span><span class="pp-class-236 pa t39646 l49872 ls7086">date </span><span class="pp-class-236 pa t39646 l49873 ls278">would </span><span class="pp-class-236 pa t39652 l3 ls1780">impact </span><span class="pp-class-236 pa t39652 l49874 ls572">the </span><span class="pp-class-236 pa t39652 l502 ls877">Group's </span><span class="pp-class-236 pa t39652 l49875 ls681">profit </span><span class="pp-class-236 pa t39652 l49876 ls651">and </span><span class="pp-class-236 pa t39652 l49877 ls2222">loss </span><span class="pp-class-236 pa t39652 l49878 ls706">by </span><span class="pp-class-236 pa t39652 l49879 ls651">the </span><span class="pp-class-236 pa t39652 l49880 ls625">amounts </span><span class="pp-class-236 pa t39652 l49881 ls7086">presented </span><span class="pp-class-236 pa t39652 l49882 ls11722">below. </span><span class="pp-class-236 pa t39652 l49883 ls2245">Currency </span><span class="pp-class-236 pa t39652 l49884 ls747">sensitivities </span><span class="pp-class-236 pa t39652 l49885 ls553">for </span><span class="pp-class-236 pa t39652 l49886 ls2222">2025 </span><span class="pp-class-236 pa t39652 l49887 ls2808">are </span><span class="pp-class-236 pa t39652 l49888 ls811">based </span><span class="pp-class-236 pa t39669 l3 ls811">on </span><span class="pp-class-236 pa t39669 l31254 ls1764">annual </span><span class="pp-class-236 pa t39669 l45744 ls2197">volatility </span><span class="pp-class-236 pa t39669 l49889 ls3234">over </span><span class="pp-class-236 pa t39669 l49890 ls184">a </span><span class="pp-class-236 pa t39669 l49891 ls556">two </span><span class="pp-class-236 pa t39669 l49892 ls8048">year </span><span class="pp-class-236 pa t39669 l49893 ls1764">period.</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49894 l3 ls241">Operational </span><span class="pp-class-237 pa t49894 l28342 ls1741">currency </span><span class="pp-class-237 pa t49894 l49895">cash </span><span class="pp-class-237 pa t49894 l49896 ls63">flow </span><span class="pp-class-237 pa t49894 l49897">risk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49894 l49898 ls234">EBITDA</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49899 l3">DKK </span><span class="pp-class-236 pa t49899 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49899 l44793">202</span></a><span class="pp-class-237 pa t49899 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49899 l40478 ls811">202</span></a><span class="pp-class-236 pa t49899 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l3">SEK, </span><span class="pp-class-236 pa t49900 l49901">income </span><span class="pp-class-236 pa t49900 l36525 ls73">statement </span><span class="pp-class-236 pa t49900 l3330 ls1011">effect, </span><span class="pp-class-236 pa t49900 l49902">6% </span><span class="pp-class-236 pa t49900 l48382 ls135">strengthening</span></a><span class="pp-class-236 pa t49900 l49903"/><span class="pp-class-236 pa t49900 l49904 ls685">(2024: </span><span class="pp-class-236 pa t49900 l42619 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l49905 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l37201">6</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l3">NOK, </span><span class="pp-class-236 pa t49906 l49907">income </span><span class="pp-class-236 pa t49906 l49908 ls73">statement </span><span class="pp-class-236 pa t49906 l49909 ls1011">effect, </span><span class="pp-class-236 pa t49906 l49910">7% </span><span class="pp-class-236 pa t49906 l49911 ls135">strengthening</span></a><span class="pp-class-236 pa t49906 l49912"/><span class="pp-class-236 pa t49906 l49913 ls685">(2024: </span><span class="pp-class-236 pa t49906 l49914 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l49915">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l44648">5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l3 ls870">GBP, </span><span class="pp-class-236 pa t49916 l49917">income </span><span class="pp-class-236 pa t49916 l49918 ls73">statement </span><span class="pp-class-236 pa t49916 l49919 ls1011">effect, </span><span class="pp-class-236 pa t49916 l49920">4% </span><span class="pp-class-236 pa t49916 l49921 ls135">strengthening</span></a><span class="pp-class-236 pa t49916 l49922"/><span class="pp-class-236 pa t49916 l16924 ls685">(2024: </span><span class="pp-class-236 pa t49916 l49923 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l49924">20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l48957">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l3 ls1151">TRY, </span><span class="pp-class-236 pa t49925 l49926">income </span><span class="pp-class-236 pa t49925 l43449 ls73">statement </span><span class="pp-class-236 pa t49925 l49927 ls1011">effect, </span><span class="pp-class-236 pa t49925 l42487">8% </span><span class="pp-class-236 pa t49925 l49928 ls135">strengthening</span></a><span class="pp-class-236 pa t49925 l49421"/><span class="pp-class-236 pa t49925 l49929 ls685">(2024: </span><span class="pp-class-236 pa t49925 l49930 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l49931">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l49932">-13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l3 ls544">USD, </span><span class="pp-class-236 pa t49933 l49934">income </span><span class="pp-class-236 pa t49933 l13236 ls73">statement </span><span class="pp-class-236 pa t49933 l49935 ls1011">effect, </span><span class="pp-class-236 pa t49933 l27260">7% </span><span class="pp-class-236 pa t49933 l49936 ls135">strengthening</span></a><span class="pp-class-236 pa t49933 l49937"/><span class="pp-class-236 pa t49933 l49938 ls685">(2024: </span><span class="pp-class-236 pa t49933 l49939 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l41801">-19</span></a></p></td></tr></table></div></div><div id="pp-id-5398" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40114 l3 ls651">The </span><span class="pp-class-236 pa t40114 l38379 ls877">Group's </span><span class="pp-class-236 pa t40114 l49943 ls2222">most </span><span class="pp-class-236 pa t40114 l49944 ls524">significant </span><span class="pp-class-236 pa t40114 l49945 ls2245">currency </span><span class="pp-class-236 pa t40114 l49946 ls2036">balance </span><span class="pp-class-236 pa t40114 l49947 ls995">positions </span><span class="pp-class-236 pa t40114 l49948 ls2808">are </span><span class="pp-class-236 pa t40114 l49949 ls811">in </span><span class="pp-class-236 pa t40114 l49950 ls129">EUR, </span><span class="pp-class-236 pa t40114 l49951 ls2222">SEK, </span><span class="pp-class-236 pa t40114 l49952 ls2222">NOK, </span><span class="pp-class-236 pa t40114 l49953 ls49793">GBP, </span><span class="pp-class-236 pa t40114 l49954 ls29617">TRY, </span><span class="pp-class-236 pa t40114 l49955 ls651">and </span><span class="pp-class-236 pa t40114 l49956 ls651">USD </span><span class="pp-class-236 pa t40114 l49957 ls1131">relating </span><span class="pp-class-236 pa t40114 l49958 ls184">to </span><span class="pp-class-236 pa t40125 l3 ls538">debt, </span><span class="pp-class-236 pa t40125 l49186 ls849">trade </span><span class="pp-class-236 pa t40125 l39045 ls877">payables </span><span class="pp-class-236 pa t40125 l49959 ls651">and </span><span class="pp-class-236 pa t40125 l49960 ls849">trade </span><span class="pp-class-236 pa t40125 l49961 ls1463">receivables. </span><span class="pp-class-236 pa t40125 l49962 ls651">All </span><span class="pp-class-236 pa t40125 l49963 ls2222">else </span><span class="pp-class-236 pa t40125 l49964 ls538">equal </span><span class="pp-class-236 pa t40125 l49965 ls184">a </span><span class="pp-class-236 pa t40125 l49966 ls758">strengthening </span><span class="pp-class-236 pa t40125 l38911 ls98">of </span><span class="pp-class-236 pa t40125 l49967 ls2222">SEK, </span><span class="pp-class-236 pa t40125 l49968 ls2222">NOK, </span><span class="pp-class-236 pa t40125 l49969 ls49793">GBP, </span><span class="pp-class-236 pa t40125 l49970 ls29617">TRY, </span><span class="pp-class-236 pa t40125 l49971 ls572">and </span><span class="pp-class-236 pa t40125 l49972 ls184">USD </span><span class="pp-class-236 pa t40137 l3 ls544">against </span><span class="pp-class-236 pa t40137 l28839 ls651">DKK </span><span class="pp-class-236 pa t40137 l49973 ls2197">at </span><span class="pp-class-236 pa t40137 l49974 ls2036">balance </span><span class="pp-class-236 pa t40137 l49975 ls949">sheet </span><span class="pp-class-236 pa t40137 l17074 ls7086">date </span><span class="pp-class-236 pa t40137 l49976 ls838">would </span><span class="pp-class-236 pa t40137 l49977 ls110">have </span><span class="pp-class-236 pa t40137 l49978 ls1796">increased/decreased </span><span class="pp-class-236 pa t40137 l49979 ls2036">balance </span><span class="pp-class-236 pa t40137 l49980 ls949">sheet </span><span class="pp-class-236 pa t40137 l49981 ls625">items </span><span class="pp-class-236 pa t40137 l49982 ls706">by </span><span class="pp-class-236 pa t40137 l37400 ls572">the </span><span class="pp-class-236 pa t40137 l49983 ls35">amounts </span><span class="pp-class-236 pa t40150 l3 ls7086">presented </span><span class="pp-class-236 pa t40150 l6723 ls6255">below.</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l3 ls1741">Currency </span><span class="pp-class-237 pa t49984 l49985 ls1535">balance </span><span class="pp-class-237 pa t49984 l49986">risk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l43563"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l49987"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49988 l3">DKK </span><span class="pp-class-236 pa t49988 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49988 l44793">202</span></a><span class="pp-class-237 pa t49988 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49988 l40478 ls811">202</span></a><span class="pp-class-236 pa t49988 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l3">SEK, </span><span class="pp-class-236 pa t49989 l49901">equity </span><span class="pp-class-236 pa t49989 l44824">and </span><span class="pp-class-236 pa t49989 l29829">income </span><span class="pp-class-236 pa t49989 l49990 ls73">statement </span><span class="pp-class-236 pa t49989 l19255 ls1011">effect, </span><span class="pp-class-236 pa t49989 l48823">6% </span><span class="pp-class-236 pa t49989 l49178 ls135">strengthening</span></a><span class="pp-class-236 pa t49989 l49991"/><span class="pp-class-236 pa t49989 l24372 ls685">(2024: </span><span class="pp-class-236 pa t49989 l49992 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49993 l3">NOK</span><a><span class="pp-class-236 pa t49993 l49994">, </span><span class="pp-class-236 pa t49993 l49907">equity </span><span class="pp-class-236 pa t49993 l43988">and </span><span class="pp-class-236 pa t49993 l47974">income </span><span class="pp-class-236 pa t49993 l46569 ls73">statement </span><span class="pp-class-236 pa t49993 l49995 ls1011">effect, </span><span class="pp-class-236 pa t49993 l49996">7% </span><span class="pp-class-236 pa t49993 l42514 ls135">strengthening</span></a><span class="pp-class-236 pa t49993 l49997"/><span class="pp-class-236 pa t49993 l49998 ls685">(2024: </span><span class="pp-class-236 pa t49993 l49999 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49993 l48284">-3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49993 l41866">-</span></a><span class="pp-class-236 pa t49993 l47209">1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50000 l3 ls50001">GBP</span><a><span class="pp-class-236 pa t50000 l45904">, </span><span class="pp-class-236 pa t50000 l49917">equity </span><span class="pp-class-236 pa t50000 l28561">and </span><span class="pp-class-236 pa t50000 l50002">income </span><span class="pp-class-236 pa t50000 l50003 ls73">statement </span><span class="pp-class-236 pa t50000 l25468 ls1011">effect, </span><span class="pp-class-236 pa t50000 l37844">4% </span><span class="pp-class-236 pa t50000 l50004 ls135">strengthening</span></a><span class="pp-class-236 pa t50000 l50005"/><span class="pp-class-236 pa t50000 l50006 ls685">(2024: </span><span class="pp-class-236 pa t50000 l50007 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50000 l43719">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50000 l50008">-</span></a><span class="pp-class-236 pa t50000 l48957">3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l3 ls1151">TRY, </span><span class="pp-class-236 pa t50009 l49926">equity </span><span class="pp-class-236 pa t50009 l50010">and </span><span class="pp-class-236 pa t50009 l35037">income </span><span class="pp-class-236 pa t50009 l46161 ls73">statement </span><span class="pp-class-236 pa t50009 l50011 ls1011">effect, </span><span class="pp-class-236 pa t50009 l50012">8% </span><span class="pp-class-236 pa t50009 l50013 ls135">strengthening</span></a><span class="pp-class-236 pa t50009 l3089"/><span class="pp-class-236 pa t50009 l50014 ls685">(2024: </span><span class="pp-class-236 pa t50009 l50015 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l43605">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l3 ls544">USD, </span><span class="pp-class-236 pa t50016 l49934">equity </span><span class="pp-class-236 pa t50016 l50017">and </span><span class="pp-class-236 pa t50016 l50018">income </span><span class="pp-class-236 pa t50016 l20972 ls73">statement </span><span class="pp-class-236 pa t50016 l38845 ls1011">effect, </span><span class="pp-class-236 pa t50016 l50019">7% </span><span class="pp-class-236 pa t50016 l50020 ls1467">strengthening </span></a><span class="pp-class-236 pa t50016 l50021 ls685">(2024: </span><span class="pp-class-236 pa t50016 l50022 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l41002">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50023 l3 ls995">Liquidity </span><span class="pp-class-237 pa t50023 l50024 ls1463">risks</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50025 l3 ls2222">DFDS </span><span class="pp-class-236 pa t50025 l28172 ls995">Financial </span><span class="pp-class-236 pa t50025 l48806 ls603">Policy </span><span class="pp-class-236 pa t50025 l50026 ls811">is </span><span class="pp-class-236 pa t50025 l34157 ls538">to </span><span class="pp-class-236 pa t50025 l50027 ls2197">secure </span><span class="pp-class-236 pa t50025 l50028 ls681">adequate </span><span class="pp-class-236 pa t50025 l50029 ls995">liquidity </span><span class="pp-class-236 pa t50025 l50030 ls538">to </span><span class="pp-class-236 pa t50025 l50031 ls524">meet </span><span class="pp-class-236 pa t50025 l38946 ls995">financial </span><span class="pp-class-236 pa t50025 l50032 ls572">and </span><span class="pp-class-236 pa t50025 l50033 ls2969">operational </span><span class="pp-class-236 pa t50025 l43827 ls3855">payment </span><span class="pp-class-236 pa t50025 l50034 ls530">obligations </span><span class="pp-class-236 pa t50035 l3 ls706">by </span><span class="pp-class-236 pa t50035 l38454 ls541">maintaining </span><span class="pp-class-236 pa t50035 l50036 ls184">a </span><span class="pp-class-236 pa t50035 l50037 ls2036">minimum </span><span class="pp-class-236 pa t50035 l48334 ls98">of </span><span class="pp-class-236 pa t50035 l50038 ls2222">1.2x </span><span class="pp-class-236 pa t50035 l9939 ls2222">cash </span><span class="pp-class-236 pa t50035 l44262 ls556">sources </span><span class="pp-class-236 pa t50035 l50039 ls3234">over </span><span class="pp-class-236 pa t50035 l50040 ls2222">cash </span><span class="pp-class-236 pa t50035 l50041 ls2222">uses </span><span class="pp-class-236 pa t50035 l50042 ls553">for </span><span class="pp-class-236 pa t50035 l50043 ls651">the </span><span class="pp-class-236 pa t50035 l50044 ls877">next </span><span class="pp-class-236 pa t50035 l50045 ls811">12 </span><span class="pp-class-236 pa t50035 l50046 ls625">months. </span><span class="pp-class-236 pa t50035 l50047 ls572">The </span><span class="pp-class-236 pa t50035 l50048 ls1775">year-end </span><span class="pp-class-236 pa t50035 l50049 ls572">sum </span><span class="pp-class-236 pa t50035 l50050 ls197">of </span><span class="pp-class-236 pa t50051 l3 ls758">total </span><span class="pp-class-236 pa t50051 l50052 ls2222">cash </span><span class="pp-class-236 pa t50051 l50053 ls651">and </span><span class="pp-class-236 pa t50051 l50054 ls1118">undrawn </span><span class="pp-class-236 pa t50051 l50055 ls560">committed </span><span class="pp-class-236 pa t50051 l50056 ls1780">facilities </span><span class="pp-class-236 pa t50051 l28195 ls556">was </span><span class="pp-class-236 pa t50051 l50057 ls572">DKK </span><span class="pp-class-236 pa t50051 l50058 ls1815">4,425m </span><span class="pp-class-236 pa t50051 l50059 ls667">(2024: </span><span class="pp-class-236 pa t50051 l50060 ls572">DKK </span><span class="pp-class-236 pa t50051 l50061 ls4609">3,383m), </span><span class="pp-class-236 pa t50051 l50062 ls98">of </span><span class="pp-class-236 pa t50051 l50063 ls538">which </span><span class="pp-class-236 pa t50051 l50064 ls4558">undrawn </span><span class="pp-class-236 pa t50065 l3 ls560">committed </span><span class="pp-class-236 pa t50065 l50066 ls1780">facilities </span><span class="pp-class-236 pa t50065 l50067 ls995">amount </span><span class="pp-class-236 pa t50065 l17615 ls538">to </span><span class="pp-class-236 pa t50065 l50068 ls651">DKK </span><span class="pp-class-236 pa t50065 l31870 ls847">2,629m </span><span class="pp-class-236 pa t50065 l50069 ls667">(2024: </span><span class="pp-class-236 pa t50065 l50070 ls572">DKK </span><span class="pp-class-236 pa t50065 l50071 ls1017">1,794m). </span><span class="pp-class-236 pa t50065 l50072 ls558">Short-term </span><span class="pp-class-236 pa t50065 l50073 ls1751">deposits </span><span class="pp-class-236 pa t50065 l50074 ls530">amounted </span><span class="pp-class-236 pa t50065 l50075 ls538">to </span><span class="pp-class-236 pa t50065 l50076 ls572">DKK </span><span class="pp-class-236 pa t50065 l50077 ls2969">373m </span><span class="pp-class-236 pa t50078 l3 ls2197">at </span><span class="pp-class-236 pa t50078 l38900 ls811">31 </span><span class="pp-class-236 pa t50078 l50079 ls1751">December </span><span class="pp-class-236 pa t50078 l33272 ls2222">2025 </span><span class="pp-class-236 pa t50078 l10282 ls667">(2024: </span><span class="pp-class-236 pa t50078 l50080 ls651">DKK </span><span class="pp-class-236 pa t50078 l50081 ls2222">0m). </span><span class="pp-class-236 pa t50078 l50082 ls28052">Total </span><span class="pp-class-236 pa t50078 l50083 ls2222">cash </span><span class="pp-class-236 pa t50078 l50084 ls546">including </span><span class="pp-class-236 pa t50078 l50085 ls558">short-term </span><span class="pp-class-236 pa t50078 l50086 ls1751">deposits </span><span class="pp-class-236 pa t50078 l50087 ls530">amounted </span><span class="pp-class-236 pa t50078 l50088 ls538">to </span><span class="pp-class-236 pa t50078 l50089 ls572">DKK </span><span class="pp-class-236 pa t50078 l50090 ls4371">1,795m </span><span class="pp-class-236 pa t50078 l50091 ls1547">in </span><span class="pp-class-236 pa t50092 l3 ls2222">2025 </span><span class="pp-class-236 pa t50092 l3404 ls667">(2024: </span><span class="pp-class-236 pa t50092 l50093 ls651">DKK </span><span class="pp-class-236 pa t50092 l50094 ls7468">1,589m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50095 l3 ls811">As </span><span class="pp-class-236 pa t50095 l45116 ls995">described </span><span class="pp-class-236 pa t50095 l28500 ls811">in </span><span class="pp-class-236 pa t50095 l43188 ls558">note </span><span class="pp-class-236 pa t50095 l27819 ls17851">3.2.3, </span><span class="pp-class-236 pa t50095 l31620 ls651">the </span><span class="pp-class-236 pa t50095 l50096 ls706">Group </span><span class="pp-class-236 pa t50095 l29768 ls1744">participates </span><span class="pp-class-236 pa t50095 l50097 ls811">in </span><span class="pp-class-236 pa t50095 l50098 ls4807">supply </span><span class="pp-class-236 pa t50095 l50099 ls538">chain </span><span class="pp-class-236 pa t50095 l49180 ls995">financing </span><span class="pp-class-236 pa t50095 l50100 ls667">arrangements </span><span class="pp-class-236 pa t50095 l50101 ls538">which </span><span class="pp-class-236 pa t50095 l50102 ls4017">provide </span><span class="pp-class-236 pa t50095 l50103 ls184">the </span><span class="pp-class-236 pa t50104 l3 ls706">Group </span><span class="pp-class-236 pa t50104 l40098 ls2222">with </span><span class="pp-class-236 pa t50104 l26488 ls2197">extended </span><span class="pp-class-236 pa t50104 l28567 ls3855">payment </span><span class="pp-class-236 pa t50104 l50105 ls625">terms </span><span class="pp-class-236 pa t50104 l50106 ls2222">with </span><span class="pp-class-236 pa t50104 l50107 ls667">banks </span><span class="pp-class-236 pa t50104 l50108 ls811">as </span><span class="pp-class-236 pa t50104 l50109 ls2036">finance </span><span class="pp-class-236 pa t50104 l46224 ls5781">providers. </span><span class="pp-class-236 pa t50104 l50110 ls572">The </span><span class="pp-class-236 pa t50104 l50111 ls667">banks </span><span class="pp-class-236 pa t50104 l50112 ls2808">are </span><span class="pp-class-236 pa t50104 l50113 ls4290">externally </span><span class="pp-class-236 pa t50104 l50114 ls2816">rated </span><span class="pp-class-236 pa t50104 l50115 ls2222">with </span><span class="pp-class-236 pa t50104 l50116 ls967">high </span><span class="pp-class-236 pa t50117 l3 ls2036">quality </span><span class="pp-class-236 pa t50117 l50118 ls2197">credit </span><span class="pp-class-236 pa t50117 l44362 ls2197">scores </span><span class="pp-class-236 pa t50117 l50119 ls651">and </span><span class="pp-class-236 pa t50117 l622 ls110">have </span><span class="pp-class-236 pa t50117 l50120 ls184">a </span><span class="pp-class-236 pa t50117 l50121 ls1751">long-standing </span><span class="pp-class-236 pa t50117 l50122 ls691">relationship </span><span class="pp-class-236 pa t50117 l50123 ls2222">with </span><span class="pp-class-236 pa t50117 l50124 ls538">DFDS. </span><span class="pp-class-236 pa t50117 l50125 ls651">The </span><span class="pp-class-236 pa t50117 l50126 ls706">Group </span><span class="pp-class-236 pa t50117 l50127 ls6146">therefore </span><span class="pp-class-236 pa t50117 l50128 ls2222">sees </span><span class="pp-class-236 pa t50117 l50129 ls811">no </span><span class="pp-class-236 pa t50117 l50130 ls664">significant </span><span class="pp-class-236 pa t50131 l3 ls995">liquidity </span><span class="pp-class-236 pa t50131 l50132 ls2222">risk </span><span class="pp-class-236 pa t50131 l50133 ls3681">related </span><span class="pp-class-236 pa t50131 l39110 ls538">to </span><span class="pp-class-236 pa t50131 l50134 ls651">the </span><span class="pp-class-236 pa t50131 l50135 ls2036">finance </span><span class="pp-class-236 pa t50131 l50136 ls4276">providers’ </span><span class="pp-class-236 pa t50131 l50137 ls2036">ability </span><span class="pp-class-236 pa t50131 l50138 ls538">to </span><span class="pp-class-236 pa t50131 l50139 ls2036">finance </span><span class="pp-class-236 pa t50131 l50140 ls572">the </span><span class="pp-class-236 pa t50131 l50141 ls667">arrangements.</span></p></div></div><div id="pp-id-5399" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50142 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t283 l50143 ls2270">contractual </span><span class="pp-class-236 pa t283 l50144 ls1404">maturities </span><span class="pp-class-236 pa t283 l50145 ls98">of </span><span class="pp-class-236 pa t283 l50146 ls995">financial </span><span class="pp-class-236 pa t283 l50147 ls949">instruments, </span><span class="pp-class-236 pa t283 l38796 ls546">including </span><span class="pp-class-236 pa t283 l50148 ls2207">estimated </span><span class="pp-class-236 pa t283 l50149 ls706">interest </span><span class="pp-class-236 pa t283 l50150 ls616">payments, </span><span class="pp-class-236 pa t283 l50151 ls2808">are </span><span class="pp-class-236 pa t283 l50152 ls681">stated </span><span class="pp-class-236 pa t283 l50153 ls811">in </span><span class="pp-class-236 pa t283 l50154 ls184">the </span><span class="pp-class-236 pa t38325 l3 ls625">table </span><span class="pp-class-236 pa t38325 l50155 ls838">below:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50156 l40370">2025</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50157 l3">DKK </span><span class="pp-class-236 pa t50157 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50157 l50158">0-1 </span><span class="pp-class-237 pa t50157 l50159 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50157 l50160 ls995">1-3 </span><span class="pp-class-237 pa t50157 l44603 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50157 l50161">3-5 </span><span class="pp-class-237 pa t50157 l50162 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50163 l50164 ls129">After </span><span class="pp-class-237 pa t50163 l40371">5 </span><span class="pp-class-237 pa t50157 l50165 ls63">years</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50166 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50166 l38000 ls1107">financial </span><span class="pp-class-237 pa t50166 l50167 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50168 l3">Cash </span><span class="pp-class-236 pa t50168 l3028">and </span><span class="pp-class-236 pa t50168 l37435">cash </span><span class="pp-class-236 pa t50168 l37436 ls1700">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l50169 ls2924">1,795</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l43124">- </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50170 l3 ls6255">Trade </span><span class="pp-class-236 pa t50170 l37509 ls129">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l50171 ls1463">3,368</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l43124">- </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50172 l3 ls1011">Receivables </span><span class="pp-class-236 pa t50172 l37491 ls181">from </span><span class="pp-class-236 pa t50172 l47130 ls135">associates </span><span class="pp-class-236 pa t50172 l47131">and </span><span class="pp-class-236 pa t50172 l47132 ls1098">joint </span><span class="pp-class-236 pa t50172 l47133 ls1574">ventures</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l44691">68</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50173 l3">Other </span><span class="pp-class-236 pa t50173 l8396 ls197">receivables </span><span class="pp-class-236 pa t50173 l33563">and </span><span class="pp-class-236 pa t50173 l47147 ls833">current </span><span class="pp-class-236 pa t50173 l47148 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l45250">643</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50174 l3 ls574">Derivative </span><span class="pp-class-237 pa t50174 l50175 ls1107">financial </span><span class="pp-class-237 pa t50174 l50176 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50177 l3">Commodity </span><span class="pp-class-236 pa t50177 l9696 ls3852">swaps</span></p></div></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l49519">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50179 l3 ls428">Interest </span><span class="pp-class-236 pa t50179 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50179 l28488">&amp; </span><span class="pp-class-236 pa t50179 l50180">caps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l44697">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l50181 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l50182">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l47135">23</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l3 ls106">Cross </span><span class="pp-class-236 pa t4605 l19202 ls800">currency </span><span class="pp-class-236 pa t4605 l50183 ls428">interest </span><span class="pp-class-236 pa t4605 l28735 ls546">rate </span><span class="pp-class-236 pa t4605 l50184 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l49519">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50185 l3 ls181">Forward </span><span class="pp-class-236 pa t50185 l47512 ls212">exchange </span><span class="pp-class-236 pa t50185 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50185 l50186">and </span><span class="pp-class-236 pa t50185 l50187 ls800">currency </span><span class="pp-class-236 pa t50185 l50188 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l50189 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l50190">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l50191">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50192 l3 ls6824">Total </span><span class="pp-class-237 pa t50192 l20253 ls1107">financial </span><span class="pp-class-237 pa t50192 l50193 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50194 ls6146">5,907</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50195 ls184">24</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50196">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50197 ls184">24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50198 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50198 l38000 ls1107">financial </span><span class="pp-class-237 pa t50198 l50167">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50199 l3">Bank </span><span class="pp-class-236 pa t50199 l50200">loans </span><span class="pp-class-236 pa t50199 l50201">and </span><span class="pp-class-236 pa t50199 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t50199 l50203">on </span><span class="pp-class-236 pa t50199 l13191 ls85">ferries </span><span class="pp-class-236 pa t50199 l32440">and </span><span class="pp-class-236 pa t50199 l50204 ls67">other </span><span class="pp-class-236 pa t50199 l50205">ships</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l50206">1,232</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l50207 ls3121">7,635</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l50208 ls23067">740</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l44915 ls771">786</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50209 l3">Issued </span><span class="pp-class-236 pa t50209 l50210 ls63">corporate </span><span class="pp-class-236 pa t50209 l50211">bonds</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l50212 ls52">735</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l45226">959</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l43147">643</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50213 l3">Lease </span><span class="pp-class-236 pa t50213 l44863">liabilities </span><span class="pp-class-236 pa t50213 l44864 ls1444">(undiscounted)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l50214">1,203</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l50215 ls664">2,549</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l44852 ls995">1,059</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l50216 ls10">1,273</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50217 l3 ls6255">Trade </span><span class="pp-class-236 pa t50217 l37509 ls252">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l50218 ls10502">3,753</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50219 l3 ls2368">Payables </span><span class="pp-class-236 pa t50219 l47248 ls138">to </span><span class="pp-class-236 pa t50219 l28769 ls135">associates </span><span class="pp-class-236 pa t50219 l29758">and </span><span class="pp-class-236 pa t50219 l47760 ls1098">joint </span><span class="pp-class-236 pa t50219 l12116 ls1574">ventures</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l50220">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50221 l3">Other </span><span class="pp-class-236 pa t50221 l8396 ls252">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l50222">283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50223 l3 ls574">Derivative </span><span class="pp-class-237 pa t50223 l50175 ls1107">financial </span><span class="pp-class-237 pa t50223 l50176">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50224 l3 ls428">Interest </span><span class="pp-class-236 pa t50224 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50224 l28488">&amp; </span><span class="pp-class-236 pa t50224 l50180">caps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l50220">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l50225 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50226 l3 ls106">Cross </span><span class="pp-class-236 pa t50226 l19202 ls800">currency </span><span class="pp-class-236 pa t50226 l50183 ls428">interest </span><span class="pp-class-236 pa t50226 l28735 ls546">rate </span><span class="pp-class-236 pa t50226 l50184 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l33415">52</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l43137">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50227 l3 ls181">Forward </span><span class="pp-class-236 pa t50227 l47512 ls212">exchange </span><span class="pp-class-236 pa t50227 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50227 l50186">and </span><span class="pp-class-236 pa t50227 l50187 ls800">currency </span><span class="pp-class-236 pa t50227 l50188 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l44702">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50228 l3 ls6824">Total </span><span class="pp-class-237 pa t50228 l20253 ls1107">financial </span><span class="pp-class-237 pa t50228 l50193">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l50229 ls8738">7,309</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l50230 ls67">11,182</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l50231 ls76">2,444</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l36652 ls94">2,059</span></a></p></td></tr></table></div></div><div id="pp-id-5400" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50233 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50234 l40478 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50235 l3">DKK </span><span class="pp-class-236 pa t50235 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50235 l50158">0-1 </span><span class="pp-class-237 pa t50235 l50159 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50235 l50160 ls995">1-3 </span><span class="pp-class-237 pa t50235 l44603 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50235 l50161">3-5 </span><span class="pp-class-237 pa t50235 l50162 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50236 l50164 ls129">After </span><span class="pp-class-237 pa t50236 l40371">5 </span><span class="pp-class-237 pa t50235 l50165 ls63">years</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50237 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50237 l38000 ls1107">financial </span><span class="pp-class-237 pa t50237 l50167 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50238 l3">Cash </span><span class="pp-class-236 pa t50238 l3028">and </span><span class="pp-class-236 pa t50238 l37435">cash </span><span class="pp-class-236 pa t50238 l37436 ls1700">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l50239 ls664">1,589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l3 ls6255">Trade </span><span class="pp-class-236 pa t50240 l37509 ls129">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l44752">4,203</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l3 ls1011">Receivables </span><span class="pp-class-236 pa t50241 l37491 ls181">from </span><span class="pp-class-236 pa t50241 l47130 ls135">associates </span><span class="pp-class-236 pa t50241 l47131">and </span><span class="pp-class-236 pa t50241 l47132 ls1098">joint </span><span class="pp-class-236 pa t50241 l47133 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l50242">45</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l3">Other </span><span class="pp-class-236 pa t50243 l8396 ls197">receivables </span><span class="pp-class-236 pa t50243 l33563">and </span><span class="pp-class-236 pa t50243 l47147 ls833">current </span><span class="pp-class-236 pa t50243 l47148 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l50244 ls811">624</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l43243">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50245 l3 ls574">Derivative </span><span class="pp-class-237 pa t50245 l50175 ls1107">financial </span><span class="pp-class-237 pa t50245 l50176 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l3 ls428">Interest </span><span class="pp-class-236 pa t50246 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50246 l28488">&amp; </span><span class="pp-class-236 pa t50246 l50180">caps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l50247 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l50248">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l50249 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l48234 ls129">27</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l3 ls181">Forward </span><span class="pp-class-236 pa t50250 l47512 ls212">exchange </span><span class="pp-class-236 pa t50250 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50250 l50186">and </span><span class="pp-class-236 pa t50250 l50187 ls800">currency </span><span class="pp-class-236 pa t50250 l50188 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l50251">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l50252">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l45698">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l3 ls6824">Total </span><span class="pp-class-237 pa t50253 l20253 ls1107">financial </span><span class="pp-class-237 pa t50253 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l41534 ls4558">6,510</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l50254">42</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l50255">33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l50256">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50257 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50257 l38000 ls1107">financial </span><span class="pp-class-237 pa t50257 l50167">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l3">Bank </span><span class="pp-class-236 pa t50258 l50200">loans </span><span class="pp-class-236 pa t50258 l50201">and </span><span class="pp-class-236 pa t50258 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t50258 l50203">on </span><span class="pp-class-236 pa t50258 l13191 ls85">ferries </span><span class="pp-class-236 pa t50258 l32440">and </span><span class="pp-class-236 pa t50258 l50204 ls67">other </span><span class="pp-class-236 pa t50258 l50205">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l50259">882</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l50260 ls556">9,220</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l40625">428</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l50261 ls2813">947</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l3">Issued </span><span class="pp-class-236 pa t50262 l50210 ls63">corporate </span><span class="pp-class-236 pa t50262 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l50263 ls2368">141</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l50264">1,280</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l50265 ls995">1,060</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l3">Lease </span><span class="pp-class-236 pa t50266 l44863">liabilities </span><span class="pp-class-236 pa t50266 l44864 ls1444">(undiscounted)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l50267">1,293</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l50268 ls995">2,659</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l50269">1,296</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l44857 ls664">1,551</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l3 ls6255">Trade </span><span class="pp-class-236 pa t50270 l37509 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l50271 ls2081">3,984</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l3 ls2368">Payables </span><span class="pp-class-236 pa t50272 l47248 ls138">to </span><span class="pp-class-236 pa t50272 l28769 ls135">associates </span><span class="pp-class-236 pa t50272 l29758">and </span><span class="pp-class-236 pa t50272 l47760 ls1098">joint </span><span class="pp-class-236 pa t50272 l12116 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l50273 ls184">16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l3">Other </span><span class="pp-class-236 pa t50274 l8396 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l50275">233</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50276 l3 ls574">Derivative </span><span class="pp-class-237 pa t50276 l50175 ls1107">financial </span><span class="pp-class-237 pa t50276 l50176">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l3 ls428">Interest </span><span class="pp-class-236 pa t50277 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50277 l28488">&amp; </span><span class="pp-class-236 pa t50277 l50180">caps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l33415">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l50278">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l3 ls106">Cross </span><span class="pp-class-236 pa t50279 l19202 ls800">currency </span><span class="pp-class-236 pa t50279 l50183 ls428">interest </span><span class="pp-class-236 pa t50279 l28735 ls546">rate </span><span class="pp-class-236 pa t50279 l50184 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l40450">40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l40382">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l48276">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l3 ls181">Forward </span><span class="pp-class-236 pa t50280 l47512 ls212">exchange </span><span class="pp-class-236 pa t50280 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50280 l50186">and </span><span class="pp-class-236 pa t50280 l50187 ls800">currency </span><span class="pp-class-236 pa t50280 l50188 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l43209">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l3 ls6824">Total </span><span class="pp-class-237 pa t50281 l20253 ls1107">financial </span><span class="pp-class-237 pa t50281 l50193">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50282 ls1118">6,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50283 ls244">13,225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50284 ls1044">2,793</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50285 ls76">2,498</span></a></p></td></tr></table></div></div><div id="pp-id-5401" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50286 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t283 l3 ls541">Assumptions </span><span class="pp-class-237 pa t283 l50287 ls696">for </span><span class="pp-class-237 pa t283 l50288 ls651">the </span><span class="pp-class-237 pa t283 l50289 ls4630">maturity </span><span class="pp-class-237 pa t283 l50290 ls4248">table</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38325 l3 ls651">The </span><span class="pp-class-236 pa t38325 l38379 ls548">maturity </span><span class="pp-class-236 pa t38325 l50291 ls1131">analysis </span><span class="pp-class-236 pa t38325 l37251 ls811">is </span><span class="pp-class-236 pa t38325 l50292 ls538">based </span><span class="pp-class-236 pa t38325 l7946 ls811">on </span><span class="pp-class-236 pa t38325 l31109 ls541">undiscounted </span><span class="pp-class-236 pa t38325 l50293 ls2222">cash </span><span class="pp-class-236 pa t38325 l48082 ls706">flows </span><span class="pp-class-236 pa t38325 l50294 ls546">including </span><span class="pp-class-236 pa t38325 l50295 ls2207">estimated </span><span class="pp-class-236 pa t38325 l50296 ls706">interest </span><span class="pp-class-236 pa t38325 l38596 ls616">payments. </span><span class="pp-class-236 pa t38325 l50297 ls4630">Interest </span><span class="pp-class-236 pa t38337 l3 ls4630">payments </span><span class="pp-class-236 pa t38337 l36228 ls2808">are </span><span class="pp-class-236 pa t38337 l9678 ls2207">estimated </span><span class="pp-class-236 pa t38337 l50298 ls538">based </span><span class="pp-class-236 pa t38337 l50299 ls811">on </span><span class="pp-class-236 pa t38337 l50300 ls3855">existing </span><span class="pp-class-236 pa t38337 l50301 ls691">market </span><span class="pp-class-236 pa t38337 l50302 ls562">conditions.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38370 l3 ls651">The </span><span class="pp-class-236 pa t38370 l38379 ls541">undiscounted </span><span class="pp-class-236 pa t38370 l50303 ls2222">cash </span><span class="pp-class-236 pa t38370 l50304 ls706">flows </span><span class="pp-class-236 pa t38370 l50305 ls3681">related </span><span class="pp-class-236 pa t38370 l50306 ls538">to </span><span class="pp-class-236 pa t38370 l50307 ls4775">derivative </span><span class="pp-class-236 pa t38370 l50308 ls995">financial </span><span class="pp-class-236 pa t38370 l50309 ls625">liabilities </span><span class="pp-class-236 pa t38370 l50310 ls2808">are </span><span class="pp-class-236 pa t38370 l50311 ls7086">presented </span><span class="pp-class-236 pa t38370 l50312 ls2197">at </span><span class="pp-class-236 pa t38370 l50313 ls706">gross </span><span class="pp-class-236 pa t38370 l50314 ls625">amounts </span><span class="pp-class-236 pa t38370 l50315 ls1792">unless </span><span class="pp-class-236 pa t38598 l3 ls651">the </span><span class="pp-class-236 pa t38598 l28221 ls1792">parties </span><span class="pp-class-236 pa t38598 l50316 ls1463">according </span><span class="pp-class-236 pa t38598 l50317 ls538">to </span><span class="pp-class-236 pa t38598 l50318 ls651">the </span><span class="pp-class-236 pa t38598 l50319 ls2808">contract </span><span class="pp-class-236 pa t38598 l50320 ls110">have </span><span class="pp-class-236 pa t38598 l50321 ls184">a </span><span class="pp-class-236 pa t38598 l50322 ls536">right </span><span class="pp-class-236 pa t38598 l50323 ls811">or </span><span class="pp-class-236 pa t38598 l1146 ls1404">obligation </span><span class="pp-class-236 pa t38598 l50324 ls538">to </span><span class="pp-class-236 pa t38598 l50325 ls713">settle </span><span class="pp-class-236 pa t38598 l50326 ls2197">at </span><span class="pp-class-236 pa t38598 l50327 ls4248">net </span><span class="pp-class-236 pa t38598 l50328 ls2222">amount.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38394 l3 ls168">Credit </span><span class="pp-class-237 pa t38394 l50329 ls1118">exposure</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38413 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t38413 l50143 ls2197">credit </span><span class="pp-class-236 pa t38413 l50330 ls11713">exposure </span><span class="pp-class-236 pa t38413 l41844 ls811">is </span><span class="pp-class-236 pa t38413 l18374 ls681">primarily </span><span class="pp-class-236 pa t38413 l50331 ls621">attributable </span><span class="pp-class-236 pa t38413 l50332 ls538">to </span><span class="pp-class-236 pa t38413 l50333 ls849">trade </span><span class="pp-class-236 pa t38413 l50334 ls651">and </span><span class="pp-class-236 pa t38413 l49434 ls949">other </span><span class="pp-class-236 pa t38413 l50335 ls603">receivables </span><span class="pp-class-236 pa t38413 l50336 ls572">and </span><span class="pp-class-236 pa t38413 l50337 ls538">cash. </span><span class="pp-class-236 pa t38413 l50338 ls572">The </span><span class="pp-class-236 pa t38413 l50339 ls556">receivables </span><span class="pp-class-236 pa t38629 l3 ls546">including </span><span class="pp-class-236 pa t38629 l50340 ls8048">work </span><span class="pp-class-236 pa t38629 l29779 ls811">in </span><span class="pp-class-236 pa t38629 l19688 ls11713">progress </span><span class="pp-class-236 pa t38629 l50341 ls572">services </span><span class="pp-class-236 pa t38629 l50342 ls2808">are </span><span class="pp-class-236 pa t38629 l31630 ls681">stated </span><span class="pp-class-236 pa t38629 l50343 ls811">in </span><span class="pp-class-236 pa t38629 l34059 ls572">the </span><span class="pp-class-236 pa t38629 l50344 ls2036">balance </span><span class="pp-class-236 pa t38629 l50345 ls949">sheet </span><span class="pp-class-236 pa t38629 l50346 ls4248">net </span><span class="pp-class-236 pa t38629 l50347 ls98">of </span><span class="pp-class-236 pa t38629 l50348 ls536">write-downs. </span><span class="pp-class-236 pa t38629 l50349 ls2969">Reference </span><span class="pp-class-236 pa t38629 l50350 ls811">is </span><span class="pp-class-236 pa t38629 l50351 ls544">made </span><span class="pp-class-236 pa t38629 l50352 ls184">to </span><span class="pp-class-236 pa t38426 l3 ls558">note </span><span class="pp-class-236 pa t38426 l43968 ls7468">3.2.1 </span><span class="pp-class-236 pa t38426 l50353 ls553">for </span><span class="pp-class-236 pa t38426 l23457 ls1792">further </span><span class="pp-class-236 pa t38426 l28455 ls621">information </span><span class="pp-class-236 pa t38426 l50354 ls811">on </span><span class="pp-class-236 pa t38426 l50355 ls2036">write-downs </span><span class="pp-class-236 pa t38426 l35096 ls811">on </span><span class="pp-class-236 pa t38426 l50356 ls849">trade </span><span class="pp-class-236 pa t38426 l50357 ls603">receivables </span><span class="pp-class-236 pa t38426 l50358 ls651">and </span><span class="pp-class-236 pa t38426 l50359 ls8048">work </span><span class="pp-class-236 pa t38426 l50360 ls811">in </span><span class="pp-class-236 pa t38426 l50361 ls11713">progress </span><span class="pp-class-236 pa t38426 l50362 ls532">services. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38439 l3 ls2270">According </span><span class="pp-class-236 pa t38439 l38372 ls538">to </span><span class="pp-class-236 pa t38439 l50363 ls651">the </span><span class="pp-class-236 pa t38439 l50364 ls2848">Group’s </span><span class="pp-class-236 pa t38439 l50365 ls758">policy </span><span class="pp-class-236 pa t38439 l50366 ls98">of </span><span class="pp-class-236 pa t38439 l50367 ls1764">undertaking </span><span class="pp-class-236 pa t38439 l2764 ls2197">credit </span><span class="pp-class-236 pa t38439 l48620 ls838">risks, </span><span class="pp-class-236 pa t38439 l50368 ls524">assessments </span><span class="pp-class-236 pa t38439 l50369 ls98">of </span><span class="pp-class-236 pa t38439 l50370 ls651">all </span><span class="pp-class-236 pa t38439 l50371 ls949">customers </span><span class="pp-class-236 pa t38439 l50372 ls572">and </span><span class="pp-class-236 pa t38439 l50373 ls949">other </span><span class="pp-class-236 pa t38439 l50374 ls587">partners </span><span class="pp-class-236 pa t38453 l3 ls2808">are </span><span class="pp-class-236 pa t38453 l38371 ls724">performed.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38476 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t38476 l50143 ls2197">credit </span><span class="pp-class-236 pa t38476 l50330 ls2222">risk </span><span class="pp-class-236 pa t38476 l50375 ls13284">towards </span><span class="pp-class-236 pa t38476 l50376 ls995">financial </span><span class="pp-class-236 pa t38476 l50377 ls995">counterparties </span><span class="pp-class-236 pa t38476 l50378 ls681">primarily </span><span class="pp-class-236 pa t38476 l50379 ls3681">relates </span><span class="pp-class-236 pa t38476 l47873 ls538">to </span><span class="pp-class-236 pa t38476 l50380 ls2222">cash </span><span class="pp-class-236 pa t38476 l50381 ls811">on </span><span class="pp-class-236 pa t38476 l50382 ls2222">bank </span><span class="pp-class-236 pa t38476 l50383 ls30">accounts </span><span class="pp-class-236 pa t38476 l50384 ls651">and </span><span class="pp-class-236 pa t38476 l50385 ls530">positive </span><span class="pp-class-236 pa t38693 l3 ls691">market </span><span class="pp-class-236 pa t38693 l46301 ls556">values </span><span class="pp-class-236 pa t38693 l50386 ls98">of </span><span class="pp-class-236 pa t38693 l50387 ls1775">derivatives. </span><span class="pp-class-236 pa t38693 l36383 ls2197">Credit </span><span class="pp-class-236 pa t38693 l50388 ls1764">limits </span><span class="pp-class-236 pa t38693 l50389 ls811">on </span><span class="pp-class-236 pa t38693 l50390 ls995">financial </span><span class="pp-class-236 pa t38693 l50391 ls995">counterparties </span><span class="pp-class-236 pa t38693 l50392 ls2808">are </span><span class="pp-class-236 pa t38693 l50393 ls560">calculated </span><span class="pp-class-236 pa t38693 l50394 ls811">in </span><span class="pp-class-236 pa t38693 l50395 ls7086">accordance </span><span class="pp-class-236 pa t38693 l50396 ls967">with </span><span class="pp-class-236 pa t38478 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t38478 l50143 ls995">Financial </span><span class="pp-class-236 pa t38478 l50397 ls603">Policy </span><span class="pp-class-236 pa t38478 l50398 ls538">based </span><span class="pp-class-236 pa t38478 l50399 ls811">on </span><span class="pp-class-236 pa t38478 l44913 ls2197">credit </span><span class="pp-class-236 pa t38478 l50400 ls7468">ratings </span><span class="pp-class-236 pa t38478 l50401 ls877">from </span><span class="pp-class-236 pa t38478 l50402 ls560">international </span><span class="pp-class-236 pa t38478 l50403 ls2197">credit </span><span class="pp-class-236 pa t38478 l50404 ls11713">rating </span><span class="pp-class-236 pa t38478 l50405 ls544">agencies. </span><span class="pp-class-236 pa t38478 l50406 ls2197">Credit </span><span class="pp-class-236 pa t38478 l50407 ls7468">ratings </span><span class="pp-class-236 pa t38478 l50408 ls184">and </span><span class="pp-class-236 pa t38491 l3 ls2969">resulting </span><span class="pp-class-236 pa t38491 l36331 ls2197">credit </span><span class="pp-class-236 pa t38491 l11513 ls1764">limits </span><span class="pp-class-236 pa t38491 l50409 ls2808">are </span><span class="pp-class-236 pa t38491 l37976 ls567">monitored </span><span class="pp-class-236 pa t38491 l50410 ls1882">continuously. </span><span class="pp-class-236 pa t38491 l50411 ls2270">According </span><span class="pp-class-236 pa t38491 l50412 ls538">to </span><span class="pp-class-236 pa t38491 l50413 ls651">the </span><span class="pp-class-236 pa t38491 l50414 ls995">Financial </span><span class="pp-class-236 pa t38491 l50415 ls1017">Policy, </span><span class="pp-class-236 pa t38491 l50416 ls572">DKK </span><span class="pp-class-236 pa t38491 l50417 ls2222">500m </span><span class="pp-class-236 pa t38491 l50418 ls811">is </span><span class="pp-class-236 pa t38491 l50419 ls572">the </span><span class="pp-class-236 pa t38491 l50420 ls651">maximum </span><span class="pp-class-236 pa t38508 l3 ls877">allowed </span><span class="pp-class-236 pa t38508 l50421 ls2197">credit </span><span class="pp-class-236 pa t38508 l50422 ls2222">risk </span><span class="pp-class-236 pa t38508 l50423 ls13284">towards </span><span class="pp-class-236 pa t38508 l50424 ls184">a </span><span class="pp-class-236 pa t38508 l50425 ls995">financial </span><span class="pp-class-236 pa t38508 l50426 ls299">counterparty.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38518 l3 ls544">For </span><span class="pp-class-236 pa t38518 l38701 ls184">a </span><span class="pp-class-236 pa t38518 l50427 ls1764">number </span><span class="pp-class-236 pa t38518 l50428 ls98">of </span><span class="pp-class-236 pa t38518 l37161 ls179">customers, </span><span class="pp-class-236 pa t38518 l42995 ls651">the </span><span class="pp-class-236 pa t38518 l50429 ls706">Group </span><span class="pp-class-236 pa t38518 l50430 ls2222">uses </span><span class="pp-class-236 pa t38518 l50431 ls168">non-recourse </span><span class="pp-class-236 pa t38518 l50432 ls567">factoring. </span><span class="pp-class-236 pa t38518 l50433 ls4823">At </span><span class="pp-class-236 pa t38518 l50434 ls1775">year-end </span><span class="pp-class-236 pa t38518 l50435 ls651">the </span><span class="pp-class-236 pa t38518 l50436 ls706">Group </span><span class="pp-class-236 pa t38518 l50437 ls544">had </span><span class="pp-class-236 pa t38518 l50438 ls696">de-recognised </span><span class="pp-class-236 pa t38520 l3 ls603">receivables </span><span class="pp-class-236 pa t38520 l47457 ls2036">without </span><span class="pp-class-236 pa t38520 l50439 ls3855">recourse </span><span class="pp-class-236 pa t38520 l50440 ls4630">having </span><span class="pp-class-236 pa t38520 l50441 ls572">due </span><span class="pp-class-236 pa t38520 l29904 ls7086">date </span><span class="pp-class-236 pa t38520 l50442 ls168">after </span><span class="pp-class-236 pa t38520 l50443 ls811">31 </span><span class="pp-class-236 pa t38520 l50444 ls1751">December </span><span class="pp-class-236 pa t38520 l50445 ls2222">2025 </span><span class="pp-class-236 pa t38520 l50446 ls747">amounting </span><span class="pp-class-236 pa t38520 l50447 ls538">to </span><span class="pp-class-236 pa t38520 l50448 ls572">DKK </span><span class="pp-class-236 pa t38520 l50449 ls2222">886m </span><span class="pp-class-236 pa t38520 l50450 ls667">(2024: </span><span class="pp-class-236 pa t38520 l50451 ls681">none). </span><span class="pp-class-236 pa t38530 l3 ls2036">Expense </span><span class="pp-class-236 pa t38530 l50452 ls667">recognised </span><span class="pp-class-236 pa t38530 l40666 ls877">from </span><span class="pp-class-236 pa t38530 l50453 ls651">the </span><span class="pp-class-236 pa t38530 l50454 ls2197">factoring </span><span class="pp-class-236 pa t38530 l50455 ls8048">arrangement </span><span class="pp-class-236 pa t38530 l50456 ls538">under </span><span class="pp-class-236 pa t38530 l50457 ls1775">operating </span><span class="pp-class-236 pa t38530 l50458 ls2222">cost </span><span class="pp-class-236 pa t38530 l50459 ls556">was </span><span class="pp-class-236 pa t38530 l50460 ls572">DKK </span><span class="pp-class-236 pa t38530 l50461 ls572">21m </span><span class="pp-class-236 pa t38530 l50462 ls667">(2024: </span><span class="pp-class-236 pa t38530 l50463 ls2687">none).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38554 l3 ls2036">Capital </span><span class="pp-class-237 pa t38554 l36448 ls614">structure</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38567 l3 ls651">The </span><span class="pp-class-236 pa t38567 l38379 ls538">basis </span><span class="pp-class-236 pa t38567 l50464 ls553">for </span><span class="pp-class-236 pa t38567 l50465 ls551">determining </span><span class="pp-class-236 pa t38567 l50466 ls651">the </span><span class="pp-class-236 pa t38567 l50467 ls849">level </span><span class="pp-class-236 pa t38567 l193 ls98">of </span><span class="pp-class-236 pa t38567 l47924 ls524">capital </span><span class="pp-class-236 pa t38567 l16987 ls4248">distribution </span><span class="pp-class-236 pa t38567 l50468 ls538">to </span><span class="pp-class-236 pa t38567 l50469 ls2207">shareholders </span><span class="pp-class-236 pa t38567 l50470 ls811">is </span><span class="pp-class-236 pa t38567 l50471 ls572">the </span><span class="pp-class-236 pa t38567 l41244 ls1131">Group' </span><span class="pp-class-236 pa t38567 l50472 ls7086">current </span><span class="pp-class-236 pa t38567 l50473 ls651">and </span><span class="pp-class-236 pa t38567 l50474 ls556">expected </span><span class="pp-class-236 pa t39613 l3 ls2197">future </span><span class="pp-class-236 pa t39613 l49642 ls995">financial </span><span class="pp-class-236 pa t39613 l50475 ls1882">leverage </span><span class="pp-class-236 pa t39613 l11881 ls3855">measured </span><span class="pp-class-236 pa t39613 l50476 ls811">as </span><span class="pp-class-236 pa t39613 l50477 ls651">the </span><span class="pp-class-236 pa t39613 l30001 ls1796">ratio </span><span class="pp-class-236 pa t39613 l50478 ls713">between </span><span class="pp-class-236 pa t39613 l50479 ls2222">NIBD </span><span class="pp-class-236 pa t39613 l50480 ls572">and </span><span class="pp-class-236 pa t39613 l50481 ls2036">EBITDA. </span><span class="pp-class-236 pa t39613 l50482 ls1046">Target </span><span class="pp-class-236 pa t39613 l50483 ls1882">leverage </span><span class="pp-class-236 pa t39613 l50484 ls811">is </span><span class="pp-class-236 pa t39613 l50485 ls184">a </span><span class="pp-class-236 pa t39613 l50486 ls1796">ratio </span><span class="pp-class-236 pa t39613 l50487 ls1404">between </span><span class="pp-class-236 pa t39626 l3 ls3154">2.5 </span><span class="pp-class-236 pa t39626 l49161 ls651">and </span><span class="pp-class-236 pa t39626 l49162 ls8200">3.5x. </span><span class="pp-class-236 pa t39626 l23747 ls2197">NIBD/EBITDA </span><span class="pp-class-236 pa t39626 l9111 ls556">was </span><span class="pp-class-236 pa t39626 l14106 ls2222">4.1x </span><span class="pp-class-236 pa t39626 l50488 ls2197">at </span><span class="pp-class-236 pa t39626 l50489 ls1775">year-end </span><span class="pp-class-236 pa t39626 l50490 ls2222">2025 </span><span class="pp-class-236 pa t39626 l50491 ls667">(2024: </span><span class="pp-class-236 pa t39626 l50492 ls41348">3.9x).</span></p></div></div><div id="pp-id-5402" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t37084 l50494">2025</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50495 l50496"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50495 l50497"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50498 l50499 ls118">Expected </span><span class="pp-class-237 pa t50498 l50500">timing </span><span class="pp-class-237 pa t50498 l50501">of </span><span class="pp-class-237 pa t50498 l50502 ls1725">recycling </span><span class="pp-class-237 pa t50498 l50503">to </span><span class="pp-class-237 pa t50498 l50504">income </span><span class="pp-class-237 pa t50505 l50506 ls1790">statement </span><span class="pp-class-237 pa t50505 l50507">or </span><span class="pp-class-237 pa t50505 l50508 ls177">non-current </span><span class="pp-class-237 pa t50505 l50509 ls1098">assets </span><span class="pp-class-237 pa t50505 l50510">of </span><span class="pp-class-237 pa t50505 l50511">gains/</span><span class="pp-class-237 pa t50495 l50512 ls13">losses </span><span class="pp-class-237 pa t50495 l50513 ls67">recognised </span><span class="pp-class-237 pa t50495 l50514">in </span><span class="pp-class-237 pa t50495 l50515">the </span><span class="pp-class-237 pa t50495 l50516">equity</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50495 l50517"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50518 l3">DKK </span><span class="pp-class-236 pa t50518 l2784">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l35879">Hedge </span><span class="pp-class-237 pa t50518 l50519 ls118">instrument</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50520 l50521">Time </span><span class="pp-class-237 pa t50520 l50522">to </span><span class="pp-class-237 pa t50518 l50523 ls73">maturity</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50524 l50525 ls118">Notional </span><span class="pp-class-237 pa t50520 l50526">principal </span><span class="pp-class-237 pa t50518 l50527 ls1098">amount</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50524 l50528 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50529 ls106">value </span><span class="pp-class-237 pa t50518 l50530 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50524 l50531 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50532 ls106">value </span><span class="pp-class-237 pa t50518 l50533">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50534">0-1 </span><span class="pp-class-237 pa t50518 l50535 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50536 ls995">1-3 </span><span class="pp-class-237 pa t50518 l50537 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50538">3-5 </span><span class="pp-class-237 pa t50518 l50539 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50520 l50540 ls129">After </span><span class="pp-class-237 pa t50518 l50541">5 </span><span class="pp-class-237 pa t50518 l50542 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50543 l50544 ls1535">Fair </span><span class="pp-class-237 pa t50543 l50545 ls106">value </span><span class="pp-class-237 pa t50546 l50547 ls67">recognised </span><span class="pp-class-237 pa t50524 l50548">on </span><span class="pp-class-237 pa t50524 l50549">hedging </span><span class="pp-class-237 pa t50520 l50550 ls76">reserve </span><span class="pp-class-237 pa t50518 l50551">in </span><span class="pp-class-237 pa t50518 l50552">equity</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50553 ls8048">Average </span><span class="pp-class-237 pa t50518 l50554">hedge </span><span class="pp-class-237 pa t50518 l50555 ls4248">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50556 l3 ls118">Expected </span><span class="pp-class-237 pa t50556 l47251 ls1467">future </span><span class="pp-class-237 pa t50556 l50557 ls108">transactions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50558 l3 ls570">Interest</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50558 l35879 ls428">Interest </span><span class="pp-class-236 pa t50558 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50558 l50560">DKK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50558 l50561"/><span class="pp-class-236 pa t50558 l50562">0-4 </span><span class="pp-class-236 pa t50558 l50563 ls73">years </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l44605 ls98">2,895</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50564">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50565">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50566">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50567">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50570">-11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50571 ls532">2.49%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50572 l3 ls570">Interest</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50572 l35879 ls428">Interest </span><span class="pp-class-236 pa t50572 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50572 l50560">EUR</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50572 l50573">0-9 </span><span class="pp-class-236 pa t50572 l50563 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50574 ls135">2,216</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50575">62</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50576 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50578 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50579">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50580">23</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50581">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50582">2.11%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50583 l3">Bond </span><span class="pp-class-236 pa t50583 l50584">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50583 l35879 ls800">Currency </span><span class="pp-class-236 pa t50583 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50583 l50586">NOK/DKK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50583 l50561"/><span class="pp-class-236 pa t50583 l50562">0-4 </span><span class="pp-class-236 pa t50583 l50563 ls73">years </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50587">2,190</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50588">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50589 ls771">-78</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50567">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50590">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50591">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50592">NOK/DKK </span><span class="pp-class-236 pa t50583 l50593 ls2855">0.6546</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l3">Ship </span><span class="pp-class-236 pa t50594 l48778">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l35879 ls800">Currency </span><span class="pp-class-236 pa t50594 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50594 l50586">EUR/DKK </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l50595">0-2 </span><span class="pp-class-236 pa t50594 l50596 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50597 ls995">1,094</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50598">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l50599">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50600">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50602">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50603">EUR/DKK </span><span class="pp-class-236 pa t50594 l50604 ls28039">7.4575</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50605 l3 ls88">Ferry </span><span class="pp-class-236 pa t50605 l9536 ls1790">investments </span><span class="pp-class-236 pa t50605 l47746">and </span><span class="pp-class-236 pa t50605 l4459 ls1675">ferry </span><span class="pp-class-236 pa t50605 l50606 ls1465">charter</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50605 l35879 ls181">Forward </span><span class="pp-class-236 pa t50605 l50607 ls212">exchange </span><span class="pp-class-236 pa t50605 l50608 ls1618">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50605 l50609">0-6 </span><span class="pp-class-236 pa t50605 l50563 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l40890">413</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50610 ls184">16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50599">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50611">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50612">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50613">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50614">-12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50615">EUR/USD </span><span class="pp-class-236 pa t50605 l50616 ls1687">1.2674</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50617 l3">Other </span><span class="pp-class-237 pa t50617 l37231 ls1107">financial </span><span class="pp-class-237 pa t50617 l50618">hedging</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50619 l3">Commodities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50619 l35879">Commodity </span><span class="pp-class-236 pa t50619 l50620">hedges</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50619 l50621"/><span class="pp-class-236 pa t50619 l50622">0-1 </span><span class="pp-class-236 pa t50619 l50596 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l37142">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50598">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50599">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50600">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50602">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50624 l3">Sales </span><span class="pp-class-236 pa t50624 l35946">and </span><span class="pp-class-236 pa t50624 l35947">goods </span><span class="pp-class-236 pa t50624 l50625 ls203">purchased</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50626 l35879 ls181">Forward </span><span class="pp-class-236 pa t50626 l50607 ls212">exchange </span><span class="pp-class-236 pa t50626 l50608 ls1757">contracts </span><span class="pp-class-236 pa t50626 l50627">and </span><span class="pp-class-236 pa t50624 l35879 ls800">currency </span><span class="pp-class-236 pa t50624 l50628 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50624 l50622">0-1 </span><span class="pp-class-236 pa t50624 l50596 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50629 ls532">2,435</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50630 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50631">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50633">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50634 l3 ls6824">Total </span><span class="pp-class-237 pa t50634 l20253 ls574">derivative </span><span class="pp-class-237 pa t50634 l50635 ls1107">financial </span><span class="pp-class-237 pa t50634 l42588 ls118">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50636 ls814">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50637">-122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50638">-9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50639">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50640">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50641">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50642">23</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50643 l3 ls651">The </span><span class="pp-class-236 pa t50643 l38379 ls553">fair </span><span class="pp-class-236 pa t50643 l50644 ls2197">value </span><span class="pp-class-236 pa t50643 l50645 ls98">of </span><span class="pp-class-236 pa t50643 l50646 ls572">the </span><span class="pp-class-236 pa t50643 l50647 ls706">interest </span><span class="pp-class-236 pa t50643 l42599 ls884">swaps </span><span class="pp-class-236 pa t50643 l26074 ls651">has </span><span class="pp-class-236 pa t50643 l50648 ls2222">been </span><span class="pp-class-236 pa t50643 l50649 ls560">calculated </span><span class="pp-class-236 pa t50643 l50650 ls706">by </span><span class="pp-class-236 pa t50643 l50651 ls524">discounting </span><span class="pp-class-236 pa t50643 l50652 ls572">the </span><span class="pp-class-236 pa t50643 l50653 ls5781">expected </span><span class="pp-class-236 pa t50643 l50654 ls2197">future </span><span class="pp-class-236 pa t50643 l50655 ls706">interest </span><span class="pp-class-236 pa t50643 l50656 ls558">payments. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50657 l3 ls651">The </span><span class="pp-class-236 pa t50657 l38379 ls4248">discount </span><span class="pp-class-236 pa t50657 l45956 ls8384">rate </span><span class="pp-class-236 pa t50657 l45957 ls553">for </span><span class="pp-class-236 pa t50657 l46243 ls544">each </span><span class="pp-class-236 pa t50657 l50658 ls706">interest </span><span class="pp-class-236 pa t50657 l13273 ls3855">payment </span><span class="pp-class-236 pa t50657 l50659 ls811">is </span><span class="pp-class-236 pa t50657 l41808 ls2207">estimated </span><span class="pp-class-236 pa t50657 l50660 ls538">based </span><span class="pp-class-236 pa t50657 l38316 ls811">on </span><span class="pp-class-236 pa t50657 l50661 ls691">market </span><span class="pp-class-236 pa t50657 l41447 ls706">interest </span><span class="pp-class-236 pa t50657 l50662 ls1796">rates. </span><span class="pp-class-236 pa t50657 l50663 ls572">The </span><span class="pp-class-236 pa t50657 l50664 ls553">fair </span><span class="pp-class-236 pa t50657 l45416 ls2197">value </span><span class="pp-class-236 pa t50657 l50665 ls98">of </span><span class="pp-class-236 pa t50657 l50666 ls603">forward </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50667 l3 ls11713">exchange </span><span class="pp-class-236 pa t50667 l35099 ls4793">contracts </span><span class="pp-class-236 pa t50667 l33943 ls651">and </span><span class="pp-class-236 pa t50667 l49717 ls4630">bunker </span><span class="pp-class-236 pa t50667 l37939 ls4793">contracts </span><span class="pp-class-236 pa t50667 l50668 ls2808">are </span><span class="pp-class-236 pa t50667 l9302 ls560">calculated </span><span class="pp-class-236 pa t50667 l50669 ls538">based </span><span class="pp-class-236 pa t50667 l50670 ls811">on </span><span class="pp-class-236 pa t50667 l50671 ls1780">actual </span><span class="pp-class-236 pa t50667 l50672 ls7468">forward </span><span class="pp-class-236 pa t50667 l50673 ls949">curves.</span></p></div></div><div class="pp-class-10" id="pp-id-5403" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l50674 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50498 l50499 ls118">Expected </span><span class="pp-class-237 pa t50498 l50500">timing </span><span class="pp-class-237 pa t50498 l50501">of </span><span class="pp-class-237 pa t50498 l50502 ls1725">recycling </span><span class="pp-class-237 pa t50498 l50503">to </span><span class="pp-class-237 pa t50498 l50504">income </span><span class="pp-class-237 pa t50505 l50506 ls1790">statement </span><span class="pp-class-237 pa t50505 l50507">or </span><span class="pp-class-237 pa t50505 l50508 ls177">non-current </span><span class="pp-class-237 pa t50505 l50509 ls1098">assets </span><span class="pp-class-237 pa t50505 l50510">of </span><span class="pp-class-237 pa t50505 l50511">gains/</span><span class="pp-class-237 pa t50495 l50512 ls13">losses </span><span class="pp-class-237 pa t50495 l50513 ls67">recognised </span><span class="pp-class-237 pa t50495 l50514">in </span><span class="pp-class-237 pa t50495 l50515">the </span><span class="pp-class-237 pa t50495 l50516">equity</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50495 l50517"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50518 l3">DKK </span><span class="pp-class-236 pa t50518 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l35879">Hedge </span><span class="pp-class-237 pa t50518 l50519 ls118">instrument</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50520 l50521">Time </span><span class="pp-class-237 pa t50520 l50522">to </span><span class="pp-class-237 pa t50518 l50523 ls73">maturity</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50524 l50525 ls118">Notional </span><span class="pp-class-237 pa t50520 l50526">principal </span><span class="pp-class-237 pa t50518 l50527 ls1098">amount</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50524 l50528 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50529 ls106">value </span><span class="pp-class-237 pa t50518 l50530 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50524 l50531 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50532 ls106">value </span><span class="pp-class-237 pa t50518 l50533">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50534">0-1 </span><span class="pp-class-237 pa t50518 l50535 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50536 ls995">1-3 </span><span class="pp-class-237 pa t50518 l50537 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50538">3-5 </span><span class="pp-class-237 pa t50518 l50539 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50520 l50540 ls129">After </span><span class="pp-class-237 pa t50518 l50541">5 </span><span class="pp-class-237 pa t50518 l50542 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50543 l50544 ls1535">Fair </span><span class="pp-class-237 pa t50543 l50545 ls106">value </span><span class="pp-class-237 pa t50546 l50547 ls67">recognised </span><span class="pp-class-237 pa t50524 l50548">on </span><span class="pp-class-237 pa t50524 l50549">hedging </span><span class="pp-class-237 pa t50520 l50550 ls76">reserve </span><span class="pp-class-237 pa t50518 l50551">in </span><span class="pp-class-237 pa t50518 l50552">equity</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50553 ls8048">Average </span><span class="pp-class-237 pa t50518 l50554">hedge </span><span class="pp-class-237 pa t50518 l50555 ls4248">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50556 l3 ls118">Expected </span><span class="pp-class-237 pa t50556 l47251 ls1467">future </span><span class="pp-class-237 pa t50556 l50557 ls108">transactions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l3 ls570">Interest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l35879 ls428">Interest </span><span class="pp-class-236 pa t50558 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50558 l50560">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50675"/><span class="pp-class-236 pa t50558 l50676">0-5 </span><span class="pp-class-236 pa t50558 l50563 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50677 ls664">2,505</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50678">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50679">32</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50680">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50681 ls1547">-10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50682">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50684">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50685 ls4793">2.57%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l3 ls570">Interest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l35879 ls428">Interest </span><span class="pp-class-236 pa t50572 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50572 l50560">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50686 ls135">0-10 </span><span class="pp-class-236 pa t50572 l50563 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50687 ls83">2,312</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50688">64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50689">26</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50690 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50691 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50692">39</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50693 ls1463">2.07%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l3">Bond </span><span class="pp-class-236 pa t50583 l50584">loans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l35879 ls800">Currency </span><span class="pp-class-236 pa t50583 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50583 l50586">NOK/DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50675"/><span class="pp-class-236 pa t50583 l50676">0-5 </span><span class="pp-class-236 pa t50583 l50563 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l43157">2,115</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50694">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50695">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50696">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50682">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50697">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50592">NOK/DKK </span><span class="pp-class-236 pa t50583 l50593 ls2855">0.6546</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l3">Ship </span><span class="pp-class-236 pa t50594 l48778">loans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l35879 ls800">Currency </span><span class="pp-class-236 pa t50594 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50594 l50586">EUR/DKK </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50698">0-3 </span><span class="pp-class-236 pa t50594 l50596 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l40845">1,193</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50598">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50699">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50700">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50602">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50701">EUR/DKK </span><span class="pp-class-236 pa t50594 l50604 ls28039">7.4575</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l3 ls88">Ferry </span><span class="pp-class-236 pa t50605 l9536 ls1790">investments </span><span class="pp-class-236 pa t50605 l47746">and </span><span class="pp-class-236 pa t50605 l4459 ls1675">ferry </span><span class="pp-class-236 pa t50605 l50606 ls1465">charter</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l35879 ls181">Forward </span><span class="pp-class-236 pa t50605 l50607 ls212">exchange </span><span class="pp-class-236 pa t50605 l50608 ls1618">contracts</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50702">0-7 </span><span class="pp-class-236 pa t50605 l50563 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l44804">553</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50703">61</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50699">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50704">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50567">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50705">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50706">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50707">-21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50615">EUR/USD </span><span class="pp-class-236 pa t50605 l50616 ls1687">1.2674</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50617 l3">Other </span><span class="pp-class-237 pa t50617 l37231 ls1107">financial </span><span class="pp-class-237 pa t50617 l50618">hedging</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l3">Commodities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l35879">Commodity </span><span class="pp-class-236 pa t50619 l50620">hedges</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50621"/><span class="pp-class-236 pa t50619 l50622">0-1 </span><span class="pp-class-236 pa t50619 l50596 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50708">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50588">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50699">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50709">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50700">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50633">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l3">Sales </span><span class="pp-class-236 pa t50624 l35946">and </span><span class="pp-class-236 pa t50624 l35947">goods </span><span class="pp-class-236 pa t50624 l50625 ls203">purchased</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50626 l35879 ls181">Forward </span><span class="pp-class-236 pa t50626 l50607 ls212">exchange </span><span class="pp-class-236 pa t50626 l50608 ls1757">contracts </span><span class="pp-class-236 pa t50626 l50627">and </span><span class="pp-class-236 pa t50624 l35879 ls800">currency </span><span class="pp-class-236 pa t50624 l50628 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50622">0-1 </span><span class="pp-class-236 pa t50624 l50596 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50710 ls995">2,082</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50711 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50712">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50713">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50709">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50700">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50714">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l3 ls3141">Total</span></a><span class="pp-class-237 pa t50634 l40979"/><span class="pp-class-237 pa t50634 l20253 ls574">derivative </span><span class="pp-class-237 pa t50634 l50635 ls1107">financial </span><span class="pp-class-237 pa t50634 l42588 ls118">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50715 ls814">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50716 ls73">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50717">-13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50718">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50719">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50641">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50720">-6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table></div></div><div id="pp-id-5404" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50721 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls1098">instruments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls1107">Carrying </span><span class="pp-class-237 pa t37088 l37578 ls1098">amount </span><span class="pp-class-237 pa t37088 l43178">per </span><span class="pp-class-237 pa t37088 l46465 ls115">category </span><span class="pp-class-237 pa t37088 l50725">of </span><span class="pp-class-237 pa t37088 l50726 ls1107">financial </span><span class="pp-class-237 pa t37088 l39242 ls118">instruments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47758 l3">Financial </span><span class="pp-class-237 pa t47758 l49228 ls1098">assets </span><span class="pp-class-237 pa t47758 l50727 ls1011">measured </span><span class="pp-class-237 pa t47758 l50728 ls2222">at </span><span class="pp-class-237 pa t47758 l50729 ls1535">fair </span><span class="pp-class-237 pa t47758 l29720 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t43112 l50730 ls967">related </span><span class="pp-class-236 pa t43112 l50731 ls138">to </span><span class="pp-class-236 pa t43112 l48256 ls106">operating </span><span class="pp-class-236 pa t43112 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43038">88</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t20959 l50730 ls967">related </span><span class="pp-class-236 pa t20959 l50731 ls138">to </span><span class="pp-class-236 pa t20959 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t20959 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l50734 ls544">72</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48936 l3">Financial </span><span class="pp-class-237 pa t48936 l49228 ls1098">assets </span><span class="pp-class-237 pa t48936 l50727 ls1011">measured </span><span class="pp-class-237 pa t48936 l50728 ls2222">at </span><span class="pp-class-237 pa t48936 l50729 ls6510">amortised </span><span class="pp-class-237 pa t48936 l50735">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls6255">Trade </span><span class="pp-class-236 pa t48941 l37509 ls76">receivables, </span><span class="pp-class-236 pa t48941 l50736 ls197">receivables </span><span class="pp-class-236 pa t48941 l50737 ls181">from </span><span class="pp-class-236 pa t48941 l50738 ls135">associates </span><span class="pp-class-236 pa t48941 l50739">and </span><span class="pp-class-236 pa t48941 l50740 ls1098">joint </span><span class="pp-class-236 pa t48941 l50741 ls131">ventures, </span><span class="pp-class-236 pa t50742 l3 ls67">other </span><span class="pp-class-236 pa t50742 l34425 ls197">receivables </span><span class="pp-class-236 pa t50742 l21873">and </span><span class="pp-class-236 pa t50742 l9724">cash</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50743 ls110">5,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50629 ls3200">6,084</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50744 l3">Financial </span><span class="pp-class-237 pa t50744 l49228 ls1098">assets </span><span class="pp-class-237 pa t50744 l50727 ls1011">measured </span><span class="pp-class-237 pa t50744 l50728 ls2222">at </span><span class="pp-class-237 pa t50744 l50729 ls1535">fair </span><span class="pp-class-237 pa t50744 l29720 ls106">value </span><span class="pp-class-237 pa t50744 l50745 ls297">through </span><span class="pp-class-237 pa t50744 l50746 ls118">profit </span><span class="pp-class-237 pa t50744 l50747">or </span><span class="pp-class-237 pa t50744 l50748 ls21">loss:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l3">Securities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l3 ls6824">Total </span><span class="pp-class-237 pa t50750 l20253 ls1107">financial </span><span class="pp-class-237 pa t50750 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l50751 ls41127">5,547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l44875 ls875">6,251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50752 l3">Financial </span><span class="pp-class-237 pa t50752 l49228">liabilities </span><span class="pp-class-237 pa t50752 l44912 ls1011">measured </span><span class="pp-class-237 pa t50752 l31355 ls2222">at </span><span class="pp-class-237 pa t50752 l50753 ls1535">fair </span><span class="pp-class-237 pa t50752 l50754 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50755 l50730 ls967">related </span><span class="pp-class-236 pa t50755 l50731 ls138">to </span><span class="pp-class-236 pa t50755 l48256 ls106">operating </span><span class="pp-class-236 pa t50755 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50757 l50730 ls967">related </span><span class="pp-class-236 pa t50757 l50731 ls138">to </span><span class="pp-class-236 pa t50757 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t50757 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l50758 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l44910">139</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50759 l3">Financial </span><span class="pp-class-237 pa t50759 l49228">liabilities </span><span class="pp-class-237 pa t50759 l44912 ls1011">measured </span><span class="pp-class-237 pa t50759 l31355 ls2222">at </span><span class="pp-class-237 pa t50759 l50753 ls6510">amortised </span><span class="pp-class-237 pa t50759 l50760">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50761 l3 ls244">Interest-bearing </span><span class="pp-class-236 pa t50761 l37484">liabilities, </span><span class="pp-class-236 pa t50761 l29938 ls967">trade </span><span class="pp-class-236 pa t50761 l50762 ls143">payables, </span><span class="pp-class-236 pa t50761 l40810 ls106">payables </span><span class="pp-class-236 pa t50761 l50763 ls138">to </span><span class="pp-class-236 pa t50761 l50764 ls135">associates </span><span class="pp-class-236 pa t50765 l3">and </span><span class="pp-class-236 pa t50765 l13229 ls1098">joint </span><span class="pp-class-236 pa t50765 l50766 ls131">ventures, </span><span class="pp-class-236 pa t50765 l50767">and </span><span class="pp-class-236 pa t50765 l16599 ls67">other </span><span class="pp-class-236 pa t50765 l7986 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l50768 ls138">21,106</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l40986 ls1775">23,013</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l3 ls6824">Total </span><span class="pp-class-237 pa t50769 l20253 ls1107">financial </span><span class="pp-class-237 pa t50769 l50193">liabilities </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50770">21,228</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50771 ls244">23,156</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t50772 l3 ls877">Hierarchy </span><span class="pp-class-237 pa t50772 l50773 ls811">of </span><span class="pp-class-237 pa t50772 l50774 ls661">financial </span><span class="pp-class-237 pa t50772 l50775 ls524">instruments </span><span class="pp-class-237 pa t50772 l1847 ls30">measured </span><span class="pp-class-237 pa t50772 l50776 ls11713">at </span><span class="pp-class-237 pa t50772 l20250 ls2036">fair </span><span class="pp-class-237 pa t50772 l17101 ls877">value</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50777 l3 ls651">The </span><span class="pp-class-236 pa t50777 l38379 ls625">table </span><span class="pp-class-236 pa t50777 l50778 ls838">below </span><span class="pp-class-236 pa t50777 l50779 ls2565">ranks </span><span class="pp-class-236 pa t50777 l50780 ls995">financial </span><span class="pp-class-236 pa t50777 l17160 ls524">instruments </span><span class="pp-class-236 pa t50777 l33923 ls2036">carried </span><span class="pp-class-236 pa t50777 l50781 ls2197">at </span><span class="pp-class-236 pa t50777 l50782 ls553">fair </span><span class="pp-class-236 pa t50777 l24371 ls2197">value </span><span class="pp-class-236 pa t50777 l50783 ls706">by </span><span class="pp-class-236 pa t50777 l50784 ls5781">valuation </span><span class="pp-class-236 pa t50777 l50785 ls546">method. </span><span class="pp-class-236 pa t50777 l50786 ls572">The </span><span class="pp-class-236 pa t50777 l50787 ls2270">different </span><span class="pp-class-236 pa t50777 l50788 ls1131">levels </span><span class="pp-class-236 pa t50777 l50789 ls2245">have </span><span class="pp-class-236 pa t50790 l3 ls2222">been </span><span class="pp-class-236 pa t50790 l38440 ls536">defined </span><span class="pp-class-236 pa t50790 l50791 ls811">as </span><span class="pp-class-236 pa t50790 l17933 ls4558">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50792 l1069 ls849">Level </span><span class="pp-class-247 pa t50792 l50793 ls811">1: </span><span class="pp-class-247 pa t50792 l50794 ls30">Quoted </span><span class="pp-class-247 pa t50792 l50795 ls1764">prices </span><span class="pp-class-247 pa t50792 l50796 ls811">in </span><span class="pp-class-247 pa t50792 l50797 ls811">an </span><span class="pp-class-247 pa t50792 l50798 ls4807">active </span><span class="pp-class-247 pa t50792 l41112 ls691">market </span><span class="pp-class-247 pa t50792 l50799 ls553">for </span><span class="pp-class-247 pa t50792 l50800 ls747">identical </span><span class="pp-class-247 pa t50792 l50801 ls2222">type </span><span class="pp-class-247 pa t50792 l50802 ls98">of </span><span class="pp-class-247 pa t50792 l50803 ls536">instrument, </span><span class="pp-class-247 pa t50792 l50804 ls8048">i.e. </span><span class="pp-class-247 pa t50792 l50805 ls2036">without </span><span class="pp-class-247 pa t50792 l50806 ls1764">change </span><span class="pp-class-247 pa t50792 l50807 ls811">in </span><span class="pp-class-247 pa t50792 l50808 ls553">form </span><span class="pp-class-247 pa t50792 l50809 ls811">or </span><span class="pp-class-247 pa t50792 l50810 ls572">con-</span><span class="pp-class-247 pa t50811 l1069 ls546">tent </span><span class="pp-class-247 pa t50811 l50812 ls168">(modification </span><span class="pp-class-247 pa t50811 l16099 ls811">or </span><span class="pp-class-247 pa t50811 l50813 ls6270">repackaging).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50814 l1069 ls849">Level </span><span class="pp-class-247 pa t50814 l50793 ls811">2: </span><span class="pp-class-247 pa t50814 l50815 ls30">Quoted </span><span class="pp-class-247 pa t50814 l15009 ls1764">prices </span><span class="pp-class-247 pa t50814 l50816 ls811">in </span><span class="pp-class-247 pa t50814 l50817 ls811">an </span><span class="pp-class-247 pa t50814 l10402 ls4807">active </span><span class="pp-class-247 pa t50814 l50818 ls691">market </span><span class="pp-class-247 pa t50814 l50819 ls553">for </span><span class="pp-class-247 pa t50814 l50820 ls2036">similar </span><span class="pp-class-247 pa t50814 l50821 ls179">assets </span><span class="pp-class-247 pa t50814 l50822 ls811">or </span><span class="pp-class-247 pa t50814 l50823 ls625">liabilities </span><span class="pp-class-247 pa t50814 l50824 ls811">or </span><span class="pp-class-247 pa t50814 l50825 ls949">other </span><span class="pp-class-247 pa t50814 l50826 ls5781">valuation </span><span class="pp-class-247 pa t50814 l50827 ls546">methods </span><span class="pp-class-247 pa t50814 l50828 ls1780">where </span><span class="pp-class-247 pa t50829 l1069 ls572">all </span><span class="pp-class-247 pa t50829 l50830 ls838">material </span><span class="pp-class-247 pa t50829 l50831 ls538">input </span><span class="pp-class-247 pa t50829 l50832 ls811">is </span><span class="pp-class-247 pa t50829 l50833 ls538">based </span><span class="pp-class-247 pa t50829 l50834 ls811">on </span><span class="pp-class-247 pa t50829 l50835 ls546">observable </span><span class="pp-class-247 pa t50829 l50836 ls691">market </span><span class="pp-class-247 pa t50829 l50837 ls2036">data.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50838 l3804 ls849">Level </span><span class="pp-class-247 pa t50838 l11189 ls811">3: </span><span class="pp-class-247 pa t50838 l50839 ls5202">Valuation </span><span class="pp-class-247 pa t50838 l50840 ls546">methods </span><span class="pp-class-247 pa t50838 l50841 ls706">where </span><span class="pp-class-247 pa t50838 l50842 ls1751">possible </span><span class="pp-class-247 pa t50838 l50843 ls838">material </span><span class="pp-class-247 pa t50838 l50844 ls538">input </span><span class="pp-class-247 pa t50838 l50845 ls811">is </span><span class="pp-class-247 pa t50838 l50846 ls4248">not </span><span class="pp-class-247 pa t50838 l50847 ls538">based </span><span class="pp-class-247 pa t50838 l50848 ls811">on </span><span class="pp-class-247 pa t50838 l50849 ls546">observable </span><span class="pp-class-247 pa t50838 l50850 ls691">market </span><span class="pp-class-247 pa t50838 l50851 ls2036">data.</span></p></div></div><div id="pp-id-5405" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">2025</span><span class="pp-class-236 pa t283 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27395 l3">DKK </span><span class="pp-class-236 pa t27395 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50852 ls2222">Level </span><span class="pp-class-237 pa t27395 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50854 ls2222">Level </span><span class="pp-class-237 pa t27395 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50855 ls2222">Level </span><span class="pp-class-237 pa t27395 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50856 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50856 l50730">financial </span><span class="pp-class-236 pa t50856 l50857 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l50858 ls1547">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t3101 l3">Securities, </span><span class="pp-class-236 pa t3101 l3213">financial </span><span class="pp-class-236 pa t3101 l50859 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50860 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50860 l50730">financial </span><span class="pp-class-236 pa t50860 l50857">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50861 l3 ls1535">Net </span><span class="pp-class-237 pa t50861 l37985 ls2441">asset/liability</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50862">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50863">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50865 l3">DKK </span><span class="pp-class-236 pa t50865 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50852 ls2222">Level </span><span class="pp-class-237 pa t50865 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50854 ls2222">Level </span><span class="pp-class-237 pa t50865 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50855 ls2222">Level </span><span class="pp-class-237 pa t50865 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50866 l50730">financial </span><span class="pp-class-236 pa t50866 l50857 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l50867 ls1547">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l3">Securities, </span><span class="pp-class-236 pa t50868 l3213">financial </span><span class="pp-class-236 pa t50868 l50859 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50869 l50730">financial </span><span class="pp-class-236 pa t50869 l50857">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l50870 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l3 ls1535">Net </span><span class="pp-class-237 pa t50871 l37985 ls2441">asset/liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50871 l50862">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l43162">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l41933">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50872 l3 ls4775">Derivative </span><span class="pp-class-236 pa t50872 l28288 ls995">financial </span><span class="pp-class-236 pa t50872 l50873 ls179">assets </span><span class="pp-class-236 pa t50872 l50874 ls651">and </span><span class="pp-class-236 pa t50872 l50875 ls625">liabilities </span><span class="pp-class-236 pa t50872 l50876 ls2808">are </span><span class="pp-class-236 pa t50872 l31786 ls3855">measured </span><span class="pp-class-236 pa t50872 l50877 ls2197">at </span><span class="pp-class-236 pa t50872 l50878 ls849">level </span><span class="pp-class-236 pa t50872 l50879 ls811">2. </span><span class="pp-class-236 pa t50872 l50880 ls2969">Reference </span><span class="pp-class-236 pa t50872 l39809 ls811">is </span><span class="pp-class-236 pa t50872 l50881 ls544">made </span><span class="pp-class-236 pa t50872 l50882 ls538">to </span><span class="pp-class-236 pa t50872 l50883 ls558">note </span><span class="pp-class-236 pa t50872 l50884 ls572">4.1 </span><span class="pp-class-236 pa t50872 l50885 ls553">for </span><span class="pp-class-236 pa t50872 l50886 ls1751">description </span><span class="pp-class-236 pa t50887 l3 ls98">of </span><span class="pp-class-236 pa t50887 l39273 ls651">the </span><span class="pp-class-236 pa t50887 l39799 ls5781">valuation </span><span class="pp-class-236 pa t50887 l50888 ls179">method.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50889 l3 ls6255">Transfers </span><span class="pp-class-236 pa t50889 l50890 ls713">between </span><span class="pp-class-236 pa t50889 l50891 ls1131">levels </span><span class="pp-class-236 pa t50889 l50892 ls98">of </span><span class="pp-class-236 pa t50889 l50893 ls651">the </span><span class="pp-class-236 pa t50889 l50894 ls553">fair </span><span class="pp-class-236 pa t50889 l50895 ls2197">value </span><span class="pp-class-236 pa t50889 l50896 ls6824">hierarchy </span><span class="pp-class-236 pa t50889 l50897 ls2808">are </span><span class="pp-class-236 pa t50889 l50898 ls667">considered </span><span class="pp-class-236 pa t50889 l50899 ls538">to </span><span class="pp-class-236 pa t50889 l50900 ls110">have </span><span class="pp-class-236 pa t50889 l50901 ls3855">occurred </span><span class="pp-class-236 pa t50889 l41773 ls2197">at </span><span class="pp-class-236 pa t50889 l38878 ls572">the </span><span class="pp-class-236 pa t50889 l50902 ls7086">date </span><span class="pp-class-236 pa t50889 l50903 ls98">of </span><span class="pp-class-236 pa t50889 l50904 ls572">the </span><span class="pp-class-236 pa t50889 l35566 ls1186">event </span><span class="pp-class-236 pa t50889 l50905 ls1547">or </span><span class="pp-class-236 pa t50906 l3 ls1764">change </span><span class="pp-class-236 pa t50906 l43331 ls811">in </span><span class="pp-class-236 pa t50906 l9706 ls667">circumstances </span><span class="pp-class-236 pa t50906 l17954 ls616">that </span><span class="pp-class-236 pa t50906 l8000 ls179">caused </span><span class="pp-class-236 pa t50906 l17991 ls572">the </span><span class="pp-class-236 pa t50906 l50907 ls1075">transfer. </span><span class="pp-class-236 pa t50906 l50908 ls706">There </span><span class="pp-class-236 pa t50906 l50909 ls2258">were </span><span class="pp-class-236 pa t50906 l50910 ls811">no </span><span class="pp-class-236 pa t50906 l50911 ls706">transfers </span><span class="pp-class-236 pa t50906 l50912 ls713">between </span><span class="pp-class-236 pa t50906 l50913 ls572">the </span><span class="pp-class-236 pa t50906 l50914 ls1131">levels </span><span class="pp-class-236 pa t50906 l50915 ls811">in </span><span class="pp-class-236 pa t50906 l50916 ls572">the </span><span class="pp-class-236 pa t50906 l50917 ls553">fair </span><span class="pp-class-236 pa t50906 l50918 ls614">value </span><span class="pp-class-236 pa t50919 l3 ls6824">hierarchy </span><span class="pp-class-236 pa t50919 l43971 ls811">in </span><span class="pp-class-236 pa t50919 l26733 ls2222">2025 </span><span class="pp-class-236 pa t50919 l50920 ls667">(2024: </span><span class="pp-class-236 pa t50919 l50921 ls811">no </span><span class="pp-class-236 pa t50919 l28387 ls877">transfers).</span></p></div></div><div class="pp-class-10" id="pp-id-5407" xmlns="http://www.w3.org/1999/xhtml"><div class="w50923 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls101">instruments </span><span class="pp-class-235 pa t1122 l44313 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5406"><div class="w40752 h50924 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p></div></div></div></div> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40187 l3 ls884">Bunker </span><span class="pp-class-237 pa t40187 l49327 ls538">price </span><span class="pp-class-237 pa t40187 l49328 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40199 l3 ls4630">Fluctuations </span><span class="pp-class-236 pa t40199 l49329 ls811">in </span><span class="pp-class-236 pa t40199 l49330 ls4630">bunker </span><span class="pp-class-236 pa t40199 l4071 ls2036">prices, </span><span class="pp-class-236 pa t40199 l49331 ls538">which </span><span class="pp-class-236 pa t40199 l49332 ls2808">are </span><span class="pp-class-236 pa t40199 l49333 ls1780">denominated </span><span class="pp-class-236 pa t40199 l49334 ls811">in </span><span class="pp-class-236 pa t40199 l49335 ls3200">USD, </span><span class="pp-class-236 pa t40199 l49336 ls179">constitute </span><span class="pp-class-236 pa t40199 l49337 ls184">a </span><span class="pp-class-236 pa t40199 l49338 ls524">significant </span><span class="pp-class-236 pa t40199 l49339 ls2222">risk </span><span class="pp-class-236 pa t40199 l49340 ls553">for </span><span class="pp-class-236 pa t40199 l49341 ls2222">DFDS.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t47935 l3 ls811">In </span><span class="pp-class-236 pa t47935 l38573 ls651">the </span><span class="pp-class-236 pa t47935 l17996 ls7086">freight </span><span class="pp-class-236 pa t47935 l49342 ls696">segment, </span><span class="pp-class-236 pa t47935 l49343 ls4630">fluctuations </span><span class="pp-class-236 pa t47935 l49344 ls811">in </span><span class="pp-class-236 pa t47935 l26171 ls4630">bunker </span><span class="pp-class-236 pa t47935 l49345 ls1764">prices </span><span class="pp-class-236 pa t47935 l49346 ls572">and </span><span class="pp-class-236 pa t47935 l49347 ls651">the </span><span class="pp-class-236 pa t47935 l49348 ls3681">related </span><span class="pp-class-236 pa t47935 l49349 ls4558">foreign </span><span class="pp-class-236 pa t47935 l49350 ls11713">exchange </span><span class="pp-class-236 pa t47935 l49351 ls2222">risk </span><span class="pp-class-236 pa t47935 l49352 ls2808">are </span><span class="pp-class-236 pa t47935 l49353 ls2889">customarily </span><span class="pp-class-236 pa t40221 l3 ls1764">passed </span><span class="pp-class-236 pa t40221 l39448 ls811">on </span><span class="pp-class-236 pa t40221 l49354 ls538">to </span><span class="pp-class-236 pa t40221 l12480 ls949">customers </span><span class="pp-class-236 pa t40221 l40223 ls556">through </span><span class="pp-class-236 pa t40221 l49355 ls184">a </span><span class="pp-class-236 pa t40221 l14887 ls4630">bunker </span><span class="pp-class-236 pa t40221 l49356 ls30">adjustment </span><span class="pp-class-236 pa t40221 l49357 ls1775">factor </span><span class="pp-class-236 pa t40221 l49358 ls544">(BAF). </span><span class="pp-class-236 pa t40221 l49359 ls811">In </span><span class="pp-class-236 pa t40221 l49360 ls572">the </span><span class="pp-class-236 pa t40221 l49361 ls995">passenger </span><span class="pp-class-236 pa t40221 l49362 ls696">segment, </span><span class="pp-class-236 pa t40221 l49363 ls2036">changes </span><span class="pp-class-236 pa t40221 l49364 ls1547">in </span><span class="pp-class-236 pa t40233 l3 ls4630">bunker </span><span class="pp-class-236 pa t40233 l49365 ls538">costs </span><span class="pp-class-236 pa t40233 l49366 ls2808">are </span><span class="pp-class-236 pa t40233 l49367 ls4276">reflected </span><span class="pp-class-236 pa t40233 l49368 ls811">in </span><span class="pp-class-236 pa t40233 l49369 ls691">ticket </span><span class="pp-class-236 pa t40233 l49370 ls1764">prices </span><span class="pp-class-236 pa t40233 l31808 ls538">to </span><span class="pp-class-236 pa t40233 l49371 ls572">the </span><span class="pp-class-236 pa t40233 l39803 ls1815">extent </span><span class="pp-class-236 pa t40233 l49372 ls1751">possible. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49373 l3 ls49374">To </span><span class="pp-class-236 pa t49373 l49375 ls2197">reduce </span><span class="pp-class-236 pa t49373 l49376 ls11713">exposure </span><span class="pp-class-236 pa t49373 l49377 ls538">to </span><span class="pp-class-236 pa t49373 l28450 ls4630">bunker </span><span class="pp-class-236 pa t49373 l49378 ls651">and </span><span class="pp-class-236 pa t49373 l16616 ls2245">currency </span><span class="pp-class-236 pa t49373 l49379 ls538">risk, </span><span class="pp-class-236 pa t49373 l49380 ls6092">approximately </span><span class="pp-class-236 pa t49373 l49381 ls572">96% </span><span class="pp-class-236 pa t49373 l49382 ls2222">(94% </span><span class="pp-class-236 pa t49373 l49383 ls811">in </span><span class="pp-class-236 pa t49373 l49384 ls2889">2024) </span><span class="pp-class-236 pa t49373 l49385 ls98">of </span><span class="pp-class-236 pa t49373 l49386 ls538">DFDS’ </span><span class="pp-class-236 pa t49373 l49387 ls530">consumption </span><span class="pp-class-236 pa t49373 l49388 ls949">was </span><span class="pp-class-236 pa t40247 l3 ls3084">covered </span><span class="pp-class-236 pa t40247 l41543 ls706">by </span><span class="pp-class-236 pa t40247 l31242 ls544">BAF </span><span class="pp-class-236 pa t40247 l49389 ls7086">agreements. </span><span class="pp-class-236 pa t40247 l5728 ls811">As </span><span class="pp-class-236 pa t40247 l6167 ls651">the </span><span class="pp-class-236 pa t40247 l49390 ls544">BAF </span><span class="pp-class-236 pa t40247 l49391 ls811">is </span><span class="pp-class-236 pa t40247 l49392 ls538">based </span><span class="pp-class-236 pa t40247 l49393 ls811">on </span><span class="pp-class-236 pa t40247 l49394 ls667">low-sulphur </span><span class="pp-class-236 pa t40247 l49395 ls2222">fuel </span><span class="pp-class-236 pa t40247 l49396 ls2036">prices, </span><span class="pp-class-236 pa t40247 l48635 ls538">while </span><span class="pp-class-236 pa t40247 l49397 ls94">certain </span><span class="pp-class-236 pa t40247 l49398 ls551">ferries </span><span class="pp-class-236 pa t40247 l49399 ls2808">are </span><span class="pp-class-236 pa t40247 l49400 ls94">equipped </span><span class="pp-class-236 pa t40265 l3 ls2222">with </span><span class="pp-class-236 pa t40265 l8961 ls995">scrubbers </span><span class="pp-class-236 pa t40265 l49401 ls651">and </span><span class="pp-class-236 pa t40265 l49402 ls6146">therefore </span><span class="pp-class-236 pa t40265 l48167 ls2036">consume </span><span class="pp-class-236 pa t40265 l49403 ls696">high-sulphur </span><span class="pp-class-236 pa t40265 l49404 ls538">fuel, </span><span class="pp-class-236 pa t40265 l49405 ls572">the </span><span class="pp-class-236 pa t40265 l49406 ls706">Group </span><span class="pp-class-236 pa t40265 l49407 ls811">is </span><span class="pp-class-236 pa t40265 l49408 ls556">exposed </span><span class="pp-class-236 pa t40265 l49409 ls538">to </span><span class="pp-class-236 pa t40265 l49410 ls184">a </span><span class="pp-class-236 pa t40265 l49411 ls538">price </span><span class="pp-class-236 pa t40265 l49412 ls1131">spread </span><span class="pp-class-236 pa t40265 l49413 ls2222">risk </span><span class="pp-class-236 pa t40265 l49414 ls1404">between </span><span class="pp-class-236 pa t40281 l3 ls4793">low- </span><span class="pp-class-236 pa t40281 l49415 ls572">and </span><span class="pp-class-236 pa t40281 l49416 ls696">high-sulphur </span><span class="pp-class-236 pa t40281 l10282 ls538">fuel. </span><span class="pp-class-236 pa t40281 l49417 ls651">The </span><span class="pp-class-236 pa t40281 l49418 ls2222">risk </span><span class="pp-class-236 pa t40281 l49419 ls3681">related </span><span class="pp-class-236 pa t40281 l4195 ls538">to </span><span class="pp-class-236 pa t40281 l49420 ls572">the </span><span class="pp-class-236 pa t40281 l49421 ls538">price </span><span class="pp-class-236 pa t40281 l49422 ls1131">spread </span><span class="pp-class-236 pa t40281 l49423 ls713">between </span><span class="pp-class-236 pa t40281 l49424 ls696">high-sulphur </span><span class="pp-class-236 pa t40281 l49425 ls572">and </span><span class="pp-class-236 pa t40281 l49426 ls667">low-sulphur </span><span class="pp-class-236 pa t40281 l49427 ls2222">fuel </span><span class="pp-class-236 pa t40281 l49428 ls1547">is </span><span class="pp-class-236 pa t40296 l3 ls2889">partly </span><span class="pp-class-236 pa t40296 l49429 ls1764">hedged </span><span class="pp-class-236 pa t40296 l18818 ls538">using </span><span class="pp-class-236 pa t40296 l49430 ls995">commodity </span><span class="pp-class-236 pa t40296 l49431 ls1775">swaps. </span><span class="pp-class-236 pa t40296 l49432 ls811">In </span><span class="pp-class-236 pa t40296 l49433 ls7086">accordance </span><span class="pp-class-236 pa t40296 l40548 ls2222">with </span><span class="pp-class-236 pa t40296 l49434 ls572">the </span><span class="pp-class-236 pa t40296 l49435 ls2222">DFDS </span><span class="pp-class-236 pa t40296 l49436 ls995">Financial </span><span class="pp-class-236 pa t40296 l49437 ls1017">Policy, </span><span class="pp-class-236 pa t40296 l49438 ls4248">net </span><span class="pp-class-236 pa t40296 l49439 ls4630">bunker </span><span class="pp-class-236 pa t40296 l49440 ls4807">exposure </span><span class="pp-class-236 pa t40306 l3 ls2969">may </span><span class="pp-class-236 pa t40306 l49441 ls811">be </span><span class="pp-class-236 pa t40306 l49442 ls1764">hedged </span><span class="pp-class-236 pa t40306 l49443 ls811">up </span><span class="pp-class-236 pa t40306 l49444 ls538">to </span><span class="pp-class-236 pa t40306 l18332 ls544">100% </span><span class="pp-class-236 pa t40306 l49445 ls553">for </span><span class="pp-class-236 pa t40306 l49446 ls651">the </span><span class="pp-class-236 pa t40306 l49447 ls9435">following </span><span class="pp-class-236 pa t40306 l49448 ls553">four </span><span class="pp-class-236 pa t40306 l49449 ls2222">quarters </span><span class="pp-class-236 pa t40306 l49450 ls651">and </span><span class="pp-class-236 pa t40306 l49451 ls811">up </span><span class="pp-class-236 pa t40306 l49452 ls538">to </span><span class="pp-class-236 pa t40306 l49453 ls572">50% </span><span class="pp-class-236 pa t40306 l49454 ls553">for </span><span class="pp-class-236 pa t40306 l49455 ls572">the </span><span class="pp-class-236 pa t40306 l49456 ls608">fifth </span><span class="pp-class-236 pa t40306 l38608 ls572">and </span><span class="pp-class-236 pa t40306 l49457 ls538">sixth </span><span class="pp-class-236 pa t40306 l40391 ls2222">quarters.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t49458 l3 ls614">Interest </span><span class="pp-class-237 pa t49458 l49459 ls6146">rate </span><span class="pp-class-237 pa t49458 l49460 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40321 l3 ls129">DFDS </span><span class="pp-class-236 pa t40321 l49461 ls1547">is </span><span class="pp-class-236 pa t40321 l813 ls2222">primarily </span><span class="pp-class-236 pa t40321 l41952 ls33">exposed </span><span class="pp-class-236 pa t40321 l49462 ls184">to </span><span class="pp-class-236 pa t40321 l49463 ls670">interest </span><span class="pp-class-236 pa t40321 l49464 ls4793">rate </span><span class="pp-class-236 pa t40321 l35280 ls129">risk </span><span class="pp-class-236 pa t40321 l49465 ls33">through </span><span class="pp-class-236 pa t40321 l49466 ls1133">funding. </span><span class="pp-class-236 pa t40321 l49467 ls696">According </span><span class="pp-class-236 pa t40321 l49468 ls184">to </span><span class="pp-class-236 pa t40321 l49469 ls15">DFDS’ </span><span class="pp-class-236 pa t40321 l49470 ls1133">Financial </span><span class="pp-class-236 pa t40321 l49471 ls1764">Policy </span><span class="pp-class-236 pa t40321 l49472 ls1078">the </span><span class="pp-class-236 pa t40335 l3 ls670">interest </span><span class="pp-class-236 pa t40335 l43331 ls4793">rate </span><span class="pp-class-236 pa t40335 l49473 ls1547">on </span><span class="pp-class-236 pa t40335 l49474 ls4248">more </span><span class="pp-class-236 pa t40335 l49475 ls129">than </span><span class="pp-class-236 pa t40335 l36279 ls428">40% </span><span class="pp-class-236 pa t40335 l39065 ls197">of </span><span class="pp-class-236 pa t40335 l49476 ls428">the </span><span class="pp-class-236 pa t40335 l49477 ls129">loan </span><span class="pp-class-236 pa t40335 l49478 ls212">portfolio </span><span class="pp-class-236 pa t40335 l49479 ls1618">including </span><span class="pp-class-236 pa t40335 l49480 ls1133">long-term </span><span class="pp-class-236 pa t40335 l49481 ls76">charter </span><span class="pp-class-236 pa t40335 l49482 ls205">agreements </span><span class="pp-class-236 pa t40335 l49483 ls129">must </span><span class="pp-class-236 pa t40335 l49484 ls1547">be </span><span class="pp-class-236 pa t40335 l49485 ls52">fixed </span><span class="pp-class-236 pa t40347 l3 ls129">with </span><span class="pp-class-236 pa t40347 l17175 ls1078">a </span><span class="pp-class-236 pa t40347 l49486 ls771">weighted </span><span class="pp-class-236 pa t40347 l49487 ls2245">average </span><span class="pp-class-236 pa t40347 l49488 ls4248">duration </span><span class="pp-class-236 pa t40347 l47413 ls197">of </span><span class="pp-class-236 pa t40347 l49489 ls73">9-36 </span><span class="pp-class-236 pa t40347 l49490 ls63">months. </span><span class="pp-class-236 pa t40347 l18036 ls129">DFDS </span><span class="pp-class-236 pa t40347 l49491 ls1747">enters </span><span class="pp-class-236 pa t40347 l49492 ls83">into </span><span class="pp-class-236 pa t40347 l45821 ls670">interest </span><span class="pp-class-236 pa t40347 l49493 ls4793">rate </span><span class="pp-class-236 pa t40347 l49494 ls278">swaps </span><span class="pp-class-236 pa t40347 l37444 ls428">and </span><span class="pp-class-236 pa t40347 l49495 ls129">caps </span><span class="pp-class-236 pa t40347 l49496 ls184">to </span><span class="pp-class-236 pa t40347 l49497 ls1764">comply </span><span class="pp-class-236 pa t49498 l3 ls129">with </span><span class="pp-class-236 pa t49498 l17175 ls129">this </span><span class="pp-class-236 pa t49498 l42316 ls2687">policy. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49499 l3 ls28052">Total </span><span class="pp-class-236 pa t49499 l49500 ls4248">net </span><span class="pp-class-236 pa t49499 l10764 ls706">interest-bearing </span><span class="pp-class-236 pa t49499 l49501 ls524">debt </span><span class="pp-class-236 pa t49499 l49502 ls875">(including </span><span class="pp-class-236 pa t49499 l49503 ls553">fair </span><span class="pp-class-236 pa t49499 l6660 ls556">values </span><span class="pp-class-236 pa t49499 l49504 ls98">of </span><span class="pp-class-236 pa t49499 l49505 ls4775">derivative </span><span class="pp-class-236 pa t49499 l49506 ls995">financial </span><span class="pp-class-236 pa t49499 l49507 ls524">instruments </span><span class="pp-class-236 pa t49499 l49508 ls3681">related </span><span class="pp-class-236 pa t49499 l49509 ls538">to </span><span class="pp-class-236 pa t49499 l49510 ls12546">interest-</span><span class="pp-class-236 pa t49511 l3 ls2036">bearing </span><span class="pp-class-236 pa t49511 l46614 ls838">activities) </span><span class="pp-class-236 pa t49511 l49512 ls625">amounts </span><span class="pp-class-236 pa t49511 l49513 ls538">to </span><span class="pp-class-236 pa t49511 l6590 ls651">DKK </span><span class="pp-class-236 pa t49511 l49514 ls6270">15,260m </span><span class="pp-class-236 pa t49511 l49515 ls2197">at </span><span class="pp-class-236 pa t49511 l49516 ls1775">year-end </span><span class="pp-class-236 pa t49511 l49517 ls2222">2025 </span><span class="pp-class-236 pa t49511 l49518 ls667">(2024: </span><span class="pp-class-236 pa t49511 l49519 ls572">DKK </span><span class="pp-class-236 pa t49511 l49520 ls11194">17,204m). </span><span class="pp-class-236 pa t49511 l49521 ls572">The </span><span class="pp-class-236 pa t49511 l49522 ls2848">Group’s </span><span class="pp-class-236 pa t49511 l39284 ls758">total </span><span class="pp-class-236 pa t49511 l49523 ls12546">interest-</span><span class="pp-class-236 pa t49524 l3 ls2036">bearing </span><span class="pp-class-236 pa t49524 l46614 ls524">debt </span><span class="pp-class-236 pa t49524 l46192 ls681">primarily </span><span class="pp-class-236 pa t49524 l7370 ls1751">consists </span><span class="pp-class-236 pa t49524 l49525 ls98">of </span><span class="pp-class-236 pa t49524 l49526 ls2889">partly </span><span class="pp-class-236 pa t49524 l49527 ls556">secured </span><span class="pp-class-236 pa t49524 l49528 ls2197">credit </span><span class="pp-class-236 pa t49524 l49529 ls731">facilities, </span><span class="pp-class-236 pa t49524 l49530 ls8048">unsecured </span><span class="pp-class-236 pa t49524 l49531 ls2245">corporate </span><span class="pp-class-236 pa t49524 l49532 ls538">bonds </span><span class="pp-class-236 pa t49524 l49533 ls651">and </span><span class="pp-class-236 pa t49524 l49534 ls670">mortgages </span><span class="pp-class-236 pa t49535 l3 ls2222">with </span><span class="pp-class-236 pa t49535 l8961 ls1751">security </span><span class="pp-class-236 pa t49535 l49536 ls811">in </span><span class="pp-class-236 pa t49535 l49537 ls551">ferries </span><span class="pp-class-236 pa t49535 l49538 ls651">and </span><span class="pp-class-236 pa t49535 l49539 ls949">other </span><span class="pp-class-236 pa t49535 l17330 ls1764">ships. </span><span class="pp-class-236 pa t49535 l49540 ls651">The </span><span class="pp-class-236 pa t49535 l38180 ls524">debt </span><span class="pp-class-236 pa t49535 l49541 ls30">portfolio </span><span class="pp-class-236 pa t49535 l49542 ls544">had </span><span class="pp-class-236 pa t49535 l49543 ls811">an </span><span class="pp-class-236 pa t49535 l49544 ls2894">average </span><span class="pp-class-236 pa t49535 l49545 ls2222">time </span><span class="pp-class-236 pa t49535 l49546 ls538">to </span><span class="pp-class-236 pa t49535 l49547 ls548">maturity </span><span class="pp-class-236 pa t49535 l49548 ls98">of </span><span class="pp-class-236 pa t49535 l49549 ls3414">2.7 </span><span class="pp-class-236 pa t49535 l49550 ls838">years </span><span class="pp-class-236 pa t49535 l49551 ls544">(2024: </span><span class="pp-class-236 pa t49552 l3 ls3160">3.4 </span><span class="pp-class-236 pa t49552 l49553 ls565">years). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49554 l3 ls811">In </span><span class="pp-class-236 pa t49554 l38573 ls7086">accordance </span><span class="pp-class-236 pa t49554 l49555 ls2222">with </span><span class="pp-class-236 pa t49554 l39252 ls651">the </span><span class="pp-class-236 pa t49554 l42949 ls995">Financial </span><span class="pp-class-236 pa t49554 l49556 ls1017">Policy, </span><span class="pp-class-236 pa t49554 l49557 ls706">interest </span><span class="pp-class-236 pa t49554 l49558 ls8384">rate </span><span class="pp-class-236 pa t49554 l24113 ls884">swaps </span><span class="pp-class-236 pa t49554 l49559 ls572">and </span><span class="pp-class-236 pa t49554 l24342 ls2222">caps </span><span class="pp-class-236 pa t49554 l49560 ls2222">with </span><span class="pp-class-236 pa t49554 l49561 ls184">a </span><span class="pp-class-236 pa t49554 l40184 ls995">principal </span><span class="pp-class-236 pa t49554 l49562 ls995">amount </span><span class="pp-class-236 pa t49554 l49563 ls98">of </span><span class="pp-class-236 pa t49554 l49564 ls572">DKK </span><span class="pp-class-236 pa t49554 l49565 ls847">5,110m </span><span class="pp-class-236 pa t49566 l3 ls667">(2024: </span><span class="pp-class-236 pa t49566 l45148 ls572">DKK </span><span class="pp-class-236 pa t49566 l29778 ls30681">4,817m) </span><span class="pp-class-236 pa t49566 l49567 ls110">have </span><span class="pp-class-236 pa t49566 l49568 ls2222">been </span><span class="pp-class-236 pa t49566 l49569 ls2270">entered </span><span class="pp-class-236 pa t49566 l42278 ls546">into </span><span class="pp-class-236 pa t49566 l70 ls538">to </span><span class="pp-class-236 pa t49566 l18185 ls838">mitigate </span><span class="pp-class-236 pa t49566 l49570 ls572">the </span><span class="pp-class-236 pa t49566 l49571 ls2848">Group’s </span><span class="pp-class-236 pa t49566 l49572 ls11713">exposure </span><span class="pp-class-236 pa t49566 l49573 ls538">to </span><span class="pp-class-236 pa t49566 l49574 ls706">interest </span><span class="pp-class-236 pa t49566 l39666 ls8384">rate </span><span class="pp-class-236 pa t49566 l49575 ls538">risk. </span><span class="pp-class-236 pa t49566 l49576 ls4823">At </span><span class="pp-class-236 pa t49566 l49577 ls4787">year-end </span><span class="pp-class-236 pa t49578 l3 ls2565">2025, </span><span class="pp-class-236 pa t49578 l46721 ls3993">47% </span><span class="pp-class-236 pa t49578 l49579 ls98">of </span><span class="pp-class-236 pa t49578 l49580 ls651">the </span><span class="pp-class-236 pa t49578 l49581 ls2848">Group’s </span><span class="pp-class-236 pa t49578 l27499 ls524">debt </span><span class="pp-class-236 pa t49578 l49582 ls556">was </span><span class="pp-class-236 pa t49578 l49370 ls12490">fixed-rate </span><span class="pp-class-236 pa t49578 l49583 ls546">including </span><span class="pp-class-236 pa t49578 l49584 ls706">interest </span><span class="pp-class-236 pa t49578 l49585 ls8384">rate </span><span class="pp-class-236 pa t49578 l49586 ls4793">derivatives </span><span class="pp-class-236 pa t49578 l49587 ls667">(2024: </span><span class="pp-class-236 pa t49578 l49588 ls538">42%). </span><span class="pp-class-236 pa t49578 l49589 ls706">Share </span><span class="pp-class-236 pa t49578 l49590 ls98">of </span><span class="pp-class-236 pa t49578 l49591 ls706">fixed-</span><span class="pp-class-236 pa t49592 l3 ls8384">rate </span><span class="pp-class-236 pa t49592 l46275 ls524">debt </span><span class="pp-class-236 pa t49592 l49593 ls546">including </span><span class="pp-class-236 pa t49592 l28380 ls696">long-term </span><span class="pp-class-236 pa t49592 l12808 ls94">charter </span><span class="pp-class-236 pa t49592 l49594 ls625">liabilities </span><span class="pp-class-236 pa t49592 l49595 ls530">amounted </span><span class="pp-class-236 pa t49592 l49596 ls538">to </span><span class="pp-class-236 pa t49592 l49597 ls572">51% </span><span class="pp-class-236 pa t49592 l49598 ls667">(2024: </span><span class="pp-class-236 pa t49592 l49599 ls2972">47%). </span><span class="pp-class-236 pa t49592 l49600 ls572">The </span><span class="pp-class-236 pa t49592 l49601 ls3855">weighted </span><span class="pp-class-236 pa t49592 l49602 ls2894">average </span><span class="pp-class-236 pa t49592 l39826 ls691">duration </span><span class="pp-class-236 pa t49603 l3 ls98">of </span><span class="pp-class-236 pa t49603 l39273 ls651">the </span><span class="pp-class-236 pa t49603 l39799 ls2848">Group’s </span><span class="pp-class-236 pa t49603 l21916 ls524">debt </span><span class="pp-class-236 pa t49603 l49604 ls560">portfolio, </span><span class="pp-class-236 pa t49603 l49605 ls546">including </span><span class="pp-class-236 pa t49603 l49606 ls94">charter </span><span class="pp-class-236 pa t49603 l49607 ls4248">liabilities, </span><span class="pp-class-236 pa t49603 l49608 ls556">was </span><span class="pp-class-236 pa t49603 l49609 ls7433">1.0 </span><span class="pp-class-236 pa t49603 l38447 ls8048">year </span><span class="pp-class-236 pa t49603 l49610 ls667">(2024: </span><span class="pp-class-236 pa t49603 l49611 ls2687">1.3 </span><span class="pp-class-236 pa t49603 l49612 ls681">years).</span></p><div id="pp-id-5397" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3">A </span><span class="pp-class-236 pa t283 l49613">1 </span><span class="pp-class-236 pa t283 l49614 ls129">percentage </span><span class="pp-class-236 pa t283 l49615 ls1098">point </span><span class="pp-class-236 pa t283 l49616 ls203">increase </span><span class="pp-class-236 pa t283 l49617">in </span><span class="pp-class-236 pa t283 l49618 ls428">interest </span><span class="pp-class-236 pa t283 l17397 ls2222">rates </span><span class="pp-class-236 pa t283 l49619 ls203">compared </span><span class="pp-class-236 pa t283 l49620">with </span><span class="pp-class-236 pa t283 l49621">the </span><span class="pp-class-236 pa t283 l47873 ls1078">actual </span><span class="pp-class-236 pa t283 l49622 ls234">levels </span><span class="pp-class-236 pa t283 l49623">in </span><span class="pp-class-236 pa t283 l49624 ls26">2025 </span><span class="pp-class-236 pa t283 l49625 ls71">would, </span><span class="pp-class-236 pa t283 l39563 ls26">all </span><span class="pp-class-236 pa t283 l49626">else </span><span class="pp-class-236 pa t283 l49627 ls26">being </span><span class="pp-class-236 pa t38325 l3">equal, </span><span class="pp-class-236 pa t38325 l49628 ls94">have </span><span class="pp-class-236 pa t38325 l49629 ls227">increased </span><span class="pp-class-236 pa t38325 l49630">the </span><span class="pp-class-236 pa t38325 l49631 ls35">Group’s </span><span class="pp-class-236 pa t38325 l49632 ls113">net </span><span class="pp-class-236 pa t38325 l49633 ls428">interest </span><span class="pp-class-236 pa t38325 l49634 ls143">expense, </span><span class="pp-class-236 pa t38325 l49635 ls91">including </span><span class="pp-class-236 pa t38325 l49636">hedging </span><span class="pp-class-236 pa t38325 l24452 ls793">effects, </span><span class="pp-class-236 pa t38325 l49637 ls967">by </span><span class="pp-class-236 pa t38325 l49638">DKK </span><span class="pp-class-236 pa t38325 l49639 ls670">70m </span><span class="pp-class-236 pa t38325 l49640 ls685">(2024: </span><span class="pp-class-236 pa t38325 l49641">DKK </span><span class="pp-class-236 pa t38337 l3">59m). </span><span class="pp-class-236 pa t38337 l49642 ls1780">Conversely, </span><span class="pp-class-236 pa t38337 l49643">a </span><span class="pp-class-236 pa t38337 l40593">1 </span><span class="pp-class-236 pa t38337 l49644 ls129">percentage </span><span class="pp-class-236 pa t38337 l18173 ls1098">point </span><span class="pp-class-236 pa t38337 l14711 ls203">decrease </span><span class="pp-class-236 pa t38337 l49645">in </span><span class="pp-class-236 pa t38337 l49646 ls428">interest </span><span class="pp-class-236 pa t38337 l49647 ls2222">rates </span><span class="pp-class-236 pa t38337 l42446 ls73">would </span><span class="pp-class-236 pa t38337 l49648 ls94">have </span><span class="pp-class-236 pa t38337 l49649 ls1661">reduced </span><span class="pp-class-236 pa t38337 l49650 ls113">net </span><span class="pp-class-236 pa t38337 l49651 ls428">interest </span><span class="pp-class-236 pa t38337 l49652 ls1661">expense </span><span class="pp-class-236 pa t38356 l3 ls967">by </span><span class="pp-class-236 pa t38356 l3373">DKK </span><span class="pp-class-236 pa t38356 l49653 ls670">70m </span><span class="pp-class-236 pa t38356 l28921 ls685">(2024: </span><span class="pp-class-236 pa t38356 l49654">DKK </span><span class="pp-class-236 pa t38356 l49655">59m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38598 l3 ls184">A </span><span class="pp-class-236 pa t38598 l45104 ls184">1 </span><span class="pp-class-236 pa t38598 l49656 ls5781">percentage </span><span class="pp-class-236 pa t38598 l49657 ls536">point </span><span class="pp-class-236 pa t38598 l49658 ls3855">increase </span><span class="pp-class-236 pa t38598 l15120 ls811">in </span><span class="pp-class-236 pa t38598 l49659 ls706">interest </span><span class="pp-class-236 pa t38598 l49660 ls2816">rates </span><span class="pp-class-236 pa t38598 l49661 ls3855">compared </span><span class="pp-class-236 pa t38598 l49662 ls2222">with </span><span class="pp-class-236 pa t38598 l49663 ls572">the </span><span class="pp-class-236 pa t38598 l49664 ls849">level </span><span class="pp-class-236 pa t38598 l49665 ls2197">at </span><span class="pp-class-236 pa t38598 l49156 ls572">the </span><span class="pp-class-236 pa t38598 l49666 ls2036">balance </span><span class="pp-class-236 pa t38598 l49667 ls949">sheet </span><span class="pp-class-236 pa t38598 l49668 ls7086">date </span><span class="pp-class-236 pa t38598 l49669 ls758">would, </span><span class="pp-class-236 pa t38598 l49670 ls184">all </span><span class="pp-class-236 pa t38378 l3 ls2222">else </span><span class="pp-class-236 pa t38378 l49671 ls538">being </span><span class="pp-class-236 pa t38378 l13330 ls1764">equal, </span><span class="pp-class-236 pa t38378 l49672 ls110">have </span><span class="pp-class-236 pa t38378 l40059 ls544">had </span><span class="pp-class-236 pa t38378 l49673 ls184">a </span><span class="pp-class-236 pa t38378 l49674 ls731">positive </span><span class="pp-class-236 pa t38378 l49675 ls1780">impact </span><span class="pp-class-236 pa t38378 l34373 ls98">of </span><span class="pp-class-236 pa t38378 l12308 ls572">DKK </span><span class="pp-class-236 pa t38378 l49676 ls651">62m </span><span class="pp-class-236 pa t38378 l46268 ls811">on </span><span class="pp-class-236 pa t38378 l49677 ls651">the </span><span class="pp-class-236 pa t38378 l49678 ls2848">Group’s </span><span class="pp-class-236 pa t38378 l49679 ls2036">hedging </span><span class="pp-class-236 pa t38378 l49680 ls2969">reserve </span><span class="pp-class-236 pa t38378 l49681 ls667">(2024: </span><span class="pp-class-236 pa t38378 l49682 ls572">DKK </span><span class="pp-class-236 pa t38378 l49683 ls811">90m). </span><span class="pp-class-236 pa t38394 l3 ls5207">Conversely, </span><span class="pp-class-236 pa t38394 l49684 ls184">a </span><span class="pp-class-236 pa t38394 l47151 ls184">1 </span><span class="pp-class-236 pa t38394 l49685 ls5781">percentage </span><span class="pp-class-236 pa t38394 l49686 ls536">point </span><span class="pp-class-236 pa t38394 l49687 ls3855">decrease </span><span class="pp-class-236 pa t38394 l49688 ls811">in </span><span class="pp-class-236 pa t38394 l28544 ls706">interest </span><span class="pp-class-236 pa t38394 l49689 ls2816">rates </span><span class="pp-class-236 pa t38394 l49690 ls838">would </span><span class="pp-class-236 pa t38394 l49691 ls110">have </span><span class="pp-class-236 pa t38394 l49692 ls544">had </span><span class="pp-class-236 pa t38394 l49693 ls184">a </span><span class="pp-class-236 pa t38394 l49694 ls2969">negative </span><span class="pp-class-236 pa t38394 l49695 ls1780">impact </span><span class="pp-class-236 pa t38394 l49696 ls98">of </span><span class="pp-class-236 pa t38394 l49697 ls572">DKK </span><span class="pp-class-236 pa t38394 l49698 ls651">63m </span><span class="pp-class-236 pa t38394 l49699 ls1547">on </span><span class="pp-class-236 pa t38413 l3 ls651">the </span><span class="pp-class-236 pa t38413 l28221 ls2036">hedging </span><span class="pp-class-236 pa t38413 l49700 ls2969">reserve </span><span class="pp-class-236 pa t38413 l49701 ls667">(2024: </span><span class="pp-class-236 pa t38413 l49702 ls651">DKK </span><span class="pp-class-236 pa t38413 l49703 ls2222">93m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls2270">Currency </span><span class="pp-class-237 pa t38426 l49704 ls3084">exchange </span><span class="pp-class-237 pa t38426 l49705 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls2245">Currency </span><span class="pp-class-236 pa t38428 l39108 ls11713">exchange </span><span class="pp-class-236 pa t38428 l49706 ls2222">risk </span><span class="pp-class-236 pa t38428 l49707 ls811">is </span><span class="pp-class-236 pa t38428 l49708 ls567">monitored </span><span class="pp-class-236 pa t38428 l19853 ls621">continuously </span><span class="pp-class-236 pa t38428 l49709 ls572">and </span><span class="pp-class-236 pa t38428 l49710 ls8367">actively </span><span class="pp-class-236 pa t38428 l49711 ls1764">hedged </span><span class="pp-class-236 pa t38428 l49712 ls538">to </span><span class="pp-class-236 pa t38428 l49713 ls2197">reduce </span><span class="pp-class-236 pa t38428 l49714 ls11713">exposure </span><span class="pp-class-236 pa t38428 l49715 ls538">using </span><span class="pp-class-236 pa t38428 l49716 ls603">forward </span><span class="pp-class-236 pa t38439 l3 ls11713">exchange </span><span class="pp-class-236 pa t38439 l35099 ls4793">contracts </span><span class="pp-class-236 pa t38439 l33943 ls651">and </span><span class="pp-class-236 pa t38439 l49717 ls2245">currency </span><span class="pp-class-236 pa t38439 l4336 ls1775">swaps. </span><span class="pp-class-236 pa t38439 l49718 ls2270">According </span><span class="pp-class-236 pa t38439 l17101 ls538">to </span><span class="pp-class-236 pa t38439 l49719 ls538">DFDS’ </span><span class="pp-class-236 pa t38439 l49720 ls995">Financial </span><span class="pp-class-236 pa t38439 l49721 ls1017">Policy, </span><span class="pp-class-236 pa t38439 l49722 ls2222">DFDS </span><span class="pp-class-236 pa t38439 l49723 ls651">can </span><span class="pp-class-236 pa t38439 l49724 ls538">hedge </span><span class="pp-class-236 pa t38439 l49725 ls572">balance </span><span class="pp-class-236 pa t38453 l3 ls884">exposures, </span><span class="pp-class-236 pa t38453 l49726 ls651">and </span><span class="pp-class-236 pa t38453 l38466 ls4248">net </span><span class="pp-class-236 pa t38453 l49727 ls98">of </span><span class="pp-class-236 pa t38453 l31035 ls1751">hedging, </span><span class="pp-class-236 pa t38453 l49728 ls2036">balance </span><span class="pp-class-236 pa t38453 l45602 ls4017">exposures </span><span class="pp-class-236 pa t38453 l49729 ls2222">must </span><span class="pp-class-236 pa t38453 l49730 ls811">be </span><span class="pp-class-236 pa t38453 l49731 ls4793">kept </span><span class="pp-class-236 pa t38453 l49732 ls838">below </span><span class="pp-class-236 pa t38453 l49733 ls811">an </span><span class="pp-class-236 pa t38453 l49734 ls1780">equivalent </span><span class="pp-class-236 pa t38453 l49735 ls538">to </span><span class="pp-class-236 pa t38453 l49736 ls572">DKK </span><span class="pp-class-236 pa t38453 l49737 ls2222">150m </span><span class="pp-class-236 pa t38453 l49738 ls811">in </span><span class="pp-class-236 pa t38453 l49739 ls2222">each </span><span class="pp-class-236 pa t38465 l3 ls3170">currency. </span><span class="pp-class-236 pa t38465 l49740 ls2270">According </span><span class="pp-class-236 pa t38465 l49741 ls538">to </span><span class="pp-class-236 pa t38465 l49742 ls651">the </span><span class="pp-class-236 pa t38465 l49743 ls995">Financial </span><span class="pp-class-236 pa t38465 l49744 ls1017">Policy, </span><span class="pp-class-236 pa t38465 l16380 ls2222">DFDS </span><span class="pp-class-236 pa t38465 l49745 ls572">can </span><span class="pp-class-236 pa t38465 l15245 ls2222">also </span><span class="pp-class-236 pa t38465 l49746 ls538">hedge </span><span class="pp-class-236 pa t38465 l49747 ls4017">exposures </span><span class="pp-class-236 pa t38465 l49748 ls877">from </span><span class="pp-class-236 pa t38465 l49749 ls5781">expected </span><span class="pp-class-236 pa t38465 l49750 ls2222">cash </span><span class="pp-class-236 pa t38465 l49751 ls706">flows </span><span class="pp-class-236 pa t38465 l49752 ls2207">from </span><span class="pp-class-236 pa t38476 l3 ls2270">operations </span><span class="pp-class-236 pa t38476 l17870 ls811">up </span><span class="pp-class-236 pa t38476 l28492 ls538">to </span><span class="pp-class-236 pa t38476 l49753 ls553">four </span><span class="pp-class-236 pa t38476 l49300 ls2222">quarters </span><span class="pp-class-236 pa t38476 l49754 ls544">ahead </span><span class="pp-class-236 pa t38476 l49755 ls651">and </span><span class="pp-class-236 pa t38476 l49756 ls2222">cash </span><span class="pp-class-236 pa t38476 l49757 ls706">flows </span><span class="pp-class-236 pa t38476 l49758 ls877">from </span><span class="pp-class-236 pa t38476 l49759 ls560">off-balance </span><span class="pp-class-236 pa t38476 l49760 ls949">sheet </span><span class="pp-class-236 pa t38476 l49761 ls2270">contractual </span><span class="pp-class-236 pa t38476 l49762 ls590">commitments. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls6092">Approximately </span><span class="pp-class-236 pa t38478 l49763 ls651">91% </span><span class="pp-class-236 pa t38478 l49654 ls98">of </span><span class="pp-class-236 pa t38478 l37316 ls538">DFDS’ </span><span class="pp-class-236 pa t38478 l49764 ls110">revenues </span><span class="pp-class-236 pa t38478 l49765 ls811">in </span><span class="pp-class-236 pa t38478 l49766 ls2222">2025 </span><span class="pp-class-236 pa t38478 l49767 ls2258">were </span><span class="pp-class-236 pa t38478 l49768 ls567">invoiced </span><span class="pp-class-236 pa t38478 l49769 ls811">in </span><span class="pp-class-236 pa t38478 l49770 ls4558">foreign </span><span class="pp-class-236 pa t38478 l39181 ls667">currencies </span><span class="pp-class-236 pa t38478 l49771 ls667">(2024: </span><span class="pp-class-236 pa t38478 l49772 ls553">87%) </span><span class="pp-class-236 pa t38478 l49773 ls2222">with </span><span class="pp-class-236 pa t38478 l49774 ls651">the </span><span class="pp-class-236 pa t38478 l49775 ls967">most </span><span class="pp-class-236 pa t38491 l3 ls541">substantial </span><span class="pp-class-236 pa t38491 l34281 ls3084">revenue </span><span class="pp-class-236 pa t38491 l49776 ls2245">generated </span><span class="pp-class-236 pa t38491 l38888 ls811">in </span><span class="pp-class-236 pa t38491 l49777 ls651">EUR </span><span class="pp-class-236 pa t38491 l49778 ls538">which </span><span class="pp-class-236 pa t38491 l35410 ls548">accounted </span><span class="pp-class-236 pa t38491 l49779 ls553">for </span><span class="pp-class-236 pa t38491 l49780 ls651">61% </span><span class="pp-class-236 pa t38491 l49781 ls98">of </span><span class="pp-class-236 pa t38491 l49782 ls758">total </span><span class="pp-class-236 pa t38491 l49783 ls3084">revenue </span><span class="pp-class-236 pa t38491 l49784 ls667">(2024: </span><span class="pp-class-236 pa t38491 l49785 ls811">64%). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38711 l3 ls938">Apart </span><span class="pp-class-236 pa t38711 l1521 ls877">from </span><span class="pp-class-236 pa t38711 l1670 ls651">DKK </span><span class="pp-class-236 pa t38711 l49786 ls651">and </span><span class="pp-class-236 pa t38711 l49787 ls129">EUR, </span><span class="pp-class-236 pa t38711 l49788 ls3084">revenue </span><span class="pp-class-236 pa t38711 l47299 ls811">is </span><span class="pp-class-236 pa t38711 l49789 ls4807">mainly </span><span class="pp-class-236 pa t38711 l49790 ls2245">generated </span><span class="pp-class-236 pa t38711 l49791 ls811">in </span><span class="pp-class-236 pa t38711 l49792 ls2222">SEK, </span><span class="pp-class-236 pa t38711 l42530 ls49793">GBP, </span><span class="pp-class-236 pa t38711 l49794 ls651">and </span><span class="pp-class-236 pa t38711 l49795 ls2222">NOK. </span><span class="pp-class-236 pa t38711 l49796 ls33174">However, </span><span class="pp-class-236 pa t38711 l49797 ls2222">SEK, </span><span class="pp-class-236 pa t38711 l49798 ls49793">GBP, </span><span class="pp-class-236 pa t38711 l49799 ls651">and </span><span class="pp-class-236 pa t38711 l49800 ls184">NOK </span><span class="pp-class-236 pa t38518 l3 ls667">risks </span><span class="pp-class-236 pa t38518 l48628 ls2808">are </span><span class="pp-class-236 pa t38518 l46074 ls538">to </span><span class="pp-class-236 pa t38518 l33769 ls184">a </span><span class="pp-class-236 pa t38518 l18783 ls706">large </span><span class="pp-class-236 pa t38518 l49801 ls1815">extent </span><span class="pp-class-236 pa t38518 l49802 ls278">offset </span><span class="pp-class-236 pa t38518 l49803 ls706">by </span><span class="pp-class-236 pa t38518 l49804 ls1764">costs. </span><span class="pp-class-236 pa t38518 l34186 ls651">USD </span><span class="pp-class-236 pa t38518 l49805 ls2222">risk </span><span class="pp-class-236 pa t38518 l49806 ls681">primarily </span><span class="pp-class-236 pa t38518 l49807 ls538">comes </span><span class="pp-class-236 pa t38518 l49808 ls877">from </span><span class="pp-class-236 pa t38518 l49809 ls2197">future </span><span class="pp-class-236 pa t38518 l49810 ls4630">bunker </span><span class="pp-class-236 pa t38518 l49811 ls530">consumption </span><span class="pp-class-236 pa t38518 l49812 ls184">and </span><span class="pp-class-236 pa t38520 l3 ls94">charter </span><span class="pp-class-236 pa t38520 l49813 ls7086">agreements. </span><span class="pp-class-236 pa t38520 l49814 ls651">EUR </span><span class="pp-class-236 pa t38520 l34197 ls811">is </span><span class="pp-class-236 pa t38520 l49815 ls667">considered </span><span class="pp-class-236 pa t38520 l49816 ls184">a </span><span class="pp-class-236 pa t38520 l49817 ls538">minor </span><span class="pp-class-236 pa t38520 l49818 ls2222">risk </span><span class="pp-class-236 pa t38520 l46621 ls651">due </span><span class="pp-class-236 pa t38520 l47885 ls538">to </span><span class="pp-class-236 pa t38520 l49819 ls706">Denmark’s </span><span class="pp-class-236 pa t38520 l45318 ls706">fixed </span><span class="pp-class-236 pa t38520 l49820 ls11713">exchange </span><span class="pp-class-236 pa t38520 l49821 ls8384">rate </span><span class="pp-class-236 pa t38520 l49822 ls758">policy </span><span class="pp-class-236 pa t38520 l49823 ls13284">towards </span><span class="pp-class-236 pa t38520 l49824 ls135">EUR. </span><span class="pp-class-236 pa t38530 l3 ls651">USD </span><span class="pp-class-236 pa t38530 l49825 ls2222">risk </span><span class="pp-class-236 pa t38530 l49826 ls811">is </span><span class="pp-class-236 pa t38530 l49354 ls556">reduced </span><span class="pp-class-236 pa t38530 l49827 ls706">by </span><span class="pp-class-236 pa t38530 l49828 ls651">the </span><span class="pp-class-236 pa t38530 l5876 ls544">BAF </span><span class="pp-class-236 pa t38530 l49829 ls995">mechanism </span><span class="pp-class-236 pa t38530 l49830 ls811">as </span><span class="pp-class-236 pa t38530 l49831 ls995">described </span><span class="pp-class-236 pa t38530 l49832 ls2565">above.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38554 l3 ls651">The </span><span class="pp-class-236 pa t38554 l38379 ls2969">operational </span><span class="pp-class-236 pa t38554 l49833 ls2245">currency </span><span class="pp-class-236 pa t38554 l49834 ls2222">cash </span><span class="pp-class-236 pa t38554 l49835 ls8048">flow </span><span class="pp-class-236 pa t38554 l49836 ls811">is </span><span class="pp-class-236 pa t38554 l49837 ls536">defined </span><span class="pp-class-236 pa t38554 l49838 ls811">as </span><span class="pp-class-236 pa t38554 l49839 ls572">the </span><span class="pp-class-236 pa t38554 l49840 ls877">Group's </span><span class="pp-class-236 pa t38554 l49841 ls731">consolidated </span><span class="pp-class-236 pa t38554 l49842 ls4248">net </span><span class="pp-class-236 pa t38554 l49843 ls2245">currency </span><span class="pp-class-236 pa t38554 l49844 ls2222">cash </span><span class="pp-class-236 pa t38554 l49845 ls706">flows </span><span class="pp-class-236 pa t38554 l49846 ls2207">from </span><span class="pp-class-236 pa t38567 l3 ls110">revenues </span><span class="pp-class-236 pa t38567 l17350 ls651">and </span><span class="pp-class-236 pa t38567 l3348 ls2969">operational </span><span class="pp-class-236 pa t38567 l49847 ls1764">costs. </span><span class="pp-class-236 pa t38567 l49848 ls651">The </span><span class="pp-class-236 pa t38567 l49849 ls625">table </span><span class="pp-class-236 pa t38567 l49850 ls706">shows </span><span class="pp-class-236 pa t38567 l49851 ls572">the </span><span class="pp-class-236 pa t38567 l49852 ls1780">impact </span><span class="pp-class-236 pa t38567 l49853 ls811">on </span><span class="pp-class-236 pa t38567 l49854 ls572">the </span><span class="pp-class-236 pa t38567 l49855 ls877">Group's </span><span class="pp-class-236 pa t38567 l49856 ls1775">operating </span><span class="pp-class-236 pa t38567 l49857 ls681">profit </span><span class="pp-class-236 pa t38567 l49858 ls691">before </span><span class="pp-class-236 pa t39613 l3 ls691">depreciation </span><span class="pp-class-236 pa t39613 l41763 ls651">and </span><span class="pp-class-236 pa t39613 l18502 ls179">amortisation </span><span class="pp-class-236 pa t39613 l49859 ls560">(EBITDA).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39646 l3 ls572">All </span><span class="pp-class-236 pa t39646 l47725 ls2222">else </span><span class="pp-class-236 pa t39646 l49860 ls1764">equal, </span><span class="pp-class-236 pa t39646 l49861 ls184">a </span><span class="pp-class-236 pa t39646 l49862 ls758">strengthening </span><span class="pp-class-236 pa t39646 l1576 ls98">of </span><span class="pp-class-236 pa t39646 l49863 ls2222">SEK, </span><span class="pp-class-236 pa t39646 l21149 ls2222">NOK, </span><span class="pp-class-236 pa t39646 l49864 ls49793">GBP, </span><span class="pp-class-236 pa t39646 l49865 ls29617">TRY, </span><span class="pp-class-236 pa t39646 l49866 ls572">and </span><span class="pp-class-236 pa t39646 l49867 ls651">USD </span><span class="pp-class-236 pa t39646 l49868 ls544">against </span><span class="pp-class-236 pa t39646 l49869 ls651">DKK </span><span class="pp-class-236 pa t39646 l49870 ls2197">at </span><span class="pp-class-236 pa t39646 l49871 ls2036">balance </span><span class="pp-class-236 pa t39646 l48803 ls949">sheet </span><span class="pp-class-236 pa t39646 l49872 ls7086">date </span><span class="pp-class-236 pa t39646 l49873 ls278">would </span><span class="pp-class-236 pa t39652 l3 ls1780">impact </span><span class="pp-class-236 pa t39652 l49874 ls572">the </span><span class="pp-class-236 pa t39652 l502 ls877">Group's </span><span class="pp-class-236 pa t39652 l49875 ls681">profit </span><span class="pp-class-236 pa t39652 l49876 ls651">and </span><span class="pp-class-236 pa t39652 l49877 ls2222">loss </span><span class="pp-class-236 pa t39652 l49878 ls706">by </span><span class="pp-class-236 pa t39652 l49879 ls651">the </span><span class="pp-class-236 pa t39652 l49880 ls625">amounts </span><span class="pp-class-236 pa t39652 l49881 ls7086">presented </span><span class="pp-class-236 pa t39652 l49882 ls11722">below. </span><span class="pp-class-236 pa t39652 l49883 ls2245">Currency </span><span class="pp-class-236 pa t39652 l49884 ls747">sensitivities </span><span class="pp-class-236 pa t39652 l49885 ls553">for </span><span class="pp-class-236 pa t39652 l49886 ls2222">2025 </span><span class="pp-class-236 pa t39652 l49887 ls2808">are </span><span class="pp-class-236 pa t39652 l49888 ls811">based </span><span class="pp-class-236 pa t39669 l3 ls811">on </span><span class="pp-class-236 pa t39669 l31254 ls1764">annual </span><span class="pp-class-236 pa t39669 l45744 ls2197">volatility </span><span class="pp-class-236 pa t39669 l49889 ls3234">over </span><span class="pp-class-236 pa t39669 l49890 ls184">a </span><span class="pp-class-236 pa t39669 l49891 ls556">two </span><span class="pp-class-236 pa t39669 l49892 ls8048">year </span><span class="pp-class-236 pa t39669 l49893 ls1764">period.</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49894 l3 ls241">Operational </span><span class="pp-class-237 pa t49894 l28342 ls1741">currency </span><span class="pp-class-237 pa t49894 l49895">cash </span><span class="pp-class-237 pa t49894 l49896 ls63">flow </span><span class="pp-class-237 pa t49894 l49897">risk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49894 l49898 ls234">EBITDA</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49899 l3">DKK </span><span class="pp-class-236 pa t49899 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49899 l44793">202</span></a><span class="pp-class-237 pa t49899 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49899 l40478 ls811">202</span></a><span class="pp-class-236 pa t49899 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l3">SEK, </span><span class="pp-class-236 pa t49900 l49901">income </span><span class="pp-class-236 pa t49900 l36525 ls73">statement </span><span class="pp-class-236 pa t49900 l3330 ls1011">effect, </span><span class="pp-class-236 pa t49900 l49902">6% </span><span class="pp-class-236 pa t49900 l48382 ls135">strengthening</span></a><span class="pp-class-236 pa t49900 l49903"/><span class="pp-class-236 pa t49900 l49904 ls685">(2024: </span><span class="pp-class-236 pa t49900 l42619 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l49905 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l37201">6</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l3">NOK, </span><span class="pp-class-236 pa t49906 l49907">income </span><span class="pp-class-236 pa t49906 l49908 ls73">statement </span><span class="pp-class-236 pa t49906 l49909 ls1011">effect, </span><span class="pp-class-236 pa t49906 l49910">7% </span><span class="pp-class-236 pa t49906 l49911 ls135">strengthening</span></a><span class="pp-class-236 pa t49906 l49912"/><span class="pp-class-236 pa t49906 l49913 ls685">(2024: </span><span class="pp-class-236 pa t49906 l49914 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l49915">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l44648">5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l3 ls870">GBP, </span><span class="pp-class-236 pa t49916 l49917">income </span><span class="pp-class-236 pa t49916 l49918 ls73">statement </span><span class="pp-class-236 pa t49916 l49919 ls1011">effect, </span><span class="pp-class-236 pa t49916 l49920">4% </span><span class="pp-class-236 pa t49916 l49921 ls135">strengthening</span></a><span class="pp-class-236 pa t49916 l49922"/><span class="pp-class-236 pa t49916 l16924 ls685">(2024: </span><span class="pp-class-236 pa t49916 l49923 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l49924">20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l48957">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l3 ls1151">TRY, </span><span class="pp-class-236 pa t49925 l49926">income </span><span class="pp-class-236 pa t49925 l43449 ls73">statement </span><span class="pp-class-236 pa t49925 l49927 ls1011">effect, </span><span class="pp-class-236 pa t49925 l42487">8% </span><span class="pp-class-236 pa t49925 l49928 ls135">strengthening</span></a><span class="pp-class-236 pa t49925 l49421"/><span class="pp-class-236 pa t49925 l49929 ls685">(2024: </span><span class="pp-class-236 pa t49925 l49930 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l49931">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l49932">-13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l3 ls544">USD, </span><span class="pp-class-236 pa t49933 l49934">income </span><span class="pp-class-236 pa t49933 l13236 ls73">statement </span><span class="pp-class-236 pa t49933 l49935 ls1011">effect, </span><span class="pp-class-236 pa t49933 l27260">7% </span><span class="pp-class-236 pa t49933 l49936 ls135">strengthening</span></a><span class="pp-class-236 pa t49933 l49937"/><span class="pp-class-236 pa t49933 l49938 ls685">(2024: </span><span class="pp-class-236 pa t49933 l49939 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l41801">-19</span></a></p></td></tr></table></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40114 l3 ls651">The </span><span class="pp-class-236 pa t40114 l38379 ls877">Group's </span><span class="pp-class-236 pa t40114 l49943 ls2222">most </span><span class="pp-class-236 pa t40114 l49944 ls524">significant </span><span class="pp-class-236 pa t40114 l49945 ls2245">currency </span><span class="pp-class-236 pa t40114 l49946 ls2036">balance </span><span class="pp-class-236 pa t40114 l49947 ls995">positions </span><span class="pp-class-236 pa t40114 l49948 ls2808">are </span><span class="pp-class-236 pa t40114 l49949 ls811">in </span><span class="pp-class-236 pa t40114 l49950 ls129">EUR, </span><span class="pp-class-236 pa t40114 l49951 ls2222">SEK, </span><span class="pp-class-236 pa t40114 l49952 ls2222">NOK, </span><span class="pp-class-236 pa t40114 l49953 ls49793">GBP, </span><span class="pp-class-236 pa t40114 l49954 ls29617">TRY, </span><span class="pp-class-236 pa t40114 l49955 ls651">and </span><span class="pp-class-236 pa t40114 l49956 ls651">USD </span><span class="pp-class-236 pa t40114 l49957 ls1131">relating </span><span class="pp-class-236 pa t40114 l49958 ls184">to </span><span class="pp-class-236 pa t40125 l3 ls538">debt, </span><span class="pp-class-236 pa t40125 l49186 ls849">trade </span><span class="pp-class-236 pa t40125 l39045 ls877">payables </span><span class="pp-class-236 pa t40125 l49959 ls651">and </span><span class="pp-class-236 pa t40125 l49960 ls849">trade </span><span class="pp-class-236 pa t40125 l49961 ls1463">receivables. </span><span class="pp-class-236 pa t40125 l49962 ls651">All </span><span class="pp-class-236 pa t40125 l49963 ls2222">else </span><span class="pp-class-236 pa t40125 l49964 ls538">equal </span><span class="pp-class-236 pa t40125 l49965 ls184">a </span><span class="pp-class-236 pa t40125 l49966 ls758">strengthening </span><span class="pp-class-236 pa t40125 l38911 ls98">of </span><span class="pp-class-236 pa t40125 l49967 ls2222">SEK, </span><span class="pp-class-236 pa t40125 l49968 ls2222">NOK, </span><span class="pp-class-236 pa t40125 l49969 ls49793">GBP, </span><span class="pp-class-236 pa t40125 l49970 ls29617">TRY, </span><span class="pp-class-236 pa t40125 l49971 ls572">and </span><span class="pp-class-236 pa t40125 l49972 ls184">USD </span><span class="pp-class-236 pa t40137 l3 ls544">against </span><span class="pp-class-236 pa t40137 l28839 ls651">DKK </span><span class="pp-class-236 pa t40137 l49973 ls2197">at </span><span class="pp-class-236 pa t40137 l49974 ls2036">balance </span><span class="pp-class-236 pa t40137 l49975 ls949">sheet </span><span class="pp-class-236 pa t40137 l17074 ls7086">date </span><span class="pp-class-236 pa t40137 l49976 ls838">would </span><span class="pp-class-236 pa t40137 l49977 ls110">have </span><span class="pp-class-236 pa t40137 l49978 ls1796">increased/decreased </span><span class="pp-class-236 pa t40137 l49979 ls2036">balance </span><span class="pp-class-236 pa t40137 l49980 ls949">sheet </span><span class="pp-class-236 pa t40137 l49981 ls625">items </span><span class="pp-class-236 pa t40137 l49982 ls706">by </span><span class="pp-class-236 pa t40137 l37400 ls572">the </span><span class="pp-class-236 pa t40137 l49983 ls35">amounts </span><span class="pp-class-236 pa t40150 l3 ls7086">presented </span><span class="pp-class-236 pa t40150 l6723 ls6255">below.</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l3 ls1741">Currency </span><span class="pp-class-237 pa t49984 l49985 ls1535">balance </span><span class="pp-class-237 pa t49984 l49986">risk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l43563"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l49987"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49988 l3">DKK </span><span class="pp-class-236 pa t49988 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49988 l44793">202</span></a><span class="pp-class-237 pa t49988 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49988 l40478 ls811">202</span></a><span class="pp-class-236 pa t49988 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l3">SEK, </span><span class="pp-class-236 pa t49989 l49901">equity </span><span class="pp-class-236 pa t49989 l44824">and </span><span class="pp-class-236 pa t49989 l29829">income </span><span class="pp-class-236 pa t49989 l49990 ls73">statement </span><span class="pp-class-236 pa t49989 l19255 ls1011">effect, </span><span class="pp-class-236 pa t49989 l48823">6% </span><span class="pp-class-236 pa t49989 l49178 ls135">strengthening</span></a><span class="pp-class-236 pa t49989 l49991"/><span class="pp-class-236 pa t49989 l24372 ls685">(2024: </span><span class="pp-class-236 pa t49989 l49992 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49993 l3">NOK</span><a><span class="pp-class-236 pa t49993 l49994">, </span><span class="pp-class-236 pa t49993 l49907">equity </span><span class="pp-class-236 pa t49993 l43988">and </span><span class="pp-class-236 pa t49993 l47974">income </span><span class="pp-class-236 pa t49993 l46569 ls73">statement </span><span class="pp-class-236 pa t49993 l49995 ls1011">effect, </span><span class="pp-class-236 pa t49993 l49996">7% </span><span class="pp-class-236 pa t49993 l42514 ls135">strengthening</span></a><span class="pp-class-236 pa t49993 l49997"/><span class="pp-class-236 pa t49993 l49998 ls685">(2024: </span><span class="pp-class-236 pa t49993 l49999 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49993 l48284">-3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49993 l41866">-</span></a><span class="pp-class-236 pa t49993 l47209">1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50000 l3 ls50001">GBP</span><a><span class="pp-class-236 pa t50000 l45904">, </span><span class="pp-class-236 pa t50000 l49917">equity </span><span class="pp-class-236 pa t50000 l28561">and </span><span class="pp-class-236 pa t50000 l50002">income </span><span class="pp-class-236 pa t50000 l50003 ls73">statement </span><span class="pp-class-236 pa t50000 l25468 ls1011">effect, </span><span class="pp-class-236 pa t50000 l37844">4% </span><span class="pp-class-236 pa t50000 l50004 ls135">strengthening</span></a><span class="pp-class-236 pa t50000 l50005"/><span class="pp-class-236 pa t50000 l50006 ls685">(2024: </span><span class="pp-class-236 pa t50000 l50007 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50000 l43719">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50000 l50008">-</span></a><span class="pp-class-236 pa t50000 l48957">3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l3 ls1151">TRY, </span><span class="pp-class-236 pa t50009 l49926">equity </span><span class="pp-class-236 pa t50009 l50010">and </span><span class="pp-class-236 pa t50009 l35037">income </span><span class="pp-class-236 pa t50009 l46161 ls73">statement </span><span class="pp-class-236 pa t50009 l50011 ls1011">effect, </span><span class="pp-class-236 pa t50009 l50012">8% </span><span class="pp-class-236 pa t50009 l50013 ls135">strengthening</span></a><span class="pp-class-236 pa t50009 l3089"/><span class="pp-class-236 pa t50009 l50014 ls685">(2024: </span><span class="pp-class-236 pa t50009 l50015 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l43605">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l3 ls544">USD, </span><span class="pp-class-236 pa t50016 l49934">equity </span><span class="pp-class-236 pa t50016 l50017">and </span><span class="pp-class-236 pa t50016 l50018">income </span><span class="pp-class-236 pa t50016 l20972 ls73">statement </span><span class="pp-class-236 pa t50016 l38845 ls1011">effect, </span><span class="pp-class-236 pa t50016 l50019">7% </span><span class="pp-class-236 pa t50016 l50020 ls1467">strengthening </span></a><span class="pp-class-236 pa t50016 l50021 ls685">(2024: </span><span class="pp-class-236 pa t50016 l50022 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l41002">2</span></a></p></td></tr></table> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38426 l3 ls2270">Currency </span><span class="pp-class-237 pa t38426 l49704 ls3084">exchange </span><span class="pp-class-237 pa t38426 l49705 ls651">risk</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38428 l3 ls2245">Currency </span><span class="pp-class-236 pa t38428 l39108 ls11713">exchange </span><span class="pp-class-236 pa t38428 l49706 ls2222">risk </span><span class="pp-class-236 pa t38428 l49707 ls811">is </span><span class="pp-class-236 pa t38428 l49708 ls567">monitored </span><span class="pp-class-236 pa t38428 l19853 ls621">continuously </span><span class="pp-class-236 pa t38428 l49709 ls572">and </span><span class="pp-class-236 pa t38428 l49710 ls8367">actively </span><span class="pp-class-236 pa t38428 l49711 ls1764">hedged </span><span class="pp-class-236 pa t38428 l49712 ls538">to </span><span class="pp-class-236 pa t38428 l49713 ls2197">reduce </span><span class="pp-class-236 pa t38428 l49714 ls11713">exposure </span><span class="pp-class-236 pa t38428 l49715 ls538">using </span><span class="pp-class-236 pa t38428 l49716 ls603">forward </span><span class="pp-class-236 pa t38439 l3 ls11713">exchange </span><span class="pp-class-236 pa t38439 l35099 ls4793">contracts </span><span class="pp-class-236 pa t38439 l33943 ls651">and </span><span class="pp-class-236 pa t38439 l49717 ls2245">currency </span><span class="pp-class-236 pa t38439 l4336 ls1775">swaps. </span><span class="pp-class-236 pa t38439 l49718 ls2270">According </span><span class="pp-class-236 pa t38439 l17101 ls538">to </span><span class="pp-class-236 pa t38439 l49719 ls538">DFDS’ </span><span class="pp-class-236 pa t38439 l49720 ls995">Financial </span><span class="pp-class-236 pa t38439 l49721 ls1017">Policy, </span><span class="pp-class-236 pa t38439 l49722 ls2222">DFDS </span><span class="pp-class-236 pa t38439 l49723 ls651">can </span><span class="pp-class-236 pa t38439 l49724 ls538">hedge </span><span class="pp-class-236 pa t38439 l49725 ls572">balance </span><span class="pp-class-236 pa t38453 l3 ls884">exposures, </span><span class="pp-class-236 pa t38453 l49726 ls651">and </span><span class="pp-class-236 pa t38453 l38466 ls4248">net </span><span class="pp-class-236 pa t38453 l49727 ls98">of </span><span class="pp-class-236 pa t38453 l31035 ls1751">hedging, </span><span class="pp-class-236 pa t38453 l49728 ls2036">balance </span><span class="pp-class-236 pa t38453 l45602 ls4017">exposures </span><span class="pp-class-236 pa t38453 l49729 ls2222">must </span><span class="pp-class-236 pa t38453 l49730 ls811">be </span><span class="pp-class-236 pa t38453 l49731 ls4793">kept </span><span class="pp-class-236 pa t38453 l49732 ls838">below </span><span class="pp-class-236 pa t38453 l49733 ls811">an </span><span class="pp-class-236 pa t38453 l49734 ls1780">equivalent </span><span class="pp-class-236 pa t38453 l49735 ls538">to </span><span class="pp-class-236 pa t38453 l49736 ls572">DKK </span><span class="pp-class-236 pa t38453 l49737 ls2222">150m </span><span class="pp-class-236 pa t38453 l49738 ls811">in </span><span class="pp-class-236 pa t38453 l49739 ls2222">each </span><span class="pp-class-236 pa t38465 l3 ls3170">currency. </span><span class="pp-class-236 pa t38465 l49740 ls2270">According </span><span class="pp-class-236 pa t38465 l49741 ls538">to </span><span class="pp-class-236 pa t38465 l49742 ls651">the </span><span class="pp-class-236 pa t38465 l49743 ls995">Financial </span><span class="pp-class-236 pa t38465 l49744 ls1017">Policy, </span><span class="pp-class-236 pa t38465 l16380 ls2222">DFDS </span><span class="pp-class-236 pa t38465 l49745 ls572">can </span><span class="pp-class-236 pa t38465 l15245 ls2222">also </span><span class="pp-class-236 pa t38465 l49746 ls538">hedge </span><span class="pp-class-236 pa t38465 l49747 ls4017">exposures </span><span class="pp-class-236 pa t38465 l49748 ls877">from </span><span class="pp-class-236 pa t38465 l49749 ls5781">expected </span><span class="pp-class-236 pa t38465 l49750 ls2222">cash </span><span class="pp-class-236 pa t38465 l49751 ls706">flows </span><span class="pp-class-236 pa t38465 l49752 ls2207">from </span><span class="pp-class-236 pa t38476 l3 ls2270">operations </span><span class="pp-class-236 pa t38476 l17870 ls811">up </span><span class="pp-class-236 pa t38476 l28492 ls538">to </span><span class="pp-class-236 pa t38476 l49753 ls553">four </span><span class="pp-class-236 pa t38476 l49300 ls2222">quarters </span><span class="pp-class-236 pa t38476 l49754 ls544">ahead </span><span class="pp-class-236 pa t38476 l49755 ls651">and </span><span class="pp-class-236 pa t38476 l49756 ls2222">cash </span><span class="pp-class-236 pa t38476 l49757 ls706">flows </span><span class="pp-class-236 pa t38476 l49758 ls877">from </span><span class="pp-class-236 pa t38476 l49759 ls560">off-balance </span><span class="pp-class-236 pa t38476 l49760 ls949">sheet </span><span class="pp-class-236 pa t38476 l49761 ls2270">contractual </span><span class="pp-class-236 pa t38476 l49762 ls590">commitments. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38478 l3 ls6092">Approximately </span><span class="pp-class-236 pa t38478 l49763 ls651">91% </span><span class="pp-class-236 pa t38478 l49654 ls98">of </span><span class="pp-class-236 pa t38478 l37316 ls538">DFDS’ </span><span class="pp-class-236 pa t38478 l49764 ls110">revenues </span><span class="pp-class-236 pa t38478 l49765 ls811">in </span><span class="pp-class-236 pa t38478 l49766 ls2222">2025 </span><span class="pp-class-236 pa t38478 l49767 ls2258">were </span><span class="pp-class-236 pa t38478 l49768 ls567">invoiced </span><span class="pp-class-236 pa t38478 l49769 ls811">in </span><span class="pp-class-236 pa t38478 l49770 ls4558">foreign </span><span class="pp-class-236 pa t38478 l39181 ls667">currencies </span><span class="pp-class-236 pa t38478 l49771 ls667">(2024: </span><span class="pp-class-236 pa t38478 l49772 ls553">87%) </span><span class="pp-class-236 pa t38478 l49773 ls2222">with </span><span class="pp-class-236 pa t38478 l49774 ls651">the </span><span class="pp-class-236 pa t38478 l49775 ls967">most </span><span class="pp-class-236 pa t38491 l3 ls541">substantial </span><span class="pp-class-236 pa t38491 l34281 ls3084">revenue </span><span class="pp-class-236 pa t38491 l49776 ls2245">generated </span><span class="pp-class-236 pa t38491 l38888 ls811">in </span><span class="pp-class-236 pa t38491 l49777 ls651">EUR </span><span class="pp-class-236 pa t38491 l49778 ls538">which </span><span class="pp-class-236 pa t38491 l35410 ls548">accounted </span><span class="pp-class-236 pa t38491 l49779 ls553">for </span><span class="pp-class-236 pa t38491 l49780 ls651">61% </span><span class="pp-class-236 pa t38491 l49781 ls98">of </span><span class="pp-class-236 pa t38491 l49782 ls758">total </span><span class="pp-class-236 pa t38491 l49783 ls3084">revenue </span><span class="pp-class-236 pa t38491 l49784 ls667">(2024: </span><span class="pp-class-236 pa t38491 l49785 ls811">64%). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38711 l3 ls938">Apart </span><span class="pp-class-236 pa t38711 l1521 ls877">from </span><span class="pp-class-236 pa t38711 l1670 ls651">DKK </span><span class="pp-class-236 pa t38711 l49786 ls651">and </span><span class="pp-class-236 pa t38711 l49787 ls129">EUR, </span><span class="pp-class-236 pa t38711 l49788 ls3084">revenue </span><span class="pp-class-236 pa t38711 l47299 ls811">is </span><span class="pp-class-236 pa t38711 l49789 ls4807">mainly </span><span class="pp-class-236 pa t38711 l49790 ls2245">generated </span><span class="pp-class-236 pa t38711 l49791 ls811">in </span><span class="pp-class-236 pa t38711 l49792 ls2222">SEK, </span><span class="pp-class-236 pa t38711 l42530 ls49793">GBP, </span><span class="pp-class-236 pa t38711 l49794 ls651">and </span><span class="pp-class-236 pa t38711 l49795 ls2222">NOK. </span><span class="pp-class-236 pa t38711 l49796 ls33174">However, </span><span class="pp-class-236 pa t38711 l49797 ls2222">SEK, </span><span class="pp-class-236 pa t38711 l49798 ls49793">GBP, </span><span class="pp-class-236 pa t38711 l49799 ls651">and </span><span class="pp-class-236 pa t38711 l49800 ls184">NOK </span><span class="pp-class-236 pa t38518 l3 ls667">risks </span><span class="pp-class-236 pa t38518 l48628 ls2808">are </span><span class="pp-class-236 pa t38518 l46074 ls538">to </span><span class="pp-class-236 pa t38518 l33769 ls184">a </span><span class="pp-class-236 pa t38518 l18783 ls706">large </span><span class="pp-class-236 pa t38518 l49801 ls1815">extent </span><span class="pp-class-236 pa t38518 l49802 ls278">offset </span><span class="pp-class-236 pa t38518 l49803 ls706">by </span><span class="pp-class-236 pa t38518 l49804 ls1764">costs. </span><span class="pp-class-236 pa t38518 l34186 ls651">USD </span><span class="pp-class-236 pa t38518 l49805 ls2222">risk </span><span class="pp-class-236 pa t38518 l49806 ls681">primarily </span><span class="pp-class-236 pa t38518 l49807 ls538">comes </span><span class="pp-class-236 pa t38518 l49808 ls877">from </span><span class="pp-class-236 pa t38518 l49809 ls2197">future </span><span class="pp-class-236 pa t38518 l49810 ls4630">bunker </span><span class="pp-class-236 pa t38518 l49811 ls530">consumption </span><span class="pp-class-236 pa t38518 l49812 ls184">and </span><span class="pp-class-236 pa t38520 l3 ls94">charter </span><span class="pp-class-236 pa t38520 l49813 ls7086">agreements. </span><span class="pp-class-236 pa t38520 l49814 ls651">EUR </span><span class="pp-class-236 pa t38520 l34197 ls811">is </span><span class="pp-class-236 pa t38520 l49815 ls667">considered </span><span class="pp-class-236 pa t38520 l49816 ls184">a </span><span class="pp-class-236 pa t38520 l49817 ls538">minor </span><span class="pp-class-236 pa t38520 l49818 ls2222">risk </span><span class="pp-class-236 pa t38520 l46621 ls651">due </span><span class="pp-class-236 pa t38520 l47885 ls538">to </span><span class="pp-class-236 pa t38520 l49819 ls706">Denmark’s </span><span class="pp-class-236 pa t38520 l45318 ls706">fixed </span><span class="pp-class-236 pa t38520 l49820 ls11713">exchange </span><span class="pp-class-236 pa t38520 l49821 ls8384">rate </span><span class="pp-class-236 pa t38520 l49822 ls758">policy </span><span class="pp-class-236 pa t38520 l49823 ls13284">towards </span><span class="pp-class-236 pa t38520 l49824 ls135">EUR. </span><span class="pp-class-236 pa t38530 l3 ls651">USD </span><span class="pp-class-236 pa t38530 l49825 ls2222">risk </span><span class="pp-class-236 pa t38530 l49826 ls811">is </span><span class="pp-class-236 pa t38530 l49354 ls556">reduced </span><span class="pp-class-236 pa t38530 l49827 ls706">by </span><span class="pp-class-236 pa t38530 l49828 ls651">the </span><span class="pp-class-236 pa t38530 l5876 ls544">BAF </span><span class="pp-class-236 pa t38530 l49829 ls995">mechanism </span><span class="pp-class-236 pa t38530 l49830 ls811">as </span><span class="pp-class-236 pa t38530 l49831 ls995">described </span><span class="pp-class-236 pa t38530 l49832 ls2565">above.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38554 l3 ls651">The </span><span class="pp-class-236 pa t38554 l38379 ls2969">operational </span><span class="pp-class-236 pa t38554 l49833 ls2245">currency </span><span class="pp-class-236 pa t38554 l49834 ls2222">cash </span><span class="pp-class-236 pa t38554 l49835 ls8048">flow </span><span class="pp-class-236 pa t38554 l49836 ls811">is </span><span class="pp-class-236 pa t38554 l49837 ls536">defined </span><span class="pp-class-236 pa t38554 l49838 ls811">as </span><span class="pp-class-236 pa t38554 l49839 ls572">the </span><span class="pp-class-236 pa t38554 l49840 ls877">Group's </span><span class="pp-class-236 pa t38554 l49841 ls731">consolidated </span><span class="pp-class-236 pa t38554 l49842 ls4248">net </span><span class="pp-class-236 pa t38554 l49843 ls2245">currency </span><span class="pp-class-236 pa t38554 l49844 ls2222">cash </span><span class="pp-class-236 pa t38554 l49845 ls706">flows </span><span class="pp-class-236 pa t38554 l49846 ls2207">from </span><span class="pp-class-236 pa t38567 l3 ls110">revenues </span><span class="pp-class-236 pa t38567 l17350 ls651">and </span><span class="pp-class-236 pa t38567 l3348 ls2969">operational </span><span class="pp-class-236 pa t38567 l49847 ls1764">costs. </span><span class="pp-class-236 pa t38567 l49848 ls651">The </span><span class="pp-class-236 pa t38567 l49849 ls625">table </span><span class="pp-class-236 pa t38567 l49850 ls706">shows </span><span class="pp-class-236 pa t38567 l49851 ls572">the </span><span class="pp-class-236 pa t38567 l49852 ls1780">impact </span><span class="pp-class-236 pa t38567 l49853 ls811">on </span><span class="pp-class-236 pa t38567 l49854 ls572">the </span><span class="pp-class-236 pa t38567 l49855 ls877">Group's </span><span class="pp-class-236 pa t38567 l49856 ls1775">operating </span><span class="pp-class-236 pa t38567 l49857 ls681">profit </span><span class="pp-class-236 pa t38567 l49858 ls691">before </span><span class="pp-class-236 pa t39613 l3 ls691">depreciation </span><span class="pp-class-236 pa t39613 l41763 ls651">and </span><span class="pp-class-236 pa t39613 l18502 ls179">amortisation </span><span class="pp-class-236 pa t39613 l49859 ls560">(EBITDA).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t39646 l3 ls572">All </span><span class="pp-class-236 pa t39646 l47725 ls2222">else </span><span class="pp-class-236 pa t39646 l49860 ls1764">equal, </span><span class="pp-class-236 pa t39646 l49861 ls184">a </span><span class="pp-class-236 pa t39646 l49862 ls758">strengthening </span><span class="pp-class-236 pa t39646 l1576 ls98">of </span><span class="pp-class-236 pa t39646 l49863 ls2222">SEK, </span><span class="pp-class-236 pa t39646 l21149 ls2222">NOK, </span><span class="pp-class-236 pa t39646 l49864 ls49793">GBP, </span><span class="pp-class-236 pa t39646 l49865 ls29617">TRY, </span><span class="pp-class-236 pa t39646 l49866 ls572">and </span><span class="pp-class-236 pa t39646 l49867 ls651">USD </span><span class="pp-class-236 pa t39646 l49868 ls544">against </span><span class="pp-class-236 pa t39646 l49869 ls651">DKK </span><span class="pp-class-236 pa t39646 l49870 ls2197">at </span><span class="pp-class-236 pa t39646 l49871 ls2036">balance </span><span class="pp-class-236 pa t39646 l48803 ls949">sheet </span><span class="pp-class-236 pa t39646 l49872 ls7086">date </span><span class="pp-class-236 pa t39646 l49873 ls278">would </span><span class="pp-class-236 pa t39652 l3 ls1780">impact </span><span class="pp-class-236 pa t39652 l49874 ls572">the </span><span class="pp-class-236 pa t39652 l502 ls877">Group's </span><span class="pp-class-236 pa t39652 l49875 ls681">profit </span><span class="pp-class-236 pa t39652 l49876 ls651">and </span><span class="pp-class-236 pa t39652 l49877 ls2222">loss </span><span class="pp-class-236 pa t39652 l49878 ls706">by </span><span class="pp-class-236 pa t39652 l49879 ls651">the </span><span class="pp-class-236 pa t39652 l49880 ls625">amounts </span><span class="pp-class-236 pa t39652 l49881 ls7086">presented </span><span class="pp-class-236 pa t39652 l49882 ls11722">below. </span><span class="pp-class-236 pa t39652 l49883 ls2245">Currency </span><span class="pp-class-236 pa t39652 l49884 ls747">sensitivities </span><span class="pp-class-236 pa t39652 l49885 ls553">for </span><span class="pp-class-236 pa t39652 l49886 ls2222">2025 </span><span class="pp-class-236 pa t39652 l49887 ls2808">are </span><span class="pp-class-236 pa t39652 l49888 ls811">based </span><span class="pp-class-236 pa t39669 l3 ls811">on </span><span class="pp-class-236 pa t39669 l31254 ls1764">annual </span><span class="pp-class-236 pa t39669 l45744 ls2197">volatility </span><span class="pp-class-236 pa t39669 l49889 ls3234">over </span><span class="pp-class-236 pa t39669 l49890 ls184">a </span><span class="pp-class-236 pa t39669 l49891 ls556">two </span><span class="pp-class-236 pa t39669 l49892 ls8048">year </span><span class="pp-class-236 pa t39669 l49893 ls1764">period.</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49894 l3 ls241">Operational </span><span class="pp-class-237 pa t49894 l28342 ls1741">currency </span><span class="pp-class-237 pa t49894 l49895">cash </span><span class="pp-class-237 pa t49894 l49896 ls63">flow </span><span class="pp-class-237 pa t49894 l49897">risk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49894 l49898 ls234">EBITDA</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49899 l3">DKK </span><span class="pp-class-236 pa t49899 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49899 l44793">202</span></a><span class="pp-class-237 pa t49899 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49899 l40478 ls811">202</span></a><span class="pp-class-236 pa t49899 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l3">SEK, </span><span class="pp-class-236 pa t49900 l49901">income </span><span class="pp-class-236 pa t49900 l36525 ls73">statement </span><span class="pp-class-236 pa t49900 l3330 ls1011">effect, </span><span class="pp-class-236 pa t49900 l49902">6% </span><span class="pp-class-236 pa t49900 l48382 ls135">strengthening</span></a><span class="pp-class-236 pa t49900 l49903"/><span class="pp-class-236 pa t49900 l49904 ls685">(2024: </span><span class="pp-class-236 pa t49900 l42619 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l49905 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49900 l37201">6</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l3">NOK, </span><span class="pp-class-236 pa t49906 l49907">income </span><span class="pp-class-236 pa t49906 l49908 ls73">statement </span><span class="pp-class-236 pa t49906 l49909 ls1011">effect, </span><span class="pp-class-236 pa t49906 l49910">7% </span><span class="pp-class-236 pa t49906 l49911 ls135">strengthening</span></a><span class="pp-class-236 pa t49906 l49912"/><span class="pp-class-236 pa t49906 l49913 ls685">(2024: </span><span class="pp-class-236 pa t49906 l49914 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l49915">11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49906 l44648">5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l3 ls870">GBP, </span><span class="pp-class-236 pa t49916 l49917">income </span><span class="pp-class-236 pa t49916 l49918 ls73">statement </span><span class="pp-class-236 pa t49916 l49919 ls1011">effect, </span><span class="pp-class-236 pa t49916 l49920">4% </span><span class="pp-class-236 pa t49916 l49921 ls135">strengthening</span></a><span class="pp-class-236 pa t49916 l49922"/><span class="pp-class-236 pa t49916 l16924 ls685">(2024: </span><span class="pp-class-236 pa t49916 l49923 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l49924">20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49916 l48957">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l3 ls1151">TRY, </span><span class="pp-class-236 pa t49925 l49926">income </span><span class="pp-class-236 pa t49925 l43449 ls73">statement </span><span class="pp-class-236 pa t49925 l49927 ls1011">effect, </span><span class="pp-class-236 pa t49925 l42487">8% </span><span class="pp-class-236 pa t49925 l49928 ls135">strengthening</span></a><span class="pp-class-236 pa t49925 l49421"/><span class="pp-class-236 pa t49925 l49929 ls685">(2024: </span><span class="pp-class-236 pa t49925 l49930 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l49931">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49925 l49932">-13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l3 ls544">USD, </span><span class="pp-class-236 pa t49933 l49934">income </span><span class="pp-class-236 pa t49933 l13236 ls73">statement </span><span class="pp-class-236 pa t49933 l49935 ls1011">effect, </span><span class="pp-class-236 pa t49933 l27260">7% </span><span class="pp-class-236 pa t49933 l49936 ls135">strengthening</span></a><span class="pp-class-236 pa t49933 l49937"/><span class="pp-class-236 pa t49933 l49938 ls685">(2024: </span><span class="pp-class-236 pa t49933 l49939 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l40429">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49933 l41801">-19</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40114 l3 ls651">The </span><span class="pp-class-236 pa t40114 l38379 ls877">Group's </span><span class="pp-class-236 pa t40114 l49943 ls2222">most </span><span class="pp-class-236 pa t40114 l49944 ls524">significant </span><span class="pp-class-236 pa t40114 l49945 ls2245">currency </span><span class="pp-class-236 pa t40114 l49946 ls2036">balance </span><span class="pp-class-236 pa t40114 l49947 ls995">positions </span><span class="pp-class-236 pa t40114 l49948 ls2808">are </span><span class="pp-class-236 pa t40114 l49949 ls811">in </span><span class="pp-class-236 pa t40114 l49950 ls129">EUR, </span><span class="pp-class-236 pa t40114 l49951 ls2222">SEK, </span><span class="pp-class-236 pa t40114 l49952 ls2222">NOK, </span><span class="pp-class-236 pa t40114 l49953 ls49793">GBP, </span><span class="pp-class-236 pa t40114 l49954 ls29617">TRY, </span><span class="pp-class-236 pa t40114 l49955 ls651">and </span><span class="pp-class-236 pa t40114 l49956 ls651">USD </span><span class="pp-class-236 pa t40114 l49957 ls1131">relating </span><span class="pp-class-236 pa t40114 l49958 ls184">to </span><span class="pp-class-236 pa t40125 l3 ls538">debt, </span><span class="pp-class-236 pa t40125 l49186 ls849">trade </span><span class="pp-class-236 pa t40125 l39045 ls877">payables </span><span class="pp-class-236 pa t40125 l49959 ls651">and </span><span class="pp-class-236 pa t40125 l49960 ls849">trade </span><span class="pp-class-236 pa t40125 l49961 ls1463">receivables. </span><span class="pp-class-236 pa t40125 l49962 ls651">All </span><span class="pp-class-236 pa t40125 l49963 ls2222">else </span><span class="pp-class-236 pa t40125 l49964 ls538">equal </span><span class="pp-class-236 pa t40125 l49965 ls184">a </span><span class="pp-class-236 pa t40125 l49966 ls758">strengthening </span><span class="pp-class-236 pa t40125 l38911 ls98">of </span><span class="pp-class-236 pa t40125 l49967 ls2222">SEK, </span><span class="pp-class-236 pa t40125 l49968 ls2222">NOK, </span><span class="pp-class-236 pa t40125 l49969 ls49793">GBP, </span><span class="pp-class-236 pa t40125 l49970 ls29617">TRY, </span><span class="pp-class-236 pa t40125 l49971 ls572">and </span><span class="pp-class-236 pa t40125 l49972 ls184">USD </span><span class="pp-class-236 pa t40137 l3 ls544">against </span><span class="pp-class-236 pa t40137 l28839 ls651">DKK </span><span class="pp-class-236 pa t40137 l49973 ls2197">at </span><span class="pp-class-236 pa t40137 l49974 ls2036">balance </span><span class="pp-class-236 pa t40137 l49975 ls949">sheet </span><span class="pp-class-236 pa t40137 l17074 ls7086">date </span><span class="pp-class-236 pa t40137 l49976 ls838">would </span><span class="pp-class-236 pa t40137 l49977 ls110">have </span><span class="pp-class-236 pa t40137 l49978 ls1796">increased/decreased </span><span class="pp-class-236 pa t40137 l49979 ls2036">balance </span><span class="pp-class-236 pa t40137 l49980 ls949">sheet </span><span class="pp-class-236 pa t40137 l49981 ls625">items </span><span class="pp-class-236 pa t40137 l49982 ls706">by </span><span class="pp-class-236 pa t40137 l37400 ls572">the </span><span class="pp-class-236 pa t40137 l49983 ls35">amounts </span><span class="pp-class-236 pa t40150 l3 ls7086">presented </span><span class="pp-class-236 pa t40150 l6723 ls6255">below.</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l3 ls1741">Currency </span><span class="pp-class-237 pa t49984 l49985 ls1535">balance </span><span class="pp-class-237 pa t49984 l49986">risk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l43563"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49984 l49987"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49988 l3">DKK </span><span class="pp-class-236 pa t49988 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t49988 l44793">202</span></a><span class="pp-class-237 pa t49988 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49988 l40478 ls811">202</span></a><span class="pp-class-236 pa t49988 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l3">SEK, </span><span class="pp-class-236 pa t49989 l49901">equity </span><span class="pp-class-236 pa t49989 l44824">and </span><span class="pp-class-236 pa t49989 l29829">income </span><span class="pp-class-236 pa t49989 l49990 ls73">statement </span><span class="pp-class-236 pa t49989 l19255 ls1011">effect, </span><span class="pp-class-236 pa t49989 l48823">6% </span><span class="pp-class-236 pa t49989 l49178 ls135">strengthening</span></a><span class="pp-class-236 pa t49989 l49991"/><span class="pp-class-236 pa t49989 l24372 ls685">(2024: </span><span class="pp-class-236 pa t49989 l49992 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49989 l47247">-12</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49993 l3">NOK</span><a><span class="pp-class-236 pa t49993 l49994">, </span><span class="pp-class-236 pa t49993 l49907">equity </span><span class="pp-class-236 pa t49993 l43988">and </span><span class="pp-class-236 pa t49993 l47974">income </span><span class="pp-class-236 pa t49993 l46569 ls73">statement </span><span class="pp-class-236 pa t49993 l49995 ls1011">effect, </span><span class="pp-class-236 pa t49993 l49996">7% </span><span class="pp-class-236 pa t49993 l42514 ls135">strengthening</span></a><span class="pp-class-236 pa t49993 l49997"/><span class="pp-class-236 pa t49993 l49998 ls685">(2024: </span><span class="pp-class-236 pa t49993 l49999 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t49993 l48284">-3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t49993 l41866">-</span></a><span class="pp-class-236 pa t49993 l47209">1</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50000 l3 ls50001">GBP</span><a><span class="pp-class-236 pa t50000 l45904">, </span><span class="pp-class-236 pa t50000 l49917">equity </span><span class="pp-class-236 pa t50000 l28561">and </span><span class="pp-class-236 pa t50000 l50002">income </span><span class="pp-class-236 pa t50000 l50003 ls73">statement </span><span class="pp-class-236 pa t50000 l25468 ls1011">effect, </span><span class="pp-class-236 pa t50000 l37844">4% </span><span class="pp-class-236 pa t50000 l50004 ls135">strengthening</span></a><span class="pp-class-236 pa t50000 l50005"/><span class="pp-class-236 pa t50000 l50006 ls685">(2024: </span><span class="pp-class-236 pa t50000 l50007 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50000 l43719">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50000 l50008">-</span></a><span class="pp-class-236 pa t50000 l48957">3</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l3 ls1151">TRY, </span><span class="pp-class-236 pa t50009 l49926">equity </span><span class="pp-class-236 pa t50009 l50010">and </span><span class="pp-class-236 pa t50009 l35037">income </span><span class="pp-class-236 pa t50009 l46161 ls73">statement </span><span class="pp-class-236 pa t50009 l50011 ls1011">effect, </span><span class="pp-class-236 pa t50009 l50012">8% </span><span class="pp-class-236 pa t50009 l50013 ls135">strengthening</span></a><span class="pp-class-236 pa t50009 l3089"/><span class="pp-class-236 pa t50009 l50014 ls685">(2024: </span><span class="pp-class-236 pa t50009 l50015 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l43605">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50009 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l3 ls544">USD, </span><span class="pp-class-236 pa t50016 l49934">equity </span><span class="pp-class-236 pa t50016 l50017">and </span><span class="pp-class-236 pa t50016 l50018">income </span><span class="pp-class-236 pa t50016 l20972 ls73">statement </span><span class="pp-class-236 pa t50016 l38845 ls1011">effect, </span><span class="pp-class-236 pa t50016 l50019">7% </span><span class="pp-class-236 pa t50016 l50020 ls1467">strengthening </span></a><span class="pp-class-236 pa t50016 l50021 ls685">(2024: </span><span class="pp-class-236 pa t50016 l50022 ls1078">10%)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l48284">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50016 l41002">2</span></a></p></td></tr></table> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50023 l3 ls995">Liquidity </span><span class="pp-class-237 pa t50023 l50024 ls1463">risks</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50025 l3 ls2222">DFDS </span><span class="pp-class-236 pa t50025 l28172 ls995">Financial </span><span class="pp-class-236 pa t50025 l48806 ls603">Policy </span><span class="pp-class-236 pa t50025 l50026 ls811">is </span><span class="pp-class-236 pa t50025 l34157 ls538">to </span><span class="pp-class-236 pa t50025 l50027 ls2197">secure </span><span class="pp-class-236 pa t50025 l50028 ls681">adequate </span><span class="pp-class-236 pa t50025 l50029 ls995">liquidity </span><span class="pp-class-236 pa t50025 l50030 ls538">to </span><span class="pp-class-236 pa t50025 l50031 ls524">meet </span><span class="pp-class-236 pa t50025 l38946 ls995">financial </span><span class="pp-class-236 pa t50025 l50032 ls572">and </span><span class="pp-class-236 pa t50025 l50033 ls2969">operational </span><span class="pp-class-236 pa t50025 l43827 ls3855">payment </span><span class="pp-class-236 pa t50025 l50034 ls530">obligations </span><span class="pp-class-236 pa t50035 l3 ls706">by </span><span class="pp-class-236 pa t50035 l38454 ls541">maintaining </span><span class="pp-class-236 pa t50035 l50036 ls184">a </span><span class="pp-class-236 pa t50035 l50037 ls2036">minimum </span><span class="pp-class-236 pa t50035 l48334 ls98">of </span><span class="pp-class-236 pa t50035 l50038 ls2222">1.2x </span><span class="pp-class-236 pa t50035 l9939 ls2222">cash </span><span class="pp-class-236 pa t50035 l44262 ls556">sources </span><span class="pp-class-236 pa t50035 l50039 ls3234">over </span><span class="pp-class-236 pa t50035 l50040 ls2222">cash </span><span class="pp-class-236 pa t50035 l50041 ls2222">uses </span><span class="pp-class-236 pa t50035 l50042 ls553">for </span><span class="pp-class-236 pa t50035 l50043 ls651">the </span><span class="pp-class-236 pa t50035 l50044 ls877">next </span><span class="pp-class-236 pa t50035 l50045 ls811">12 </span><span class="pp-class-236 pa t50035 l50046 ls625">months. </span><span class="pp-class-236 pa t50035 l50047 ls572">The </span><span class="pp-class-236 pa t50035 l50048 ls1775">year-end </span><span class="pp-class-236 pa t50035 l50049 ls572">sum </span><span class="pp-class-236 pa t50035 l50050 ls197">of </span><span class="pp-class-236 pa t50051 l3 ls758">total </span><span class="pp-class-236 pa t50051 l50052 ls2222">cash </span><span class="pp-class-236 pa t50051 l50053 ls651">and </span><span class="pp-class-236 pa t50051 l50054 ls1118">undrawn </span><span class="pp-class-236 pa t50051 l50055 ls560">committed </span><span class="pp-class-236 pa t50051 l50056 ls1780">facilities </span><span class="pp-class-236 pa t50051 l28195 ls556">was </span><span class="pp-class-236 pa t50051 l50057 ls572">DKK </span><span class="pp-class-236 pa t50051 l50058 ls1815">4,425m </span><span class="pp-class-236 pa t50051 l50059 ls667">(2024: </span><span class="pp-class-236 pa t50051 l50060 ls572">DKK </span><span class="pp-class-236 pa t50051 l50061 ls4609">3,383m), </span><span class="pp-class-236 pa t50051 l50062 ls98">of </span><span class="pp-class-236 pa t50051 l50063 ls538">which </span><span class="pp-class-236 pa t50051 l50064 ls4558">undrawn </span><span class="pp-class-236 pa t50065 l3 ls560">committed </span><span class="pp-class-236 pa t50065 l50066 ls1780">facilities </span><span class="pp-class-236 pa t50065 l50067 ls995">amount </span><span class="pp-class-236 pa t50065 l17615 ls538">to </span><span class="pp-class-236 pa t50065 l50068 ls651">DKK </span><span class="pp-class-236 pa t50065 l31870 ls847">2,629m </span><span class="pp-class-236 pa t50065 l50069 ls667">(2024: </span><span class="pp-class-236 pa t50065 l50070 ls572">DKK </span><span class="pp-class-236 pa t50065 l50071 ls1017">1,794m). </span><span class="pp-class-236 pa t50065 l50072 ls558">Short-term </span><span class="pp-class-236 pa t50065 l50073 ls1751">deposits </span><span class="pp-class-236 pa t50065 l50074 ls530">amounted </span><span class="pp-class-236 pa t50065 l50075 ls538">to </span><span class="pp-class-236 pa t50065 l50076 ls572">DKK </span><span class="pp-class-236 pa t50065 l50077 ls2969">373m </span><span class="pp-class-236 pa t50078 l3 ls2197">at </span><span class="pp-class-236 pa t50078 l38900 ls811">31 </span><span class="pp-class-236 pa t50078 l50079 ls1751">December </span><span class="pp-class-236 pa t50078 l33272 ls2222">2025 </span><span class="pp-class-236 pa t50078 l10282 ls667">(2024: </span><span class="pp-class-236 pa t50078 l50080 ls651">DKK </span><span class="pp-class-236 pa t50078 l50081 ls2222">0m). </span><span class="pp-class-236 pa t50078 l50082 ls28052">Total </span><span class="pp-class-236 pa t50078 l50083 ls2222">cash </span><span class="pp-class-236 pa t50078 l50084 ls546">including </span><span class="pp-class-236 pa t50078 l50085 ls558">short-term </span><span class="pp-class-236 pa t50078 l50086 ls1751">deposits </span><span class="pp-class-236 pa t50078 l50087 ls530">amounted </span><span class="pp-class-236 pa t50078 l50088 ls538">to </span><span class="pp-class-236 pa t50078 l50089 ls572">DKK </span><span class="pp-class-236 pa t50078 l50090 ls4371">1,795m </span><span class="pp-class-236 pa t50078 l50091 ls1547">in </span><span class="pp-class-236 pa t50092 l3 ls2222">2025 </span><span class="pp-class-236 pa t50092 l3404 ls667">(2024: </span><span class="pp-class-236 pa t50092 l50093 ls651">DKK </span><span class="pp-class-236 pa t50092 l50094 ls7468">1,589m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50095 l3 ls811">As </span><span class="pp-class-236 pa t50095 l45116 ls995">described </span><span class="pp-class-236 pa t50095 l28500 ls811">in </span><span class="pp-class-236 pa t50095 l43188 ls558">note </span><span class="pp-class-236 pa t50095 l27819 ls17851">3.2.3, </span><span class="pp-class-236 pa t50095 l31620 ls651">the </span><span class="pp-class-236 pa t50095 l50096 ls706">Group </span><span class="pp-class-236 pa t50095 l29768 ls1744">participates </span><span class="pp-class-236 pa t50095 l50097 ls811">in </span><span class="pp-class-236 pa t50095 l50098 ls4807">supply </span><span class="pp-class-236 pa t50095 l50099 ls538">chain </span><span class="pp-class-236 pa t50095 l49180 ls995">financing </span><span class="pp-class-236 pa t50095 l50100 ls667">arrangements </span><span class="pp-class-236 pa t50095 l50101 ls538">which </span><span class="pp-class-236 pa t50095 l50102 ls4017">provide </span><span class="pp-class-236 pa t50095 l50103 ls184">the </span><span class="pp-class-236 pa t50104 l3 ls706">Group </span><span class="pp-class-236 pa t50104 l40098 ls2222">with </span><span class="pp-class-236 pa t50104 l26488 ls2197">extended </span><span class="pp-class-236 pa t50104 l28567 ls3855">payment </span><span class="pp-class-236 pa t50104 l50105 ls625">terms </span><span class="pp-class-236 pa t50104 l50106 ls2222">with </span><span class="pp-class-236 pa t50104 l50107 ls667">banks </span><span class="pp-class-236 pa t50104 l50108 ls811">as </span><span class="pp-class-236 pa t50104 l50109 ls2036">finance </span><span class="pp-class-236 pa t50104 l46224 ls5781">providers. </span><span class="pp-class-236 pa t50104 l50110 ls572">The </span><span class="pp-class-236 pa t50104 l50111 ls667">banks </span><span class="pp-class-236 pa t50104 l50112 ls2808">are </span><span class="pp-class-236 pa t50104 l50113 ls4290">externally </span><span class="pp-class-236 pa t50104 l50114 ls2816">rated </span><span class="pp-class-236 pa t50104 l50115 ls2222">with </span><span class="pp-class-236 pa t50104 l50116 ls967">high </span><span class="pp-class-236 pa t50117 l3 ls2036">quality </span><span class="pp-class-236 pa t50117 l50118 ls2197">credit </span><span class="pp-class-236 pa t50117 l44362 ls2197">scores </span><span class="pp-class-236 pa t50117 l50119 ls651">and </span><span class="pp-class-236 pa t50117 l622 ls110">have </span><span class="pp-class-236 pa t50117 l50120 ls184">a </span><span class="pp-class-236 pa t50117 l50121 ls1751">long-standing </span><span class="pp-class-236 pa t50117 l50122 ls691">relationship </span><span class="pp-class-236 pa t50117 l50123 ls2222">with </span><span class="pp-class-236 pa t50117 l50124 ls538">DFDS. </span><span class="pp-class-236 pa t50117 l50125 ls651">The </span><span class="pp-class-236 pa t50117 l50126 ls706">Group </span><span class="pp-class-236 pa t50117 l50127 ls6146">therefore </span><span class="pp-class-236 pa t50117 l50128 ls2222">sees </span><span class="pp-class-236 pa t50117 l50129 ls811">no </span><span class="pp-class-236 pa t50117 l50130 ls664">significant </span><span class="pp-class-236 pa t50131 l3 ls995">liquidity </span><span class="pp-class-236 pa t50131 l50132 ls2222">risk </span><span class="pp-class-236 pa t50131 l50133 ls3681">related </span><span class="pp-class-236 pa t50131 l39110 ls538">to </span><span class="pp-class-236 pa t50131 l50134 ls651">the </span><span class="pp-class-236 pa t50131 l50135 ls2036">finance </span><span class="pp-class-236 pa t50131 l50136 ls4276">providers’ </span><span class="pp-class-236 pa t50131 l50137 ls2036">ability </span><span class="pp-class-236 pa t50131 l50138 ls538">to </span><span class="pp-class-236 pa t50131 l50139 ls2036">finance </span><span class="pp-class-236 pa t50131 l50140 ls572">the </span><span class="pp-class-236 pa t50131 l50141 ls667">arrangements.</span></p><div id="pp-id-5399" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50142 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls538">DFDS’ </span><span class="pp-class-236 pa t283 l50143 ls2270">contractual </span><span class="pp-class-236 pa t283 l50144 ls1404">maturities </span><span class="pp-class-236 pa t283 l50145 ls98">of </span><span class="pp-class-236 pa t283 l50146 ls995">financial </span><span class="pp-class-236 pa t283 l50147 ls949">instruments, </span><span class="pp-class-236 pa t283 l38796 ls546">including </span><span class="pp-class-236 pa t283 l50148 ls2207">estimated </span><span class="pp-class-236 pa t283 l50149 ls706">interest </span><span class="pp-class-236 pa t283 l50150 ls616">payments, </span><span class="pp-class-236 pa t283 l50151 ls2808">are </span><span class="pp-class-236 pa t283 l50152 ls681">stated </span><span class="pp-class-236 pa t283 l50153 ls811">in </span><span class="pp-class-236 pa t283 l50154 ls184">the </span><span class="pp-class-236 pa t38325 l3 ls625">table </span><span class="pp-class-236 pa t38325 l50155 ls838">below:</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50156 l40370">2025</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50157 l3">DKK </span><span class="pp-class-236 pa t50157 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50157 l50158">0-1 </span><span class="pp-class-237 pa t50157 l50159 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50157 l50160 ls995">1-3 </span><span class="pp-class-237 pa t50157 l44603 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50157 l50161">3-5 </span><span class="pp-class-237 pa t50157 l50162 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50163 l50164 ls129">After </span><span class="pp-class-237 pa t50163 l40371">5 </span><span class="pp-class-237 pa t50157 l50165 ls63">years</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50166 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50166 l38000 ls1107">financial </span><span class="pp-class-237 pa t50166 l50167 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50168 l3">Cash </span><span class="pp-class-236 pa t50168 l3028">and </span><span class="pp-class-236 pa t50168 l37435">cash </span><span class="pp-class-236 pa t50168 l37436 ls1700">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l50169 ls2924">1,795</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l43124">- </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50168 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50170 l3 ls6255">Trade </span><span class="pp-class-236 pa t50170 l37509 ls129">receivables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l50171 ls1463">3,368</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l43124">- </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50170 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50172 l3 ls1011">Receivables </span><span class="pp-class-236 pa t50172 l37491 ls181">from </span><span class="pp-class-236 pa t50172 l47130 ls135">associates </span><span class="pp-class-236 pa t50172 l47131">and </span><span class="pp-class-236 pa t50172 l47132 ls1098">joint </span><span class="pp-class-236 pa t50172 l47133 ls1574">ventures</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l44691">68</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50172 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50173 l3">Other </span><span class="pp-class-236 pa t50173 l8396 ls197">receivables </span><span class="pp-class-236 pa t50173 l33563">and </span><span class="pp-class-236 pa t50173 l47147 ls833">current </span><span class="pp-class-236 pa t50173 l47148 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l45250">643</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50173 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50174 l3 ls574">Derivative </span><span class="pp-class-237 pa t50174 l50175 ls1107">financial </span><span class="pp-class-237 pa t50174 l50176 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50177 l3">Commodity </span><span class="pp-class-236 pa t50177 l9696 ls3852">swaps</span></p></div></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l49519">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50178 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50179 l3 ls428">Interest </span><span class="pp-class-236 pa t50179 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50179 l28488">&amp; </span><span class="pp-class-236 pa t50179 l50180">caps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l44697">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l50181 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l50182">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50179 l47135">23</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l3 ls106">Cross </span><span class="pp-class-236 pa t4605 l19202 ls800">currency </span><span class="pp-class-236 pa t4605 l50183 ls428">interest </span><span class="pp-class-236 pa t4605 l28735 ls546">rate </span><span class="pp-class-236 pa t4605 l50184 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l49519">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t4605 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50185 l3 ls181">Forward </span><span class="pp-class-236 pa t50185 l47512 ls212">exchange </span><span class="pp-class-236 pa t50185 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50185 l50186">and </span><span class="pp-class-236 pa t50185 l50187 ls800">currency </span><span class="pp-class-236 pa t50185 l50188 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l50189 ls37013">17</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l50190">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l50191">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50185 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50192 l3 ls6824">Total </span><span class="pp-class-237 pa t50192 l20253 ls1107">financial </span><span class="pp-class-237 pa t50192 l50193 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50194 ls6146">5,907</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50195 ls184">24</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50196">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50192 l50197 ls184">24</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50198 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50198 l38000 ls1107">financial </span><span class="pp-class-237 pa t50198 l50167">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50199 l3">Bank </span><span class="pp-class-236 pa t50199 l50200">loans </span><span class="pp-class-236 pa t50199 l50201">and </span><span class="pp-class-236 pa t50199 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t50199 l50203">on </span><span class="pp-class-236 pa t50199 l13191 ls85">ferries </span><span class="pp-class-236 pa t50199 l32440">and </span><span class="pp-class-236 pa t50199 l50204 ls67">other </span><span class="pp-class-236 pa t50199 l50205">ships</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l50206">1,232</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l50207 ls3121">7,635</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l50208 ls23067">740</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50199 l44915 ls771">786</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50209 l3">Issued </span><span class="pp-class-236 pa t50209 l50210 ls63">corporate </span><span class="pp-class-236 pa t50209 l50211">bonds</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l50212 ls52">735</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l45226">959</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l43147">643</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50209 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50213 l3">Lease </span><span class="pp-class-236 pa t50213 l44863">liabilities </span><span class="pp-class-236 pa t50213 l44864 ls1444">(undiscounted)</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l50214">1,203</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l50215 ls664">2,549</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l44852 ls995">1,059</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50213 l50216 ls10">1,273</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50217 l3 ls6255">Trade </span><span class="pp-class-236 pa t50217 l37509 ls252">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l50218 ls10502">3,753</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50217 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50219 l3 ls2368">Payables </span><span class="pp-class-236 pa t50219 l47248 ls138">to </span><span class="pp-class-236 pa t50219 l28769 ls135">associates </span><span class="pp-class-236 pa t50219 l29758">and </span><span class="pp-class-236 pa t50219 l47760 ls1098">joint </span><span class="pp-class-236 pa t50219 l12116 ls1574">ventures</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l50220">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50219 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50221 l3">Other </span><span class="pp-class-236 pa t50221 l8396 ls252">payables</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l50222">283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50221 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50223 l3 ls574">Derivative </span><span class="pp-class-237 pa t50223 l50175 ls1107">financial </span><span class="pp-class-237 pa t50223 l50176">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50224 l3 ls428">Interest </span><span class="pp-class-236 pa t50224 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50224 l28488">&amp; </span><span class="pp-class-236 pa t50224 l50180">caps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l50220">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l50225 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50224 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50226 l3 ls106">Cross </span><span class="pp-class-236 pa t50226 l19202 ls800">currency </span><span class="pp-class-236 pa t50226 l50183 ls428">interest </span><span class="pp-class-236 pa t50226 l28735 ls546">rate </span><span class="pp-class-236 pa t50226 l50184 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l33415">52</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l43137">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50226 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50227 l3 ls181">Forward </span><span class="pp-class-236 pa t50227 l47512 ls212">exchange </span><span class="pp-class-236 pa t50227 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50227 l50186">and </span><span class="pp-class-236 pa t50227 l50187 ls800">currency </span><span class="pp-class-236 pa t50227 l50188 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l44702">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50227 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50228 l3 ls6824">Total </span><span class="pp-class-237 pa t50228 l20253 ls1107">financial </span><span class="pp-class-237 pa t50228 l50193">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l50229 ls8738">7,309</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l50230 ls67">11,182</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l50231 ls76">2,444</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50228 l36652 ls94">2,059</span></a></p></td></tr></table></div></div><div id="pp-id-5400" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50233 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50234 l40478 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50235 l3">DKK </span><span class="pp-class-236 pa t50235 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50235 l50158">0-1 </span><span class="pp-class-237 pa t50235 l50159 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50235 l50160 ls995">1-3 </span><span class="pp-class-237 pa t50235 l44603 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50235 l50161">3-5 </span><span class="pp-class-237 pa t50235 l50162 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50236 l50164 ls129">After </span><span class="pp-class-237 pa t50236 l40371">5 </span><span class="pp-class-237 pa t50235 l50165 ls63">years</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50237 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50237 l38000 ls1107">financial </span><span class="pp-class-237 pa t50237 l50167 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50238 l3">Cash </span><span class="pp-class-236 pa t50238 l3028">and </span><span class="pp-class-236 pa t50238 l37435">cash </span><span class="pp-class-236 pa t50238 l37436 ls1700">equivalents</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l50239 ls664">1,589</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50238 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l3 ls6255">Trade </span><span class="pp-class-236 pa t50240 l37509 ls129">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l44752">4,203</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50240 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l3 ls1011">Receivables </span><span class="pp-class-236 pa t50241 l37491 ls181">from </span><span class="pp-class-236 pa t50241 l47130 ls135">associates </span><span class="pp-class-236 pa t50241 l47131">and </span><span class="pp-class-236 pa t50241 l47132 ls1098">joint </span><span class="pp-class-236 pa t50241 l47133 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l50242">45</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50241 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l3">Other </span><span class="pp-class-236 pa t50243 l8396 ls197">receivables </span><span class="pp-class-236 pa t50243 l33563">and </span><span class="pp-class-236 pa t50243 l47147 ls833">current </span><span class="pp-class-236 pa t50243 l47148 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l50244 ls811">624</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l43243">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50243 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50245 l3 ls574">Derivative </span><span class="pp-class-237 pa t50245 l50175 ls1107">financial </span><span class="pp-class-237 pa t50245 l50176 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l3 ls428">Interest </span><span class="pp-class-236 pa t50246 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50246 l28488">&amp; </span><span class="pp-class-236 pa t50246 l50180">caps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l50247 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l50248">21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l50249 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50246 l48234 ls129">27</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l3 ls181">Forward </span><span class="pp-class-236 pa t50250 l47512 ls212">exchange </span><span class="pp-class-236 pa t50250 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50250 l50186">and </span><span class="pp-class-236 pa t50250 l50187 ls800">currency </span><span class="pp-class-236 pa t50250 l50188 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l50251">36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l50252">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l45698">19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50250 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l3 ls6824">Total </span><span class="pp-class-237 pa t50253 l20253 ls1107">financial </span><span class="pp-class-237 pa t50253 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l41534 ls4558">6,510</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l50254">42</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l50255">33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50253 l50256">40</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50257 l3 ls63">Non-derivative </span><span class="pp-class-237 pa t50257 l38000 ls1107">financial </span><span class="pp-class-237 pa t50257 l50167">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l3">Bank </span><span class="pp-class-236 pa t50258 l50200">loans </span><span class="pp-class-236 pa t50258 l50201">and </span><span class="pp-class-236 pa t50258 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t50258 l50203">on </span><span class="pp-class-236 pa t50258 l13191 ls85">ferries </span><span class="pp-class-236 pa t50258 l32440">and </span><span class="pp-class-236 pa t50258 l50204 ls67">other </span><span class="pp-class-236 pa t50258 l50205">ships</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l50259">882</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l50260 ls556">9,220</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l40625">428</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50258 l50261 ls2813">947</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l3">Issued </span><span class="pp-class-236 pa t50262 l50210 ls63">corporate </span><span class="pp-class-236 pa t50262 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l50263 ls2368">141</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l50264">1,280</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l50265 ls995">1,060</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50262 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l3">Lease </span><span class="pp-class-236 pa t50266 l44863">liabilities </span><span class="pp-class-236 pa t50266 l44864 ls1444">(undiscounted)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l50267">1,293</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l50268 ls995">2,659</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l50269">1,296</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50266 l44857 ls664">1,551</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l3 ls6255">Trade </span><span class="pp-class-236 pa t50270 l37509 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l50271 ls2081">3,984</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50270 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l3 ls2368">Payables </span><span class="pp-class-236 pa t50272 l47248 ls138">to </span><span class="pp-class-236 pa t50272 l28769 ls135">associates </span><span class="pp-class-236 pa t50272 l29758">and </span><span class="pp-class-236 pa t50272 l47760 ls1098">joint </span><span class="pp-class-236 pa t50272 l12116 ls1574">ventures</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l50273 ls184">16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50272 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l3">Other </span><span class="pp-class-236 pa t50274 l8396 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l50275">233</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50274 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50276 l3 ls574">Derivative </span><span class="pp-class-237 pa t50276 l50175 ls1107">financial </span><span class="pp-class-237 pa t50276 l50176">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l3 ls428">Interest </span><span class="pp-class-236 pa t50277 l26038 ls1747">swaps </span><span class="pp-class-236 pa t50277 l28488">&amp; </span><span class="pp-class-236 pa t50277 l50180">caps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l33415">25</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l50278">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50277 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l3 ls106">Cross </span><span class="pp-class-236 pa t50279 l19202 ls800">currency </span><span class="pp-class-236 pa t50279 l50183 ls428">interest </span><span class="pp-class-236 pa t50279 l28735 ls546">rate </span><span class="pp-class-236 pa t50279 l50184 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l40450">40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l40382">35</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l48276">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50279 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l3 ls181">Forward </span><span class="pp-class-236 pa t50280 l47512 ls212">exchange </span><span class="pp-class-236 pa t50280 l31230 ls1757">contracts </span><span class="pp-class-236 pa t50280 l50186">and </span><span class="pp-class-236 pa t50280 l50187 ls800">currency </span><span class="pp-class-236 pa t50280 l50188 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l43209">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50280 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l3 ls6824">Total </span><span class="pp-class-237 pa t50281 l20253 ls1107">financial </span><span class="pp-class-237 pa t50281 l50193">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50282 ls1118">6,618</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50283 ls244">13,225</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50284 ls1044">2,793</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50281 l50285 ls76">2,498</span></a></p></td></tr></table></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t283 l3 ls541">Assumptions </span><span class="pp-class-237 pa t283 l50287 ls696">for </span><span class="pp-class-237 pa t283 l50288 ls651">the </span><span class="pp-class-237 pa t283 l50289 ls4630">maturity </span><span class="pp-class-237 pa t283 l50290 ls4248">table</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38325 l3 ls651">The </span><span class="pp-class-236 pa t38325 l38379 ls548">maturity </span><span class="pp-class-236 pa t38325 l50291 ls1131">analysis </span><span class="pp-class-236 pa t38325 l37251 ls811">is </span><span class="pp-class-236 pa t38325 l50292 ls538">based </span><span class="pp-class-236 pa t38325 l7946 ls811">on </span><span class="pp-class-236 pa t38325 l31109 ls541">undiscounted </span><span class="pp-class-236 pa t38325 l50293 ls2222">cash </span><span class="pp-class-236 pa t38325 l48082 ls706">flows </span><span class="pp-class-236 pa t38325 l50294 ls546">including </span><span class="pp-class-236 pa t38325 l50295 ls2207">estimated </span><span class="pp-class-236 pa t38325 l50296 ls706">interest </span><span class="pp-class-236 pa t38325 l38596 ls616">payments. </span><span class="pp-class-236 pa t38325 l50297 ls4630">Interest </span><span class="pp-class-236 pa t38337 l3 ls4630">payments </span><span class="pp-class-236 pa t38337 l36228 ls2808">are </span><span class="pp-class-236 pa t38337 l9678 ls2207">estimated </span><span class="pp-class-236 pa t38337 l50298 ls538">based </span><span class="pp-class-236 pa t38337 l50299 ls811">on </span><span class="pp-class-236 pa t38337 l50300 ls3855">existing </span><span class="pp-class-236 pa t38337 l50301 ls691">market </span><span class="pp-class-236 pa t38337 l50302 ls562">conditions.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38370 l3 ls651">The </span><span class="pp-class-236 pa t38370 l38379 ls541">undiscounted </span><span class="pp-class-236 pa t38370 l50303 ls2222">cash </span><span class="pp-class-236 pa t38370 l50304 ls706">flows </span><span class="pp-class-236 pa t38370 l50305 ls3681">related </span><span class="pp-class-236 pa t38370 l50306 ls538">to </span><span class="pp-class-236 pa t38370 l50307 ls4775">derivative </span><span class="pp-class-236 pa t38370 l50308 ls995">financial </span><span class="pp-class-236 pa t38370 l50309 ls625">liabilities </span><span class="pp-class-236 pa t38370 l50310 ls2808">are </span><span class="pp-class-236 pa t38370 l50311 ls7086">presented </span><span class="pp-class-236 pa t38370 l50312 ls2197">at </span><span class="pp-class-236 pa t38370 l50313 ls706">gross </span><span class="pp-class-236 pa t38370 l50314 ls625">amounts </span><span class="pp-class-236 pa t38370 l50315 ls1792">unless </span><span class="pp-class-236 pa t38598 l3 ls651">the </span><span class="pp-class-236 pa t38598 l28221 ls1792">parties </span><span class="pp-class-236 pa t38598 l50316 ls1463">according </span><span class="pp-class-236 pa t38598 l50317 ls538">to </span><span class="pp-class-236 pa t38598 l50318 ls651">the </span><span class="pp-class-236 pa t38598 l50319 ls2808">contract </span><span class="pp-class-236 pa t38598 l50320 ls110">have </span><span class="pp-class-236 pa t38598 l50321 ls184">a </span><span class="pp-class-236 pa t38598 l50322 ls536">right </span><span class="pp-class-236 pa t38598 l50323 ls811">or </span><span class="pp-class-236 pa t38598 l1146 ls1404">obligation </span><span class="pp-class-236 pa t38598 l50324 ls538">to </span><span class="pp-class-236 pa t38598 l50325 ls713">settle </span><span class="pp-class-236 pa t38598 l50326 ls2197">at </span><span class="pp-class-236 pa t38598 l50327 ls4248">net </span><span class="pp-class-236 pa t38598 l50328 ls2222">amount.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t38554 l3 ls2036">Capital </span><span class="pp-class-237 pa t38554 l36448 ls614">structure</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t38567 l3 ls651">The </span><span class="pp-class-236 pa t38567 l38379 ls538">basis </span><span class="pp-class-236 pa t38567 l50464 ls553">for </span><span class="pp-class-236 pa t38567 l50465 ls551">determining </span><span class="pp-class-236 pa t38567 l50466 ls651">the </span><span class="pp-class-236 pa t38567 l50467 ls849">level </span><span class="pp-class-236 pa t38567 l193 ls98">of </span><span class="pp-class-236 pa t38567 l47924 ls524">capital </span><span class="pp-class-236 pa t38567 l16987 ls4248">distribution </span><span class="pp-class-236 pa t38567 l50468 ls538">to </span><span class="pp-class-236 pa t38567 l50469 ls2207">shareholders </span><span class="pp-class-236 pa t38567 l50470 ls811">is </span><span class="pp-class-236 pa t38567 l50471 ls572">the </span><span class="pp-class-236 pa t38567 l41244 ls1131">Group' </span><span class="pp-class-236 pa t38567 l50472 ls7086">current </span><span class="pp-class-236 pa t38567 l50473 ls651">and </span><span class="pp-class-236 pa t38567 l50474 ls556">expected </span><span class="pp-class-236 pa t39613 l3 ls2197">future </span><span class="pp-class-236 pa t39613 l49642 ls995">financial </span><span class="pp-class-236 pa t39613 l50475 ls1882">leverage </span><span class="pp-class-236 pa t39613 l11881 ls3855">measured </span><span class="pp-class-236 pa t39613 l50476 ls811">as </span><span class="pp-class-236 pa t39613 l50477 ls651">the </span><span class="pp-class-236 pa t39613 l30001 ls1796">ratio </span><span class="pp-class-236 pa t39613 l50478 ls713">between </span><span class="pp-class-236 pa t39613 l50479 ls2222">NIBD </span><span class="pp-class-236 pa t39613 l50480 ls572">and </span><span class="pp-class-236 pa t39613 l50481 ls2036">EBITDA. </span><span class="pp-class-236 pa t39613 l50482 ls1046">Target </span><span class="pp-class-236 pa t39613 l50483 ls1882">leverage </span><span class="pp-class-236 pa t39613 l50484 ls811">is </span><span class="pp-class-236 pa t39613 l50485 ls184">a </span><span class="pp-class-236 pa t39613 l50486 ls1796">ratio </span><span class="pp-class-236 pa t39613 l50487 ls1404">between </span><span class="pp-class-236 pa t39626 l3 ls3154">2.5 </span><span class="pp-class-236 pa t39626 l49161 ls651">and </span><span class="pp-class-236 pa t39626 l49162 ls8200">3.5x. </span><span class="pp-class-236 pa t39626 l23747 ls2197">NIBD/EBITDA </span><span class="pp-class-236 pa t39626 l9111 ls556">was </span><span class="pp-class-236 pa t39626 l14106 ls2222">4.1x </span><span class="pp-class-236 pa t39626 l50488 ls2197">at </span><span class="pp-class-236 pa t39626 l50489 ls1775">year-end </span><span class="pp-class-236 pa t39626 l50490 ls2222">2025 </span><span class="pp-class-236 pa t39626 l50491 ls667">(2024: </span><span class="pp-class-236 pa t39626 l50492 ls41348">3.9x).</span></p> <div id="pp-id-5402" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t37084 l50494">2025</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50495 l50496"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50495 l50497"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50498 l50499 ls118">Expected </span><span class="pp-class-237 pa t50498 l50500">timing </span><span class="pp-class-237 pa t50498 l50501">of </span><span class="pp-class-237 pa t50498 l50502 ls1725">recycling </span><span class="pp-class-237 pa t50498 l50503">to </span><span class="pp-class-237 pa t50498 l50504">income </span><span class="pp-class-237 pa t50505 l50506 ls1790">statement </span><span class="pp-class-237 pa t50505 l50507">or </span><span class="pp-class-237 pa t50505 l50508 ls177">non-current </span><span class="pp-class-237 pa t50505 l50509 ls1098">assets </span><span class="pp-class-237 pa t50505 l50510">of </span><span class="pp-class-237 pa t50505 l50511">gains/</span><span class="pp-class-237 pa t50495 l50512 ls13">losses </span><span class="pp-class-237 pa t50495 l50513 ls67">recognised </span><span class="pp-class-237 pa t50495 l50514">in </span><span class="pp-class-237 pa t50495 l50515">the </span><span class="pp-class-237 pa t50495 l50516">equity</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50495 l50517"/></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50518 l3">DKK </span><span class="pp-class-236 pa t50518 l2784">million </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l35879">Hedge </span><span class="pp-class-237 pa t50518 l50519 ls118">instrument</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50520 l50521">Time </span><span class="pp-class-237 pa t50520 l50522">to </span><span class="pp-class-237 pa t50518 l50523 ls73">maturity</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50524 l50525 ls118">Notional </span><span class="pp-class-237 pa t50520 l50526">principal </span><span class="pp-class-237 pa t50518 l50527 ls1098">amount</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50524 l50528 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50529 ls106">value </span><span class="pp-class-237 pa t50518 l50530 ls1098">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50524 l50531 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50532 ls106">value </span><span class="pp-class-237 pa t50518 l50533">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50534">0-1 </span><span class="pp-class-237 pa t50518 l50535 ls967">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50536 ls995">1-3 </span><span class="pp-class-237 pa t50518 l50537 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50538">3-5 </span><span class="pp-class-237 pa t50518 l50539 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50520 l50540 ls129">After </span><span class="pp-class-237 pa t50518 l50541">5 </span><span class="pp-class-237 pa t50518 l50542 ls63">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50543 l50544 ls1535">Fair </span><span class="pp-class-237 pa t50543 l50545 ls106">value </span><span class="pp-class-237 pa t50546 l50547 ls67">recognised </span><span class="pp-class-237 pa t50524 l50548">on </span><span class="pp-class-237 pa t50524 l50549">hedging </span><span class="pp-class-237 pa t50520 l50550 ls76">reserve </span><span class="pp-class-237 pa t50518 l50551">in </span><span class="pp-class-237 pa t50518 l50552">equity</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50518 l50553 ls8048">Average </span><span class="pp-class-237 pa t50518 l50554">hedge </span><span class="pp-class-237 pa t50518 l50555 ls4248">rate</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50556 l3 ls118">Expected </span><span class="pp-class-237 pa t50556 l47251 ls1467">future </span><span class="pp-class-237 pa t50556 l50557 ls108">transactions</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50558 l3 ls570">Interest</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50558 l35879 ls428">Interest </span><span class="pp-class-236 pa t50558 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50558 l50560">DKK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50558 l50561"/><span class="pp-class-236 pa t50558 l50562">0-4 </span><span class="pp-class-236 pa t50558 l50563 ls73">years </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l44605 ls98">2,895</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50564">9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50565">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50566">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50567">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50570">-11</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50571 ls532">2.49%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50572 l3 ls570">Interest</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50572 l35879 ls428">Interest </span><span class="pp-class-236 pa t50572 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50572 l50560">EUR</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50572 l50573">0-9 </span><span class="pp-class-236 pa t50572 l50563 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50574 ls135">2,216</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50575">62</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50576 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50578 ls184">10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50579">15</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50580">23</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50581">46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50582">2.11%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50583 l3">Bond </span><span class="pp-class-236 pa t50583 l50584">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50583 l35879 ls800">Currency </span><span class="pp-class-236 pa t50583 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50583 l50586">NOK/DKK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50583 l50561"/><span class="pp-class-236 pa t50583 l50562">0-4 </span><span class="pp-class-236 pa t50583 l50563 ls73">years </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50587">2,190</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50588">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50589 ls771">-78</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50567">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50590">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50591">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50592">NOK/DKK </span><span class="pp-class-236 pa t50583 l50593 ls2855">0.6546</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l3">Ship </span><span class="pp-class-236 pa t50594 l48778">loans</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l35879 ls800">Currency </span><span class="pp-class-236 pa t50594 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50594 l50586">EUR/DKK </span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l50595">0-2 </span><span class="pp-class-236 pa t50594 l50596 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50597 ls995">1,094</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50598">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50594 l50599">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50600">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50602">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50603">EUR/DKK </span><span class="pp-class-236 pa t50594 l50604 ls28039">7.4575</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50605 l3 ls88">Ferry </span><span class="pp-class-236 pa t50605 l9536 ls1790">investments </span><span class="pp-class-236 pa t50605 l47746">and </span><span class="pp-class-236 pa t50605 l4459 ls1675">ferry </span><span class="pp-class-236 pa t50605 l50606 ls1465">charter</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50605 l35879 ls181">Forward </span><span class="pp-class-236 pa t50605 l50607 ls212">exchange </span><span class="pp-class-236 pa t50605 l50608 ls1618">contracts</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50605 l50609">0-6 </span><span class="pp-class-236 pa t50605 l50563 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l40890">413</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50610 ls184">16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50599">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50611">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50612">-4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50613">-1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50614">-12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50615">EUR/USD </span><span class="pp-class-236 pa t50605 l50616 ls1687">1.2674</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50617 l3">Other </span><span class="pp-class-237 pa t50617 l37231 ls1107">financial </span><span class="pp-class-237 pa t50617 l50618">hedging</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50619 l3">Commodities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50619 l35879">Commodity </span><span class="pp-class-236 pa t50619 l50620">hedges</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50619 l50621"/><span class="pp-class-236 pa t50619 l50622">0-1 </span><span class="pp-class-236 pa t50619 l50596 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l37142">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50598">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50599">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50600">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50602">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50624 l3">Sales </span><span class="pp-class-236 pa t50624 l35946">and </span><span class="pp-class-236 pa t50624 l35947">goods </span><span class="pp-class-236 pa t50624 l50625 ls203">purchased</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50626 l35879 ls181">Forward </span><span class="pp-class-236 pa t50626 l50607 ls212">exchange </span><span class="pp-class-236 pa t50626 l50608 ls1757">contracts </span><span class="pp-class-236 pa t50626 l50627">and </span><span class="pp-class-236 pa t50624 l35879 ls800">currency </span><span class="pp-class-236 pa t50624 l50628 ls3852">swaps</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50624 l50622">0-1 </span><span class="pp-class-236 pa t50624 l50596 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50629 ls532">2,435</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50630 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50631">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50568">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50569">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50633">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50634 l3 ls6824">Total </span><span class="pp-class-237 pa t50634 l20253 ls574">derivative </span><span class="pp-class-237 pa t50634 l50635 ls1107">financial </span><span class="pp-class-237 pa t50634 l42588 ls118">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50636 ls814">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50637">-122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50638">-9</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50639">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50640">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50641">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50642">23</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50643 l3 ls651">The </span><span class="pp-class-236 pa t50643 l38379 ls553">fair </span><span class="pp-class-236 pa t50643 l50644 ls2197">value </span><span class="pp-class-236 pa t50643 l50645 ls98">of </span><span class="pp-class-236 pa t50643 l50646 ls572">the </span><span class="pp-class-236 pa t50643 l50647 ls706">interest </span><span class="pp-class-236 pa t50643 l42599 ls884">swaps </span><span class="pp-class-236 pa t50643 l26074 ls651">has </span><span class="pp-class-236 pa t50643 l50648 ls2222">been </span><span class="pp-class-236 pa t50643 l50649 ls560">calculated </span><span class="pp-class-236 pa t50643 l50650 ls706">by </span><span class="pp-class-236 pa t50643 l50651 ls524">discounting </span><span class="pp-class-236 pa t50643 l50652 ls572">the </span><span class="pp-class-236 pa t50643 l50653 ls5781">expected </span><span class="pp-class-236 pa t50643 l50654 ls2197">future </span><span class="pp-class-236 pa t50643 l50655 ls706">interest </span><span class="pp-class-236 pa t50643 l50656 ls558">payments. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50657 l3 ls651">The </span><span class="pp-class-236 pa t50657 l38379 ls4248">discount </span><span class="pp-class-236 pa t50657 l45956 ls8384">rate </span><span class="pp-class-236 pa t50657 l45957 ls553">for </span><span class="pp-class-236 pa t50657 l46243 ls544">each </span><span class="pp-class-236 pa t50657 l50658 ls706">interest </span><span class="pp-class-236 pa t50657 l13273 ls3855">payment </span><span class="pp-class-236 pa t50657 l50659 ls811">is </span><span class="pp-class-236 pa t50657 l41808 ls2207">estimated </span><span class="pp-class-236 pa t50657 l50660 ls538">based </span><span class="pp-class-236 pa t50657 l38316 ls811">on </span><span class="pp-class-236 pa t50657 l50661 ls691">market </span><span class="pp-class-236 pa t50657 l41447 ls706">interest </span><span class="pp-class-236 pa t50657 l50662 ls1796">rates. </span><span class="pp-class-236 pa t50657 l50663 ls572">The </span><span class="pp-class-236 pa t50657 l50664 ls553">fair </span><span class="pp-class-236 pa t50657 l45416 ls2197">value </span><span class="pp-class-236 pa t50657 l50665 ls98">of </span><span class="pp-class-236 pa t50657 l50666 ls603">forward </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50667 l3 ls11713">exchange </span><span class="pp-class-236 pa t50667 l35099 ls4793">contracts </span><span class="pp-class-236 pa t50667 l33943 ls651">and </span><span class="pp-class-236 pa t50667 l49717 ls4630">bunker </span><span class="pp-class-236 pa t50667 l37939 ls4793">contracts </span><span class="pp-class-236 pa t50667 l50668 ls2808">are </span><span class="pp-class-236 pa t50667 l9302 ls560">calculated </span><span class="pp-class-236 pa t50667 l50669 ls538">based </span><span class="pp-class-236 pa t50667 l50670 ls811">on </span><span class="pp-class-236 pa t50667 l50671 ls1780">actual </span><span class="pp-class-236 pa t50667 l50672 ls7468">forward </span><span class="pp-class-236 pa t50667 l50673 ls949">curves.</span></p></div></div><div class="pp-class-10" id="pp-id-5403" xmlns="http://www.w3.org/1999/xhtml"><div class="w37542 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.1 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">and </span><span class="pp-class-234 pa t1122 l49255 ls181">operational </span><span class="pp-class-234 pa t1122 l49256 ls94">risks</span><span class="pp-class-235 pa t1122 l49941"/><span class="pp-class-235 pa t1122 l49942 ls938">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l50674 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50498 l50499 ls118">Expected </span><span class="pp-class-237 pa t50498 l50500">timing </span><span class="pp-class-237 pa t50498 l50501">of </span><span class="pp-class-237 pa t50498 l50502 ls1725">recycling </span><span class="pp-class-237 pa t50498 l50503">to </span><span class="pp-class-237 pa t50498 l50504">income </span><span class="pp-class-237 pa t50505 l50506 ls1790">statement </span><span class="pp-class-237 pa t50505 l50507">or </span><span class="pp-class-237 pa t50505 l50508 ls177">non-current </span><span class="pp-class-237 pa t50505 l50509 ls1098">assets </span><span class="pp-class-237 pa t50505 l50510">of </span><span class="pp-class-237 pa t50505 l50511">gains/</span><span class="pp-class-237 pa t50495 l50512 ls13">losses </span><span class="pp-class-237 pa t50495 l50513 ls67">recognised </span><span class="pp-class-237 pa t50495 l50514">in </span><span class="pp-class-237 pa t50495 l50515">the </span><span class="pp-class-237 pa t50495 l50516">equity</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50495 l50517"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50518 l3">DKK </span><span class="pp-class-236 pa t50518 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l35879">Hedge </span><span class="pp-class-237 pa t50518 l50519 ls118">instrument</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50520 l50521">Time </span><span class="pp-class-237 pa t50520 l50522">to </span><span class="pp-class-237 pa t50518 l50523 ls73">maturity</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50524 l50525 ls118">Notional </span><span class="pp-class-237 pa t50520 l50526">principal </span><span class="pp-class-237 pa t50518 l50527 ls1098">amount</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50524 l50528 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50529 ls106">value </span><span class="pp-class-237 pa t50518 l50530 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50524 l50531 ls1535">Fair </span><span class="pp-class-237 pa t50520 l50532 ls106">value </span><span class="pp-class-237 pa t50518 l50533">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50534">0-1 </span><span class="pp-class-237 pa t50518 l50535 ls967">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50536 ls995">1-3 </span><span class="pp-class-237 pa t50518 l50537 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50538">3-5 </span><span class="pp-class-237 pa t50518 l50539 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50520 l50540 ls129">After </span><span class="pp-class-237 pa t50518 l50541">5 </span><span class="pp-class-237 pa t50518 l50542 ls63">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50543 l50544 ls1535">Fair </span><span class="pp-class-237 pa t50543 l50545 ls106">value </span><span class="pp-class-237 pa t50546 l50547 ls67">recognised </span><span class="pp-class-237 pa t50524 l50548">on </span><span class="pp-class-237 pa t50524 l50549">hedging </span><span class="pp-class-237 pa t50520 l50550 ls76">reserve </span><span class="pp-class-237 pa t50518 l50551">in </span><span class="pp-class-237 pa t50518 l50552">equity</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50518 l50553 ls8048">Average </span><span class="pp-class-237 pa t50518 l50554">hedge </span><span class="pp-class-237 pa t50518 l50555 ls4248">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50556 l3 ls118">Expected </span><span class="pp-class-237 pa t50556 l47251 ls1467">future </span><span class="pp-class-237 pa t50556 l50557 ls108">transactions</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l3 ls570">Interest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l35879 ls428">Interest </span><span class="pp-class-236 pa t50558 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50558 l50560">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50675"/><span class="pp-class-236 pa t50558 l50676">0-5 </span><span class="pp-class-236 pa t50558 l50563 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50677 ls664">2,505</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50678">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50679">32</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50680">-8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50681 ls1547">-10</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50682">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50684">-20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50558 l50685 ls4793">2.57%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l3 ls570">Interest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l35879 ls428">Interest </span><span class="pp-class-236 pa t50572 l50559 ls1747">swaps </span><span class="pp-class-236 pa t50572 l50560">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50686 ls135">0-10 </span><span class="pp-class-236 pa t50572 l50563 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50687 ls83">2,312</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50688">64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50689">26</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50577">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50690 ls696">14</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50691 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50692">39</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50572 l50693 ls1463">2.07%</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l3">Bond </span><span class="pp-class-236 pa t50583 l50584">loans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l35879 ls800">Currency </span><span class="pp-class-236 pa t50583 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50583 l50586">NOK/DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50675"/><span class="pp-class-236 pa t50583 l50676">0-5 </span><span class="pp-class-236 pa t50583 l50563 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l43157">2,115</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50694">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50695">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50696">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50682">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50697">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50583 l50592">NOK/DKK </span><span class="pp-class-236 pa t50583 l50593 ls2855">0.6546</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l3">Ship </span><span class="pp-class-236 pa t50594 l48778">loans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l35879 ls800">Currency </span><span class="pp-class-236 pa t50594 l50585 ls1747">swaps </span><span class="pp-class-236 pa t50594 l50586">EUR/DKK </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50698">0-3 </span><span class="pp-class-236 pa t50594 l50596 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l40845">1,193</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50598">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50699">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50601">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50700">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50602">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50594 l50701">EUR/DKK </span><span class="pp-class-236 pa t50594 l50604 ls28039">7.4575</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l3 ls88">Ferry </span><span class="pp-class-236 pa t50605 l9536 ls1790">investments </span><span class="pp-class-236 pa t50605 l47746">and </span><span class="pp-class-236 pa t50605 l4459 ls1675">ferry </span><span class="pp-class-236 pa t50605 l50606 ls1465">charter</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l35879 ls181">Forward </span><span class="pp-class-236 pa t50605 l50607 ls212">exchange </span><span class="pp-class-236 pa t50605 l50608 ls1618">contracts</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50702">0-7 </span><span class="pp-class-236 pa t50605 l50563 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l44804">553</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50703">61</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50699">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50704">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50567">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50705">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50706">-5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50707">-21</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50605 l50615">EUR/USD </span><span class="pp-class-236 pa t50605 l50616 ls1687">1.2674</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50617 l3">Other </span><span class="pp-class-237 pa t50617 l37231 ls1107">financial </span><span class="pp-class-237 pa t50617 l50618">hedging</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l3">Commodities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l35879">Commodity </span><span class="pp-class-236 pa t50619 l50620">hedges</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50621"/><span class="pp-class-236 pa t50619 l50622">0-1 </span><span class="pp-class-236 pa t50619 l50596 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50708">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50588">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50699">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50632">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50709">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50700">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50633">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50619 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l3">Sales </span><span class="pp-class-236 pa t50624 l35946">and </span><span class="pp-class-236 pa t50624 l35947">goods </span><span class="pp-class-236 pa t50624 l50625 ls203">purchased</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50626 l35879 ls181">Forward </span><span class="pp-class-236 pa t50626 l50607 ls212">exchange </span><span class="pp-class-236 pa t50626 l50608 ls1757">contracts </span><span class="pp-class-236 pa t50626 l50627">and </span><span class="pp-class-236 pa t50624 l35879 ls800">currency </span><span class="pp-class-236 pa t50624 l50628 ls3852">swaps</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50622">0-1 </span><span class="pp-class-236 pa t50624 l50596 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50710 ls995">2,082</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50711 ls129">27</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50712">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50713">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50709">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50700">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50683">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50714">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50624 l50623 ls4381">N/A</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l3 ls3141">Total</span></a><span class="pp-class-237 pa t50634 l40979"/><span class="pp-class-237 pa t50634 l20253 ls574">derivative </span><span class="pp-class-237 pa t50634 l50635 ls1107">financial </span><span class="pp-class-237 pa t50634 l42588 ls118">instruments</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50715 ls814">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50716 ls73">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50717">-13</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50718">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50719">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50641">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50634 l50720">-6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p> <div id="pp-id-5404" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50721 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls1098">instruments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls1107">Carrying </span><span class="pp-class-237 pa t37088 l37578 ls1098">amount </span><span class="pp-class-237 pa t37088 l43178">per </span><span class="pp-class-237 pa t37088 l46465 ls115">category </span><span class="pp-class-237 pa t37088 l50725">of </span><span class="pp-class-237 pa t37088 l50726 ls1107">financial </span><span class="pp-class-237 pa t37088 l39242 ls118">instruments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47758 l3">Financial </span><span class="pp-class-237 pa t47758 l49228 ls1098">assets </span><span class="pp-class-237 pa t47758 l50727 ls1011">measured </span><span class="pp-class-237 pa t47758 l50728 ls2222">at </span><span class="pp-class-237 pa t47758 l50729 ls1535">fair </span><span class="pp-class-237 pa t47758 l29720 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t43112 l50730 ls967">related </span><span class="pp-class-236 pa t43112 l50731 ls138">to </span><span class="pp-class-236 pa t43112 l48256 ls106">operating </span><span class="pp-class-236 pa t43112 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43038">88</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t20959 l50730 ls967">related </span><span class="pp-class-236 pa t20959 l50731 ls138">to </span><span class="pp-class-236 pa t20959 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t20959 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l50734 ls544">72</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48936 l3">Financial </span><span class="pp-class-237 pa t48936 l49228 ls1098">assets </span><span class="pp-class-237 pa t48936 l50727 ls1011">measured </span><span class="pp-class-237 pa t48936 l50728 ls2222">at </span><span class="pp-class-237 pa t48936 l50729 ls6510">amortised </span><span class="pp-class-237 pa t48936 l50735">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls6255">Trade </span><span class="pp-class-236 pa t48941 l37509 ls76">receivables, </span><span class="pp-class-236 pa t48941 l50736 ls197">receivables </span><span class="pp-class-236 pa t48941 l50737 ls181">from </span><span class="pp-class-236 pa t48941 l50738 ls135">associates </span><span class="pp-class-236 pa t48941 l50739">and </span><span class="pp-class-236 pa t48941 l50740 ls1098">joint </span><span class="pp-class-236 pa t48941 l50741 ls131">ventures, </span><span class="pp-class-236 pa t50742 l3 ls67">other </span><span class="pp-class-236 pa t50742 l34425 ls197">receivables </span><span class="pp-class-236 pa t50742 l21873">and </span><span class="pp-class-236 pa t50742 l9724">cash</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50743 ls110">5,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50629 ls3200">6,084</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50744 l3">Financial </span><span class="pp-class-237 pa t50744 l49228 ls1098">assets </span><span class="pp-class-237 pa t50744 l50727 ls1011">measured </span><span class="pp-class-237 pa t50744 l50728 ls2222">at </span><span class="pp-class-237 pa t50744 l50729 ls1535">fair </span><span class="pp-class-237 pa t50744 l29720 ls106">value </span><span class="pp-class-237 pa t50744 l50745 ls297">through </span><span class="pp-class-237 pa t50744 l50746 ls118">profit </span><span class="pp-class-237 pa t50744 l50747">or </span><span class="pp-class-237 pa t50744 l50748 ls21">loss:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l3">Securities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l3 ls6824">Total </span><span class="pp-class-237 pa t50750 l20253 ls1107">financial </span><span class="pp-class-237 pa t50750 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l50751 ls41127">5,547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l44875 ls875">6,251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50752 l3">Financial </span><span class="pp-class-237 pa t50752 l49228">liabilities </span><span class="pp-class-237 pa t50752 l44912 ls1011">measured </span><span class="pp-class-237 pa t50752 l31355 ls2222">at </span><span class="pp-class-237 pa t50752 l50753 ls1535">fair </span><span class="pp-class-237 pa t50752 l50754 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50755 l50730 ls967">related </span><span class="pp-class-236 pa t50755 l50731 ls138">to </span><span class="pp-class-236 pa t50755 l48256 ls106">operating </span><span class="pp-class-236 pa t50755 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50757 l50730 ls967">related </span><span class="pp-class-236 pa t50757 l50731 ls138">to </span><span class="pp-class-236 pa t50757 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t50757 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l50758 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l44910">139</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50759 l3">Financial </span><span class="pp-class-237 pa t50759 l49228">liabilities </span><span class="pp-class-237 pa t50759 l44912 ls1011">measured </span><span class="pp-class-237 pa t50759 l31355 ls2222">at </span><span class="pp-class-237 pa t50759 l50753 ls6510">amortised </span><span class="pp-class-237 pa t50759 l50760">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50761 l3 ls244">Interest-bearing </span><span class="pp-class-236 pa t50761 l37484">liabilities, </span><span class="pp-class-236 pa t50761 l29938 ls967">trade </span><span class="pp-class-236 pa t50761 l50762 ls143">payables, </span><span class="pp-class-236 pa t50761 l40810 ls106">payables </span><span class="pp-class-236 pa t50761 l50763 ls138">to </span><span class="pp-class-236 pa t50761 l50764 ls135">associates </span><span class="pp-class-236 pa t50765 l3">and </span><span class="pp-class-236 pa t50765 l13229 ls1098">joint </span><span class="pp-class-236 pa t50765 l50766 ls131">ventures, </span><span class="pp-class-236 pa t50765 l50767">and </span><span class="pp-class-236 pa t50765 l16599 ls67">other </span><span class="pp-class-236 pa t50765 l7986 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l50768 ls138">21,106</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l40986 ls1775">23,013</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l3 ls6824">Total </span><span class="pp-class-237 pa t50769 l20253 ls1107">financial </span><span class="pp-class-237 pa t50769 l50193">liabilities </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50770">21,228</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50771 ls244">23,156</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t50772 l3 ls877">Hierarchy </span><span class="pp-class-237 pa t50772 l50773 ls811">of </span><span class="pp-class-237 pa t50772 l50774 ls661">financial </span><span class="pp-class-237 pa t50772 l50775 ls524">instruments </span><span class="pp-class-237 pa t50772 l1847 ls30">measured </span><span class="pp-class-237 pa t50772 l50776 ls11713">at </span><span class="pp-class-237 pa t50772 l20250 ls2036">fair </span><span class="pp-class-237 pa t50772 l17101 ls877">value</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50777 l3 ls651">The </span><span class="pp-class-236 pa t50777 l38379 ls625">table </span><span class="pp-class-236 pa t50777 l50778 ls838">below </span><span class="pp-class-236 pa t50777 l50779 ls2565">ranks </span><span class="pp-class-236 pa t50777 l50780 ls995">financial </span><span class="pp-class-236 pa t50777 l17160 ls524">instruments </span><span class="pp-class-236 pa t50777 l33923 ls2036">carried </span><span class="pp-class-236 pa t50777 l50781 ls2197">at </span><span class="pp-class-236 pa t50777 l50782 ls553">fair </span><span class="pp-class-236 pa t50777 l24371 ls2197">value </span><span class="pp-class-236 pa t50777 l50783 ls706">by </span><span class="pp-class-236 pa t50777 l50784 ls5781">valuation </span><span class="pp-class-236 pa t50777 l50785 ls546">method. </span><span class="pp-class-236 pa t50777 l50786 ls572">The </span><span class="pp-class-236 pa t50777 l50787 ls2270">different </span><span class="pp-class-236 pa t50777 l50788 ls1131">levels </span><span class="pp-class-236 pa t50777 l50789 ls2245">have </span><span class="pp-class-236 pa t50790 l3 ls2222">been </span><span class="pp-class-236 pa t50790 l38440 ls536">defined </span><span class="pp-class-236 pa t50790 l50791 ls811">as </span><span class="pp-class-236 pa t50790 l17933 ls4558">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50792 l1069 ls849">Level </span><span class="pp-class-247 pa t50792 l50793 ls811">1: </span><span class="pp-class-247 pa t50792 l50794 ls30">Quoted </span><span class="pp-class-247 pa t50792 l50795 ls1764">prices </span><span class="pp-class-247 pa t50792 l50796 ls811">in </span><span class="pp-class-247 pa t50792 l50797 ls811">an </span><span class="pp-class-247 pa t50792 l50798 ls4807">active </span><span class="pp-class-247 pa t50792 l41112 ls691">market </span><span class="pp-class-247 pa t50792 l50799 ls553">for </span><span class="pp-class-247 pa t50792 l50800 ls747">identical </span><span class="pp-class-247 pa t50792 l50801 ls2222">type </span><span class="pp-class-247 pa t50792 l50802 ls98">of </span><span class="pp-class-247 pa t50792 l50803 ls536">instrument, </span><span class="pp-class-247 pa t50792 l50804 ls8048">i.e. </span><span class="pp-class-247 pa t50792 l50805 ls2036">without </span><span class="pp-class-247 pa t50792 l50806 ls1764">change </span><span class="pp-class-247 pa t50792 l50807 ls811">in </span><span class="pp-class-247 pa t50792 l50808 ls553">form </span><span class="pp-class-247 pa t50792 l50809 ls811">or </span><span class="pp-class-247 pa t50792 l50810 ls572">con-</span><span class="pp-class-247 pa t50811 l1069 ls546">tent </span><span class="pp-class-247 pa t50811 l50812 ls168">(modification </span><span class="pp-class-247 pa t50811 l16099 ls811">or </span><span class="pp-class-247 pa t50811 l50813 ls6270">repackaging).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50814 l1069 ls849">Level </span><span class="pp-class-247 pa t50814 l50793 ls811">2: </span><span class="pp-class-247 pa t50814 l50815 ls30">Quoted </span><span class="pp-class-247 pa t50814 l15009 ls1764">prices </span><span class="pp-class-247 pa t50814 l50816 ls811">in </span><span class="pp-class-247 pa t50814 l50817 ls811">an </span><span class="pp-class-247 pa t50814 l10402 ls4807">active </span><span class="pp-class-247 pa t50814 l50818 ls691">market </span><span class="pp-class-247 pa t50814 l50819 ls553">for </span><span class="pp-class-247 pa t50814 l50820 ls2036">similar </span><span class="pp-class-247 pa t50814 l50821 ls179">assets </span><span class="pp-class-247 pa t50814 l50822 ls811">or </span><span class="pp-class-247 pa t50814 l50823 ls625">liabilities </span><span class="pp-class-247 pa t50814 l50824 ls811">or </span><span class="pp-class-247 pa t50814 l50825 ls949">other </span><span class="pp-class-247 pa t50814 l50826 ls5781">valuation </span><span class="pp-class-247 pa t50814 l50827 ls546">methods </span><span class="pp-class-247 pa t50814 l50828 ls1780">where </span><span class="pp-class-247 pa t50829 l1069 ls572">all </span><span class="pp-class-247 pa t50829 l50830 ls838">material </span><span class="pp-class-247 pa t50829 l50831 ls538">input </span><span class="pp-class-247 pa t50829 l50832 ls811">is </span><span class="pp-class-247 pa t50829 l50833 ls538">based </span><span class="pp-class-247 pa t50829 l50834 ls811">on </span><span class="pp-class-247 pa t50829 l50835 ls546">observable </span><span class="pp-class-247 pa t50829 l50836 ls691">market </span><span class="pp-class-247 pa t50829 l50837 ls2036">data.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50838 l3804 ls849">Level </span><span class="pp-class-247 pa t50838 l11189 ls811">3: </span><span class="pp-class-247 pa t50838 l50839 ls5202">Valuation </span><span class="pp-class-247 pa t50838 l50840 ls546">methods </span><span class="pp-class-247 pa t50838 l50841 ls706">where </span><span class="pp-class-247 pa t50838 l50842 ls1751">possible </span><span class="pp-class-247 pa t50838 l50843 ls838">material </span><span class="pp-class-247 pa t50838 l50844 ls538">input </span><span class="pp-class-247 pa t50838 l50845 ls811">is </span><span class="pp-class-247 pa t50838 l50846 ls4248">not </span><span class="pp-class-247 pa t50838 l50847 ls538">based </span><span class="pp-class-247 pa t50838 l50848 ls811">on </span><span class="pp-class-247 pa t50838 l50849 ls546">observable </span><span class="pp-class-247 pa t50838 l50850 ls691">market </span><span class="pp-class-247 pa t50838 l50851 ls2036">data.</span></p></div></div><div id="pp-id-5405" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">2025</span><span class="pp-class-236 pa t283 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27395 l3">DKK </span><span class="pp-class-236 pa t27395 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50852 ls2222">Level </span><span class="pp-class-237 pa t27395 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50854 ls2222">Level </span><span class="pp-class-237 pa t27395 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50855 ls2222">Level </span><span class="pp-class-237 pa t27395 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50856 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50856 l50730">financial </span><span class="pp-class-236 pa t50856 l50857 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l50858 ls1547">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t3101 l3">Securities, </span><span class="pp-class-236 pa t3101 l3213">financial </span><span class="pp-class-236 pa t3101 l50859 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50860 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50860 l50730">financial </span><span class="pp-class-236 pa t50860 l50857">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50861 l3 ls1535">Net </span><span class="pp-class-237 pa t50861 l37985 ls2441">asset/liability</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50862">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50863">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50865 l3">DKK </span><span class="pp-class-236 pa t50865 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50852 ls2222">Level </span><span class="pp-class-237 pa t50865 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50854 ls2222">Level </span><span class="pp-class-237 pa t50865 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50855 ls2222">Level </span><span class="pp-class-237 pa t50865 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50866 l50730">financial </span><span class="pp-class-236 pa t50866 l50857 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l50867 ls1547">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l3">Securities, </span><span class="pp-class-236 pa t50868 l3213">financial </span><span class="pp-class-236 pa t50868 l50859 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50869 l50730">financial </span><span class="pp-class-236 pa t50869 l50857">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l50870 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l3 ls1535">Net </span><span class="pp-class-237 pa t50871 l37985 ls2441">asset/liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50871 l50862">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l43162">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l41933">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50872 l3 ls4775">Derivative </span><span class="pp-class-236 pa t50872 l28288 ls995">financial </span><span class="pp-class-236 pa t50872 l50873 ls179">assets </span><span class="pp-class-236 pa t50872 l50874 ls651">and </span><span class="pp-class-236 pa t50872 l50875 ls625">liabilities </span><span class="pp-class-236 pa t50872 l50876 ls2808">are </span><span class="pp-class-236 pa t50872 l31786 ls3855">measured </span><span class="pp-class-236 pa t50872 l50877 ls2197">at </span><span class="pp-class-236 pa t50872 l50878 ls849">level </span><span class="pp-class-236 pa t50872 l50879 ls811">2. </span><span class="pp-class-236 pa t50872 l50880 ls2969">Reference </span><span class="pp-class-236 pa t50872 l39809 ls811">is </span><span class="pp-class-236 pa t50872 l50881 ls544">made </span><span class="pp-class-236 pa t50872 l50882 ls538">to </span><span class="pp-class-236 pa t50872 l50883 ls558">note </span><span class="pp-class-236 pa t50872 l50884 ls572">4.1 </span><span class="pp-class-236 pa t50872 l50885 ls553">for </span><span class="pp-class-236 pa t50872 l50886 ls1751">description </span><span class="pp-class-236 pa t50887 l3 ls98">of </span><span class="pp-class-236 pa t50887 l39273 ls651">the </span><span class="pp-class-236 pa t50887 l39799 ls5781">valuation </span><span class="pp-class-236 pa t50887 l50888 ls179">method.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50889 l3 ls6255">Transfers </span><span class="pp-class-236 pa t50889 l50890 ls713">between </span><span class="pp-class-236 pa t50889 l50891 ls1131">levels </span><span class="pp-class-236 pa t50889 l50892 ls98">of </span><span class="pp-class-236 pa t50889 l50893 ls651">the </span><span class="pp-class-236 pa t50889 l50894 ls553">fair </span><span class="pp-class-236 pa t50889 l50895 ls2197">value </span><span class="pp-class-236 pa t50889 l50896 ls6824">hierarchy </span><span class="pp-class-236 pa t50889 l50897 ls2808">are </span><span class="pp-class-236 pa t50889 l50898 ls667">considered </span><span class="pp-class-236 pa t50889 l50899 ls538">to </span><span class="pp-class-236 pa t50889 l50900 ls110">have </span><span class="pp-class-236 pa t50889 l50901 ls3855">occurred </span><span class="pp-class-236 pa t50889 l41773 ls2197">at </span><span class="pp-class-236 pa t50889 l38878 ls572">the </span><span class="pp-class-236 pa t50889 l50902 ls7086">date </span><span class="pp-class-236 pa t50889 l50903 ls98">of </span><span class="pp-class-236 pa t50889 l50904 ls572">the </span><span class="pp-class-236 pa t50889 l35566 ls1186">event </span><span class="pp-class-236 pa t50889 l50905 ls1547">or </span><span class="pp-class-236 pa t50906 l3 ls1764">change </span><span class="pp-class-236 pa t50906 l43331 ls811">in </span><span class="pp-class-236 pa t50906 l9706 ls667">circumstances </span><span class="pp-class-236 pa t50906 l17954 ls616">that </span><span class="pp-class-236 pa t50906 l8000 ls179">caused </span><span class="pp-class-236 pa t50906 l17991 ls572">the </span><span class="pp-class-236 pa t50906 l50907 ls1075">transfer. </span><span class="pp-class-236 pa t50906 l50908 ls706">There </span><span class="pp-class-236 pa t50906 l50909 ls2258">were </span><span class="pp-class-236 pa t50906 l50910 ls811">no </span><span class="pp-class-236 pa t50906 l50911 ls706">transfers </span><span class="pp-class-236 pa t50906 l50912 ls713">between </span><span class="pp-class-236 pa t50906 l50913 ls572">the </span><span class="pp-class-236 pa t50906 l50914 ls1131">levels </span><span class="pp-class-236 pa t50906 l50915 ls811">in </span><span class="pp-class-236 pa t50906 l50916 ls572">the </span><span class="pp-class-236 pa t50906 l50917 ls553">fair </span><span class="pp-class-236 pa t50906 l50918 ls614">value </span><span class="pp-class-236 pa t50919 l3 ls6824">hierarchy </span><span class="pp-class-236 pa t50919 l43971 ls811">in </span><span class="pp-class-236 pa t50919 l26733 ls2222">2025 </span><span class="pp-class-236 pa t50919 l50920 ls667">(2024: </span><span class="pp-class-236 pa t50919 l50921 ls811">no </span><span class="pp-class-236 pa t50919 l28387 ls877">transfers).</span></p></div></div><div class="pp-class-10" id="pp-id-5407" xmlns="http://www.w3.org/1999/xhtml"><div class="w50923 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls101">instruments </span><span class="pp-class-235 pa t1122 l44313 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5406"><div class="w40752 h50924 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p></div></div></div></div> <div id="pp-id-5404" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50721 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls1098">instruments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls1107">Carrying </span><span class="pp-class-237 pa t37088 l37578 ls1098">amount </span><span class="pp-class-237 pa t37088 l43178">per </span><span class="pp-class-237 pa t37088 l46465 ls115">category </span><span class="pp-class-237 pa t37088 l50725">of </span><span class="pp-class-237 pa t37088 l50726 ls1107">financial </span><span class="pp-class-237 pa t37088 l39242 ls118">instruments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47758 l3">Financial </span><span class="pp-class-237 pa t47758 l49228 ls1098">assets </span><span class="pp-class-237 pa t47758 l50727 ls1011">measured </span><span class="pp-class-237 pa t47758 l50728 ls2222">at </span><span class="pp-class-237 pa t47758 l50729 ls1535">fair </span><span class="pp-class-237 pa t47758 l29720 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t43112 l50730 ls967">related </span><span class="pp-class-236 pa t43112 l50731 ls138">to </span><span class="pp-class-236 pa t43112 l48256 ls106">operating </span><span class="pp-class-236 pa t43112 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43038">88</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t20959 l50730 ls967">related </span><span class="pp-class-236 pa t20959 l50731 ls138">to </span><span class="pp-class-236 pa t20959 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t20959 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l50734 ls544">72</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48936 l3">Financial </span><span class="pp-class-237 pa t48936 l49228 ls1098">assets </span><span class="pp-class-237 pa t48936 l50727 ls1011">measured </span><span class="pp-class-237 pa t48936 l50728 ls2222">at </span><span class="pp-class-237 pa t48936 l50729 ls6510">amortised </span><span class="pp-class-237 pa t48936 l50735">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls6255">Trade </span><span class="pp-class-236 pa t48941 l37509 ls76">receivables, </span><span class="pp-class-236 pa t48941 l50736 ls197">receivables </span><span class="pp-class-236 pa t48941 l50737 ls181">from </span><span class="pp-class-236 pa t48941 l50738 ls135">associates </span><span class="pp-class-236 pa t48941 l50739">and </span><span class="pp-class-236 pa t48941 l50740 ls1098">joint </span><span class="pp-class-236 pa t48941 l50741 ls131">ventures, </span><span class="pp-class-236 pa t50742 l3 ls67">other </span><span class="pp-class-236 pa t50742 l34425 ls197">receivables </span><span class="pp-class-236 pa t50742 l21873">and </span><span class="pp-class-236 pa t50742 l9724">cash</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50743 ls110">5,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50629 ls3200">6,084</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50744 l3">Financial </span><span class="pp-class-237 pa t50744 l49228 ls1098">assets </span><span class="pp-class-237 pa t50744 l50727 ls1011">measured </span><span class="pp-class-237 pa t50744 l50728 ls2222">at </span><span class="pp-class-237 pa t50744 l50729 ls1535">fair </span><span class="pp-class-237 pa t50744 l29720 ls106">value </span><span class="pp-class-237 pa t50744 l50745 ls297">through </span><span class="pp-class-237 pa t50744 l50746 ls118">profit </span><span class="pp-class-237 pa t50744 l50747">or </span><span class="pp-class-237 pa t50744 l50748 ls21">loss:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l3">Securities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l3 ls6824">Total </span><span class="pp-class-237 pa t50750 l20253 ls1107">financial </span><span class="pp-class-237 pa t50750 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l50751 ls41127">5,547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l44875 ls875">6,251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50752 l3">Financial </span><span class="pp-class-237 pa t50752 l49228">liabilities </span><span class="pp-class-237 pa t50752 l44912 ls1011">measured </span><span class="pp-class-237 pa t50752 l31355 ls2222">at </span><span class="pp-class-237 pa t50752 l50753 ls1535">fair </span><span class="pp-class-237 pa t50752 l50754 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50755 l50730 ls967">related </span><span class="pp-class-236 pa t50755 l50731 ls138">to </span><span class="pp-class-236 pa t50755 l48256 ls106">operating </span><span class="pp-class-236 pa t50755 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50757 l50730 ls967">related </span><span class="pp-class-236 pa t50757 l50731 ls138">to </span><span class="pp-class-236 pa t50757 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t50757 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l50758 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l44910">139</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50759 l3">Financial </span><span class="pp-class-237 pa t50759 l49228">liabilities </span><span class="pp-class-237 pa t50759 l44912 ls1011">measured </span><span class="pp-class-237 pa t50759 l31355 ls2222">at </span><span class="pp-class-237 pa t50759 l50753 ls6510">amortised </span><span class="pp-class-237 pa t50759 l50760">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50761 l3 ls244">Interest-bearing </span><span class="pp-class-236 pa t50761 l37484">liabilities, </span><span class="pp-class-236 pa t50761 l29938 ls967">trade </span><span class="pp-class-236 pa t50761 l50762 ls143">payables, </span><span class="pp-class-236 pa t50761 l40810 ls106">payables </span><span class="pp-class-236 pa t50761 l50763 ls138">to </span><span class="pp-class-236 pa t50761 l50764 ls135">associates </span><span class="pp-class-236 pa t50765 l3">and </span><span class="pp-class-236 pa t50765 l13229 ls1098">joint </span><span class="pp-class-236 pa t50765 l50766 ls131">ventures, </span><span class="pp-class-236 pa t50765 l50767">and </span><span class="pp-class-236 pa t50765 l16599 ls67">other </span><span class="pp-class-236 pa t50765 l7986 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l50768 ls138">21,106</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l40986 ls1775">23,013</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l3 ls6824">Total </span><span class="pp-class-237 pa t50769 l20253 ls1107">financial </span><span class="pp-class-237 pa t50769 l50193">liabilities </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50770">21,228</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50771 ls244">23,156</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t50772 l3 ls877">Hierarchy </span><span class="pp-class-237 pa t50772 l50773 ls811">of </span><span class="pp-class-237 pa t50772 l50774 ls661">financial </span><span class="pp-class-237 pa t50772 l50775 ls524">instruments </span><span class="pp-class-237 pa t50772 l1847 ls30">measured </span><span class="pp-class-237 pa t50772 l50776 ls11713">at </span><span class="pp-class-237 pa t50772 l20250 ls2036">fair </span><span class="pp-class-237 pa t50772 l17101 ls877">value</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50777 l3 ls651">The </span><span class="pp-class-236 pa t50777 l38379 ls625">table </span><span class="pp-class-236 pa t50777 l50778 ls838">below </span><span class="pp-class-236 pa t50777 l50779 ls2565">ranks </span><span class="pp-class-236 pa t50777 l50780 ls995">financial </span><span class="pp-class-236 pa t50777 l17160 ls524">instruments </span><span class="pp-class-236 pa t50777 l33923 ls2036">carried </span><span class="pp-class-236 pa t50777 l50781 ls2197">at </span><span class="pp-class-236 pa t50777 l50782 ls553">fair </span><span class="pp-class-236 pa t50777 l24371 ls2197">value </span><span class="pp-class-236 pa t50777 l50783 ls706">by </span><span class="pp-class-236 pa t50777 l50784 ls5781">valuation </span><span class="pp-class-236 pa t50777 l50785 ls546">method. </span><span class="pp-class-236 pa t50777 l50786 ls572">The </span><span class="pp-class-236 pa t50777 l50787 ls2270">different </span><span class="pp-class-236 pa t50777 l50788 ls1131">levels </span><span class="pp-class-236 pa t50777 l50789 ls2245">have </span><span class="pp-class-236 pa t50790 l3 ls2222">been </span><span class="pp-class-236 pa t50790 l38440 ls536">defined </span><span class="pp-class-236 pa t50790 l50791 ls811">as </span><span class="pp-class-236 pa t50790 l17933 ls4558">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50792 l1069 ls849">Level </span><span class="pp-class-247 pa t50792 l50793 ls811">1: </span><span class="pp-class-247 pa t50792 l50794 ls30">Quoted </span><span class="pp-class-247 pa t50792 l50795 ls1764">prices </span><span class="pp-class-247 pa t50792 l50796 ls811">in </span><span class="pp-class-247 pa t50792 l50797 ls811">an </span><span class="pp-class-247 pa t50792 l50798 ls4807">active </span><span class="pp-class-247 pa t50792 l41112 ls691">market </span><span class="pp-class-247 pa t50792 l50799 ls553">for </span><span class="pp-class-247 pa t50792 l50800 ls747">identical </span><span class="pp-class-247 pa t50792 l50801 ls2222">type </span><span class="pp-class-247 pa t50792 l50802 ls98">of </span><span class="pp-class-247 pa t50792 l50803 ls536">instrument, </span><span class="pp-class-247 pa t50792 l50804 ls8048">i.e. </span><span class="pp-class-247 pa t50792 l50805 ls2036">without </span><span class="pp-class-247 pa t50792 l50806 ls1764">change </span><span class="pp-class-247 pa t50792 l50807 ls811">in </span><span class="pp-class-247 pa t50792 l50808 ls553">form </span><span class="pp-class-247 pa t50792 l50809 ls811">or </span><span class="pp-class-247 pa t50792 l50810 ls572">con-</span><span class="pp-class-247 pa t50811 l1069 ls546">tent </span><span class="pp-class-247 pa t50811 l50812 ls168">(modification </span><span class="pp-class-247 pa t50811 l16099 ls811">or </span><span class="pp-class-247 pa t50811 l50813 ls6270">repackaging).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50814 l1069 ls849">Level </span><span class="pp-class-247 pa t50814 l50793 ls811">2: </span><span class="pp-class-247 pa t50814 l50815 ls30">Quoted </span><span class="pp-class-247 pa t50814 l15009 ls1764">prices </span><span class="pp-class-247 pa t50814 l50816 ls811">in </span><span class="pp-class-247 pa t50814 l50817 ls811">an </span><span class="pp-class-247 pa t50814 l10402 ls4807">active </span><span class="pp-class-247 pa t50814 l50818 ls691">market </span><span class="pp-class-247 pa t50814 l50819 ls553">for </span><span class="pp-class-247 pa t50814 l50820 ls2036">similar </span><span class="pp-class-247 pa t50814 l50821 ls179">assets </span><span class="pp-class-247 pa t50814 l50822 ls811">or </span><span class="pp-class-247 pa t50814 l50823 ls625">liabilities </span><span class="pp-class-247 pa t50814 l50824 ls811">or </span><span class="pp-class-247 pa t50814 l50825 ls949">other </span><span class="pp-class-247 pa t50814 l50826 ls5781">valuation </span><span class="pp-class-247 pa t50814 l50827 ls546">methods </span><span class="pp-class-247 pa t50814 l50828 ls1780">where </span><span class="pp-class-247 pa t50829 l1069 ls572">all </span><span class="pp-class-247 pa t50829 l50830 ls838">material </span><span class="pp-class-247 pa t50829 l50831 ls538">input </span><span class="pp-class-247 pa t50829 l50832 ls811">is </span><span class="pp-class-247 pa t50829 l50833 ls538">based </span><span class="pp-class-247 pa t50829 l50834 ls811">on </span><span class="pp-class-247 pa t50829 l50835 ls546">observable </span><span class="pp-class-247 pa t50829 l50836 ls691">market </span><span class="pp-class-247 pa t50829 l50837 ls2036">data.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50838 l3804 ls849">Level </span><span class="pp-class-247 pa t50838 l11189 ls811">3: </span><span class="pp-class-247 pa t50838 l50839 ls5202">Valuation </span><span class="pp-class-247 pa t50838 l50840 ls546">methods </span><span class="pp-class-247 pa t50838 l50841 ls706">where </span><span class="pp-class-247 pa t50838 l50842 ls1751">possible </span><span class="pp-class-247 pa t50838 l50843 ls838">material </span><span class="pp-class-247 pa t50838 l50844 ls538">input </span><span class="pp-class-247 pa t50838 l50845 ls811">is </span><span class="pp-class-247 pa t50838 l50846 ls4248">not </span><span class="pp-class-247 pa t50838 l50847 ls538">based </span><span class="pp-class-247 pa t50838 l50848 ls811">on </span><span class="pp-class-247 pa t50838 l50849 ls546">observable </span><span class="pp-class-247 pa t50838 l50850 ls691">market </span><span class="pp-class-247 pa t50838 l50851 ls2036">data.</span></p></div></div><div id="pp-id-5405" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">2025</span><span class="pp-class-236 pa t283 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27395 l3">DKK </span><span class="pp-class-236 pa t27395 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50852 ls2222">Level </span><span class="pp-class-237 pa t27395 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50854 ls2222">Level </span><span class="pp-class-237 pa t27395 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50855 ls2222">Level </span><span class="pp-class-237 pa t27395 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50856 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50856 l50730">financial </span><span class="pp-class-236 pa t50856 l50857 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l50858 ls1547">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t3101 l3">Securities, </span><span class="pp-class-236 pa t3101 l3213">financial </span><span class="pp-class-236 pa t3101 l50859 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50860 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50860 l50730">financial </span><span class="pp-class-236 pa t50860 l50857">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50861 l3 ls1535">Net </span><span class="pp-class-237 pa t50861 l37985 ls2441">asset/liability</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50862">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50863">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50865 l3">DKK </span><span class="pp-class-236 pa t50865 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50852 ls2222">Level </span><span class="pp-class-237 pa t50865 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50854 ls2222">Level </span><span class="pp-class-237 pa t50865 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50855 ls2222">Level </span><span class="pp-class-237 pa t50865 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50866 l50730">financial </span><span class="pp-class-236 pa t50866 l50857 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l50867 ls1547">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l3">Securities, </span><span class="pp-class-236 pa t50868 l3213">financial </span><span class="pp-class-236 pa t50868 l50859 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50869 l50730">financial </span><span class="pp-class-236 pa t50869 l50857">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l50870 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l3 ls1535">Net </span><span class="pp-class-237 pa t50871 l37985 ls2441">asset/liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50871 l50862">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l43162">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l41933">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50872 l3 ls4775">Derivative </span><span class="pp-class-236 pa t50872 l28288 ls995">financial </span><span class="pp-class-236 pa t50872 l50873 ls179">assets </span><span class="pp-class-236 pa t50872 l50874 ls651">and </span><span class="pp-class-236 pa t50872 l50875 ls625">liabilities </span><span class="pp-class-236 pa t50872 l50876 ls2808">are </span><span class="pp-class-236 pa t50872 l31786 ls3855">measured </span><span class="pp-class-236 pa t50872 l50877 ls2197">at </span><span class="pp-class-236 pa t50872 l50878 ls849">level </span><span class="pp-class-236 pa t50872 l50879 ls811">2. </span><span class="pp-class-236 pa t50872 l50880 ls2969">Reference </span><span class="pp-class-236 pa t50872 l39809 ls811">is </span><span class="pp-class-236 pa t50872 l50881 ls544">made </span><span class="pp-class-236 pa t50872 l50882 ls538">to </span><span class="pp-class-236 pa t50872 l50883 ls558">note </span><span class="pp-class-236 pa t50872 l50884 ls572">4.1 </span><span class="pp-class-236 pa t50872 l50885 ls553">for </span><span class="pp-class-236 pa t50872 l50886 ls1751">description </span><span class="pp-class-236 pa t50887 l3 ls98">of </span><span class="pp-class-236 pa t50887 l39273 ls651">the </span><span class="pp-class-236 pa t50887 l39799 ls5781">valuation </span><span class="pp-class-236 pa t50887 l50888 ls179">method.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50889 l3 ls6255">Transfers </span><span class="pp-class-236 pa t50889 l50890 ls713">between </span><span class="pp-class-236 pa t50889 l50891 ls1131">levels </span><span class="pp-class-236 pa t50889 l50892 ls98">of </span><span class="pp-class-236 pa t50889 l50893 ls651">the </span><span class="pp-class-236 pa t50889 l50894 ls553">fair </span><span class="pp-class-236 pa t50889 l50895 ls2197">value </span><span class="pp-class-236 pa t50889 l50896 ls6824">hierarchy </span><span class="pp-class-236 pa t50889 l50897 ls2808">are </span><span class="pp-class-236 pa t50889 l50898 ls667">considered </span><span class="pp-class-236 pa t50889 l50899 ls538">to </span><span class="pp-class-236 pa t50889 l50900 ls110">have </span><span class="pp-class-236 pa t50889 l50901 ls3855">occurred </span><span class="pp-class-236 pa t50889 l41773 ls2197">at </span><span class="pp-class-236 pa t50889 l38878 ls572">the </span><span class="pp-class-236 pa t50889 l50902 ls7086">date </span><span class="pp-class-236 pa t50889 l50903 ls98">of </span><span class="pp-class-236 pa t50889 l50904 ls572">the </span><span class="pp-class-236 pa t50889 l35566 ls1186">event </span><span class="pp-class-236 pa t50889 l50905 ls1547">or </span><span class="pp-class-236 pa t50906 l3 ls1764">change </span><span class="pp-class-236 pa t50906 l43331 ls811">in </span><span class="pp-class-236 pa t50906 l9706 ls667">circumstances </span><span class="pp-class-236 pa t50906 l17954 ls616">that </span><span class="pp-class-236 pa t50906 l8000 ls179">caused </span><span class="pp-class-236 pa t50906 l17991 ls572">the </span><span class="pp-class-236 pa t50906 l50907 ls1075">transfer. </span><span class="pp-class-236 pa t50906 l50908 ls706">There </span><span class="pp-class-236 pa t50906 l50909 ls2258">were </span><span class="pp-class-236 pa t50906 l50910 ls811">no </span><span class="pp-class-236 pa t50906 l50911 ls706">transfers </span><span class="pp-class-236 pa t50906 l50912 ls713">between </span><span class="pp-class-236 pa t50906 l50913 ls572">the </span><span class="pp-class-236 pa t50906 l50914 ls1131">levels </span><span class="pp-class-236 pa t50906 l50915 ls811">in </span><span class="pp-class-236 pa t50906 l50916 ls572">the </span><span class="pp-class-236 pa t50906 l50917 ls553">fair </span><span class="pp-class-236 pa t50906 l50918 ls614">value </span><span class="pp-class-236 pa t50919 l3 ls6824">hierarchy </span><span class="pp-class-236 pa t50919 l43971 ls811">in </span><span class="pp-class-236 pa t50919 l26733 ls2222">2025 </span><span class="pp-class-236 pa t50919 l50920 ls667">(2024: </span><span class="pp-class-236 pa t50919 l50921 ls811">no </span><span class="pp-class-236 pa t50919 l28387 ls877">transfers).</span></p></div></div><div class="pp-class-10" id="pp-id-5407" xmlns="http://www.w3.org/1999/xhtml"><div class="w50923 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls101">instruments </span><span class="pp-class-235 pa t1122 l44313 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5406"><div class="w40752 h50924 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p></div></div></div></div> <div id="pp-id-5404" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50721 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls1098">instruments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls1107">Carrying </span><span class="pp-class-237 pa t37088 l37578 ls1098">amount </span><span class="pp-class-237 pa t37088 l43178">per </span><span class="pp-class-237 pa t37088 l46465 ls115">category </span><span class="pp-class-237 pa t37088 l50725">of </span><span class="pp-class-237 pa t37088 l50726 ls1107">financial </span><span class="pp-class-237 pa t37088 l39242 ls118">instruments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47758 l3">Financial </span><span class="pp-class-237 pa t47758 l49228 ls1098">assets </span><span class="pp-class-237 pa t47758 l50727 ls1011">measured </span><span class="pp-class-237 pa t47758 l50728 ls2222">at </span><span class="pp-class-237 pa t47758 l50729 ls1535">fair </span><span class="pp-class-237 pa t47758 l29720 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t43112 l50730 ls967">related </span><span class="pp-class-236 pa t43112 l50731 ls138">to </span><span class="pp-class-236 pa t43112 l48256 ls106">operating </span><span class="pp-class-236 pa t43112 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43038">88</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t20959 l50730 ls967">related </span><span class="pp-class-236 pa t20959 l50731 ls138">to </span><span class="pp-class-236 pa t20959 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t20959 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l50734 ls544">72</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48936 l3">Financial </span><span class="pp-class-237 pa t48936 l49228 ls1098">assets </span><span class="pp-class-237 pa t48936 l50727 ls1011">measured </span><span class="pp-class-237 pa t48936 l50728 ls2222">at </span><span class="pp-class-237 pa t48936 l50729 ls6510">amortised </span><span class="pp-class-237 pa t48936 l50735">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls6255">Trade </span><span class="pp-class-236 pa t48941 l37509 ls76">receivables, </span><span class="pp-class-236 pa t48941 l50736 ls197">receivables </span><span class="pp-class-236 pa t48941 l50737 ls181">from </span><span class="pp-class-236 pa t48941 l50738 ls135">associates </span><span class="pp-class-236 pa t48941 l50739">and </span><span class="pp-class-236 pa t48941 l50740 ls1098">joint </span><span class="pp-class-236 pa t48941 l50741 ls131">ventures, </span><span class="pp-class-236 pa t50742 l3 ls67">other </span><span class="pp-class-236 pa t50742 l34425 ls197">receivables </span><span class="pp-class-236 pa t50742 l21873">and </span><span class="pp-class-236 pa t50742 l9724">cash</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50743 ls110">5,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50629 ls3200">6,084</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50744 l3">Financial </span><span class="pp-class-237 pa t50744 l49228 ls1098">assets </span><span class="pp-class-237 pa t50744 l50727 ls1011">measured </span><span class="pp-class-237 pa t50744 l50728 ls2222">at </span><span class="pp-class-237 pa t50744 l50729 ls1535">fair </span><span class="pp-class-237 pa t50744 l29720 ls106">value </span><span class="pp-class-237 pa t50744 l50745 ls297">through </span><span class="pp-class-237 pa t50744 l50746 ls118">profit </span><span class="pp-class-237 pa t50744 l50747">or </span><span class="pp-class-237 pa t50744 l50748 ls21">loss:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l3">Securities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l3 ls6824">Total </span><span class="pp-class-237 pa t50750 l20253 ls1107">financial </span><span class="pp-class-237 pa t50750 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l50751 ls41127">5,547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l44875 ls875">6,251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50752 l3">Financial </span><span class="pp-class-237 pa t50752 l49228">liabilities </span><span class="pp-class-237 pa t50752 l44912 ls1011">measured </span><span class="pp-class-237 pa t50752 l31355 ls2222">at </span><span class="pp-class-237 pa t50752 l50753 ls1535">fair </span><span class="pp-class-237 pa t50752 l50754 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50755 l50730 ls967">related </span><span class="pp-class-236 pa t50755 l50731 ls138">to </span><span class="pp-class-236 pa t50755 l48256 ls106">operating </span><span class="pp-class-236 pa t50755 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50757 l50730 ls967">related </span><span class="pp-class-236 pa t50757 l50731 ls138">to </span><span class="pp-class-236 pa t50757 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t50757 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l50758 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l44910">139</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50759 l3">Financial </span><span class="pp-class-237 pa t50759 l49228">liabilities </span><span class="pp-class-237 pa t50759 l44912 ls1011">measured </span><span class="pp-class-237 pa t50759 l31355 ls2222">at </span><span class="pp-class-237 pa t50759 l50753 ls6510">amortised </span><span class="pp-class-237 pa t50759 l50760">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50761 l3 ls244">Interest-bearing </span><span class="pp-class-236 pa t50761 l37484">liabilities, </span><span class="pp-class-236 pa t50761 l29938 ls967">trade </span><span class="pp-class-236 pa t50761 l50762 ls143">payables, </span><span class="pp-class-236 pa t50761 l40810 ls106">payables </span><span class="pp-class-236 pa t50761 l50763 ls138">to </span><span class="pp-class-236 pa t50761 l50764 ls135">associates </span><span class="pp-class-236 pa t50765 l3">and </span><span class="pp-class-236 pa t50765 l13229 ls1098">joint </span><span class="pp-class-236 pa t50765 l50766 ls131">ventures, </span><span class="pp-class-236 pa t50765 l50767">and </span><span class="pp-class-236 pa t50765 l16599 ls67">other </span><span class="pp-class-236 pa t50765 l7986 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l50768 ls138">21,106</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l40986 ls1775">23,013</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l3 ls6824">Total </span><span class="pp-class-237 pa t50769 l20253 ls1107">financial </span><span class="pp-class-237 pa t50769 l50193">liabilities </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50770">21,228</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50771 ls244">23,156</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t50772 l3 ls877">Hierarchy </span><span class="pp-class-237 pa t50772 l50773 ls811">of </span><span class="pp-class-237 pa t50772 l50774 ls661">financial </span><span class="pp-class-237 pa t50772 l50775 ls524">instruments </span><span class="pp-class-237 pa t50772 l1847 ls30">measured </span><span class="pp-class-237 pa t50772 l50776 ls11713">at </span><span class="pp-class-237 pa t50772 l20250 ls2036">fair </span><span class="pp-class-237 pa t50772 l17101 ls877">value</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50777 l3 ls651">The </span><span class="pp-class-236 pa t50777 l38379 ls625">table </span><span class="pp-class-236 pa t50777 l50778 ls838">below </span><span class="pp-class-236 pa t50777 l50779 ls2565">ranks </span><span class="pp-class-236 pa t50777 l50780 ls995">financial </span><span class="pp-class-236 pa t50777 l17160 ls524">instruments </span><span class="pp-class-236 pa t50777 l33923 ls2036">carried </span><span class="pp-class-236 pa t50777 l50781 ls2197">at </span><span class="pp-class-236 pa t50777 l50782 ls553">fair </span><span class="pp-class-236 pa t50777 l24371 ls2197">value </span><span class="pp-class-236 pa t50777 l50783 ls706">by </span><span class="pp-class-236 pa t50777 l50784 ls5781">valuation </span><span class="pp-class-236 pa t50777 l50785 ls546">method. </span><span class="pp-class-236 pa t50777 l50786 ls572">The </span><span class="pp-class-236 pa t50777 l50787 ls2270">different </span><span class="pp-class-236 pa t50777 l50788 ls1131">levels </span><span class="pp-class-236 pa t50777 l50789 ls2245">have </span><span class="pp-class-236 pa t50790 l3 ls2222">been </span><span class="pp-class-236 pa t50790 l38440 ls536">defined </span><span class="pp-class-236 pa t50790 l50791 ls811">as </span><span class="pp-class-236 pa t50790 l17933 ls4558">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50792 l1069 ls849">Level </span><span class="pp-class-247 pa t50792 l50793 ls811">1: </span><span class="pp-class-247 pa t50792 l50794 ls30">Quoted </span><span class="pp-class-247 pa t50792 l50795 ls1764">prices </span><span class="pp-class-247 pa t50792 l50796 ls811">in </span><span class="pp-class-247 pa t50792 l50797 ls811">an </span><span class="pp-class-247 pa t50792 l50798 ls4807">active </span><span class="pp-class-247 pa t50792 l41112 ls691">market </span><span class="pp-class-247 pa t50792 l50799 ls553">for </span><span class="pp-class-247 pa t50792 l50800 ls747">identical </span><span class="pp-class-247 pa t50792 l50801 ls2222">type </span><span class="pp-class-247 pa t50792 l50802 ls98">of </span><span class="pp-class-247 pa t50792 l50803 ls536">instrument, </span><span class="pp-class-247 pa t50792 l50804 ls8048">i.e. </span><span class="pp-class-247 pa t50792 l50805 ls2036">without </span><span class="pp-class-247 pa t50792 l50806 ls1764">change </span><span class="pp-class-247 pa t50792 l50807 ls811">in </span><span class="pp-class-247 pa t50792 l50808 ls553">form </span><span class="pp-class-247 pa t50792 l50809 ls811">or </span><span class="pp-class-247 pa t50792 l50810 ls572">con-</span><span class="pp-class-247 pa t50811 l1069 ls546">tent </span><span class="pp-class-247 pa t50811 l50812 ls168">(modification </span><span class="pp-class-247 pa t50811 l16099 ls811">or </span><span class="pp-class-247 pa t50811 l50813 ls6270">repackaging).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50814 l1069 ls849">Level </span><span class="pp-class-247 pa t50814 l50793 ls811">2: </span><span class="pp-class-247 pa t50814 l50815 ls30">Quoted </span><span class="pp-class-247 pa t50814 l15009 ls1764">prices </span><span class="pp-class-247 pa t50814 l50816 ls811">in </span><span class="pp-class-247 pa t50814 l50817 ls811">an </span><span class="pp-class-247 pa t50814 l10402 ls4807">active </span><span class="pp-class-247 pa t50814 l50818 ls691">market </span><span class="pp-class-247 pa t50814 l50819 ls553">for </span><span class="pp-class-247 pa t50814 l50820 ls2036">similar </span><span class="pp-class-247 pa t50814 l50821 ls179">assets </span><span class="pp-class-247 pa t50814 l50822 ls811">or </span><span class="pp-class-247 pa t50814 l50823 ls625">liabilities </span><span class="pp-class-247 pa t50814 l50824 ls811">or </span><span class="pp-class-247 pa t50814 l50825 ls949">other </span><span class="pp-class-247 pa t50814 l50826 ls5781">valuation </span><span class="pp-class-247 pa t50814 l50827 ls546">methods </span><span class="pp-class-247 pa t50814 l50828 ls1780">where </span><span class="pp-class-247 pa t50829 l1069 ls572">all </span><span class="pp-class-247 pa t50829 l50830 ls838">material </span><span class="pp-class-247 pa t50829 l50831 ls538">input </span><span class="pp-class-247 pa t50829 l50832 ls811">is </span><span class="pp-class-247 pa t50829 l50833 ls538">based </span><span class="pp-class-247 pa t50829 l50834 ls811">on </span><span class="pp-class-247 pa t50829 l50835 ls546">observable </span><span class="pp-class-247 pa t50829 l50836 ls691">market </span><span class="pp-class-247 pa t50829 l50837 ls2036">data.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50838 l3804 ls849">Level </span><span class="pp-class-247 pa t50838 l11189 ls811">3: </span><span class="pp-class-247 pa t50838 l50839 ls5202">Valuation </span><span class="pp-class-247 pa t50838 l50840 ls546">methods </span><span class="pp-class-247 pa t50838 l50841 ls706">where </span><span class="pp-class-247 pa t50838 l50842 ls1751">possible </span><span class="pp-class-247 pa t50838 l50843 ls838">material </span><span class="pp-class-247 pa t50838 l50844 ls538">input </span><span class="pp-class-247 pa t50838 l50845 ls811">is </span><span class="pp-class-247 pa t50838 l50846 ls4248">not </span><span class="pp-class-247 pa t50838 l50847 ls538">based </span><span class="pp-class-247 pa t50838 l50848 ls811">on </span><span class="pp-class-247 pa t50838 l50849 ls546">observable </span><span class="pp-class-247 pa t50838 l50850 ls691">market </span><span class="pp-class-247 pa t50838 l50851 ls2036">data.</span></p></div></div><div id="pp-id-5405" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">2025</span><span class="pp-class-236 pa t283 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27395 l3">DKK </span><span class="pp-class-236 pa t27395 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50852 ls2222">Level </span><span class="pp-class-237 pa t27395 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50854 ls2222">Level </span><span class="pp-class-237 pa t27395 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50855 ls2222">Level </span><span class="pp-class-237 pa t27395 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50856 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50856 l50730">financial </span><span class="pp-class-236 pa t50856 l50857 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l50858 ls1547">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t3101 l3">Securities, </span><span class="pp-class-236 pa t3101 l3213">financial </span><span class="pp-class-236 pa t3101 l50859 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50860 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50860 l50730">financial </span><span class="pp-class-236 pa t50860 l50857">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50861 l3 ls1535">Net </span><span class="pp-class-237 pa t50861 l37985 ls2441">asset/liability</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50862">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50863">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50865 l3">DKK </span><span class="pp-class-236 pa t50865 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50852 ls2222">Level </span><span class="pp-class-237 pa t50865 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50854 ls2222">Level </span><span class="pp-class-237 pa t50865 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50855 ls2222">Level </span><span class="pp-class-237 pa t50865 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50866 l50730">financial </span><span class="pp-class-236 pa t50866 l50857 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l50867 ls1547">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l3">Securities, </span><span class="pp-class-236 pa t50868 l3213">financial </span><span class="pp-class-236 pa t50868 l50859 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50869 l50730">financial </span><span class="pp-class-236 pa t50869 l50857">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l50870 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l3 ls1535">Net </span><span class="pp-class-237 pa t50871 l37985 ls2441">asset/liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50871 l50862">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l43162">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l41933">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50872 l3 ls4775">Derivative </span><span class="pp-class-236 pa t50872 l28288 ls995">financial </span><span class="pp-class-236 pa t50872 l50873 ls179">assets </span><span class="pp-class-236 pa t50872 l50874 ls651">and </span><span class="pp-class-236 pa t50872 l50875 ls625">liabilities </span><span class="pp-class-236 pa t50872 l50876 ls2808">are </span><span class="pp-class-236 pa t50872 l31786 ls3855">measured </span><span class="pp-class-236 pa t50872 l50877 ls2197">at </span><span class="pp-class-236 pa t50872 l50878 ls849">level </span><span class="pp-class-236 pa t50872 l50879 ls811">2. </span><span class="pp-class-236 pa t50872 l50880 ls2969">Reference </span><span class="pp-class-236 pa t50872 l39809 ls811">is </span><span class="pp-class-236 pa t50872 l50881 ls544">made </span><span class="pp-class-236 pa t50872 l50882 ls538">to </span><span class="pp-class-236 pa t50872 l50883 ls558">note </span><span class="pp-class-236 pa t50872 l50884 ls572">4.1 </span><span class="pp-class-236 pa t50872 l50885 ls553">for </span><span class="pp-class-236 pa t50872 l50886 ls1751">description </span><span class="pp-class-236 pa t50887 l3 ls98">of </span><span class="pp-class-236 pa t50887 l39273 ls651">the </span><span class="pp-class-236 pa t50887 l39799 ls5781">valuation </span><span class="pp-class-236 pa t50887 l50888 ls179">method.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50889 l3 ls6255">Transfers </span><span class="pp-class-236 pa t50889 l50890 ls713">between </span><span class="pp-class-236 pa t50889 l50891 ls1131">levels </span><span class="pp-class-236 pa t50889 l50892 ls98">of </span><span class="pp-class-236 pa t50889 l50893 ls651">the </span><span class="pp-class-236 pa t50889 l50894 ls553">fair </span><span class="pp-class-236 pa t50889 l50895 ls2197">value </span><span class="pp-class-236 pa t50889 l50896 ls6824">hierarchy </span><span class="pp-class-236 pa t50889 l50897 ls2808">are </span><span class="pp-class-236 pa t50889 l50898 ls667">considered </span><span class="pp-class-236 pa t50889 l50899 ls538">to </span><span class="pp-class-236 pa t50889 l50900 ls110">have </span><span class="pp-class-236 pa t50889 l50901 ls3855">occurred </span><span class="pp-class-236 pa t50889 l41773 ls2197">at </span><span class="pp-class-236 pa t50889 l38878 ls572">the </span><span class="pp-class-236 pa t50889 l50902 ls7086">date </span><span class="pp-class-236 pa t50889 l50903 ls98">of </span><span class="pp-class-236 pa t50889 l50904 ls572">the </span><span class="pp-class-236 pa t50889 l35566 ls1186">event </span><span class="pp-class-236 pa t50889 l50905 ls1547">or </span><span class="pp-class-236 pa t50906 l3 ls1764">change </span><span class="pp-class-236 pa t50906 l43331 ls811">in </span><span class="pp-class-236 pa t50906 l9706 ls667">circumstances </span><span class="pp-class-236 pa t50906 l17954 ls616">that </span><span class="pp-class-236 pa t50906 l8000 ls179">caused </span><span class="pp-class-236 pa t50906 l17991 ls572">the </span><span class="pp-class-236 pa t50906 l50907 ls1075">transfer. </span><span class="pp-class-236 pa t50906 l50908 ls706">There </span><span class="pp-class-236 pa t50906 l50909 ls2258">were </span><span class="pp-class-236 pa t50906 l50910 ls811">no </span><span class="pp-class-236 pa t50906 l50911 ls706">transfers </span><span class="pp-class-236 pa t50906 l50912 ls713">between </span><span class="pp-class-236 pa t50906 l50913 ls572">the </span><span class="pp-class-236 pa t50906 l50914 ls1131">levels </span><span class="pp-class-236 pa t50906 l50915 ls811">in </span><span class="pp-class-236 pa t50906 l50916 ls572">the </span><span class="pp-class-236 pa t50906 l50917 ls553">fair </span><span class="pp-class-236 pa t50906 l50918 ls614">value </span><span class="pp-class-236 pa t50919 l3 ls6824">hierarchy </span><span class="pp-class-236 pa t50919 l43971 ls811">in </span><span class="pp-class-236 pa t50919 l26733 ls2222">2025 </span><span class="pp-class-236 pa t50919 l50920 ls667">(2024: </span><span class="pp-class-236 pa t50919 l50921 ls811">no </span><span class="pp-class-236 pa t50919 l28387 ls877">transfers).</span></p></div></div><div class="pp-class-10" id="pp-id-5407" xmlns="http://www.w3.org/1999/xhtml"><div class="w50923 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls101">instruments </span><span class="pp-class-235 pa t1122 l44313 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5406"><div class="w40752 h50924 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p></div></div></div></div> <div id="pp-id-5404" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h50721 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls1098">instruments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls1107">Carrying </span><span class="pp-class-237 pa t37088 l37578 ls1098">amount </span><span class="pp-class-237 pa t37088 l43178">per </span><span class="pp-class-237 pa t37088 l46465 ls115">category </span><span class="pp-class-237 pa t37088 l50725">of </span><span class="pp-class-237 pa t37088 l50726 ls1107">financial </span><span class="pp-class-237 pa t37088 l39242 ls118">instruments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t47758 l3">Financial </span><span class="pp-class-237 pa t47758 l49228 ls1098">assets </span><span class="pp-class-237 pa t47758 l50727 ls1011">measured </span><span class="pp-class-237 pa t47758 l50728 ls2222">at </span><span class="pp-class-237 pa t47758 l50729 ls1535">fair </span><span class="pp-class-237 pa t47758 l29720 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t43112 l50730 ls967">related </span><span class="pp-class-236 pa t43112 l50731 ls138">to </span><span class="pp-class-236 pa t43112 l48256 ls106">operating </span><span class="pp-class-236 pa t43112 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43217">31</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43038">88</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t20959 l50730 ls967">related </span><span class="pp-class-236 pa t20959 l50731 ls138">to </span><span class="pp-class-236 pa t20959 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t20959 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l50734 ls544">72</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t20959 l48223 ls1914">77</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48936 l3">Financial </span><span class="pp-class-237 pa t48936 l49228 ls1098">assets </span><span class="pp-class-237 pa t48936 l50727 ls1011">measured </span><span class="pp-class-237 pa t48936 l50728 ls2222">at </span><span class="pp-class-237 pa t48936 l50729 ls6510">amortised </span><span class="pp-class-237 pa t48936 l50735">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48941 l3 ls6255">Trade </span><span class="pp-class-236 pa t48941 l37509 ls76">receivables, </span><span class="pp-class-236 pa t48941 l50736 ls197">receivables </span><span class="pp-class-236 pa t48941 l50737 ls181">from </span><span class="pp-class-236 pa t48941 l50738 ls135">associates </span><span class="pp-class-236 pa t48941 l50739">and </span><span class="pp-class-236 pa t48941 l50740 ls1098">joint </span><span class="pp-class-236 pa t48941 l50741 ls131">ventures, </span><span class="pp-class-236 pa t50742 l3 ls67">other </span><span class="pp-class-236 pa t50742 l34425 ls197">receivables </span><span class="pp-class-236 pa t50742 l21873">and </span><span class="pp-class-236 pa t50742 l9724">cash</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50743 ls110">5,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50742 l50629 ls3200">6,084</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50744 l3">Financial </span><span class="pp-class-237 pa t50744 l49228 ls1098">assets </span><span class="pp-class-237 pa t50744 l50727 ls1011">measured </span><span class="pp-class-237 pa t50744 l50728 ls2222">at </span><span class="pp-class-237 pa t50744 l50729 ls1535">fair </span><span class="pp-class-237 pa t50744 l29720 ls106">value </span><span class="pp-class-237 pa t50744 l50745 ls297">through </span><span class="pp-class-237 pa t50744 l50746 ls118">profit </span><span class="pp-class-237 pa t50744 l50747">or </span><span class="pp-class-237 pa t50744 l50748 ls21">loss:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l3">Securities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50749 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l3 ls6824">Total </span><span class="pp-class-237 pa t50750 l20253 ls1107">financial </span><span class="pp-class-237 pa t50750 l50193 ls1098">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l50751 ls41127">5,547</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50750 l44875 ls875">6,251</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50752 l3">Financial </span><span class="pp-class-237 pa t50752 l49228">liabilities </span><span class="pp-class-237 pa t50752 l44912 ls1011">measured </span><span class="pp-class-237 pa t50752 l31355 ls2222">at </span><span class="pp-class-237 pa t50752 l50753 ls1535">fair </span><span class="pp-class-237 pa t50752 l50754 ls106">value:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50755 l50730 ls967">related </span><span class="pp-class-236 pa t50755 l50731 ls138">to </span><span class="pp-class-236 pa t50755 l48256 ls106">operating </span><span class="pp-class-236 pa t50755 l50732 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50755 l40952">4</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50757 l50730 ls967">related </span><span class="pp-class-236 pa t50757 l50731 ls138">to </span><span class="pp-class-236 pa t50757 l48256 ls244">interest-bearing </span><span class="pp-class-236 pa t50757 l50733 ls138">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l50758 ls2368">114</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50757 l44910">139</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50759 l3">Financial </span><span class="pp-class-237 pa t50759 l49228">liabilities </span><span class="pp-class-237 pa t50759 l44912 ls1011">measured </span><span class="pp-class-237 pa t50759 l31355 ls2222">at </span><span class="pp-class-237 pa t50759 l50753 ls6510">amortised </span><span class="pp-class-237 pa t50759 l50760">cost:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50761 l3 ls244">Interest-bearing </span><span class="pp-class-236 pa t50761 l37484">liabilities, </span><span class="pp-class-236 pa t50761 l29938 ls967">trade </span><span class="pp-class-236 pa t50761 l50762 ls143">payables, </span><span class="pp-class-236 pa t50761 l40810 ls106">payables </span><span class="pp-class-236 pa t50761 l50763 ls138">to </span><span class="pp-class-236 pa t50761 l50764 ls135">associates </span><span class="pp-class-236 pa t50765 l3">and </span><span class="pp-class-236 pa t50765 l13229 ls1098">joint </span><span class="pp-class-236 pa t50765 l50766 ls131">ventures, </span><span class="pp-class-236 pa t50765 l50767">and </span><span class="pp-class-236 pa t50765 l16599 ls67">other </span><span class="pp-class-236 pa t50765 l7986 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l50768 ls138">21,106</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50765 l40986 ls1775">23,013</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l3 ls6824">Total </span><span class="pp-class-237 pa t50769 l20253 ls1107">financial </span><span class="pp-class-237 pa t50769 l50193">liabilities </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50770">21,228</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50769 l50771 ls244">23,156</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t50772 l3 ls877">Hierarchy </span><span class="pp-class-237 pa t50772 l50773 ls811">of </span><span class="pp-class-237 pa t50772 l50774 ls661">financial </span><span class="pp-class-237 pa t50772 l50775 ls524">instruments </span><span class="pp-class-237 pa t50772 l1847 ls30">measured </span><span class="pp-class-237 pa t50772 l50776 ls11713">at </span><span class="pp-class-237 pa t50772 l20250 ls2036">fair </span><span class="pp-class-237 pa t50772 l17101 ls877">value</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50777 l3 ls651">The </span><span class="pp-class-236 pa t50777 l38379 ls625">table </span><span class="pp-class-236 pa t50777 l50778 ls838">below </span><span class="pp-class-236 pa t50777 l50779 ls2565">ranks </span><span class="pp-class-236 pa t50777 l50780 ls995">financial </span><span class="pp-class-236 pa t50777 l17160 ls524">instruments </span><span class="pp-class-236 pa t50777 l33923 ls2036">carried </span><span class="pp-class-236 pa t50777 l50781 ls2197">at </span><span class="pp-class-236 pa t50777 l50782 ls553">fair </span><span class="pp-class-236 pa t50777 l24371 ls2197">value </span><span class="pp-class-236 pa t50777 l50783 ls706">by </span><span class="pp-class-236 pa t50777 l50784 ls5781">valuation </span><span class="pp-class-236 pa t50777 l50785 ls546">method. </span><span class="pp-class-236 pa t50777 l50786 ls572">The </span><span class="pp-class-236 pa t50777 l50787 ls2270">different </span><span class="pp-class-236 pa t50777 l50788 ls1131">levels </span><span class="pp-class-236 pa t50777 l50789 ls2245">have </span><span class="pp-class-236 pa t50790 l3 ls2222">been </span><span class="pp-class-236 pa t50790 l38440 ls536">defined </span><span class="pp-class-236 pa t50790 l50791 ls811">as </span><span class="pp-class-236 pa t50790 l17933 ls4558">follows:</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50792 l1069 ls849">Level </span><span class="pp-class-247 pa t50792 l50793 ls811">1: </span><span class="pp-class-247 pa t50792 l50794 ls30">Quoted </span><span class="pp-class-247 pa t50792 l50795 ls1764">prices </span><span class="pp-class-247 pa t50792 l50796 ls811">in </span><span class="pp-class-247 pa t50792 l50797 ls811">an </span><span class="pp-class-247 pa t50792 l50798 ls4807">active </span><span class="pp-class-247 pa t50792 l41112 ls691">market </span><span class="pp-class-247 pa t50792 l50799 ls553">for </span><span class="pp-class-247 pa t50792 l50800 ls747">identical </span><span class="pp-class-247 pa t50792 l50801 ls2222">type </span><span class="pp-class-247 pa t50792 l50802 ls98">of </span><span class="pp-class-247 pa t50792 l50803 ls536">instrument, </span><span class="pp-class-247 pa t50792 l50804 ls8048">i.e. </span><span class="pp-class-247 pa t50792 l50805 ls2036">without </span><span class="pp-class-247 pa t50792 l50806 ls1764">change </span><span class="pp-class-247 pa t50792 l50807 ls811">in </span><span class="pp-class-247 pa t50792 l50808 ls553">form </span><span class="pp-class-247 pa t50792 l50809 ls811">or </span><span class="pp-class-247 pa t50792 l50810 ls572">con-</span><span class="pp-class-247 pa t50811 l1069 ls546">tent </span><span class="pp-class-247 pa t50811 l50812 ls168">(modification </span><span class="pp-class-247 pa t50811 l16099 ls811">or </span><span class="pp-class-247 pa t50811 l50813 ls6270">repackaging).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50814 l1069 ls849">Level </span><span class="pp-class-247 pa t50814 l50793 ls811">2: </span><span class="pp-class-247 pa t50814 l50815 ls30">Quoted </span><span class="pp-class-247 pa t50814 l15009 ls1764">prices </span><span class="pp-class-247 pa t50814 l50816 ls811">in </span><span class="pp-class-247 pa t50814 l50817 ls811">an </span><span class="pp-class-247 pa t50814 l10402 ls4807">active </span><span class="pp-class-247 pa t50814 l50818 ls691">market </span><span class="pp-class-247 pa t50814 l50819 ls553">for </span><span class="pp-class-247 pa t50814 l50820 ls2036">similar </span><span class="pp-class-247 pa t50814 l50821 ls179">assets </span><span class="pp-class-247 pa t50814 l50822 ls811">or </span><span class="pp-class-247 pa t50814 l50823 ls625">liabilities </span><span class="pp-class-247 pa t50814 l50824 ls811">or </span><span class="pp-class-247 pa t50814 l50825 ls949">other </span><span class="pp-class-247 pa t50814 l50826 ls5781">valuation </span><span class="pp-class-247 pa t50814 l50827 ls546">methods </span><span class="pp-class-247 pa t50814 l50828 ls1780">where </span><span class="pp-class-247 pa t50829 l1069 ls572">all </span><span class="pp-class-247 pa t50829 l50830 ls838">material </span><span class="pp-class-247 pa t50829 l50831 ls538">input </span><span class="pp-class-247 pa t50829 l50832 ls811">is </span><span class="pp-class-247 pa t50829 l50833 ls538">based </span><span class="pp-class-247 pa t50829 l50834 ls811">on </span><span class="pp-class-247 pa t50829 l50835 ls546">observable </span><span class="pp-class-247 pa t50829 l50836 ls691">market </span><span class="pp-class-247 pa t50829 l50837 ls2036">data.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-247 pa t50838 l3804 ls849">Level </span><span class="pp-class-247 pa t50838 l11189 ls811">3: </span><span class="pp-class-247 pa t50838 l50839 ls5202">Valuation </span><span class="pp-class-247 pa t50838 l50840 ls546">methods </span><span class="pp-class-247 pa t50838 l50841 ls706">where </span><span class="pp-class-247 pa t50838 l50842 ls1751">possible </span><span class="pp-class-247 pa t50838 l50843 ls838">material </span><span class="pp-class-247 pa t50838 l50844 ls538">input </span><span class="pp-class-247 pa t50838 l50845 ls811">is </span><span class="pp-class-247 pa t50838 l50846 ls4248">not </span><span class="pp-class-247 pa t50838 l50847 ls538">based </span><span class="pp-class-247 pa t50838 l50848 ls811">on </span><span class="pp-class-247 pa t50838 l50849 ls546">observable </span><span class="pp-class-247 pa t50838 l50850 ls691">market </span><span class="pp-class-247 pa t50838 l50851 ls2036">data.</span></p></div></div><div id="pp-id-5405" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx26015 tro6 xx26016"><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">2025</span><span class="pp-class-236 pa t283 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27395 l3">DKK </span><span class="pp-class-236 pa t27395 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50852 ls2222">Level </span><span class="pp-class-237 pa t27395 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50854 ls2222">Level </span><span class="pp-class-237 pa t27395 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50855 ls2222">Level </span><span class="pp-class-237 pa t27395 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50856 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50856 l50730">financial </span><span class="pp-class-236 pa t50856 l50857 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l50858 ls1547">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t3101 l3">Securities, </span><span class="pp-class-236 pa t3101 l3213">financial </span><span class="pp-class-236 pa t3101 l50859 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50860 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50860 l50730">financial </span><span class="pp-class-236 pa t50860 l50857">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50861 l3 ls1535">Net </span><span class="pp-class-237 pa t50861 l37985 ls2441">asset/liability</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50862">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50863">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50865 l3">DKK </span><span class="pp-class-236 pa t50865 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50852 ls2222">Level </span><span class="pp-class-237 pa t50865 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50854 ls2222">Level </span><span class="pp-class-237 pa t50865 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50855 ls2222">Level </span><span class="pp-class-237 pa t50865 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50866 l50730">financial </span><span class="pp-class-236 pa t50866 l50857 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l50867 ls1547">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l3">Securities, </span><span class="pp-class-236 pa t50868 l3213">financial </span><span class="pp-class-236 pa t50868 l50859 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50869 l50730">financial </span><span class="pp-class-236 pa t50869 l50857">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l50870 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l3 ls1535">Net </span><span class="pp-class-237 pa t50871 l37985 ls2441">asset/liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50871 l50862">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l43162">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l41933">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50872 l3 ls4775">Derivative </span><span class="pp-class-236 pa t50872 l28288 ls995">financial </span><span class="pp-class-236 pa t50872 l50873 ls179">assets </span><span class="pp-class-236 pa t50872 l50874 ls651">and </span><span class="pp-class-236 pa t50872 l50875 ls625">liabilities </span><span class="pp-class-236 pa t50872 l50876 ls2808">are </span><span class="pp-class-236 pa t50872 l31786 ls3855">measured </span><span class="pp-class-236 pa t50872 l50877 ls2197">at </span><span class="pp-class-236 pa t50872 l50878 ls849">level </span><span class="pp-class-236 pa t50872 l50879 ls811">2. </span><span class="pp-class-236 pa t50872 l50880 ls2969">Reference </span><span class="pp-class-236 pa t50872 l39809 ls811">is </span><span class="pp-class-236 pa t50872 l50881 ls544">made </span><span class="pp-class-236 pa t50872 l50882 ls538">to </span><span class="pp-class-236 pa t50872 l50883 ls558">note </span><span class="pp-class-236 pa t50872 l50884 ls572">4.1 </span><span class="pp-class-236 pa t50872 l50885 ls553">for </span><span class="pp-class-236 pa t50872 l50886 ls1751">description </span><span class="pp-class-236 pa t50887 l3 ls98">of </span><span class="pp-class-236 pa t50887 l39273 ls651">the </span><span class="pp-class-236 pa t50887 l39799 ls5781">valuation </span><span class="pp-class-236 pa t50887 l50888 ls179">method.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t50889 l3 ls6255">Transfers </span><span class="pp-class-236 pa t50889 l50890 ls713">between </span><span class="pp-class-236 pa t50889 l50891 ls1131">levels </span><span class="pp-class-236 pa t50889 l50892 ls98">of </span><span class="pp-class-236 pa t50889 l50893 ls651">the </span><span class="pp-class-236 pa t50889 l50894 ls553">fair </span><span class="pp-class-236 pa t50889 l50895 ls2197">value </span><span class="pp-class-236 pa t50889 l50896 ls6824">hierarchy </span><span class="pp-class-236 pa t50889 l50897 ls2808">are </span><span class="pp-class-236 pa t50889 l50898 ls667">considered </span><span class="pp-class-236 pa t50889 l50899 ls538">to </span><span class="pp-class-236 pa t50889 l50900 ls110">have </span><span class="pp-class-236 pa t50889 l50901 ls3855">occurred </span><span class="pp-class-236 pa t50889 l41773 ls2197">at </span><span class="pp-class-236 pa t50889 l38878 ls572">the </span><span class="pp-class-236 pa t50889 l50902 ls7086">date </span><span class="pp-class-236 pa t50889 l50903 ls98">of </span><span class="pp-class-236 pa t50889 l50904 ls572">the </span><span class="pp-class-236 pa t50889 l35566 ls1186">event </span><span class="pp-class-236 pa t50889 l50905 ls1547">or </span><span class="pp-class-236 pa t50906 l3 ls1764">change </span><span class="pp-class-236 pa t50906 l43331 ls811">in </span><span class="pp-class-236 pa t50906 l9706 ls667">circumstances </span><span class="pp-class-236 pa t50906 l17954 ls616">that </span><span class="pp-class-236 pa t50906 l8000 ls179">caused </span><span class="pp-class-236 pa t50906 l17991 ls572">the </span><span class="pp-class-236 pa t50906 l50907 ls1075">transfer. </span><span class="pp-class-236 pa t50906 l50908 ls706">There </span><span class="pp-class-236 pa t50906 l50909 ls2258">were </span><span class="pp-class-236 pa t50906 l50910 ls811">no </span><span class="pp-class-236 pa t50906 l50911 ls706">transfers </span><span class="pp-class-236 pa t50906 l50912 ls713">between </span><span class="pp-class-236 pa t50906 l50913 ls572">the </span><span class="pp-class-236 pa t50906 l50914 ls1131">levels </span><span class="pp-class-236 pa t50906 l50915 ls811">in </span><span class="pp-class-236 pa t50906 l50916 ls572">the </span><span class="pp-class-236 pa t50906 l50917 ls553">fair </span><span class="pp-class-236 pa t50906 l50918 ls614">value </span><span class="pp-class-236 pa t50919 l3 ls6824">hierarchy </span><span class="pp-class-236 pa t50919 l43971 ls811">in </span><span class="pp-class-236 pa t50919 l26733 ls2222">2025 </span><span class="pp-class-236 pa t50919 l50920 ls667">(2024: </span><span class="pp-class-236 pa t50919 l50921 ls811">no </span><span class="pp-class-236 pa t50919 l28387 ls877">transfers).</span></p></div></div><div class="pp-class-10" id="pp-id-5407" xmlns="http://www.w3.org/1999/xhtml"><div class="w50923 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3">4.2 </span><span class="pp-class-234 pa t1122 l38307 ls1645">Information </span><span class="pp-class-234 pa t1122 l50722">on </span><span class="pp-class-234 pa t1122 l50723 ls1026">financial </span><span class="pp-class-234 pa t1122 l50724 ls101">instruments </span><span class="pp-class-235 pa t1122 l44313 ls938">(continued)</span></p><div class="pp-class-227 pp-class-256" id="pp-id-5406"><div class="w40752 h50924 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p></div></div></div></div> <table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">2025</span><span class="pp-class-236 pa t283 l44822"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t27395 l3">DKK </span><span class="pp-class-236 pa t27395 l2784">million</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50852 ls2222">Level </span><span class="pp-class-237 pa t27395 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50854 ls2222">Level </span><span class="pp-class-237 pa t27395 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t27395 l50855 ls2222">Level </span><span class="pp-class-237 pa t27395 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50856 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50856 l50730">financial </span><span class="pp-class-236 pa t50856 l50857 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l50858 ls1547">103</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50856 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t3101 l3">Securities, </span><span class="pp-class-236 pa t3101 l3213">financial </span><span class="pp-class-236 pa t3101 l50859 ls67">assets</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t3101 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50860 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50860 l50730">financial </span><span class="pp-class-236 pa t50860 l50857">liabilities</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l47149">122</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50860 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50861 l3 ls1535">Net </span><span class="pp-class-237 pa t50861 l37985 ls2441">asset/liability</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50862">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l50863">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50861 l41933">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40369"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50864 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50865 l3">DKK </span><span class="pp-class-236 pa t50865 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50852 ls2222">Level </span><span class="pp-class-237 pa t50865 l50853">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50854 ls2222">Level </span><span class="pp-class-237 pa t50865 l50756">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50865 l50855 ls2222">Level </span><span class="pp-class-237 pa t50865 l40984">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50866 l50730">financial </span><span class="pp-class-236 pa t50866 l50857 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l50867 ls1547">165</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50866 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l3">Securities, </span><span class="pp-class-236 pa t50868 l3213">financial </span><span class="pp-class-236 pa t50868 l50859 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50868 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l3 ls1741">Derivatives, </span><span class="pp-class-236 pa t50869 l50730">financial </span><span class="pp-class-236 pa t50869 l50857">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l40403">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l50870 ls2368">143</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t50869 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l3 ls1535">Net </span><span class="pp-class-237 pa t50871 l37985 ls2441">asset/liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t50871 l50862">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l43162">22</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t50871 l41933">2</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t50872 l3 ls4775">Derivative </span><span class="pp-class-236 pa t50872 l28288 ls995">financial </span><span class="pp-class-236 pa t50872 l50873 ls179">assets </span><span class="pp-class-236 pa t50872 l50874 ls651">and </span><span class="pp-class-236 pa t50872 l50875 ls625">liabilities </span><span class="pp-class-236 pa t50872 l50876 ls2808">are </span><span class="pp-class-236 pa t50872 l31786 ls3855">measured </span><span class="pp-class-236 pa t50872 l50877 ls2197">at </span><span class="pp-class-236 pa t50872 l50878 ls849">level </span><span class="pp-class-236 pa t50872 l50879 ls811">2. </span><span class="pp-class-236 pa t50872 l50880 ls2969">Reference </span><span class="pp-class-236 pa t50872 l39809 ls811">is </span><span class="pp-class-236 pa t50872 l50881 ls544">made </span><span class="pp-class-236 pa t50872 l50882 ls538">to </span><span class="pp-class-236 pa t50872 l50883 ls558">note </span><span class="pp-class-236 pa t50872 l50884 ls572">4.1 </span><span class="pp-class-236 pa t50872 l50885 ls553">for </span><span class="pp-class-236 pa t50872 l50886 ls1751">description </span><span class="pp-class-236 pa t50887 l3 ls98">of </span><span class="pp-class-236 pa t50887 l39273 ls651">the </span><span class="pp-class-236 pa t50887 l39799 ls5781">valuation </span><span class="pp-class-236 pa t50887 l50888 ls179">method.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t45673 l3 ls538">Other </span><span class="pp-class-237 pa t45673 l44448 ls661">financial </span><span class="pp-class-237 pa t45673 l51180 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44242 l3 ls544">For </span><span class="pp-class-236 pa t44242 l38701 ls995">financial </span><span class="pp-class-236 pa t44242 l13438 ls524">instruments </span><span class="pp-class-236 pa t44242 l51181 ls616">that </span><span class="pp-class-236 pa t44242 l51182 ls811">do </span><span class="pp-class-236 pa t44242 l51183 ls4248">not </span><span class="pp-class-236 pa t44242 l26896 ls168">fulfil </span><span class="pp-class-236 pa t44242 l51184 ls651">the </span><span class="pp-class-236 pa t44242 l25036 ls1815">requirements </span><span class="pp-class-236 pa t44242 l51185 ls98">of </span><span class="pp-class-236 pa t44242 l51186 ls538">being </span><span class="pp-class-236 pa t44242 l51187 ls3681">treated </span><span class="pp-class-236 pa t44242 l51188 ls811">as </span><span class="pp-class-236 pa t44242 l51189 ls538">hedge </span><span class="pp-class-236 pa t44242 l51190 ls590">instruments, </span><span class="pp-class-236 pa t44258 l3 ls651">the </span><span class="pp-class-236 pa t44258 l28221 ls2036">changes </span><span class="pp-class-236 pa t44258 l51191 ls811">in </span><span class="pp-class-236 pa t44258 l51192 ls553">fair </span><span class="pp-class-236 pa t44258 l51193 ls2197">value </span><span class="pp-class-236 pa t44258 l51194 ls2808">are </span><span class="pp-class-236 pa t44258 l40683 ls667">recognised </span><span class="pp-class-236 pa t44258 l51195 ls811">in </span><span class="pp-class-236 pa t44258 l31357 ls651">the </span><span class="pp-class-236 pa t44258 l20602 ls1764">Income </span><span class="pp-class-236 pa t44258 l51196 ls556">statement </span><span class="pp-class-236 pa t44258 l51197 ls811">as </span><span class="pp-class-236 pa t44258 l51198 ls995">financial </span><span class="pp-class-236 pa t44258 l51199 ls1764">income </span><span class="pp-class-236 pa t44258 l51200 ls651">and </span><span class="pp-class-236 pa t44258 l51201 ls3852">cost.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls8486">Derivative </span><span class="pp-class-237 pa t43264 l50925 ls661">financial </span><span class="pp-class-237 pa t43264 l41928 ls524">instruments</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls4775">Derivative </span><span class="pp-class-236 pa t43270 l28288 ls995">financial </span><span class="pp-class-236 pa t43270 l50873 ls524">instruments </span><span class="pp-class-236 pa t43270 l50926 ls2808">are </span><span class="pp-class-236 pa t43270 l50927 ls3855">measured </span><span class="pp-class-236 pa t43270 l50928 ls811">in </span><span class="pp-class-236 pa t43270 l38484 ls572">the </span><span class="pp-class-236 pa t43270 l50929 ls2036">balance </span><span class="pp-class-236 pa t43270 l50930 ls949">sheet </span><span class="pp-class-236 pa t43270 l50931 ls2197">at </span><span class="pp-class-236 pa t43270 l50932 ls553">fair </span><span class="pp-class-236 pa t43270 l50933 ls2197">value </span><span class="pp-class-236 pa t43270 l50934 ls811">as </span><span class="pp-class-236 pa t43270 l42435 ls877">from </span><span class="pp-class-236 pa t43270 l50935 ls651">the </span><span class="pp-class-236 pa t43270 l44946 ls558">date </span><span class="pp-class-236 pa t43283 l3 ls706">where </span><span class="pp-class-236 pa t43283 l3226 ls651">the </span><span class="pp-class-236 pa t43283 l1566 ls4775">derivative </span><span class="pp-class-236 pa t43283 l50936 ls995">financial </span><span class="pp-class-236 pa t43283 l50937 ls524">instrument </span><span class="pp-class-236 pa t43283 l50938 ls811">is </span><span class="pp-class-236 pa t43283 l50939 ls546">concluded. </span><span class="pp-class-236 pa t43283 l17120 ls572">The </span><span class="pp-class-236 pa t43283 l50940 ls553">fair </span><span class="pp-class-236 pa t43283 l50941 ls556">values </span><span class="pp-class-236 pa t43283 l50942 ls98">of </span><span class="pp-class-236 pa t43283 l50943 ls4793">derivatives </span><span class="pp-class-236 pa t43283 l50944 ls2222">financial </span><span class="pp-class-236 pa t43295 l3 ls524">instruments </span><span class="pp-class-236 pa t43295 l39959 ls2808">are </span><span class="pp-class-236 pa t43295 l13251 ls7086">presented </span><span class="pp-class-236 pa t43295 l3175 ls811">as </span><span class="pp-class-236 pa t43295 l50945 ls4775">derivative </span><span class="pp-class-236 pa t43295 l17519 ls995">financial </span><span class="pp-class-236 pa t43295 l25545 ls524">instruments </span><span class="pp-class-236 pa t43295 l50946 ls538">under </span><span class="pp-class-236 pa t43295 l50947 ls179">assets </span><span class="pp-class-236 pa t43295 l50948 ls811">if </span><span class="pp-class-236 pa t43295 l43471 ls731">positive </span><span class="pp-class-236 pa t43295 l50949 ls811">or </span><span class="pp-class-236 pa t43295 l50950 ls811">under </span><span class="pp-class-236 pa t43309 l3 ls625">liabilities </span><span class="pp-class-236 pa t43309 l39089 ls811">if </span><span class="pp-class-236 pa t43309 l50951 ls4558">negative. </span><span class="pp-class-236 pa t43309 l50952 ls8048">Netting </span><span class="pp-class-236 pa t43309 l50953 ls98">of </span><span class="pp-class-236 pa t43309 l50954 ls731">positive </span><span class="pp-class-236 pa t43309 l50955 ls651">and </span><span class="pp-class-236 pa t43309 l50956 ls2969">negative </span><span class="pp-class-236 pa t43309 l50957 ls4775">derivative </span><span class="pp-class-236 pa t43309 l50958 ls995">financial </span><span class="pp-class-236 pa t43309 l50959 ls524">instruments </span><span class="pp-class-236 pa t43309 l50960 ls811">is </span><span class="pp-class-236 pa t43309 l50961 ls2270">only </span><span class="pp-class-236 pa t43319 l3 ls724">performed </span><span class="pp-class-236 pa t43319 l50962 ls811">if </span><span class="pp-class-236 pa t43319 l50963 ls651">the </span><span class="pp-class-236 pa t43319 l50964 ls706">Group </span><span class="pp-class-236 pa t43319 l50965 ls811">is </span><span class="pp-class-236 pa t43319 l50966 ls4248">entitled </span><span class="pp-class-236 pa t43319 l50967 ls538">to </span><span class="pp-class-236 pa t43319 l39363 ls651">and </span><span class="pp-class-236 pa t43319 l50968 ls651">has </span><span class="pp-class-236 pa t43319 l50969 ls651">the </span><span class="pp-class-236 pa t43319 l50970 ls724">intention </span><span class="pp-class-236 pa t43319 l3058 ls538">to </span><span class="pp-class-236 pa t43319 l50971 ls713">settle </span><span class="pp-class-236 pa t43319 l50972 ls651">the </span><span class="pp-class-236 pa t43319 l50973 ls4775">derivative </span><span class="pp-class-236 pa t43319 l50974 ls2222">financial </span><span class="pp-class-236 pa t43330 l3 ls524">instruments </span><span class="pp-class-236 pa t43330 l39959 ls811">as </span><span class="pp-class-236 pa t43330 l50975 ls184">a </span><span class="pp-class-236 pa t43330 l50976 ls2222">net. </span><span class="pp-class-236 pa t43330 l44917 ls544">Fair </span><span class="pp-class-236 pa t43330 l46503 ls556">values </span><span class="pp-class-236 pa t43330 l50977 ls98">of </span><span class="pp-class-236 pa t43330 l50978 ls4775">derivative </span><span class="pp-class-236 pa t43330 l50979 ls995">financial </span><span class="pp-class-236 pa t43330 l50980 ls524">instruments </span><span class="pp-class-236 pa t43330 l50981 ls2808">are </span><span class="pp-class-236 pa t43330 l50982 ls949">computed </span><span class="pp-class-236 pa t43330 l50983 ls811">on </span><span class="pp-class-236 pa t43330 l50984 ls572">the </span><span class="pp-class-236 pa t43330 l50985 ls538">basis </span><span class="pp-class-236 pa t43330 l50986 ls197">of </span><span class="pp-class-236 pa t43426 l3 ls7086">current </span><span class="pp-class-236 pa t43426 l33289 ls691">market </span><span class="pp-class-236 pa t43426 l50987 ls7086">data </span><span class="pp-class-236 pa t43426 l26668 ls572">and </span><span class="pp-class-236 pa t43426 l50988 ls4290">generally </span><span class="pp-class-236 pa t43426 l50989 ls838">accepted </span><span class="pp-class-236 pa t43426 l50990 ls5781">valuation </span><span class="pp-class-236 pa t43426 l50991 ls546">methods.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2036">Fair </span><span class="pp-class-237 pa t43334 l50992 ls706">value </span><span class="pp-class-237 pa t43334 l50993 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span><span class="pp-class-236 pa t43461 l51025 ls2036">Hedging </span><span class="pp-class-236 pa t43461 l51026 ls197">of </span><span class="pp-class-236 pa t43475 l3 ls2197">future </span><span class="pp-class-236 pa t43475 l49642 ls2222">cash </span><span class="pp-class-236 pa t43475 l30828 ls706">flows </span><span class="pp-class-236 pa t43475 l51027 ls1463">according </span><span class="pp-class-236 pa t43475 l51028 ls538">to </span><span class="pp-class-236 pa t43475 l51029 ls1463">agreements </span><span class="pp-class-236 pa t43475 l10794 ls538">(firm </span><span class="pp-class-236 pa t43475 l51030 ls551">commitments), </span><span class="pp-class-236 pa t43475 l51031 ls3292">except </span><span class="pp-class-236 pa t43475 l51032 ls553">for </span><span class="pp-class-236 pa t43475 l51033 ls4558">foreign </span><span class="pp-class-236 pa t43475 l51034 ls2245">currency </span><span class="pp-class-236 pa t43475 l51035 ls572">hedges, </span><span class="pp-class-236 pa t43484 l3 ls811">is </span><span class="pp-class-236 pa t43484 l40693 ls3681">treated </span><span class="pp-class-236 pa t43484 l51036 ls811">as </span><span class="pp-class-236 pa t43484 l51037 ls184">a </span><span class="pp-class-236 pa t43484 l51038 ls553">fair </span><span class="pp-class-236 pa t43484 l51039 ls2197">value </span><span class="pp-class-236 pa t43484 l15154 ls538">hedge </span><span class="pp-class-236 pa t43484 l51040 ls98">of </span><span class="pp-class-236 pa t43484 l51041 ls184">a </span><span class="pp-class-236 pa t43484 l13209 ls667">recognised </span><span class="pp-class-236 pa t43484 l51042 ls949">asset </span><span class="pp-class-236 pa t43484 l51043 ls572">and </span><span class="pp-class-236 pa t43484 l51044 ls110">liability.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t44154 l3 ls2222">Cash </span><span class="pp-class-237 pa t44154 l51045 ls2969">flow </span><span class="pp-class-237 pa t44154 l3865 ls2222">hedge</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44158 l3 ls98">Changes </span><span class="pp-class-236 pa t44158 l51046 ls2315">in </span><span class="pp-class-236 pa t44158 l51047 ls967">the </span><span class="pp-class-236 pa t44158 l51048 ls664">fair </span><span class="pp-class-236 pa t44158 l51049 ls614">value </span><span class="pp-class-236 pa t44158 l51050 ls2368">of </span><span class="pp-class-236 pa t44158 l51051 ls534">financial </span><span class="pp-class-236 pa t44158 l51052 ls33">instruments </span><span class="pp-class-236 pa t44158 l51053 ls747">designated </span><span class="pp-class-236 pa t44158 l51054 ls2315">as </span><span class="pp-class-236 pa t44158 l40505 ls967">and </span><span class="pp-class-236 pa t44158 l51055 ls80">qualifying </span><span class="pp-class-236 pa t44158 l51056 ls2036">for </span><span class="pp-class-236 pa t44158 l51057 ls164">cash </span><span class="pp-class-236 pa t44158 l51058 ls544">flow </span><span class="pp-class-236 pa t44158 l51059 ls967">hedging </span><span class="pp-class-236 pa t44167 l3 ls967">and </span><span class="pp-class-236 pa t44167 l51060 ls811">which </span><span class="pp-class-236 pa t44167 l11124 ls1775">effectively </span><span class="pp-class-236 pa t44167 l51061 ls811">hedge </span><span class="pp-class-236 pa t44167 l51062 ls98">changes </span><span class="pp-class-236 pa t44167 l51063 ls2315">in </span><span class="pp-class-236 pa t44167 l51064 ls630">future </span><span class="pp-class-236 pa t44167 l51065 ls164">cash </span><span class="pp-class-236 pa t44167 l51066 ls630">flows, </span><span class="pp-class-236 pa t44167 l51067 ls681">are </span><span class="pp-class-236 pa t44167 l51068 ls546">recognised </span><span class="pp-class-236 pa t44167 l51069 ls2315">in </span><span class="pp-class-236 pa t44167 l51070 ls35">other </span><span class="pp-class-236 pa t44167 l51071 ls544">comprehensive </span><span class="pp-class-236 pa t51072 l3 ls608">income. </span><span class="pp-class-236 pa t51072 l51073 ls967">The </span><span class="pp-class-236 pa t51072 l19687 ls3791">change </span><span class="pp-class-236 pa t51072 l21956 ls2315">in </span><span class="pp-class-236 pa t51072 l51074 ls664">fair </span><span class="pp-class-236 pa t51072 l10147 ls614">value </span><span class="pp-class-236 pa t51072 l46372 ls530">that </span><span class="pp-class-236 pa t51072 l47639 ls2270">relates </span><span class="pp-class-236 pa t51072 l51075 ls98">to </span><span class="pp-class-236 pa t51072 l51076 ls967">the </span><span class="pp-class-236 pa t51072 l51077 ls731">effective </span><span class="pp-class-236 pa t51072 l40004 ls875">portion </span><span class="pp-class-236 pa t51072 l51078 ls2368">of </span><span class="pp-class-236 pa t51072 l51079 ls967">the </span><span class="pp-class-236 pa t51072 l48883 ls164">cash </span><span class="pp-class-236 pa t51072 l51080 ls544">flow </span><span class="pp-class-236 pa t51072 l51081 ls811">hedge </span><span class="pp-class-236 pa t51072 l51082 ls1790">is </span><span class="pp-class-236 pa t44168 l3 ls546">recognised </span><span class="pp-class-236 pa t44168 l29734 ls2315">as </span><span class="pp-class-236 pa t44168 l51083 ls129">a </span><span class="pp-class-236 pa t44168 l50964 ls681">separate </span><span class="pp-class-236 pa t44168 l51084 ls3791">equity </span><span class="pp-class-236 pa t44168 l28588 ls1780">reserve </span><span class="pp-class-236 pa t44168 l51085 ls1792">until </span><span class="pp-class-236 pa t44168 l21431 ls967">the </span><span class="pp-class-236 pa t44168 l51086 ls3791">hedged </span><span class="pp-class-236 pa t44168 l51087 ls164">cash </span><span class="pp-class-236 pa t44168 l51088 ls544">flow </span><span class="pp-class-236 pa t44168 l51089 ls625">impacts </span><span class="pp-class-236 pa t44168 l51090 ls967">the </span><span class="pp-class-236 pa t44168 l35197 ls3791">income </span><span class="pp-class-236 pa t44168 l51091 ls664">statement. </span><span class="pp-class-236 pa t44171 l3 ls2816">At </span><span class="pp-class-236 pa t44171 l51092 ls164">this </span><span class="pp-class-236 pa t44171 l51093 ls1792">point </span><span class="pp-class-236 pa t44171 l30967 ls2315">in </span><span class="pp-class-236 pa t44171 l38702 ls164">time </span><span class="pp-class-236 pa t44171 l45118 ls967">the </span><span class="pp-class-236 pa t44171 l51094 ls2270">related </span><span class="pp-class-236 pa t44171 l51095 ls811">gains </span><span class="pp-class-236 pa t44171 l51096 ls2315">or </span><span class="pp-class-236 pa t44171 l51097 ls3791">losses </span><span class="pp-class-236 pa t44171 l51098 ls2687">previously </span><span class="pp-class-236 pa t44171 l51099 ls546">recognised </span><span class="pp-class-236 pa t44171 l51100 ls2315">in </span><span class="pp-class-236 pa t44171 l51101 ls35">other </span><span class="pp-class-236 pa t44171 l51102 ls630">comprehensive </span><span class="pp-class-236 pa t44171 l51103 ls2368">income </span><span class="pp-class-236 pa t44182 l3 ls681">are </span><span class="pp-class-236 pa t44182 l28253 ls1463">transferred </span><span class="pp-class-236 pa t44182 l51104 ls98">to </span><span class="pp-class-236 pa t44182 l51105 ls967">the </span><span class="pp-class-236 pa t44182 l46772 ls3791">income </span><span class="pp-class-236 pa t44182 l18165 ls553">statement </span><span class="pp-class-236 pa t44182 l51106 ls2222">into </span><span class="pp-class-236 pa t44182 l51107 ls967">the </span><span class="pp-class-236 pa t44182 l51108 ls164">same </span><span class="pp-class-236 pa t44182 l51109 ls164">line </span><span class="pp-class-236 pa t44182 l51110 ls584">item </span><span class="pp-class-236 pa t44182 l51111 ls2315">as </span><span class="pp-class-236 pa t44182 l51112 ls967">the </span><span class="pp-class-236 pa t44182 l51113 ls3791">hedged </span><span class="pp-class-236 pa t44182 l51114 ls584">item </span><span class="pp-class-236 pa t44182 l51115 ls2315">is </span><span class="pp-class-236 pa t44182 l34110 ls536">recognised. </span><span class="pp-class-236 pa t44185 l3 ls3452">However, </span><span class="pp-class-236 pa t44185 l51116 ls164">when </span><span class="pp-class-236 pa t44185 l51117 ls967">the </span><span class="pp-class-236 pa t44185 l43512 ls2207">forecast </span><span class="pp-class-236 pa t44185 l51118 ls731">transaction </span><span class="pp-class-236 pa t44185 l51119 ls530">that </span><span class="pp-class-236 pa t44185 l51120 ls2315">is </span><span class="pp-class-236 pa t44185 l32584 ls3791">hedged </span><span class="pp-class-236 pa t44185 l51121 ls3855">results </span><span class="pp-class-236 pa t44185 l51122 ls2315">in </span><span class="pp-class-236 pa t44185 l51123 ls967">the </span><span class="pp-class-236 pa t44185 l51124 ls949">recognition </span><span class="pp-class-236 pa t44185 l51125 ls2368">of </span><span class="pp-class-236 pa t44185 l51126 ls129">a </span><span class="pp-class-236 pa t44185 l51127 ls587">non-financial </span><span class="pp-class-236 pa t44187 l3 ls3791">asset, </span><span class="pp-class-236 pa t44187 l28739 ls967">the </span><span class="pp-class-236 pa t44187 l47973 ls811">gains </span><span class="pp-class-236 pa t44187 l51128 ls2315">or </span><span class="pp-class-236 pa t44187 l51129 ls3791">losses </span><span class="pp-class-236 pa t44187 l51130 ls2687">previously </span><span class="pp-class-236 pa t44187 l45759 ls546">recognised </span><span class="pp-class-236 pa t44187 l51131 ls2315">in </span><span class="pp-class-236 pa t44187 l51132 ls35">other </span><span class="pp-class-236 pa t44187 l51133 ls630">comprehensive </span><span class="pp-class-236 pa t44187 l51134 ls3791">income </span><span class="pp-class-236 pa t44187 l51135 ls681">are </span><span class="pp-class-236 pa t44187 l45623 ls1463">transferred </span><span class="pp-class-236 pa t44187 l51136 ls544">from </span><span class="pp-class-236 pa t45638 l3 ls3791">equity </span><span class="pp-class-236 pa t45638 l51137 ls967">and </span><span class="pp-class-236 pa t45638 l47626 ls94">included </span><span class="pp-class-236 pa t45638 l51138 ls2315">in </span><span class="pp-class-236 pa t45638 l51139 ls967">the </span><span class="pp-class-236 pa t45638 l49312 ls98">initial </span><span class="pp-class-236 pa t45638 l51140 ls530">measurement </span><span class="pp-class-236 pa t45638 l51141 ls2368">of </span><span class="pp-class-236 pa t45638 l51142 ls967">the </span><span class="pp-class-236 pa t45638 l51143 ls164">cost </span><span class="pp-class-236 pa t45638 l3045 ls2368">of </span><span class="pp-class-236 pa t45638 l51144 ls967">the </span><span class="pp-class-236 pa t45638 l51145 ls3791">non-financial </span><span class="pp-class-236 pa t45638 l51146 ls3791">asset. </span><span class="pp-class-236 pa t45638 l51147 ls696">For </span><span class="pp-class-236 pa t45638 l51148 ls616">derivative </span><span class="pp-class-236 pa t44188 l3 ls534">financial </span><span class="pp-class-236 pa t44188 l51149 ls33">instruments </span><span class="pp-class-236 pa t44188 l51150 ls530">that </span><span class="pp-class-236 pa t44188 l51151 ls2315">no </span><span class="pp-class-236 pa t44188 l51152 ls3791">longer </span><span class="pp-class-236 pa t44188 l51153 ls1574">qualify </span><span class="pp-class-236 pa t44188 l51154 ls2036">for </span><span class="pp-class-236 pa t44188 l51155 ls811">hedge </span><span class="pp-class-236 pa t44188 l51156 ls1369">accounting, </span><span class="pp-class-236 pa t44188 l51157 ls967">the </span><span class="pp-class-236 pa t44188 l51158 ls811">hedge </span><span class="pp-class-236 pa t44188 l51159 ls2315">is </span><span class="pp-class-236 pa t44188 l51160 ls2889">dissolved </span><span class="pp-class-236 pa t44204 l3 ls4823">prospectively. </span><span class="pp-class-236 pa t44204 l51161 ls967">The </span><span class="pp-class-236 pa t44204 l22077 ls544">accumulated </span><span class="pp-class-236 pa t44204 l51162 ls664">fair </span><span class="pp-class-236 pa t44204 l51163 ls614">value </span><span class="pp-class-236 pa t44204 l51164 ls2315">in </span><span class="pp-class-236 pa t44204 l4156 ls3791">equity </span><span class="pp-class-236 pa t44204 l51165 ls2315">is </span><span class="pp-class-236 pa t44204 l51166 ls567">immediately </span><span class="pp-class-236 pa t44204 l51167 ls1463">transferred </span><span class="pp-class-236 pa t44204 l51168 ls98">to </span><span class="pp-class-236 pa t44204 l51169 ls967">the </span><span class="pp-class-236 pa t44204 l51170 ls2368">income </span><span class="pp-class-236 pa t44216 l3 ls553">statement </span><span class="pp-class-236 pa t44216 l51171 ls2222">into </span><span class="pp-class-236 pa t44216 l51172 ls967">the </span><span class="pp-class-236 pa t44216 l51173 ls164">same </span><span class="pp-class-236 pa t44216 l47826 ls164">line </span><span class="pp-class-236 pa t44216 l51174 ls584">item </span><span class="pp-class-236 pa t44216 l51175 ls2315">as </span><span class="pp-class-236 pa t44216 l51176 ls967">the </span><span class="pp-class-236 pa t44216 l51177 ls3791">hedged </span><span class="pp-class-236 pa t44216 l51178 ls584">item </span><span class="pp-class-236 pa t44216 l41957 ls2315">is </span><span class="pp-class-236 pa t44216 l51179 ls546">recognised.</span></p> <span class="pp-class-236 pa t43348 l3 ls2036" xmlns="http://www.w3.org/1999/xhtml">Changes </span><span class="pp-class-236 pa t43348 l17507 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43348 l48862 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43348 l48863 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43348 l16732 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43348 l50994 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43348 l36390 ls995" xmlns="http://www.w3.org/1999/xhtml">financial </span><span class="pp-class-236 pa t43348 l50995 ls524" xmlns="http://www.w3.org/1999/xhtml">instruments </span><span class="pp-class-236 pa t43348 l50996 ls560" xmlns="http://www.w3.org/1999/xhtml">designated </span><span class="pp-class-236 pa t43348 l44198 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l44752 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43348 l50997 ls538" xmlns="http://www.w3.org/1999/xhtml">qualifying </span><span class="pp-class-236 pa t43348 l50998 ls553" xmlns="http://www.w3.org/1999/xhtml">for </span><span class="pp-class-236 pa t43348 l50999 ls838" xmlns="http://www.w3.org/1999/xhtml">recognition </span><span class="pp-class-236 pa t43348 l51000 ls811" xmlns="http://www.w3.org/1999/xhtml">as </span><span class="pp-class-236 pa t43348 l51001 ls26" xmlns="http://www.w3.org/1999/xhtml">a </span><span class="pp-class-236 pa t43367 l3 ls553" xmlns="http://www.w3.org/1999/xhtml">fair </span><span class="pp-class-236 pa t43367 l51002 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43367 l51003 ls538" xmlns="http://www.w3.org/1999/xhtml">hedge </span><span class="pp-class-236 pa t43367 l51004 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43367 l28817 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l51005 ls179" xmlns="http://www.w3.org/1999/xhtml">assets </span><span class="pp-class-236 pa t43367 l39585 ls651" xmlns="http://www.w3.org/1999/xhtml">and </span><span class="pp-class-236 pa t43367 l51006 ls625" xmlns="http://www.w3.org/1999/xhtml">liabilities </span><span class="pp-class-236 pa t43367 l51007 ls2808" xmlns="http://www.w3.org/1999/xhtml">are </span><span class="pp-class-236 pa t43367 l44197 ls667" xmlns="http://www.w3.org/1999/xhtml">recognised </span><span class="pp-class-236 pa t43367 l46777 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43367 l51008 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43367 l51009 ls1764" xmlns="http://www.w3.org/1999/xhtml">income </span><span class="pp-class-236 pa t43367 l51010 ls556" xmlns="http://www.w3.org/1999/xhtml">statement </span><span class="pp-class-236 pa t43367 l51011 ls562" xmlns="http://www.w3.org/1999/xhtml">together </span><span class="pp-class-236 pa t43461 l3 ls2222" xmlns="http://www.w3.org/1999/xhtml">with </span><span class="pp-class-236 pa t43461 l8961 ls2036" xmlns="http://www.w3.org/1999/xhtml">changes </span><span class="pp-class-236 pa t43461 l51012 ls811" xmlns="http://www.w3.org/1999/xhtml">in </span><span class="pp-class-236 pa t43461 l51013 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51014 ls2197" xmlns="http://www.w3.org/1999/xhtml">value </span><span class="pp-class-236 pa t43461 l51015 ls98" xmlns="http://www.w3.org/1999/xhtml">of </span><span class="pp-class-236 pa t43461 l51016 ls651" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51017 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51018 ls949" xmlns="http://www.w3.org/1999/xhtml">asset </span><span class="pp-class-236 pa t43461 l51019 ls811" xmlns="http://www.w3.org/1999/xhtml">or </span><span class="pp-class-236 pa t43461 l51020 ls995" xmlns="http://www.w3.org/1999/xhtml">liability </span><span class="pp-class-236 pa t43461 l51021 ls538" xmlns="http://www.w3.org/1999/xhtml">based </span><span class="pp-class-236 pa t43461 l51022 ls811" xmlns="http://www.w3.org/1999/xhtml">on </span><span class="pp-class-236 pa t43461 l8523 ls572" xmlns="http://www.w3.org/1999/xhtml">the </span><span class="pp-class-236 pa t43461 l51023 ls1764" xmlns="http://www.w3.org/1999/xhtml">hedged </span><span class="pp-class-236 pa t43461 l51024 ls553" xmlns="http://www.w3.org/1999/xhtml">proportion. </span> <div id="pp-id-5409" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h51202 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2222">4.3 </span><span class="pp-class-234 pa t1122 l38307">Changes </span><span class="pp-class-234 pa t1122 l51203">in </span><span class="pp-class-234 pa t1122 l51204">liabilities </span><span class="pp-class-234 pa t1122 l51205">arising </span><span class="pp-class-234 pa t1122 l51206 ls807">from </span><span class="pp-class-234 pa t1122 l51207 ls1026">financing </span><span class="pp-class-234 pa t1122 l51208 ls1031">activities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls651">The </span><span class="pp-class-236 pa t40114 l38379 ls625">table </span><span class="pp-class-236 pa t40114 l50778 ls838">below </span><span class="pp-class-236 pa t40114 l50779 ls995">discloses </span><span class="pp-class-236 pa t40114 l51209 ls651">the </span><span class="pp-class-236 pa t40114 l51210 ls2222">cash </span><span class="pp-class-236 pa t40114 l51211 ls811">as </span><span class="pp-class-236 pa t40114 l51212 ls8048">well </span><span class="pp-class-236 pa t40114 l51213 ls811">as </span><span class="pp-class-236 pa t40114 l16305 ls94">non-cash </span><span class="pp-class-236 pa t40114 l45619 ls2036">changes </span><span class="pp-class-236 pa t40114 l49506 ls811">in </span><span class="pp-class-236 pa t40114 l41959 ls706">interest-bearing </span><span class="pp-class-236 pa t40114 l51214 ls625">liabilities </span><span class="pp-class-236 pa t40114 l51215 ls651">and </span><span class="pp-class-236 pa t40114 l51216 ls2270">derivative </span><span class="pp-class-236 pa t40125 l3 ls995">financial </span><span class="pp-class-236 pa t40125 l1599 ls524">instruments </span><span class="pp-class-236 pa t40125 l51217 ls3681">related </span><span class="pp-class-236 pa t40125 l33379 ls538">to </span><span class="pp-class-236 pa t40125 l51218 ls1764">issued </span><span class="pp-class-236 pa t40125 l42657 ls2245">corporate </span><span class="pp-class-236 pa t40125 l5218 ls1792">bonds. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40150 l3 ls651">The </span><span class="pp-class-236 pa t40150 l38379 ls2036">changes </span><span class="pp-class-236 pa t40150 l51219 ls2036">arising </span><span class="pp-class-236 pa t40150 l51220 ls877">from </span><span class="pp-class-236 pa t40150 l41483 ls2222">cash </span><span class="pp-class-236 pa t40150 l51221 ls706">flows </span><span class="pp-class-236 pa t40150 l51222 ls553">form </span><span class="pp-class-236 pa t40150 l51223 ls875">part </span><span class="pp-class-236 pa t40150 l51224 ls98">of </span><span class="pp-class-236 pa t40150 l51225 ls572">the </span><span class="pp-class-236 pa t40150 l51226 ls2222">cash </span><span class="pp-class-236 pa t40150 l48999 ls706">flows </span><span class="pp-class-236 pa t40150 l51227 ls877">from </span><span class="pp-class-236 pa t40150 l51228 ls995">financing </span><span class="pp-class-236 pa t40150 l51229 ls1404">activities </span><span class="pp-class-236 pa t40150 l51230 ls811">in </span><span class="pp-class-236 pa t40150 l51231 ls651">the </span><span class="pp-class-236 pa t40150 l51232 ls556">statement </span><span class="pp-class-236 pa t40150 l51233 ls197">of </span><span class="pp-class-236 pa t40161 l3 ls2222">cash </span><span class="pp-class-236 pa t40161 l10078 ls706">flows.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51234 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51234 l22518"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51234 l51235"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51234 l51236">Non-cash </span><span class="pp-class-237 pa t51234 l51237">changes</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51234 l9799"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51238 l3">DKK </span><span class="pp-class-236 pa t51238 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51239 l51240">1 </span><span class="pp-class-237 pa t51239 l51241">Jan.</span><span class="pp-class-237 pa t51238 l51242">202</span></a><span class="pp-class-237 pa t51238 l51243">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51239 l51244">Cash</span><span class="pp-class-237 pa t51238 l51245 ls98">flows</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51246 l51247"/><span class="pp-class-237 pa t51246 l47882 ls2197">Acqui-</span><span class="pp-class-237 pa t51248 l51249 ls544">sitions</span></a><span class="pp-class-237 pa t51248 l51250">/</span><span class="pp-class-237 pa t51251 l51252 ls11713">divest-</span><span class="pp-class-237 pa t51239 l51253 ls536">ments </span><span class="pp-class-237 pa t51239 l51254 ls1547">of </span><span class="pp-class-237 pa t51238 l51255 ls524">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51248 l22922 ls546">Foreign </span><span class="pp-class-237 pa t51251 l51256 ls6824">exchange </span><span class="pp-class-237 pa t51239 l51257 ls3681">move-</span><span class="pp-class-237 pa t51238 l51258 ls664">ments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51246 l51259 ls98">New/ </span><span class="pp-class-237 pa t51248 l51260 ls1133">disposed/</span><span class="pp-class-237 pa t51251 l51261 ls3791">Remea-</span><span class="pp-class-237 pa t51239 l51262 ls1747">sured </span><span class="pp-class-237 pa t51238 l51263 ls234">leases</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51251 l51264 ls1535">Fair </span><span class="pp-class-237 pa t51239 l51265 ls106">value </span><span class="pp-class-237 pa t51238 l51266 ls1764">changes</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51239 l51267 ls5523">Other </span><span class="pp-class-237 pa t51238 l51268 ls603 wtro3142 wtr526 tro3144 tr528">changes</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51239 l51269">31 </span><span class="pp-class-237 pa t51239 l51270 ls113">Dec. </span><span class="pp-class-237 pa t51238 l40370">202</span></a><span class="pp-class-237 pa t51238 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51271 l3">Changes </span><span class="pp-class-237 pa t51271 l51272">in </span><span class="pp-class-237 pa t51271 l39154">202</span></a><span class="pp-class-237 pa t51271 l51273">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51274 l3 ls793">Interest-bearing </span><span class="pp-class-237 pa t51275 l3">liabilities:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51276 l3">Bank </span><span class="pp-class-236 pa t51276 l50200">loans </span><span class="pp-class-236 pa t51276 l50201">and </span><span class="pp-class-236 pa t51277 l3 ls2441">mortgage </span><span class="pp-class-236 pa t51277 l37926">on </span><span class="pp-class-236 pa t51277 l51278 ls115">ferries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51277 l51279 ls773">10,445</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51280 ls2969">-975</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51281">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51282">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51283">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51284">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51285">7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51277 l51286 ls7433">9,464</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l3">Issued </span><span class="pp-class-236 pa t51287 l50210 ls63">corporate </span><span class="pp-class-236 pa t51287 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l51288 ls135">2,110</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l51289">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l49404">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l51290">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l51283">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l51284">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l8630">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51287 l51291 ls135">2,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l3">Lease </span><span class="pp-class-236 pa t51292 l44863">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51293 ls28280">5</span></a><span class="pp-class-236 pa t51292 l51294 ls3084">,872</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51295 ls5207">-1,780</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l49404">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51296">-129</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51297 ls129">1,243</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51284">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51298">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51292 l51299 ls1463">5,207</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l3">Other </span><span class="pp-class-236 pa t51300 l8396">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l21265">306</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l51301">-36</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l51281">-19</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l51302">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l51283">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l51284">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l51303 ls1547">-16</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51300 l40998">236</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51304 l3 ls6824">Total </span><span class="pp-class-237 pa t51304 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51305 l3">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51306 ls30818">18,733</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51307 ls4823">-2,790</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51308 ls1547">-37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51309">-125</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51310 ls135">1,243</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51311">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51312">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51305 l51313 ls49374">17,016</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51314 l3 ls967">Derivatives </span><span class="pp-class-237 pa t51314 l44790 ls1107">financial </span><span class="pp-class-237 pa t51315 l3 ls2441">instruments:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51316 l3 ls807">Derivatives </span><span class="pp-class-236 pa t51316 l43030 ls967">related </span><span class="pp-class-236 pa t51316 l17016 ls138">to </span><span class="pp-class-236 pa t51317 l3">issued </span><span class="pp-class-236 pa t51317 l51318 ls63">corporate </span><span class="pp-class-236 pa t51317 l51319">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l51320">81</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l51289">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l49404">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l51321">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l51283">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l51322">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l51298">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51317 l41707 ls1780">78</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51323 l3 ls6824">Total </span><span class="pp-class-237 pa t51323 l20253">liabilities </span><span class="pp-class-237 pa t51323 l10686 ls227">from </span><span class="pp-class-237 pa t51324 l3 ls1107">financing </span><span class="pp-class-237 pa t51324 l51325 ls177">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51326 ls30">18,814</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51307 ls4823">-2,790</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51308 ls1547">-37</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51309">-125</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51310 ls135">1,243</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51327">-3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51312">-7</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51324 l51328 ls31439">17,094</span></a></p></td></tr></table></div></div><div id="pp-id-5410" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h51330 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls51331">4.3 </span><span class="pp-class-234 pa t1122 l38307 ls51332">Changes </span><span class="pp-class-234 pa t1122 l51333 ls83">in </span><span class="pp-class-234 pa t1122 l51334 ls94">liabilities </span><span class="pp-class-234 pa t1122 l51335 ls584">arising </span><span class="pp-class-234 pa t1122 l51336 ls758">from </span><span class="pp-class-234 pa t1122 l51337 ls212">financing </span><span class="pp-class-234 pa t1122 l51338 ls1751">activities </span><span class="pp-class-235 pa t41678 l38307 ls884">(continued)</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51339 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51339 l22518"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51339 l51235"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51339 l51236">Non-cash </span><span class="pp-class-237 pa t51339 l51237">changes</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51339 l9799"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51340 l3">DKK </span><span class="pp-class-236 pa t51340 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51341 l51240">1 </span><span class="pp-class-237 pa t51341 l51241">Jan.</span><span class="pp-class-237 pa t51340 l51342 ls1078">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51341 l51244">Cash</span><span class="pp-class-237 pa t51340 l51245 ls98">flows</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t51343 l47882 ls3002">A</span><a><span class="pp-class-237 pa t51343 l51344 ls2222">cqui-</span><span class="pp-class-237 pa t51341 l51345 ls544">sitions</span></a><span class="pp-class-237 pa t51341 l51346"/><span class="pp-class-237 pa t51341 l51254 ls1547">of </span><span class="pp-class-237 pa t51340 l51255 ls524">enterprises</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51347 l22922 ls546">Foreign </span><span class="pp-class-237 pa t51343 l51256 ls6824">exchange </span><span class="pp-class-237 pa t51341 l51257 ls3681">move-</span><span class="pp-class-237 pa t51340 l51258 ls664">ments</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51348 l51259 ls98">New/ </span><span class="pp-class-237 pa t51347 l51260 ls1133">disposed/</span><span class="pp-class-237 pa t51343 l51261 ls3791">Remea-</span><span class="pp-class-237 pa t51341 l51262 ls1747">sured </span><span class="pp-class-237 pa t51340 l51263 ls234">leases</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51343 l51264 ls1535">Fair </span><span class="pp-class-237 pa t51341 l51265 ls106">value </span><span class="pp-class-237 pa t51340 l51266 ls1764">changes</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51341 l51267 ls5523">Other </span><span class="pp-class-237 pa t51340 l51268 ls603 wtro3142 wtr526 tro3144 tr528">changes</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51341 l51269">31 </span><span class="pp-class-237 pa t51341 l51270 ls113">Dec. </span><span class="pp-class-237 pa t51340 l51349 ls1078">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51350 l3">Changes </span><span class="pp-class-236 pa t51350 l51351">in </span><span class="pp-class-236 pa t51350 l51352 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51353 l3 ls793">Interest-bearing </span><span class="pp-class-237 pa t51354 l3">liabilities:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51355 l3">Bank </span><span class="pp-class-236 pa t51355 l50200">loans </span><span class="pp-class-236 pa t51355 l50201">and </span><span class="pp-class-236 pa t51356 l3 ls2441">mortgage </span><span class="pp-class-236 pa t51356 l37926">on </span><span class="pp-class-236 pa t51356 l51278 ls115">ferries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51356 l51357 ls558">8,140</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51356 l51358 ls2924">1,796</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51356 l16871">492</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51356 l51359">12</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51356 l51360">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51356 l51361 ls773">10,445</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l3">Issued </span><span class="pp-class-236 pa t51362 l50210 ls63">corporate </span><span class="pp-class-236 pa t51362 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l51363 ls184">1,257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l51364">943</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l49404">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l51365">-88</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l51366">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51362 l51291 ls135">2,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l3">Lease </span><span class="pp-class-236 pa t51367 l44863">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51368 ls2081">5,832</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51369 ls565">-1,024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51370">251</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51371">82</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51372">848</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51373 ls1017">-117</span><span class="pp-class-240 pa t51374 l51375">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51367 l51376 ls6822">5,872</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l3">Other </span><span class="pp-class-236 pa t51377 l8396">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l51378">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l51289">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l51379">306</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l51321">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l51380">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51377 l43720">306</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51381 l3 ls6824">Total </span><span class="pp-class-237 pa t51381 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51382 l3">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51383 ls1747">15,229</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51384 ls9950">1,716</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51385 ls94">1,049</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51386">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51387">848</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51388">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51389">-115</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51382 l51390 ls30818">18,733</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51391 l3 ls967">Derivatives </span><span class="pp-class-237 pa t51391 l44790 ls1107">financial </span><span class="pp-class-237 pa t51392 l3 ls2441">instruments:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51393 l3 ls807">Derivatives </span><span class="pp-class-236 pa t51393 l43030 ls967">related </span><span class="pp-class-236 pa t51393 l17016 ls138">to </span><span class="pp-class-236 pa t51394 l3">issued </span><span class="pp-class-236 pa t51394 l51318 ls63">corporate </span><span class="pp-class-236 pa t51394 l51319">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51394 l51395">28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51394 l51396">-46</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51394 l49404">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51394 l51397">98</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51394 l51380">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51394 l50708">81</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51398 l3 ls6824">Total </span><span class="pp-class-237 pa t51398 l20253">liabilities </span><span class="pp-class-237 pa t51398 l10686 ls227">from </span><span class="pp-class-237 pa t51399 l3 ls1107">financing </span><span class="pp-class-237 pa t51399 l51325 ls177">activities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51400 ls1780">15,257</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l23676 ls2629">1,670</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51385 ls94">1,049</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51386">6</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51387">848</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51401">98</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51389">-115</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51399 l51402 ls30">18,814</span></a></p></td></tr></table></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t1332 l3 ls162">Includes </span><span class="pp-class-239 pa t1332 l48063">a </span><span class="pp-class-239 pa t1332 l31148">lease </span><span class="pp-class-239 pa t1332 l28403">liability </span><span class="pp-class-239 pa t1335 l3 ls118">of </span><span class="pp-class-239 pa t1335 l7402">DKK </span><span class="pp-class-239 pa t1335 l18488 ls2258">117m </span><span class="pp-class-239 pa t1335 l31172">which </span><span class="pp-class-239 pa t1339 l3">has </span><span class="pp-class-239 pa t1339 l51484">been </span><span class="pp-class-239 pa t1339 l28304 ls685">settled </span><span class="pp-class-239 pa t1339 l51485">and </span><span class="pp-class-239 pa t3352 l3 ls67">offset </span><span class="pp-class-239 pa t3352 l44000 ls21">against </span><span class="pp-class-239 pa t3352 l10643">a </span><span class="pp-class-239 pa t3352 l11232 ls967">trade </span><span class="pp-class-239 pa t3355 l3 ls807">receivable. </span></p><div id="pp-id-5437" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls17606">5.4 </span><span class="pp-class-234 pa t1122 l38307">Cash </span><span class="pp-class-234 pa t1122 l53446 ls713">flows</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t37088 l3 ls1031">Adjustments </span><span class="pp-class-237 pa t37088 l53447 ls781">for </span><span class="pp-class-237 pa t37088 l53448">n</span><a><span class="pp-class-237 pa t37088 l53449">on-cash </span><span class="pp-class-237 pa t37088 l53450 ls197">operating </span><span class="pp-class-237 pa t37088 l53451">items</span></a><span class="pp-class-237 pa t37088 l53452">, </span><span class="pp-class-237 pa t37088 l53453 ls73">etc.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53454 l3 ls227">Insurance </span><span class="pp-class-236 pa t53454 l16866 ls177">compensation </span><span class="pp-class-236 pa t53454 l53455 ls19">for </span><span class="pp-class-236 pa t53454 l28245 ls1675">ferry </span><span class="pp-class-236 pa t53454 l53456 ls203">declared </span><span class="pp-class-236 pa t53454 l37798 ls685">total </span><span class="pp-class-236 pa t53454 l53457">loss</span><span class="pp-class-251 pa t53454 l53458">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53454 l53459 ls1078">-116</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53454 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53460 l3">Change </span><span class="pp-class-236 pa t53460 l37802">in </span><span class="pp-class-236 pa t53460 l34231 ls67">other </span><span class="pp-class-236 pa t53460 l53461 ls807">provisions</span></a><span class="pp-class-240 pa t53462 l53463">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53460 l53464 ls1078">-100</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53460 l44648">5</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53465 l3">Change </span><span class="pp-class-236 pa t53465 l37802">in </span><span class="pp-class-236 pa t53465 l34231 ls1098">write-down </span><span class="pp-class-236 pa t53465 l53466 ls118">of </span><span class="pp-class-236 pa t53465 l47713 ls241">inventories </span><span class="pp-class-236 pa t53465 l53467 ls19">for </span><span class="pp-class-236 pa t53465 l53468">the </span><span class="pp-class-236 pa t53465 l53469 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53465 l43719">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53465 l43138">-8</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53470 l3">Change </span><span class="pp-class-236 pa t53470 l37802">in </span><span class="pp-class-236 pa t53470 l34231 ls807">provision </span><span class="pp-class-236 pa t53470 l28475 ls19">for </span><span class="pp-class-236 pa t53470 l53471 ls1583">defined </span><span class="pp-class-236 pa t53470 l53472 ls1583">benefit </span><span class="pp-class-236 pa t53470 l19472">plans </span><span class="pp-class-236 pa t53470 l53473">and </span><span class="pp-class-236 pa t53470 l53474">jubilee </span><span class="pp-class-236 pa t53470 l53475 ls115">obligations</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53470 l49924">20</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53470 l43226 ls696">14</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53476 l3 ls1747">Vesting </span><span class="pp-class-236 pa t53476 l33095 ls118">of </span><span class="pp-class-236 pa t53476 l53477 ls106">share </span><span class="pp-class-236 pa t53476 l53478 ls781">option </span><span class="pp-class-236 pa t53476 l53479">plans </span><span class="pp-class-236 pa t53476 l53480">and </span><span class="pp-class-236 pa t53476 l53481 ls129">employee </span><span class="pp-class-236 pa t53476 l38830 ls197">shares </span><span class="pp-class-236 pa t53476 l53482 ls203">expensed </span><span class="pp-class-236 pa t53476 l53483">in </span><span class="pp-class-236 pa t53476 l53484">the </span><span class="pp-class-236 pa t53485 l3">Income </span><span class="pp-class-236 pa t53485 l41839 ls1547">statement</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53485 l53486">28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53485 l41579">26</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53487 l3 ls1031">Adjustments </span><span class="pp-class-237 pa t53487 l53447 ls781">for </span><span class="pp-class-237 pa t53487 l53448">n</span><a><span class="pp-class-237 pa t53487 l53449">on-cash </span><span class="pp-class-237 pa t53487 l53450 ls197">operating </span><span class="pp-class-237 pa t53487 l53451">items</span></a><span class="pp-class-237 pa t53487 l53452">, </span><span class="pp-class-237 pa t53487 l53453 ls73">etc.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53487 l53488 ls113">-164</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53487 l53489 ls184">37</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53490 l3">Change </span><span class="pp-class-237 pa t53490 l53491">in </span><span class="pp-class-237 pa t53490 l18216 ls73">working </span><span class="pp-class-237 pa t53490 l53492">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53493 l3">Change </span><span class="pp-class-236 pa t53493 l37802">in </span><span class="pp-class-236 pa t53493 l34231 ls76">inventories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53493 l47206">63</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53493 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53494 l3">Change </span><span class="pp-class-236 pa t53494 l37802">in </span><span class="pp-class-236 pa t53494 l34231 ls76">receivables, </span><span class="pp-class-236 pa t53494 l53495">such </span><span class="pp-class-236 pa t53494 l29637">as </span><span class="pp-class-236 pa t53494 l53496 ls967">trade </span><span class="pp-class-236 pa t53494 l51916 ls76">receivables, </span><span class="pp-class-236 pa t53494 l53497 ls1661">prepaid </span><span class="pp-class-236 pa t53494 l39129">costs, </span><span class="pp-class-236 pa t53494 l53498 ls181">etc.</span></a><span class="pp-class-240 pa t53499 l53500">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53494 l53501">819</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53494 l53502">-304</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53503 l3">Change </span><span class="pp-class-236 pa t53503 l37802">in </span><span class="pp-class-236 pa t53503 l34231">liabilities, </span><span class="pp-class-236 pa t53503 l16284">such </span><span class="pp-class-236 pa t53503 l53504">as </span><span class="pp-class-236 pa t53503 l53505 ls967">trade </span><span class="pp-class-236 pa t53503 l31276 ls143">payables, </span><span class="pp-class-236 pa t53503 l53506 ls570">deferred </span><span class="pp-class-236 pa t53503 l53507 ls67">income, </span><span class="pp-class-236 pa t53508 l3 ls1024">ETS </span><span class="pp-class-236 pa t53508 l17486">emission </span><span class="pp-class-236 pa t53508 l53509 ls129">provision, </span><span class="pp-class-236 pa t53508 l53510 ls833">current </span><span class="pp-class-236 pa t53508 l17318 ls297">account </span><span class="pp-class-236 pa t53508 l53511">with </span><span class="pp-class-236 pa t53508 l53512 ls1098">joint </span><span class="pp-class-236 pa t53508 l42642 ls131">ventures, </span><span class="pp-class-236 pa t53508 l53513 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53508 l44943">-130</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53508 l43163 ls1790">227</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53514 l3">Change </span><span class="pp-class-237 pa t53514 l53491">in </span><span class="pp-class-237 pa t53514 l18216 ls73">working </span><span class="pp-class-237 pa t53514 l53492">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53514 l47144 ls1780">753</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53514 l53515">-64</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5436" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5439"><div class="pp-class-227 pp-class-256" id="pp-id-5438"><div class="w40752 h53516 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls556">statement </span><span class="pp-class-236 pa t40754 l21262 ls98">of </span><span class="pp-class-236 pa t40754 l6171 ls2222">cash </span><span class="pp-class-236 pa t40754 l53517 ls706">flows </span><span class="pp-class-236 pa t40754 l53518 ls651">has </span><span class="pp-class-236 pa t40754 l53519 ls2222">been </span><span class="pp-class-236 pa t40754 l53520 ls11713">prepared </span><span class="pp-class-236 pa t40754 l53521 ls538">using </span><span class="pp-class-236 pa t40754 l53522 ls651">the </span><span class="pp-class-236 pa t40754 l53523 ls691">indirect </span><span class="pp-class-236 pa t40754 l53524 ls546">method, </span><span class="pp-class-236 pa t40754 l53525 ls572">and </span><span class="pp-class-236 pa t40754 l53526 ls706">shows </span><span class="pp-class-236 pa t40754 l53527 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls731">consolidated </span><span class="pp-class-236 pa t40763 l44362 ls2222">cash </span><span class="pp-class-236 pa t40763 l28518 ls706">flows </span><span class="pp-class-236 pa t40763 l53528 ls877">from </span><span class="pp-class-236 pa t40763 l53529 ls2270">operating, </span><span class="pp-class-236 pa t40763 l45523 ls2889">investing, </span><span class="pp-class-236 pa t40763 l53530 ls651">and </span><span class="pp-class-236 pa t40763 l53531 ls995">financing </span><span class="pp-class-236 pa t40763 l53532 ls1404">activities </span><span class="pp-class-236 pa t40763 l53533 ls553">for </span><span class="pp-class-236 pa t40763 l53534 ls572">the </span><span class="pp-class-236 pa t40763 l53535 ls853">year, </span><span class="pp-class-236 pa t40763 l44271 ls572">and </span><span class="pp-class-236 pa t40763 l53536 ls184">the </span><span class="pp-class-236 pa t40775 l3 ls731">consolidated </span><span class="pp-class-236 pa t40775 l44362 ls2222">cash </span><span class="pp-class-236 pa t40775 l28518 ls651">and </span><span class="pp-class-236 pa t40775 l53537 ls2222">cash </span><span class="pp-class-236 pa t40775 l53538 ls731">equivalents </span><span class="pp-class-236 pa t40775 l53539 ls2197">at </span><span class="pp-class-236 pa t40775 l13276 ls572">the </span><span class="pp-class-236 pa t40775 l26314 ls995">beginning </span><span class="pp-class-236 pa t40775 l53540 ls572">and </span><span class="pp-class-236 pa t40775 l53541 ls572">end </span><span class="pp-class-236 pa t40775 l53542 ls98">of </span><span class="pp-class-236 pa t40775 l53543 ls572">the </span><span class="pp-class-236 pa t40775 l53544 ls3139">year.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls2222">cash </span><span class="pp-class-236 pa t40783 l7751 ls8048">flow </span><span class="pp-class-236 pa t40783 l53545 ls838">effect </span><span class="pp-class-236 pa t40783 l40666 ls98">of </span><span class="pp-class-236 pa t40783 l53546 ls544">acquisition </span><span class="pp-class-236 pa t40783 l53547 ls572">and </span><span class="pp-class-236 pa t40783 l53548 ls1751">disposal </span><span class="pp-class-236 pa t40783 l45495 ls98">of </span><span class="pp-class-236 pa t40783 l39114 ls541">enterprises </span><span class="pp-class-236 pa t40783 l53549 ls811">is </span><span class="pp-class-236 pa t40783 l53550 ls838">shown </span><span class="pp-class-236 pa t40783 l53551 ls2848">separately </span><span class="pp-class-236 pa t40783 l53552 ls811">in </span><span class="pp-class-236 pa t40783 l53553 ls2222">cash </span><span class="pp-class-236 pa t40783 l53554 ls706">flows </span><span class="pp-class-236 pa t40783 l53555 ls538">to/</span><span class="pp-class-236 pa t40793 l3 ls877">from </span><span class="pp-class-236 pa t40793 l44380 ls9435">investing </span><span class="pp-class-236 pa t40793 l42406 ls1404">activities. </span><span class="pp-class-236 pa t40793 l53556 ls2222">Cash </span><span class="pp-class-236 pa t40793 l31188 ls706">flows </span><span class="pp-class-236 pa t40793 l53557 ls877">from </span><span class="pp-class-236 pa t40793 l10828 ls544">acquisitions </span><span class="pp-class-236 pa t40793 l53558 ls98">of </span><span class="pp-class-236 pa t40793 l53559 ls541">enterprises </span><span class="pp-class-236 pa t40793 l53560 ls2808">are </span><span class="pp-class-236 pa t40793 l53561 ls667">recognised </span><span class="pp-class-236 pa t40793 l48187 ls811">in </span><span class="pp-class-236 pa t40793 l53562 ls572">the </span><span class="pp-class-236 pa t40793 l53563 ls2222">Cash </span><span class="pp-class-236 pa t40793 l53564 ls546">flow </span><span class="pp-class-236 pa t40806 l3 ls556">statement </span><span class="pp-class-236 pa t40806 l1995 ls877">from </span><span class="pp-class-236 pa t40806 l53565 ls651">the </span><span class="pp-class-236 pa t40806 l10802 ls7086">date </span><span class="pp-class-236 pa t40806 l53566 ls98">of </span><span class="pp-class-236 pa t40806 l53567 ls544">acquisition. </span><span class="pp-class-236 pa t40806 l53568 ls2222">Cash </span><span class="pp-class-236 pa t40806 l53569 ls706">flows </span><span class="pp-class-236 pa t40806 l53570 ls877">from </span><span class="pp-class-236 pa t40806 l53571 ls1780">divestment </span><span class="pp-class-236 pa t40806 l53572 ls98">of </span><span class="pp-class-236 pa t40806 l53573 ls541">enterprises </span><span class="pp-class-236 pa t40806 l53574 ls2808">are </span><span class="pp-class-236 pa t40806 l53575 ls667">recognised </span><span class="pp-class-236 pa t40806 l53576 ls1547">up </span><span class="pp-class-236 pa t40818 l3 ls536">until </span><span class="pp-class-236 pa t40818 l53577 ls651">the </span><span class="pp-class-236 pa t40818 l53578 ls7086">date </span><span class="pp-class-236 pa t40818 l10695 ls98">of </span><span class="pp-class-236 pa t40818 l53579 ls995">disposal. </span><span class="pp-class-236 pa t40818 l53580 ls2222">Cash </span><span class="pp-class-236 pa t40818 l29316 ls706">flows </span><span class="pp-class-236 pa t40818 l9573 ls877">from </span><span class="pp-class-236 pa t40818 l27606 ls1775">operating </span><span class="pp-class-236 pa t40818 l53581 ls1404">activities </span><span class="pp-class-236 pa t40818 l53582 ls811">is </span><span class="pp-class-236 pa t40818 l53583 ls560">calculated </span><span class="pp-class-236 pa t40818 l53584 ls811">on </span><span class="pp-class-236 pa t40818 l53585 ls651">the </span><span class="pp-class-236 pa t40818 l53552 ls538">basis </span><span class="pp-class-236 pa t40818 l53586 ls98">of </span><span class="pp-class-236 pa t40818 l53587 ls572">the </span><span class="pp-class-236 pa t40818 l53588 ls681">profit/</span><span class="pp-class-236 pa t42636 l3 ls2222">loss </span><span class="pp-class-236 pa t42636 l53589 ls2808">before </span><span class="pp-class-236 pa t42636 l12586 ls691">depreciation </span><span class="pp-class-236 pa t42636 l53590 ls651">and </span><span class="pp-class-236 pa t42636 l53591 ls179">amortisation </span><span class="pp-class-236 pa t42636 l53592 ls560">(EBITDA) </span><span class="pp-class-236 pa t42636 l53593 ls630">adjusted </span><span class="pp-class-236 pa t42636 l53594 ls553">for </span><span class="pp-class-236 pa t42636 l21709 ls651">the </span><span class="pp-class-236 pa t42636 l53595 ls2222">cash </span><span class="pp-class-236 pa t42636 l53596 ls8048">flow </span><span class="pp-class-236 pa t42636 l53597 ls838">effect </span><span class="pp-class-236 pa t42636 l53598 ls98">of </span><span class="pp-class-236 pa t42636 l53599 ls811">non-cash </span><span class="pp-class-236 pa t42651 l3 ls1775">operating </span><span class="pp-class-236 pa t42651 l46591 ls747">items, </span><span class="pp-class-236 pa t42651 l17080 ls625">items </span><span class="pp-class-236 pa t42651 l53600 ls7086">presented </span><span class="pp-class-236 pa t42651 l39584 ls811">as </span><span class="pp-class-236 pa t42651 l53601 ls875">part </span><span class="pp-class-236 pa t42651 l17874 ls98">of </span><span class="pp-class-236 pa t42651 l53602 ls667">EBITDA </span><span class="pp-class-236 pa t42651 l33427 ls651">but </span><span class="pp-class-236 pa t42651 l53603 ls538">to </span><span class="pp-class-236 pa t42651 l3297 ls811">be </span><span class="pp-class-236 pa t42651 l53604 ls7086">presented </span><span class="pp-class-236 pa t42651 l53605 ls538">under </span><span class="pp-class-236 pa t42651 l53606 ls9435">investing </span><span class="pp-class-236 pa t42651 l53607 ls1404">activities </span><span class="pp-class-236 pa t42651 l53608 ls1547">or </span><span class="pp-class-236 pa t42666 l3 ls995">financing </span><span class="pp-class-236 pa t42666 l53609 ls1404">activities </span><span class="pp-class-236 pa t42666 l53610 ls811">in </span><span class="pp-class-236 pa t42666 l53611 ls651">the </span><span class="pp-class-236 pa t42666 l53612 ls556">statement </span><span class="pp-class-236 pa t42666 l53613 ls98">of </span><span class="pp-class-236 pa t42666 l53614 ls2222">cash </span><span class="pp-class-236 pa t42666 l53615 ls2197">flows, </span><span class="pp-class-236 pa t42666 l53616 ls2036">changes </span><span class="pp-class-236 pa t42666 l53617 ls811">in </span><span class="pp-class-236 pa t42666 l53618 ls1780">working </span><span class="pp-class-236 pa t42666 l53619 ls524">capital </span><span class="pp-class-236 pa t42666 l53620 ls541">(such </span><span class="pp-class-236 pa t42666 l53621 ls811">as </span><span class="pp-class-236 pa t42666 l53622 ls706">trade </span><span class="pp-class-236 pa t42678 l3 ls4276">payables, </span><span class="pp-class-236 pa t42678 l53623 ls5781">deferred </span><span class="pp-class-236 pa t42678 l53624 ls541">income, </span><span class="pp-class-236 pa t42678 l53625 ls1780">ETS </span><span class="pp-class-236 pa t42678 l53626 ls1751">emission </span><span class="pp-class-236 pa t42678 l53627 ls5781">provision, </span><span class="pp-class-236 pa t42678 l53628 ls7086">current </span><span class="pp-class-236 pa t42678 l53629 ls558">account </span><span class="pp-class-236 pa t42678 l53630 ls877">payables </span><span class="pp-class-236 pa t42678 l53631 ls538">to </span><span class="pp-class-236 pa t42678 l53632 ls536">joint </span><span class="pp-class-236 pa t42678 l53633 ls1131">ventures, </span><span class="pp-class-236 pa t42678 l53634 ls706">trade </span><span class="pp-class-236 pa t47449 l3 ls1463">receivables, </span><span class="pp-class-236 pa t47449 l53635 ls556">prepaid </span><span class="pp-class-236 pa t47449 l53636 ls1764">costs, </span><span class="pp-class-236 pa t47449 l53637 ls4630">etc.), </span><span class="pp-class-236 pa t47449 l51698 ls4630">payments </span><span class="pp-class-236 pa t47449 l53638 ls3681">related </span><span class="pp-class-236 pa t47449 l53639 ls538">to </span><span class="pp-class-236 pa t47449 l53640 ls1751">pensions </span><span class="pp-class-236 pa t47449 l53641 ls651">and </span><span class="pp-class-236 pa t47449 l53642 ls949">other </span><span class="pp-class-236 pa t47449 l53643 ls603">provisions, </span><span class="pp-class-236 pa t47449 l53644 ls168">payments </span><span class="pp-class-236 pa t42680 l3 ls1131">relating </span><span class="pp-class-236 pa t42680 l10801 ls538">to </span><span class="pp-class-236 pa t42680 l51866 ls995">financial </span><span class="pp-class-236 pa t42680 l21204 ls625">items </span><span class="pp-class-236 pa t42680 l53645 ls651">and </span><span class="pp-class-236 pa t42680 l53646 ls2969">corporation </span><span class="pp-class-236 pa t42680 l53647 ls2036">tax </span><span class="pp-class-236 pa t42680 l53648 ls2222">paid.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42711 l3 ls2222">Cash </span><span class="pp-class-236 pa t42711 l53649 ls706">flows </span><span class="pp-class-236 pa t42711 l53650 ls877">from </span><span class="pp-class-236 pa t42711 l14108 ls9435">investing </span><span class="pp-class-236 pa t42711 l53651 ls1404">activities </span><span class="pp-class-236 pa t42711 l53652 ls179">includes </span><span class="pp-class-236 pa t42711 l53653 ls4630">payments </span><span class="pp-class-236 pa t42711 l53654 ls811">in </span><span class="pp-class-236 pa t42711 l2946 ls278">connection </span><span class="pp-class-236 pa t42711 l51667 ls2222">with </span><span class="pp-class-236 pa t42711 l53655 ls572">the </span><span class="pp-class-236 pa t42711 l53656 ls544">acquisition </span><span class="pp-class-236 pa t42711 l53657 ls184">and </span><span class="pp-class-236 pa t42723 l3 ls1780">divestment </span><span class="pp-class-236 pa t42723 l17218 ls98">of </span><span class="pp-class-236 pa t42723 l16331 ls541">enterprises </span><span class="pp-class-236 pa t42723 l53658 ls651">and </span><span class="pp-class-236 pa t42723 l44563 ls1404">activities </span><span class="pp-class-236 pa t42723 l53659 ls651">and </span><span class="pp-class-236 pa t42723 l33295 ls98">of </span><span class="pp-class-236 pa t42723 l53660 ls548">non-current </span><span class="pp-class-236 pa t42723 l53661 ls541">intangible </span><span class="pp-class-236 pa t42723 l53662 ls546">assets, </span><span class="pp-class-236 pa t42723 l53663 ls949">tangible </span><span class="pp-class-236 pa t42723 l53664 ls179">assets </span><span class="pp-class-236 pa t42723 l53665 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls2889">investments. </span><span class="pp-class-236 pa t42738 l53666 ls731">Furthermore, </span><span class="pp-class-236 pa t42738 l53667 ls2222">cash </span><span class="pp-class-236 pa t42738 l18007 ls706">flows </span><span class="pp-class-236 pa t42738 l53668 ls877">from </span><span class="pp-class-236 pa t42738 l53669 ls9435">investing </span><span class="pp-class-236 pa t42738 l53670 ls1404">activities </span><span class="pp-class-236 pa t42738 l53671 ls2222">also </span><span class="pp-class-236 pa t42738 l53672 ls179">includes </span><span class="pp-class-236 pa t42738 l53584 ls630">compensation </span><span class="pp-class-236 pa t42738 l53673 ls706">received </span><span class="pp-class-236 pa t42755 l3 ls877">from </span><span class="pp-class-236 pa t42755 l44380 ls551">ferries </span><span class="pp-class-236 pa t42755 l53674 ls3855">declared </span><span class="pp-class-236 pa t42755 l53675 ls758">total </span><span class="pp-class-236 pa t42755 l53676 ls538">loss. </span><span class="pp-class-236 pa t42755 l14106 ls2222">Cash </span><span class="pp-class-236 pa t42755 l53677 ls706">flows </span><span class="pp-class-236 pa t42755 l17528 ls877">from </span><span class="pp-class-236 pa t42755 l53678 ls995">financing </span><span class="pp-class-236 pa t42755 l53679 ls1404">activities </span><span class="pp-class-236 pa t42755 l53680 ls179">includes </span><span class="pp-class-236 pa t42755 l53681 ls2036">changes </span><span class="pp-class-236 pa t42755 l53682 ls811">in </span><span class="pp-class-236 pa t42755 l53683 ls651">the </span><span class="pp-class-236 pa t42755 l53684 ls546">size </span><span class="pp-class-236 pa t42755 l53685 ls1547">or </span><span class="pp-class-236 pa t42768 l3 ls625">composition </span><span class="pp-class-236 pa t42768 l53686 ls98">of </span><span class="pp-class-236 pa t42768 l13446 ls651">the </span><span class="pp-class-236 pa t42768 l37236 ls2848">Group’s </span><span class="pp-class-236 pa t42768 l14411 ls706">share </span><span class="pp-class-236 pa t42768 l53687 ls949">capital, </span><span class="pp-class-236 pa t42768 l18413 ls3855">payment </span><span class="pp-class-236 pa t42768 l53688 ls98">of </span><span class="pp-class-236 pa t42768 l53689 ls995">dividends </span><span class="pp-class-236 pa t42768 l53690 ls538">to </span><span class="pp-class-236 pa t42768 l53691 ls758">shareholders, </span><span class="pp-class-236 pa t42768 l53692 ls3855">purchase </span><span class="pp-class-236 pa t42768 l53693 ls197">of </span><span class="pp-class-236 pa t42786 l3 ls168">treasury </span><span class="pp-class-236 pa t42786 l49197 ls556">shares, </span><span class="pp-class-236 pa t42786 l11232 ls2222">cash </span><span class="pp-class-236 pa t42786 l17925 ls2245">received </span><span class="pp-class-236 pa t42786 l53694 ls877">from </span><span class="pp-class-236 pa t42786 l52628 ls11592">exercise </span><span class="pp-class-236 pa t42786 l53695 ls98">of </span><span class="pp-class-236 pa t42786 l53696 ls706">share </span><span class="pp-class-236 pa t42786 l17938 ls546">options </span><span class="pp-class-236 pa t42786 l53697 ls572">and </span><span class="pp-class-236 pa t42786 l53698 ls572">the </span><span class="pp-class-236 pa t42786 l53699 ls553">obtaining </span><span class="pp-class-236 pa t42786 l53700 ls572">and </span><span class="pp-class-236 pa t42786 l53701 ls2808">repayment </span><span class="pp-class-236 pa t42786 l53702 ls197">of </span><span class="pp-class-236 pa t42800 l3 ls2222">bank </span><span class="pp-class-236 pa t42800 l48191 ls538">loans </span><span class="pp-class-236 pa t42800 l19679 ls651">and </span><span class="pp-class-236 pa t42800 l13308 ls562">mortgage </span><span class="pp-class-236 pa t42800 l53703 ls538">loans </span><span class="pp-class-236 pa t42800 l53704 ls651">and </span><span class="pp-class-236 pa t42800 l53705 ls949">other </span><span class="pp-class-236 pa t42800 l53706 ls696">long-term </span><span class="pp-class-236 pa t42800 l53707 ls572">and </span><span class="pp-class-236 pa t42800 l53708 ls558">short-term </span><span class="pp-class-236 pa t42800 l38892 ls538">debt. </span><span class="pp-class-236 pa t42800 l53709 ls877">Payment </span><span class="pp-class-236 pa t42800 l53710 ls98">of </span><span class="pp-class-236 pa t42800 l53711 ls811">lease </span><span class="pp-class-236 pa t48923 l3 ls625">liabilities </span><span class="pp-class-236 pa t48923 l39089 ls811">is </span><span class="pp-class-236 pa t48923 l53712 ls179">included </span><span class="pp-class-236 pa t48923 l53713 ls538">under </span><span class="pp-class-236 pa t48923 l53714 ls995">financing </span><span class="pp-class-236 pa t48923 l53715 ls1404">activities </span><span class="pp-class-236 pa t48923 l53716 ls651">and </span><span class="pp-class-236 pa t48923 l53717 ls572">the </span><span class="pp-class-236 pa t48923 l53718 ls3681">related </span><span class="pp-class-236 pa t48923 l53719 ls706">interest </span><span class="pp-class-236 pa t48923 l53720 ls811">is </span><span class="pp-class-236 pa t48923 l53721 ls179">included </span><span class="pp-class-236 pa t48923 l53722 ls811">as </span><span class="pp-class-236 pa t48923 l53723 ls184">a </span><span class="pp-class-236 pa t48923 l53724 ls995">financial </span><span class="pp-class-236 pa t48923 l53725 ls98">item </span><span class="pp-class-236 pa t42816 l3 ls538">under </span><span class="pp-class-236 pa t42816 l51969 ls1775">operating </span><span class="pp-class-236 pa t42816 l53726 ls1404">activities. </span><span class="pp-class-236 pa t42816 l53727 ls2222">Cash </span><span class="pp-class-236 pa t42816 l53728 ls651">and </span><span class="pp-class-236 pa t42816 l53729 ls2222">cash </span><span class="pp-class-236 pa t42816 l53730 ls731">equivalents </span><span class="pp-class-236 pa t42816 l53731 ls1751">comprise </span><span class="pp-class-236 pa t42816 l53732 ls2222">cash </span><span class="pp-class-236 pa t42816 l53733 ls2197">at </span><span class="pp-class-236 pa t42816 l53734 ls667">banks </span><span class="pp-class-236 pa t42816 l53735 ls572">and </span><span class="pp-class-236 pa t42816 l53736 ls811">on </span><span class="pp-class-236 pa t42816 l53737 ls2222">hand.</span></p></div></div></div></div></div><div id="pp-id-5346" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">2025 </span><span class="pp-class-239 pa t1332 l41004">is </span><span class="pp-class-239 pa t1332 l21496 ls227">insurance </span><span class="pp-class-239 pa t1335 l3 ls177">compensation </span><span class="pp-class-239 pa t1335 l53738 ls967">related </span><span class="pp-class-239 pa t1339 l3 ls138">to </span><span class="pp-class-239 pa t1339 l7354">the </span><span class="pp-class-239 pa t1339 l53739 ls685">total </span><span class="pp-class-239 pa t1339 l51714 ls1700">constructive </span><span class="pp-class-239 pa t3352 l3">loss </span><span class="pp-class-239 pa t3352 l53740 ls203">declared </span><span class="pp-class-239 pa t3352 l28492 ls19">for </span><span class="pp-class-239 pa t3352 l53741">the </span><span class="pp-class-239 pa t3355 l3 ls833">freight </span><span class="pp-class-239 pa t3355 l53742 ls1675">ferry </span><span class="pp-class-239 pa t3355 l53743">Finlandia </span><span class="pp-class-239 pa t8661 l3 ls572">Seaways. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3497 l3">2</span><span class="pp-class-239 pa t45156 l3">The </span><span class="pp-class-239 pa t45156 l7349">2025 </span><span class="pp-class-239 pa t45156 l21942">number </span><span class="pp-class-239 pa t45156 l49512 ls184">mainly </span><span class="pp-class-239 pa t45157 l3 ls162">includes </span><span class="pp-class-239 pa t45157 l41005">the </span><span class="pp-class-239 pa t45157 l53744">non-cash </span><span class="pp-class-239 pa t45158 l3 ls1661">release </span><span class="pp-class-239 pa t45158 l37293 ls118">of </span><span class="pp-class-239 pa t45158 l17038">a </span><span class="pp-class-239 pa t45158 l20161 ls807">provision </span><span class="pp-class-239 pa t45159 l3 ls19">for </span><span class="pp-class-239 pa t45159 l3345 ls1661">onerous </span><span class="pp-class-239 pa t45159 l42668 ls15">contracts, </span><span class="pp-class-239 pa t45160 l3 ls1707">partly </span><span class="pp-class-239 pa t45160 l10831 ls67">offset </span><span class="pp-class-239 pa t45160 l53745 ls967">by </span><span class="pp-class-239 pa t45160 l53746 ls67">other </span><span class="pp-class-239 pa t49140 l3">non-cash </span><span class="pp-class-239 pa t49140 l53747 ls129">provisions.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t38025 l3">3</span><span class="pp-class-239 pa t38029 l3">2025 </span><span class="pp-class-239 pa t38029 l41004">is </span><span class="pp-class-239 pa t38029 l21496 ls184">mainly </span><span class="pp-class-239 pa t38029 l28517 ls71">driven </span><span class="pp-class-239 pa t38029 l28794 ls967">by </span><span class="pp-class-239 pa t38030 l3">the </span><span class="pp-class-239 pa t38030 l9689 ls138">implementation </span><span class="pp-class-239 pa t38030 l53748 ls118">of </span><span class="pp-class-239 pa t38033 l3">a </span><span class="pp-class-239 pa t38033 l4044 ls1547">factoring </span><span class="pp-class-239 pa t38033 l36086 ls181">programme </span><span class="pp-class-239 pa t38035 l3">during </span><span class="pp-class-239 pa t38035 l19883 ls651">2025. </span><span class="pp-class-239 pa t38035 l48355 ls1780">At </span><span class="pp-class-239 pa t38038 l3 ls121">year-end </span><span class="pp-class-239 pa t38038 l53749">the </span><span class="pp-class-239 pa t38038 l18039 ls106">Group </span><span class="pp-class-239 pa t53750 l3 ls1078">had </span><span class="pp-class-239 pa t53750 l53751 ls135">derecognised </span><span class="pp-class-239 pa t53752 l3 ls197">receivables </span><span class="pp-class-239 pa t53752 l33517">without </span><span class="pp-class-239 pa t53753 l3 ls203">recourse </span><span class="pp-class-239 pa t53753 l53754 ls73">having </span><span class="pp-class-239 pa t53753 l53755">due </span><span class="pp-class-239 pa t53756 l3 ls807">date </span><span class="pp-class-239 pa t53756 l53757 ls108">after </span><span class="pp-class-239 pa t53756 l7036">31 </span><span class="pp-class-239 pa t53756 l18014">December </span><span class="pp-class-239 pa t53758 l3 ls967">by </span><span class="pp-class-239 pa t53758 l3373 ls138">to </span><span class="pp-class-239 pa t53758 l53759">DKK </span><span class="pp-class-239 pa t53758 l53760">886m.</span></p></div></div> <div id="pp-id-5412" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">4.4 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">income </span><span class="pp-class-234 pa t1122 l51403">and </span><span class="pp-class-234 pa t1122 l51404">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Financial </span><span class="pp-class-237 pa t37088 l49228">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls428">Interest </span><span class="pp-class-236 pa t47758 l26038">income </span><span class="pp-class-236 pa t47758 l36288 ls181">from </span><span class="pp-class-236 pa t47758 l51405 ls1790">banks, </span><span class="pp-class-236 pa t47758 l51406 ls181">etc.</span></a><span class="pp-class-240 pa t51407 l51408">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51409">30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51410">20</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43112 l37293 ls212">exchange </span><span class="pp-class-236 pa t43112 l37294">gain, </span><span class="pp-class-236 pa t43112 l41545 ls814">net</span></a><span class="pp-class-240 pa t48932 l51411">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l3">Other </span><span class="pp-class-236 pa t51412 l8396">financial </span><span class="pp-class-236 pa t51412 l51413">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l3 ls6824">Total </span><span class="pp-class-237 pa t51414 l20253 ls1107">financial </span><span class="pp-class-237 pa t51414 l50193">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l51415">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l41707 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48386 l3">Financial </span><span class="pp-class-237 pa t48386 l49228">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l3 ls428">Interest </span><span class="pp-class-236 pa t51416 l26038 ls1661">expense </span><span class="pp-class-236 pa t51416 l41739 ls138">to </span><span class="pp-class-236 pa t51416 l46384 ls1790">banks, </span><span class="pp-class-236 pa t51416 l51417 ls197">credit </span><span class="pp-class-236 pa t51416 l12599">institutions, </span><span class="pp-class-236 pa t51416 l51418 ls63">corporate </span><span class="pp-class-236 pa t51416 l51419">bonds, </span><span class="pp-class-236 pa t51416 l51420 ls181">etc.</span></a><span class="pp-class-240 pa t51421 l51422">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51423">502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51424">536</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l3 ls428">Interest </span><span class="pp-class-236 pa t51425 l26038 ls1661">expense </span><span class="pp-class-236 pa t51425 l41739">on </span><span class="pp-class-236 pa t51425 l49430">lease </span><span class="pp-class-236 pa t51425 l51426">liabilities</span><span class="pp-class-240 pa t51427 l51428">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l3 ls1133">Foreign </span><span class="pp-class-236 pa t51429 l37293 ls212">exchange </span><span class="pp-class-236 pa t51429 l37294">loss, </span><span class="pp-class-236 pa t51429 l48065 ls814">net</span></a><span class="pp-class-240 pa t51430 l36200">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l51431 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l3 ls1583">Defined </span><span class="pp-class-236 pa t51432 l41567 ls1583">benefit </span><span class="pp-class-236 pa t51432 l41571">pension </span><span class="pp-class-236 pa t51432 l41572">plans</span></a><span class="pp-class-240 pa t51433 l48135">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l3">Other </span><span class="pp-class-236 pa t51434 l8396">financial </span><span class="pp-class-236 pa t51434 l51413">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l44698">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l3 ls6824">Total </span><span class="pp-class-237 pa t51435 l20253 ls1107">financial </span><span class="pp-class-237 pa t51435 l50193">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l43259">856</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l51436 ls2270">870</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l3">Financial </span><span class="pp-class-237 pa t51437 l49228">income </span><span class="pp-class-237 pa t51437 l51438">and </span><span class="pp-class-237 pa t51437 l51439">costs, </span><span class="pp-class-237 pa t51437 l51440 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l39184 ls113">-818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l51441">-823</span></a></p></td></tr></table><div id="pp-id-5411"><div class="pp-class-227 pp-class-256" id="pp-id-5377"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p></div></div></div></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t8663 l3 ls1024">Primarily </span><span class="pp-class-239 pa t8663 l43983 ls967">relates </span><span class="pp-class-239 pa t8663 l1520 ls138">to </span><span class="pp-class-239 pa t8665 l3">financial </span><span class="pp-class-239 pa t8665 l3203 ls781">assets/</span><span class="pp-class-239 pa t8668 l3">liabilities </span><span class="pp-class-239 pa t8668 l49240 ls203">measured </span><span class="pp-class-239 pa t8668 l8624 ls2368">at </span><span class="pp-class-239 pa t8672 l3 ls3422">amortised </span><span class="pp-class-239 pa t8672 l9529 ls1465">cost. </span><span class="pp-class-239 pa t8672 l51486">Income </span><span class="pp-class-239 pa t8673 l3 ls67">(net) </span><span class="pp-class-239 pa t8673 l51487 ls181">from </span><span class="pp-class-239 pa t8673 l38415 ls428">interest </span><span class="pp-class-239 pa t9715 l3 ls1747">swaps </span><span class="pp-class-239 pa t9715 l49237">is </span><span class="pp-class-239 pa t9715 l51488">DKK </span><span class="pp-class-239 pa t9715 l51489">50m </span><span class="pp-class-239 pa t9720 l3 ls685">(2024: </span><span class="pp-class-239 pa t9720 l49237">DKK </span><span class="pp-class-239 pa t9720 l34281">40m) </span><span class="pp-class-239 pa t9720 l51490">and </span><span class="pp-class-239 pa t9720 l18850">is </span><span class="pp-class-239 pa t9725 l3 ls162">included </span><span class="pp-class-239 pa t9725 l21911">under </span><span class="pp-class-239 pa t9725 l51491 ls428">Interest </span><span class="pp-class-239 pa t9728 l3 ls1661">expense </span><span class="pp-class-239 pa t9728 l51492 ls138">to </span><span class="pp-class-239 pa t9728 l40096 ls1790">banks, </span><span class="pp-class-239 pa t9728 l11442 ls197">credit </span><span class="pp-class-239 pa t9733 l3">institutions, </span><span class="pp-class-239 pa t9733 l51493 ls15764">corporate </span><span class="pp-class-239 pa t10781 l3">bonds, </span><span class="pp-class-239 pa t10781 l51494 ls181">etc.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9739 l3">3</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t9744 l3 ls1133">Foreign </span><span class="pp-class-239 pa t9744 l37293 ls212">exchange </span><span class="pp-class-239 pa t9744 l37294">gains </span><span class="pp-class-239 pa t10808 l3">in </span><span class="pp-class-239 pa t10808 l4050">2025 </span><span class="pp-class-239 pa t10808 l43104 ls101">amounts </span><span class="pp-class-239 pa t10808 l29953 ls138">to </span><span class="pp-class-239 pa t10808 l4544">DKK </span><span class="pp-class-239 pa t13285 l3">546m </span><span class="pp-class-239 pa t13285 l51495 ls685">(2024: </span><span class="pp-class-239 pa t13285 l37702">DKK </span><span class="pp-class-239 pa t13285 l51496">560m) </span><span class="pp-class-239 pa t10814 l3">and </span><span class="pp-class-239 pa t10814 l13229 ls1757">foreign </span><span class="pp-class-239 pa t10814 l4045 ls212">exchange </span><span class="pp-class-239 pa t10822 l3">losses </span><span class="pp-class-239 pa t10822 l43151 ls101">amounts </span><span class="pp-class-239 pa t10822 l51497 ls138">to </span><span class="pp-class-239 pa t10829 l3">DKK </span><span class="pp-class-239 pa t10829 l2784">565m </span><span class="pp-class-239 pa t10829 l51498 ls685">(2024: </span><span class="pp-class-239 pa t10829 l51499">DKK </span><span class="pp-class-239 pa t10835 l3">535m). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51500 l3">4</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51501 l3 ls428">Reference </span><span class="pp-class-239 pa t51501 l42560">is </span><span class="pp-class-239 pa t51501 l51502 ls135">made </span><span class="pp-class-239 pa t51501 l26494 ls138">to </span><span class="pp-class-239 pa t51503 l3 ls1629">note </span><span class="pp-class-239 pa t51503 l43494 ls2808">3.1.3. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51504 l3">5</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51505 l3 ls428">Reference </span><span class="pp-class-239 pa t51505 l42560">is </span><span class="pp-class-239 pa t51505 l51502 ls135">made </span><span class="pp-class-239 pa t51505 l26494 ls138">to </span><span class="pp-class-239 pa t51506 l3 ls1629">note </span><span class="pp-class-239 pa t51506 l43494 ls11592">3.2.5. </span></p> <div id="pp-id-5412" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">4.4 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">income </span><span class="pp-class-234 pa t1122 l51403">and </span><span class="pp-class-234 pa t1122 l51404">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Financial </span><span class="pp-class-237 pa t37088 l49228">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls428">Interest </span><span class="pp-class-236 pa t47758 l26038">income </span><span class="pp-class-236 pa t47758 l36288 ls181">from </span><span class="pp-class-236 pa t47758 l51405 ls1790">banks, </span><span class="pp-class-236 pa t47758 l51406 ls181">etc.</span></a><span class="pp-class-240 pa t51407 l51408">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51409">30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51410">20</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43112 l37293 ls212">exchange </span><span class="pp-class-236 pa t43112 l37294">gain, </span><span class="pp-class-236 pa t43112 l41545 ls814">net</span></a><span class="pp-class-240 pa t48932 l51411">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l3">Other </span><span class="pp-class-236 pa t51412 l8396">financial </span><span class="pp-class-236 pa t51412 l51413">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l3 ls6824">Total </span><span class="pp-class-237 pa t51414 l20253 ls1107">financial </span><span class="pp-class-237 pa t51414 l50193">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l51415">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l41707 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48386 l3">Financial </span><span class="pp-class-237 pa t48386 l49228">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l3 ls428">Interest </span><span class="pp-class-236 pa t51416 l26038 ls1661">expense </span><span class="pp-class-236 pa t51416 l41739 ls138">to </span><span class="pp-class-236 pa t51416 l46384 ls1790">banks, </span><span class="pp-class-236 pa t51416 l51417 ls197">credit </span><span class="pp-class-236 pa t51416 l12599">institutions, </span><span class="pp-class-236 pa t51416 l51418 ls63">corporate </span><span class="pp-class-236 pa t51416 l51419">bonds, </span><span class="pp-class-236 pa t51416 l51420 ls181">etc.</span></a><span class="pp-class-240 pa t51421 l51422">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51423">502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51424">536</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l3 ls428">Interest </span><span class="pp-class-236 pa t51425 l26038 ls1661">expense </span><span class="pp-class-236 pa t51425 l41739">on </span><span class="pp-class-236 pa t51425 l49430">lease </span><span class="pp-class-236 pa t51425 l51426">liabilities</span><span class="pp-class-240 pa t51427 l51428">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l3 ls1133">Foreign </span><span class="pp-class-236 pa t51429 l37293 ls212">exchange </span><span class="pp-class-236 pa t51429 l37294">loss, </span><span class="pp-class-236 pa t51429 l48065 ls814">net</span></a><span class="pp-class-240 pa t51430 l36200">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l51431 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l3 ls1583">Defined </span><span class="pp-class-236 pa t51432 l41567 ls1583">benefit </span><span class="pp-class-236 pa t51432 l41571">pension </span><span class="pp-class-236 pa t51432 l41572">plans</span></a><span class="pp-class-240 pa t51433 l48135">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l3">Other </span><span class="pp-class-236 pa t51434 l8396">financial </span><span class="pp-class-236 pa t51434 l51413">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l44698">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l3 ls6824">Total </span><span class="pp-class-237 pa t51435 l20253 ls1107">financial </span><span class="pp-class-237 pa t51435 l50193">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l43259">856</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l51436 ls2270">870</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l3">Financial </span><span class="pp-class-237 pa t51437 l49228">income </span><span class="pp-class-237 pa t51437 l51438">and </span><span class="pp-class-237 pa t51437 l51439">costs, </span><span class="pp-class-237 pa t51437 l51440 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l39184 ls113">-818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l51441">-823</span></a></p></td></tr></table><div id="pp-id-5411"><div class="pp-class-227 pp-class-256" id="pp-id-5377"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p></div></div></div></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t8663 l3 ls1024">Primarily </span><span class="pp-class-239 pa t8663 l43983 ls967">relates </span><span class="pp-class-239 pa t8663 l1520 ls138">to </span><span class="pp-class-239 pa t8665 l3">financial </span><span class="pp-class-239 pa t8665 l3203 ls781">assets/</span><span class="pp-class-239 pa t8668 l3">liabilities </span><span class="pp-class-239 pa t8668 l49240 ls203">measured </span><span class="pp-class-239 pa t8668 l8624 ls2368">at </span><span class="pp-class-239 pa t8672 l3 ls3422">amortised </span><span class="pp-class-239 pa t8672 l9529 ls1465">cost. </span><span class="pp-class-239 pa t8672 l51486">Income </span><span class="pp-class-239 pa t8673 l3 ls67">(net) </span><span class="pp-class-239 pa t8673 l51487 ls181">from </span><span class="pp-class-239 pa t8673 l38415 ls428">interest </span><span class="pp-class-239 pa t9715 l3 ls1747">swaps </span><span class="pp-class-239 pa t9715 l49237">is </span><span class="pp-class-239 pa t9715 l51488">DKK </span><span class="pp-class-239 pa t9715 l51489">50m </span><span class="pp-class-239 pa t9720 l3 ls685">(2024: </span><span class="pp-class-239 pa t9720 l49237">DKK </span><span class="pp-class-239 pa t9720 l34281">40m) </span><span class="pp-class-239 pa t9720 l51490">and </span><span class="pp-class-239 pa t9720 l18850">is </span><span class="pp-class-239 pa t9725 l3 ls162">included </span><span class="pp-class-239 pa t9725 l21911">under </span><span class="pp-class-239 pa t9725 l51491 ls428">Interest </span><span class="pp-class-239 pa t9728 l3 ls1661">expense </span><span class="pp-class-239 pa t9728 l51492 ls138">to </span><span class="pp-class-239 pa t9728 l40096 ls1790">banks, </span><span class="pp-class-239 pa t9728 l11442 ls197">credit </span><span class="pp-class-239 pa t9733 l3">institutions, </span><span class="pp-class-239 pa t9733 l51493 ls15764">corporate </span><span class="pp-class-239 pa t10781 l3">bonds, </span><span class="pp-class-239 pa t10781 l51494 ls181">etc.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9739 l3">3</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t9744 l3 ls1133">Foreign </span><span class="pp-class-239 pa t9744 l37293 ls212">exchange </span><span class="pp-class-239 pa t9744 l37294">gains </span><span class="pp-class-239 pa t10808 l3">in </span><span class="pp-class-239 pa t10808 l4050">2025 </span><span class="pp-class-239 pa t10808 l43104 ls101">amounts </span><span class="pp-class-239 pa t10808 l29953 ls138">to </span><span class="pp-class-239 pa t10808 l4544">DKK </span><span class="pp-class-239 pa t13285 l3">546m </span><span class="pp-class-239 pa t13285 l51495 ls685">(2024: </span><span class="pp-class-239 pa t13285 l37702">DKK </span><span class="pp-class-239 pa t13285 l51496">560m) </span><span class="pp-class-239 pa t10814 l3">and </span><span class="pp-class-239 pa t10814 l13229 ls1757">foreign </span><span class="pp-class-239 pa t10814 l4045 ls212">exchange </span><span class="pp-class-239 pa t10822 l3">losses </span><span class="pp-class-239 pa t10822 l43151 ls101">amounts </span><span class="pp-class-239 pa t10822 l51497 ls138">to </span><span class="pp-class-239 pa t10829 l3">DKK </span><span class="pp-class-239 pa t10829 l2784">565m </span><span class="pp-class-239 pa t10829 l51498 ls685">(2024: </span><span class="pp-class-239 pa t10829 l51499">DKK </span><span class="pp-class-239 pa t10835 l3">535m). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51500 l3">4</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51501 l3 ls428">Reference </span><span class="pp-class-239 pa t51501 l42560">is </span><span class="pp-class-239 pa t51501 l51502 ls135">made </span><span class="pp-class-239 pa t51501 l26494 ls138">to </span><span class="pp-class-239 pa t51503 l3 ls1629">note </span><span class="pp-class-239 pa t51503 l43494 ls2808">3.1.3. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51504 l3">5</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51505 l3 ls428">Reference </span><span class="pp-class-239 pa t51505 l42560">is </span><span class="pp-class-239 pa t51505 l51502 ls135">made </span><span class="pp-class-239 pa t51505 l26494 ls138">to </span><span class="pp-class-239 pa t51506 l3 ls1629">note </span><span class="pp-class-239 pa t51506 l43494 ls11592">3.2.5. </span></p> <div id="pp-id-5412" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">4.4 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">income </span><span class="pp-class-234 pa t1122 l51403">and </span><span class="pp-class-234 pa t1122 l51404">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Financial </span><span class="pp-class-237 pa t37088 l49228">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls428">Interest </span><span class="pp-class-236 pa t47758 l26038">income </span><span class="pp-class-236 pa t47758 l36288 ls181">from </span><span class="pp-class-236 pa t47758 l51405 ls1790">banks, </span><span class="pp-class-236 pa t47758 l51406 ls181">etc.</span></a><span class="pp-class-240 pa t51407 l51408">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51409">30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51410">20</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43112 l37293 ls212">exchange </span><span class="pp-class-236 pa t43112 l37294">gain, </span><span class="pp-class-236 pa t43112 l41545 ls814">net</span></a><span class="pp-class-240 pa t48932 l51411">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l3">Other </span><span class="pp-class-236 pa t51412 l8396">financial </span><span class="pp-class-236 pa t51412 l51413">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l3 ls6824">Total </span><span class="pp-class-237 pa t51414 l20253 ls1107">financial </span><span class="pp-class-237 pa t51414 l50193">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l51415">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l41707 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48386 l3">Financial </span><span class="pp-class-237 pa t48386 l49228">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l3 ls428">Interest </span><span class="pp-class-236 pa t51416 l26038 ls1661">expense </span><span class="pp-class-236 pa t51416 l41739 ls138">to </span><span class="pp-class-236 pa t51416 l46384 ls1790">banks, </span><span class="pp-class-236 pa t51416 l51417 ls197">credit </span><span class="pp-class-236 pa t51416 l12599">institutions, </span><span class="pp-class-236 pa t51416 l51418 ls63">corporate </span><span class="pp-class-236 pa t51416 l51419">bonds, </span><span class="pp-class-236 pa t51416 l51420 ls181">etc.</span></a><span class="pp-class-240 pa t51421 l51422">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51423">502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51424">536</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l3 ls428">Interest </span><span class="pp-class-236 pa t51425 l26038 ls1661">expense </span><span class="pp-class-236 pa t51425 l41739">on </span><span class="pp-class-236 pa t51425 l49430">lease </span><span class="pp-class-236 pa t51425 l51426">liabilities</span><span class="pp-class-240 pa t51427 l51428">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l3 ls1133">Foreign </span><span class="pp-class-236 pa t51429 l37293 ls212">exchange </span><span class="pp-class-236 pa t51429 l37294">loss, </span><span class="pp-class-236 pa t51429 l48065 ls814">net</span></a><span class="pp-class-240 pa t51430 l36200">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l51431 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l3 ls1583">Defined </span><span class="pp-class-236 pa t51432 l41567 ls1583">benefit </span><span class="pp-class-236 pa t51432 l41571">pension </span><span class="pp-class-236 pa t51432 l41572">plans</span></a><span class="pp-class-240 pa t51433 l48135">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l3">Other </span><span class="pp-class-236 pa t51434 l8396">financial </span><span class="pp-class-236 pa t51434 l51413">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l44698">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l3 ls6824">Total </span><span class="pp-class-237 pa t51435 l20253 ls1107">financial </span><span class="pp-class-237 pa t51435 l50193">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l43259">856</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l51436 ls2270">870</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l3">Financial </span><span class="pp-class-237 pa t51437 l49228">income </span><span class="pp-class-237 pa t51437 l51438">and </span><span class="pp-class-237 pa t51437 l51439">costs, </span><span class="pp-class-237 pa t51437 l51440 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l39184 ls113">-818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l51441">-823</span></a></p></td></tr></table><div id="pp-id-5411"><div class="pp-class-227 pp-class-256" id="pp-id-5377"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p></div></div></div></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t8663 l3 ls1024">Primarily </span><span class="pp-class-239 pa t8663 l43983 ls967">relates </span><span class="pp-class-239 pa t8663 l1520 ls138">to </span><span class="pp-class-239 pa t8665 l3">financial </span><span class="pp-class-239 pa t8665 l3203 ls781">assets/</span><span class="pp-class-239 pa t8668 l3">liabilities </span><span class="pp-class-239 pa t8668 l49240 ls203">measured </span><span class="pp-class-239 pa t8668 l8624 ls2368">at </span><span class="pp-class-239 pa t8672 l3 ls3422">amortised </span><span class="pp-class-239 pa t8672 l9529 ls1465">cost. </span><span class="pp-class-239 pa t8672 l51486">Income </span><span class="pp-class-239 pa t8673 l3 ls67">(net) </span><span class="pp-class-239 pa t8673 l51487 ls181">from </span><span class="pp-class-239 pa t8673 l38415 ls428">interest </span><span class="pp-class-239 pa t9715 l3 ls1747">swaps </span><span class="pp-class-239 pa t9715 l49237">is </span><span class="pp-class-239 pa t9715 l51488">DKK </span><span class="pp-class-239 pa t9715 l51489">50m </span><span class="pp-class-239 pa t9720 l3 ls685">(2024: </span><span class="pp-class-239 pa t9720 l49237">DKK </span><span class="pp-class-239 pa t9720 l34281">40m) </span><span class="pp-class-239 pa t9720 l51490">and </span><span class="pp-class-239 pa t9720 l18850">is </span><span class="pp-class-239 pa t9725 l3 ls162">included </span><span class="pp-class-239 pa t9725 l21911">under </span><span class="pp-class-239 pa t9725 l51491 ls428">Interest </span><span class="pp-class-239 pa t9728 l3 ls1661">expense </span><span class="pp-class-239 pa t9728 l51492 ls138">to </span><span class="pp-class-239 pa t9728 l40096 ls1790">banks, </span><span class="pp-class-239 pa t9728 l11442 ls197">credit </span><span class="pp-class-239 pa t9733 l3">institutions, </span><span class="pp-class-239 pa t9733 l51493 ls15764">corporate </span><span class="pp-class-239 pa t10781 l3">bonds, </span><span class="pp-class-239 pa t10781 l51494 ls181">etc.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9739 l3">3</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t9744 l3 ls1133">Foreign </span><span class="pp-class-239 pa t9744 l37293 ls212">exchange </span><span class="pp-class-239 pa t9744 l37294">gains </span><span class="pp-class-239 pa t10808 l3">in </span><span class="pp-class-239 pa t10808 l4050">2025 </span><span class="pp-class-239 pa t10808 l43104 ls101">amounts </span><span class="pp-class-239 pa t10808 l29953 ls138">to </span><span class="pp-class-239 pa t10808 l4544">DKK </span><span class="pp-class-239 pa t13285 l3">546m </span><span class="pp-class-239 pa t13285 l51495 ls685">(2024: </span><span class="pp-class-239 pa t13285 l37702">DKK </span><span class="pp-class-239 pa t13285 l51496">560m) </span><span class="pp-class-239 pa t10814 l3">and </span><span class="pp-class-239 pa t10814 l13229 ls1757">foreign </span><span class="pp-class-239 pa t10814 l4045 ls212">exchange </span><span class="pp-class-239 pa t10822 l3">losses </span><span class="pp-class-239 pa t10822 l43151 ls101">amounts </span><span class="pp-class-239 pa t10822 l51497 ls138">to </span><span class="pp-class-239 pa t10829 l3">DKK </span><span class="pp-class-239 pa t10829 l2784">565m </span><span class="pp-class-239 pa t10829 l51498 ls685">(2024: </span><span class="pp-class-239 pa t10829 l51499">DKK </span><span class="pp-class-239 pa t10835 l3">535m). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51500 l3">4</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51501 l3 ls428">Reference </span><span class="pp-class-239 pa t51501 l42560">is </span><span class="pp-class-239 pa t51501 l51502 ls135">made </span><span class="pp-class-239 pa t51501 l26494 ls138">to </span><span class="pp-class-239 pa t51503 l3 ls1629">note </span><span class="pp-class-239 pa t51503 l43494 ls2808">3.1.3. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51504 l3">5</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51505 l3 ls428">Reference </span><span class="pp-class-239 pa t51505 l42560">is </span><span class="pp-class-239 pa t51505 l51502 ls135">made </span><span class="pp-class-239 pa t51505 l26494 ls138">to </span><span class="pp-class-239 pa t51506 l3 ls1629">note </span><span class="pp-class-239 pa t51506 l43494 ls11592">3.2.5. </span></p> <div id="pp-id-5412" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">4.4 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">income </span><span class="pp-class-234 pa t1122 l51403">and </span><span class="pp-class-234 pa t1122 l51404">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Financial </span><span class="pp-class-237 pa t37088 l49228">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls428">Interest </span><span class="pp-class-236 pa t47758 l26038">income </span><span class="pp-class-236 pa t47758 l36288 ls181">from </span><span class="pp-class-236 pa t47758 l51405 ls1790">banks, </span><span class="pp-class-236 pa t47758 l51406 ls181">etc.</span></a><span class="pp-class-240 pa t51407 l51408">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51409">30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51410">20</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43112 l37293 ls212">exchange </span><span class="pp-class-236 pa t43112 l37294">gain, </span><span class="pp-class-236 pa t43112 l41545 ls814">net</span></a><span class="pp-class-240 pa t48932 l51411">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l3">Other </span><span class="pp-class-236 pa t51412 l8396">financial </span><span class="pp-class-236 pa t51412 l51413">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l3 ls6824">Total </span><span class="pp-class-237 pa t51414 l20253 ls1107">financial </span><span class="pp-class-237 pa t51414 l50193">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l51415">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l41707 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48386 l3">Financial </span><span class="pp-class-237 pa t48386 l49228">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l3 ls428">Interest </span><span class="pp-class-236 pa t51416 l26038 ls1661">expense </span><span class="pp-class-236 pa t51416 l41739 ls138">to </span><span class="pp-class-236 pa t51416 l46384 ls1790">banks, </span><span class="pp-class-236 pa t51416 l51417 ls197">credit </span><span class="pp-class-236 pa t51416 l12599">institutions, </span><span class="pp-class-236 pa t51416 l51418 ls63">corporate </span><span class="pp-class-236 pa t51416 l51419">bonds, </span><span class="pp-class-236 pa t51416 l51420 ls181">etc.</span></a><span class="pp-class-240 pa t51421 l51422">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51423">502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51424">536</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l3 ls428">Interest </span><span class="pp-class-236 pa t51425 l26038 ls1661">expense </span><span class="pp-class-236 pa t51425 l41739">on </span><span class="pp-class-236 pa t51425 l49430">lease </span><span class="pp-class-236 pa t51425 l51426">liabilities</span><span class="pp-class-240 pa t51427 l51428">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l3 ls1133">Foreign </span><span class="pp-class-236 pa t51429 l37293 ls212">exchange </span><span class="pp-class-236 pa t51429 l37294">loss, </span><span class="pp-class-236 pa t51429 l48065 ls814">net</span></a><span class="pp-class-240 pa t51430 l36200">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l51431 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l3 ls1583">Defined </span><span class="pp-class-236 pa t51432 l41567 ls1583">benefit </span><span class="pp-class-236 pa t51432 l41571">pension </span><span class="pp-class-236 pa t51432 l41572">plans</span></a><span class="pp-class-240 pa t51433 l48135">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l3">Other </span><span class="pp-class-236 pa t51434 l8396">financial </span><span class="pp-class-236 pa t51434 l51413">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l44698">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l3 ls6824">Total </span><span class="pp-class-237 pa t51435 l20253 ls1107">financial </span><span class="pp-class-237 pa t51435 l50193">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l43259">856</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l51436 ls2270">870</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l3">Financial </span><span class="pp-class-237 pa t51437 l49228">income </span><span class="pp-class-237 pa t51437 l51438">and </span><span class="pp-class-237 pa t51437 l51439">costs, </span><span class="pp-class-237 pa t51437 l51440 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l39184 ls113">-818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l51441">-823</span></a></p></td></tr></table><div id="pp-id-5411"><div class="pp-class-227 pp-class-256" id="pp-id-5377"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p></div></div></div></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t8663 l3 ls1024">Primarily </span><span class="pp-class-239 pa t8663 l43983 ls967">relates </span><span class="pp-class-239 pa t8663 l1520 ls138">to </span><span class="pp-class-239 pa t8665 l3">financial </span><span class="pp-class-239 pa t8665 l3203 ls781">assets/</span><span class="pp-class-239 pa t8668 l3">liabilities </span><span class="pp-class-239 pa t8668 l49240 ls203">measured </span><span class="pp-class-239 pa t8668 l8624 ls2368">at </span><span class="pp-class-239 pa t8672 l3 ls3422">amortised </span><span class="pp-class-239 pa t8672 l9529 ls1465">cost. </span><span class="pp-class-239 pa t8672 l51486">Income </span><span class="pp-class-239 pa t8673 l3 ls67">(net) </span><span class="pp-class-239 pa t8673 l51487 ls181">from </span><span class="pp-class-239 pa t8673 l38415 ls428">interest </span><span class="pp-class-239 pa t9715 l3 ls1747">swaps </span><span class="pp-class-239 pa t9715 l49237">is </span><span class="pp-class-239 pa t9715 l51488">DKK </span><span class="pp-class-239 pa t9715 l51489">50m </span><span class="pp-class-239 pa t9720 l3 ls685">(2024: </span><span class="pp-class-239 pa t9720 l49237">DKK </span><span class="pp-class-239 pa t9720 l34281">40m) </span><span class="pp-class-239 pa t9720 l51490">and </span><span class="pp-class-239 pa t9720 l18850">is </span><span class="pp-class-239 pa t9725 l3 ls162">included </span><span class="pp-class-239 pa t9725 l21911">under </span><span class="pp-class-239 pa t9725 l51491 ls428">Interest </span><span class="pp-class-239 pa t9728 l3 ls1661">expense </span><span class="pp-class-239 pa t9728 l51492 ls138">to </span><span class="pp-class-239 pa t9728 l40096 ls1790">banks, </span><span class="pp-class-239 pa t9728 l11442 ls197">credit </span><span class="pp-class-239 pa t9733 l3">institutions, </span><span class="pp-class-239 pa t9733 l51493 ls15764">corporate </span><span class="pp-class-239 pa t10781 l3">bonds, </span><span class="pp-class-239 pa t10781 l51494 ls181">etc.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9739 l3">3</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t9744 l3 ls1133">Foreign </span><span class="pp-class-239 pa t9744 l37293 ls212">exchange </span><span class="pp-class-239 pa t9744 l37294">gains </span><span class="pp-class-239 pa t10808 l3">in </span><span class="pp-class-239 pa t10808 l4050">2025 </span><span class="pp-class-239 pa t10808 l43104 ls101">amounts </span><span class="pp-class-239 pa t10808 l29953 ls138">to </span><span class="pp-class-239 pa t10808 l4544">DKK </span><span class="pp-class-239 pa t13285 l3">546m </span><span class="pp-class-239 pa t13285 l51495 ls685">(2024: </span><span class="pp-class-239 pa t13285 l37702">DKK </span><span class="pp-class-239 pa t13285 l51496">560m) </span><span class="pp-class-239 pa t10814 l3">and </span><span class="pp-class-239 pa t10814 l13229 ls1757">foreign </span><span class="pp-class-239 pa t10814 l4045 ls212">exchange </span><span class="pp-class-239 pa t10822 l3">losses </span><span class="pp-class-239 pa t10822 l43151 ls101">amounts </span><span class="pp-class-239 pa t10822 l51497 ls138">to </span><span class="pp-class-239 pa t10829 l3">DKK </span><span class="pp-class-239 pa t10829 l2784">565m </span><span class="pp-class-239 pa t10829 l51498 ls685">(2024: </span><span class="pp-class-239 pa t10829 l51499">DKK </span><span class="pp-class-239 pa t10835 l3">535m). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51500 l3">4</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51501 l3 ls428">Reference </span><span class="pp-class-239 pa t51501 l42560">is </span><span class="pp-class-239 pa t51501 l51502 ls135">made </span><span class="pp-class-239 pa t51501 l26494 ls138">to </span><span class="pp-class-239 pa t51503 l3 ls1629">note </span><span class="pp-class-239 pa t51503 l43494 ls2808">3.1.3. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51504 l3">5</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51505 l3 ls428">Reference </span><span class="pp-class-239 pa t51505 l42560">is </span><span class="pp-class-239 pa t51505 l51502 ls135">made </span><span class="pp-class-239 pa t51505 l26494 ls138">to </span><span class="pp-class-239 pa t51506 l3 ls1629">note </span><span class="pp-class-239 pa t51506 l43494 ls11592">3.2.5. </span></p> <div id="pp-id-5412" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">4.4 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">income </span><span class="pp-class-234 pa t1122 l51403">and </span><span class="pp-class-234 pa t1122 l51404">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Financial </span><span class="pp-class-237 pa t37088 l49228">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls428">Interest </span><span class="pp-class-236 pa t47758 l26038">income </span><span class="pp-class-236 pa t47758 l36288 ls181">from </span><span class="pp-class-236 pa t47758 l51405 ls1790">banks, </span><span class="pp-class-236 pa t47758 l51406 ls181">etc.</span></a><span class="pp-class-240 pa t51407 l51408">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51409">30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51410">20</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43112 l37293 ls212">exchange </span><span class="pp-class-236 pa t43112 l37294">gain, </span><span class="pp-class-236 pa t43112 l41545 ls814">net</span></a><span class="pp-class-240 pa t48932 l51411">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l3">Other </span><span class="pp-class-236 pa t51412 l8396">financial </span><span class="pp-class-236 pa t51412 l51413">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l3 ls6824">Total </span><span class="pp-class-237 pa t51414 l20253 ls1107">financial </span><span class="pp-class-237 pa t51414 l50193">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l51415">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l41707 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48386 l3">Financial </span><span class="pp-class-237 pa t48386 l49228">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l3 ls428">Interest </span><span class="pp-class-236 pa t51416 l26038 ls1661">expense </span><span class="pp-class-236 pa t51416 l41739 ls138">to </span><span class="pp-class-236 pa t51416 l46384 ls1790">banks, </span><span class="pp-class-236 pa t51416 l51417 ls197">credit </span><span class="pp-class-236 pa t51416 l12599">institutions, </span><span class="pp-class-236 pa t51416 l51418 ls63">corporate </span><span class="pp-class-236 pa t51416 l51419">bonds, </span><span class="pp-class-236 pa t51416 l51420 ls181">etc.</span></a><span class="pp-class-240 pa t51421 l51422">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51423">502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51424">536</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l3 ls428">Interest </span><span class="pp-class-236 pa t51425 l26038 ls1661">expense </span><span class="pp-class-236 pa t51425 l41739">on </span><span class="pp-class-236 pa t51425 l49430">lease </span><span class="pp-class-236 pa t51425 l51426">liabilities</span><span class="pp-class-240 pa t51427 l51428">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l3 ls1133">Foreign </span><span class="pp-class-236 pa t51429 l37293 ls212">exchange </span><span class="pp-class-236 pa t51429 l37294">loss, </span><span class="pp-class-236 pa t51429 l48065 ls814">net</span></a><span class="pp-class-240 pa t51430 l36200">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l51431 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l3 ls1583">Defined </span><span class="pp-class-236 pa t51432 l41567 ls1583">benefit </span><span class="pp-class-236 pa t51432 l41571">pension </span><span class="pp-class-236 pa t51432 l41572">plans</span></a><span class="pp-class-240 pa t51433 l48135">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l3">Other </span><span class="pp-class-236 pa t51434 l8396">financial </span><span class="pp-class-236 pa t51434 l51413">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l44698">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l3 ls6824">Total </span><span class="pp-class-237 pa t51435 l20253 ls1107">financial </span><span class="pp-class-237 pa t51435 l50193">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l43259">856</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l51436 ls2270">870</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l3">Financial </span><span class="pp-class-237 pa t51437 l49228">income </span><span class="pp-class-237 pa t51437 l51438">and </span><span class="pp-class-237 pa t51437 l51439">costs, </span><span class="pp-class-237 pa t51437 l51440 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l39184 ls113">-818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l51441">-823</span></a></p></td></tr></table><div id="pp-id-5411"><div class="pp-class-227 pp-class-256" id="pp-id-5377"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p></div></div></div></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t8663 l3 ls1024">Primarily </span><span class="pp-class-239 pa t8663 l43983 ls967">relates </span><span class="pp-class-239 pa t8663 l1520 ls138">to </span><span class="pp-class-239 pa t8665 l3">financial </span><span class="pp-class-239 pa t8665 l3203 ls781">assets/</span><span class="pp-class-239 pa t8668 l3">liabilities </span><span class="pp-class-239 pa t8668 l49240 ls203">measured </span><span class="pp-class-239 pa t8668 l8624 ls2368">at </span><span class="pp-class-239 pa t8672 l3 ls3422">amortised </span><span class="pp-class-239 pa t8672 l9529 ls1465">cost. </span><span class="pp-class-239 pa t8672 l51486">Income </span><span class="pp-class-239 pa t8673 l3 ls67">(net) </span><span class="pp-class-239 pa t8673 l51487 ls181">from </span><span class="pp-class-239 pa t8673 l38415 ls428">interest </span><span class="pp-class-239 pa t9715 l3 ls1747">swaps </span><span class="pp-class-239 pa t9715 l49237">is </span><span class="pp-class-239 pa t9715 l51488">DKK </span><span class="pp-class-239 pa t9715 l51489">50m </span><span class="pp-class-239 pa t9720 l3 ls685">(2024: </span><span class="pp-class-239 pa t9720 l49237">DKK </span><span class="pp-class-239 pa t9720 l34281">40m) </span><span class="pp-class-239 pa t9720 l51490">and </span><span class="pp-class-239 pa t9720 l18850">is </span><span class="pp-class-239 pa t9725 l3 ls162">included </span><span class="pp-class-239 pa t9725 l21911">under </span><span class="pp-class-239 pa t9725 l51491 ls428">Interest </span><span class="pp-class-239 pa t9728 l3 ls1661">expense </span><span class="pp-class-239 pa t9728 l51492 ls138">to </span><span class="pp-class-239 pa t9728 l40096 ls1790">banks, </span><span class="pp-class-239 pa t9728 l11442 ls197">credit </span><span class="pp-class-239 pa t9733 l3">institutions, </span><span class="pp-class-239 pa t9733 l51493 ls15764">corporate </span><span class="pp-class-239 pa t10781 l3">bonds, </span><span class="pp-class-239 pa t10781 l51494 ls181">etc.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9739 l3">3</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t9744 l3 ls1133">Foreign </span><span class="pp-class-239 pa t9744 l37293 ls212">exchange </span><span class="pp-class-239 pa t9744 l37294">gains </span><span class="pp-class-239 pa t10808 l3">in </span><span class="pp-class-239 pa t10808 l4050">2025 </span><span class="pp-class-239 pa t10808 l43104 ls101">amounts </span><span class="pp-class-239 pa t10808 l29953 ls138">to </span><span class="pp-class-239 pa t10808 l4544">DKK </span><span class="pp-class-239 pa t13285 l3">546m </span><span class="pp-class-239 pa t13285 l51495 ls685">(2024: </span><span class="pp-class-239 pa t13285 l37702">DKK </span><span class="pp-class-239 pa t13285 l51496">560m) </span><span class="pp-class-239 pa t10814 l3">and </span><span class="pp-class-239 pa t10814 l13229 ls1757">foreign </span><span class="pp-class-239 pa t10814 l4045 ls212">exchange </span><span class="pp-class-239 pa t10822 l3">losses </span><span class="pp-class-239 pa t10822 l43151 ls101">amounts </span><span class="pp-class-239 pa t10822 l51497 ls138">to </span><span class="pp-class-239 pa t10829 l3">DKK </span><span class="pp-class-239 pa t10829 l2784">565m </span><span class="pp-class-239 pa t10829 l51498 ls685">(2024: </span><span class="pp-class-239 pa t10829 l51499">DKK </span><span class="pp-class-239 pa t10835 l3">535m). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51500 l3">4</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51501 l3 ls428">Reference </span><span class="pp-class-239 pa t51501 l42560">is </span><span class="pp-class-239 pa t51501 l51502 ls135">made </span><span class="pp-class-239 pa t51501 l26494 ls138">to </span><span class="pp-class-239 pa t51503 l3 ls1629">note </span><span class="pp-class-239 pa t51503 l43494 ls2808">3.1.3. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51504 l3">5</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51505 l3 ls428">Reference </span><span class="pp-class-239 pa t51505 l42560">is </span><span class="pp-class-239 pa t51505 l51502 ls135">made </span><span class="pp-class-239 pa t51505 l26494 ls138">to </span><span class="pp-class-239 pa t51506 l3 ls1629">note </span><span class="pp-class-239 pa t51506 l43494 ls11592">3.2.5. </span></p> <div id="pp-id-5412" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls1792">4.4 </span><span class="pp-class-234 pa t1122 l38307">Financial </span><span class="pp-class-234 pa t1122 l49254">income </span><span class="pp-class-234 pa t1122 l51403">and </span><span class="pp-class-234 pa t1122 l51404">costs</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3">Financial </span><span class="pp-class-237 pa t37088 l49228">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l3 ls428">Interest </span><span class="pp-class-236 pa t47758 l26038">income </span><span class="pp-class-236 pa t47758 l36288 ls181">from </span><span class="pp-class-236 pa t47758 l51405 ls1790">banks, </span><span class="pp-class-236 pa t47758 l51406 ls181">etc.</span></a><span class="pp-class-240 pa t51407 l51408">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51409">30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47758 l51410">20</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l3 ls1133">Foreign </span><span class="pp-class-236 pa t43112 l37293 ls212">exchange </span><span class="pp-class-236 pa t43112 l37294">gain, </span><span class="pp-class-236 pa t43112 l41545 ls814">net</span></a><span class="pp-class-240 pa t48932 l51411">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43112 l41693">25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l3">Other </span><span class="pp-class-236 pa t51412 l8396">financial </span><span class="pp-class-236 pa t51412 l51413">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l50756">8</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51412 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l3 ls6824">Total </span><span class="pp-class-237 pa t51414 l20253 ls1107">financial </span><span class="pp-class-237 pa t51414 l50193">income</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l51415">38</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51414 l41707 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48386 l3">Financial </span><span class="pp-class-237 pa t48386 l49228">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l3 ls428">Interest </span><span class="pp-class-236 pa t51416 l26038 ls1661">expense </span><span class="pp-class-236 pa t51416 l41739 ls138">to </span><span class="pp-class-236 pa t51416 l46384 ls1790">banks, </span><span class="pp-class-236 pa t51416 l51417 ls197">credit </span><span class="pp-class-236 pa t51416 l12599">institutions, </span><span class="pp-class-236 pa t51416 l51418 ls63">corporate </span><span class="pp-class-236 pa t51416 l51419">bonds, </span><span class="pp-class-236 pa t51416 l51420 ls181">etc.</span></a><span class="pp-class-240 pa t51421 l51422">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51423">502</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51416 l51424">536</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l3 ls428">Interest </span><span class="pp-class-236 pa t51425 l26038 ls1661">expense </span><span class="pp-class-236 pa t51425 l41739">on </span><span class="pp-class-236 pa t51425 l49430">lease </span><span class="pp-class-236 pa t51425 l51426">liabilities</span><span class="pp-class-240 pa t51427 l51428">4</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l43147">290</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51425 l44919">286</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l3 ls1133">Foreign </span><span class="pp-class-236 pa t51429 l37293 ls212">exchange </span><span class="pp-class-236 pa t51429 l37294">loss, </span><span class="pp-class-236 pa t51429 l48065 ls814">net</span></a><span class="pp-class-240 pa t51430 l36200">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l51431 ls1133">18</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51429 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l3 ls1583">Defined </span><span class="pp-class-236 pa t51432 l41567 ls1583">benefit </span><span class="pp-class-236 pa t51432 l41571">pension </span><span class="pp-class-236 pa t51432 l41572">plans</span></a><span class="pp-class-240 pa t51433 l48135">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l43621">3</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51432 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l3">Other </span><span class="pp-class-236 pa t51434 l8396">financial </span><span class="pp-class-236 pa t51434 l51413">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l44698">43</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51434 l37172 ls17858">47</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l3 ls6824">Total </span><span class="pp-class-237 pa t51435 l20253 ls1107">financial </span><span class="pp-class-237 pa t51435 l50193">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l43259">856</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51435 l51436 ls2270">870</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l3">Financial </span><span class="pp-class-237 pa t51437 l49228">income </span><span class="pp-class-237 pa t51437 l51438">and </span><span class="pp-class-237 pa t51437 l51439">costs, </span><span class="pp-class-237 pa t51437 l51440 ls781">net</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l39184 ls113">-818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51437 l51441">-823</span></a></p></td></tr></table><div id="pp-id-5411"><div class="pp-class-227 pp-class-256" id="pp-id-5377"><div class="w40752 h47768 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p></div></div></div></div></div><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9688 l3">2</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t8663 l3 ls1024">Primarily </span><span class="pp-class-239 pa t8663 l43983 ls967">relates </span><span class="pp-class-239 pa t8663 l1520 ls138">to </span><span class="pp-class-239 pa t8665 l3">financial </span><span class="pp-class-239 pa t8665 l3203 ls781">assets/</span><span class="pp-class-239 pa t8668 l3">liabilities </span><span class="pp-class-239 pa t8668 l49240 ls203">measured </span><span class="pp-class-239 pa t8668 l8624 ls2368">at </span><span class="pp-class-239 pa t8672 l3 ls3422">amortised </span><span class="pp-class-239 pa t8672 l9529 ls1465">cost. </span><span class="pp-class-239 pa t8672 l51486">Income </span><span class="pp-class-239 pa t8673 l3 ls67">(net) </span><span class="pp-class-239 pa t8673 l51487 ls181">from </span><span class="pp-class-239 pa t8673 l38415 ls428">interest </span><span class="pp-class-239 pa t9715 l3 ls1747">swaps </span><span class="pp-class-239 pa t9715 l49237">is </span><span class="pp-class-239 pa t9715 l51488">DKK </span><span class="pp-class-239 pa t9715 l51489">50m </span><span class="pp-class-239 pa t9720 l3 ls685">(2024: </span><span class="pp-class-239 pa t9720 l49237">DKK </span><span class="pp-class-239 pa t9720 l34281">40m) </span><span class="pp-class-239 pa t9720 l51490">and </span><span class="pp-class-239 pa t9720 l18850">is </span><span class="pp-class-239 pa t9725 l3 ls162">included </span><span class="pp-class-239 pa t9725 l21911">under </span><span class="pp-class-239 pa t9725 l51491 ls428">Interest </span><span class="pp-class-239 pa t9728 l3 ls1661">expense </span><span class="pp-class-239 pa t9728 l51492 ls138">to </span><span class="pp-class-239 pa t9728 l40096 ls1790">banks, </span><span class="pp-class-239 pa t9728 l11442 ls197">credit </span><span class="pp-class-239 pa t9733 l3">institutions, </span><span class="pp-class-239 pa t9733 l51493 ls15764">corporate </span><span class="pp-class-239 pa t10781 l3">bonds, </span><span class="pp-class-239 pa t10781 l51494 ls181">etc.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t9739 l3">3</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t9744 l3 ls1133">Foreign </span><span class="pp-class-239 pa t9744 l37293 ls212">exchange </span><span class="pp-class-239 pa t9744 l37294">gains </span><span class="pp-class-239 pa t10808 l3">in </span><span class="pp-class-239 pa t10808 l4050">2025 </span><span class="pp-class-239 pa t10808 l43104 ls101">amounts </span><span class="pp-class-239 pa t10808 l29953 ls138">to </span><span class="pp-class-239 pa t10808 l4544">DKK </span><span class="pp-class-239 pa t13285 l3">546m </span><span class="pp-class-239 pa t13285 l51495 ls685">(2024: </span><span class="pp-class-239 pa t13285 l37702">DKK </span><span class="pp-class-239 pa t13285 l51496">560m) </span><span class="pp-class-239 pa t10814 l3">and </span><span class="pp-class-239 pa t10814 l13229 ls1757">foreign </span><span class="pp-class-239 pa t10814 l4045 ls212">exchange </span><span class="pp-class-239 pa t10822 l3">losses </span><span class="pp-class-239 pa t10822 l43151 ls101">amounts </span><span class="pp-class-239 pa t10822 l51497 ls138">to </span><span class="pp-class-239 pa t10829 l3">DKK </span><span class="pp-class-239 pa t10829 l2784">565m </span><span class="pp-class-239 pa t10829 l51498 ls685">(2024: </span><span class="pp-class-239 pa t10829 l51499">DKK </span><span class="pp-class-239 pa t10835 l3">535m). </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51500 l3">4</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51501 l3 ls428">Reference </span><span class="pp-class-239 pa t51501 l42560">is </span><span class="pp-class-239 pa t51501 l51502 ls135">made </span><span class="pp-class-239 pa t51501 l26494 ls138">to </span><span class="pp-class-239 pa t51503 l3 ls1629">note </span><span class="pp-class-239 pa t51503 l43494 ls2808">3.1.3. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-238 pa t51504 l3">5</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-239 pa t51505 l3 ls428">Reference </span><span class="pp-class-239 pa t51505 l42560">is </span><span class="pp-class-239 pa t51505 l51502 ls135">made </span><span class="pp-class-239 pa t51505 l26494 ls138">to </span><span class="pp-class-239 pa t51506 l3 ls1629">note </span><span class="pp-class-239 pa t51506 l43494 ls11592">3.2.5. </span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls995">Financial </span><span class="pp-class-236 pa t40754 l13306 ls1764">income </span><span class="pp-class-236 pa t40754 l51442 ls572">and </span><span class="pp-class-236 pa t40754 l31362 ls538">costs </span><span class="pp-class-236 pa t40754 l51443 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51444 ls706">interest </span><span class="pp-class-236 pa t40754 l42823 ls1764">income </span><span class="pp-class-236 pa t40754 l51445 ls651">and </span><span class="pp-class-236 pa t40754 l51446 ls1764">costs; </span><span class="pp-class-236 pa t40754 l41621 ls3855">realised </span><span class="pp-class-236 pa t40754 l51447 ls572">and </span><span class="pp-class-236 pa t40754 l51448 ls667">unrealised </span><span class="pp-class-236 pa t40754 l51449 ls621">foreign </span><span class="pp-class-236 pa t40763 l3 ls11713">exchange </span><span class="pp-class-236 pa t40763 l35099 ls538">gains </span><span class="pp-class-236 pa t40763 l49833 ls651">and </span><span class="pp-class-236 pa t40763 l51450 ls1764">losses </span><span class="pp-class-236 pa t40763 l51451 ls811">on </span><span class="pp-class-236 pa t40763 l51452 ls1463">receivables, </span><span class="pp-class-236 pa t40763 l9071 ls877">payables </span><span class="pp-class-236 pa t40763 l51453 ls651">and </span><span class="pp-class-236 pa t40763 l49303 ls691">transactions </span><span class="pp-class-236 pa t40763 l51454 ls1780">denominated </span><span class="pp-class-236 pa t40763 l51455 ls811">in </span><span class="pp-class-236 pa t40763 l40293 ls621">foreign </span><span class="pp-class-236 pa t40775 l3 ls838">currencies; </span><span class="pp-class-236 pa t40775 l19679 ls3855">realised </span><span class="pp-class-236 pa t40775 l46434 ls538">gains </span><span class="pp-class-236 pa t40775 l37856 ls651">and </span><span class="pp-class-236 pa t40775 l23975 ls1764">losses </span><span class="pp-class-236 pa t40775 l51456 ls811">on </span><span class="pp-class-236 pa t40775 l40698 ls625">securities; </span><span class="pp-class-236 pa t40775 l51457 ls179">amortisation </span><span class="pp-class-236 pa t40775 l51458 ls98">of </span><span class="pp-class-236 pa t40775 l51459 ls995">financial </span><span class="pp-class-236 pa t40775 l51460 ls179">assets </span><span class="pp-class-236 pa t40775 l51461 ls572">and </span><span class="pp-class-236 pa t40775 l51462 ls696">liabilities; </span><span class="pp-class-236 pa t41664 l3 ls7086">interests </span><span class="pp-class-236 pa t41664 l51463 ls811">on </span><span class="pp-class-236 pa t41664 l45773 ls2036">leasing </span><span class="pp-class-236 pa t41664 l51464 ls7086">agreements; </span><span class="pp-class-236 pa t41664 l51465 ls2222">bank </span><span class="pp-class-236 pa t41664 l51466 ls556">charges </span><span class="pp-class-236 pa t41664 l51467 ls651">and </span><span class="pp-class-236 pa t41664 l24387 ls553">fees </span><span class="pp-class-236 pa t41664 l51468 ls4787">etc. </span><span class="pp-class-236 pa t41664 l51469 ls2222">Also </span><span class="pp-class-236 pa t41664 l51470 ls179">included </span><span class="pp-class-236 pa t41664 l51471 ls2808">are </span><span class="pp-class-236 pa t41664 l51472 ls3855">realised </span><span class="pp-class-236 pa t41664 l51473 ls184">and </span><span class="pp-class-236 pa t40783 l3 ls667">unrealised </span><span class="pp-class-236 pa t40783 l9529 ls538">gains </span><span class="pp-class-236 pa t40783 l50375 ls651">and </span><span class="pp-class-236 pa t40783 l51474 ls1764">losses </span><span class="pp-class-236 pa t40783 l12651 ls811">on </span><span class="pp-class-236 pa t40783 l51475 ls4775">derivative </span><span class="pp-class-236 pa t40783 l51476 ls995">financial </span><span class="pp-class-236 pa t40783 l51477 ls524">instruments </span><span class="pp-class-236 pa t40783 l51478 ls616">that </span><span class="pp-class-236 pa t40783 l51479 ls2808">are </span><span class="pp-class-236 pa t40783 l51480 ls4248">not </span><span class="pp-class-236 pa t40783 l51481 ls560">designated </span><span class="pp-class-236 pa t40783 l51482 ls811">as </span><span class="pp-class-236 pa t40783 l51483 ls1764">hedges.</span></p> <div id="pp-id-5413" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h51508 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">4.5 </span><span class="pp-class-234 pa t1122 l38307 ls1024">Interest-bearing </span><span class="pp-class-234 pa t1122 l51509">liabilities</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3">Bank </span><span class="pp-class-236 pa t37088 l50200">loans </span><span class="pp-class-236 pa t37088 l50201">and </span><span class="pp-class-236 pa t37088 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t37088 l50203">on </span><span class="pp-class-236 pa t37088 l13191 ls115">ferries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l51510 ls8486">8,569</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l51511 ls645">9,894</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3">Issued </span><span class="pp-class-236 pa t41562 l50210 ls63">corporate </span><span class="pp-class-236 pa t41562 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l51512 ls532">1,481</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l51291 ls135">2,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3">Lease </span><span class="pp-class-236 pa t41566 l44863">liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l44874">4,232</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l44875 ls98">4,846</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3">Other </span><span class="pp-class-236 pa t41570 l8396 ls1629">non-current </span><span class="pp-class-236 pa t41570 l16342">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l44657">195</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l40998">263</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l3 ls6824">Total </span><span class="pp-class-237 pa t51513 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51513 l23097 ls177">non-current </span><span class="pp-class-237 pa t51513 l51514">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l51515 ls884">14,477</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l51516 ls3002">17,113</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47141 l3">Bank </span><span class="pp-class-236 pa t47141 l50200">loans </span><span class="pp-class-236 pa t47141 l50201">and </span><span class="pp-class-236 pa t47141 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t47141 l50203">on </span><span class="pp-class-236 pa t47141 l13191 ls115">ferries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47141 l51517">895</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47141 l51518">551</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l3">Issued </span><span class="pp-class-236 pa t47146 l50210 ls63">corporate </span><span class="pp-class-236 pa t47146 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l48575">629</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51519 l3">Lease </span><span class="pp-class-236 pa t51519 l44863">liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51519 l44877 ls12541">974</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51519 l37158 ls1404">1,027</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l3">Other </span><span class="pp-class-236 pa t41591 l8396 ls1629">non-current </span><span class="pp-class-236 pa t41591 l16342">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l51520">41</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l51521">44</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51522 l3 ls6824">Total </span><span class="pp-class-237 pa t51522 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51522 l23097 ls135">current </span><span class="pp-class-237 pa t51522 l51523">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51522 l51524 ls3852">2,539</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51522 l51299 ls94">1,621</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51525 l3 ls6824">Total </span><span class="pp-class-237 pa t51525 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51525 l23097">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51525 l51526 ls49374">17,016</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51525 l51390 ls30818">18,733</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51527 l3 ls811">In </span><span class="pp-class-236 pa t51527 l38573 ls2565">2025, </span><span class="pp-class-236 pa t51527 l29733 ls2222">DFDS </span><span class="pp-class-236 pa t51527 l51528 ls2270">entered </span><span class="pp-class-236 pa t51527 l47516 ls546">into </span><span class="pp-class-236 pa t51527 l51529 ls184">a </span><span class="pp-class-236 pa t51527 l51530 ls556">new </span><span class="pp-class-236 pa t51527 l51531 ls651">EUR </span><span class="pp-class-236 pa t51527 l51532 ls572">50m </span><span class="pp-class-236 pa t51527 l51533 ls995">term </span><span class="pp-class-236 pa t51527 l51534 ls2222">loan </span><span class="pp-class-236 pa t51527 l51535 ls538">based </span><span class="pp-class-236 pa t51527 l51536 ls811">on </span><span class="pp-class-236 pa t51527 l51537 ls544">EURIBOR </span><span class="pp-class-236 pa t51527 l51538 ls572">3M, </span><span class="pp-class-236 pa t51527 l51539 ls2222">with </span><span class="pp-class-236 pa t51527 l51540 ls811">an </span><span class="pp-class-236 pa t51527 l51541 ls1751">original </span><span class="pp-class-236 pa t51527 l39970 ls706">three </span><span class="pp-class-236 pa t51527 l51542 ls546">year </span><span class="pp-class-236 pa t51543 l3 ls548">maturity </span><span class="pp-class-236 pa t51543 l51544 ls614">(maturing </span><span class="pp-class-236 pa t51543 l31580 ls1764">2028). </span><span class="pp-class-236 pa t51543 l51545 ls651">The </span><span class="pp-class-236 pa t51543 l51546 ls2207">facility </span><span class="pp-class-236 pa t51543 l51547 ls556">was </span><span class="pp-class-236 pa t51543 l48797 ls621">subsequently </span><span class="pp-class-236 pa t51543 l42540 ls2197">extended </span><span class="pp-class-236 pa t51543 l51548 ls706">by </span><span class="pp-class-236 pa t51543 l51549 ls572">one </span><span class="pp-class-236 pa t51543 l51550 ls8048">year </span><span class="pp-class-236 pa t51543 l51551 ls651">and </span><span class="pp-class-236 pa t51543 l51552 ls556">now </span><span class="pp-class-236 pa t51543 l51553 ls7468">matures </span><span class="pp-class-236 pa t51543 l51554 ls811">in </span><span class="pp-class-236 pa t51543 l51555 ls7832">2029. </span><span class="pp-class-236 pa t51543 l51556 ls1547">In </span><span class="pp-class-236 pa t51557 l3 ls544">addition, </span><span class="pp-class-236 pa t51557 l43974 ls2222">DFDS </span><span class="pp-class-236 pa t51557 l51558 ls4630">refinanced </span><span class="pp-class-236 pa t51557 l40243 ls556">two </span><span class="pp-class-236 pa t51557 l41180 ls758">vessel </span><span class="pp-class-236 pa t51557 l51559 ls747">mortgages. </span><span class="pp-class-236 pa t51557 l51560 ls811">As </span><span class="pp-class-236 pa t51557 l51561 ls98">of </span><span class="pp-class-236 pa t51557 l51562 ls811">31 </span><span class="pp-class-236 pa t51557 l51563 ls1751">December </span><span class="pp-class-236 pa t51557 l51564 ls2565">2025, </span><span class="pp-class-236 pa t51557 l51565 ls572">the </span><span class="pp-class-236 pa t51557 l51566 ls758">vessel </span><span class="pp-class-236 pa t51557 l49438 ls4248">mortgages </span><span class="pp-class-236 pa t51557 l51567 ls3681">were </span><span class="pp-class-236 pa t51568 l3 ls560">committed </span><span class="pp-class-236 pa t51568 l50066 ls651">and </span><span class="pp-class-236 pa t51568 l29757 ls299">undrawn. </span><span class="pp-class-236 pa t51568 l51569 ls524">Both </span><span class="pp-class-236 pa t51568 l31294 ls758">vessel </span><span class="pp-class-236 pa t51568 l51570 ls4248">mortgages </span><span class="pp-class-236 pa t51568 l51571 ls2808">are </span><span class="pp-class-236 pa t51568 l51572 ls811">as </span><span class="pp-class-236 pa t51568 l51573 ls98">of </span><span class="pp-class-236 pa t51568 l51574 ls534">January </span><span class="pp-class-236 pa t51568 l40938 ls2222">2026 </span><span class="pp-class-236 pa t51568 l51575 ls7468">fully </span><span class="pp-class-236 pa t51568 l51576 ls6824">drawn, </span><span class="pp-class-236 pa t51568 l47470 ls651">and </span><span class="pp-class-236 pa t51568 l51577 ls572">the </span><span class="pp-class-236 pa t51568 l51578 ls6146">previously </span><span class="pp-class-236 pa t51579 l3 ls546">outstanding </span><span class="pp-class-236 pa t51579 l39546 ls758">vessel </span><span class="pp-class-236 pa t51579 l18537 ls4248">mortgages </span><span class="pp-class-236 pa t51579 l41180 ls811">as </span><span class="pp-class-236 pa t51579 l51580 ls98">of </span><span class="pp-class-236 pa t51579 l51581 ls811">31 </span><span class="pp-class-236 pa t51579 l51582 ls1751">December </span><span class="pp-class-236 pa t51579 l24284 ls2222">2025 </span><span class="pp-class-236 pa t51579 l51583 ls110">have </span><span class="pp-class-236 pa t51579 l45992 ls2222">been </span><span class="pp-class-236 pa t51579 l51584 ls556">repaid. </span><span class="pp-class-236 pa t51579 l51585 ls651">The </span><span class="pp-class-236 pa t51579 l51586 ls556">new </span><span class="pp-class-236 pa t51579 l51587 ls4248">mortgages </span><span class="pp-class-236 pa t51579 l51588 ls110">have </span><span class="pp-class-236 pa t51579 l51589 ls184">a </span><span class="pp-class-236 pa t51579 l51590 ls546">five </span><span class="pp-class-236 pa t51591 l3 ls8048">year </span><span class="pp-class-236 pa t51591 l51592 ls548">maturity </span><span class="pp-class-236 pa t51591 l51593 ls651">and </span><span class="pp-class-236 pa t51591 l51594 ls2808">are </span><span class="pp-class-236 pa t51591 l44825 ls538">based </span><span class="pp-class-236 pa t51591 l51595 ls811">on </span><span class="pp-class-236 pa t51591 l51596 ls544">CIBOR </span><span class="pp-class-236 pa t51591 l51597 ls811">3M.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51598 l3 ls2222">Some </span><span class="pp-class-236 pa t51598 l51599 ls2222">DFDS </span><span class="pp-class-236 pa t51598 l51600 ls2222">loan </span><span class="pp-class-236 pa t51598 l18357 ls1780">facilities </span><span class="pp-class-236 pa t51598 l51601 ls949">include </span><span class="pp-class-236 pa t51598 l17221 ls995">financial </span><span class="pp-class-236 pa t51598 l2319 ls4276">covenants </span><span class="pp-class-236 pa t51598 l18378 ls3681">related </span><span class="pp-class-236 pa t51598 l51602 ls538">to </span><span class="pp-class-236 pa t51598 l51603 ls651">one </span><span class="pp-class-236 pa t51598 l42416 ls811">or </span><span class="pp-class-236 pa t51598 l51604 ls877">more </span><span class="pp-class-236 pa t51598 l48030 ls98">of </span><span class="pp-class-236 pa t51598 l51605 ls651">the </span><span class="pp-class-236 pa t51598 l51606 ls2889">following: </span><span class="pp-class-236 pa t51598 l51607 ls1882">leverage </span><span class="pp-class-236 pa t51598 l51608 ls10269">ratio, </span><span class="pp-class-236 pa t51609 l3 ls2036">minimum </span><span class="pp-class-236 pa t51609 l51610 ls1751">security </span><span class="pp-class-236 pa t51609 l6082 ls538">to </span><span class="pp-class-236 pa t51609 l18316 ls2222">loan </span><span class="pp-class-236 pa t51609 l46632 ls2197">value </span><span class="pp-class-236 pa t51609 l42063 ls651">and </span><span class="pp-class-236 pa t51609 l36427 ls1764">equity </span><span class="pp-class-236 pa t51609 l51611 ls2081">ratio. </span><span class="pp-class-236 pa t51609 l51612 ls1764">During </span><span class="pp-class-236 pa t51609 l51613 ls2565">2025, </span><span class="pp-class-236 pa t51609 l50946 ls2222">DFDS </span><span class="pp-class-236 pa t51609 l40635 ls1751">complied </span><span class="pp-class-236 pa t51609 l51614 ls2222">with </span><span class="pp-class-236 pa t51609 l51615 ls651">all </span><span class="pp-class-236 pa t51609 l51616 ls98">of </span><span class="pp-class-236 pa t51609 l51617 ls572">the </span><span class="pp-class-236 pa t51609 l51618 ls4807">above. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t51619 l3 ls811">In </span><span class="pp-class-236 pa t51619 l38573 ls556">2024 </span><span class="pp-class-236 pa t51619 l48253 ls2222">DFDS </span><span class="pp-class-236 pa t51619 l44550 ls553">obtained </span><span class="pp-class-236 pa t51619 l1933 ls556">two </span><span class="pp-class-236 pa t51619 l31346 ls556">new </span><span class="pp-class-236 pa t51619 l27593 ls995">term </span><span class="pp-class-236 pa t51619 l51620 ls538">loans </span><span class="pp-class-236 pa t51619 l51621 ls811">in </span><span class="pp-class-236 pa t51619 l51622 ls1131">relation </span><span class="pp-class-236 pa t51619 l45655 ls538">to </span><span class="pp-class-236 pa t51619 l51623 ls572">the </span><span class="pp-class-236 pa t51619 l51624 ls544">acquisition </span><span class="pp-class-236 pa t51619 l39599 ls98">of </span><span class="pp-class-236 pa t51619 l51625 ls2222">FRS </span><span class="pp-class-236 pa t51619 l51626 ls562">Iberia/Maroc </span><span class="pp-class-236 pa t51619 l51627 ls651">and </span><span class="pp-class-236 pa t51619 l51628 ls553">Ekol </span><span class="pp-class-236 pa t51629 l3 ls749">Transport </span><span class="pp-class-236 pa t51629 l1650 ls4807">Group, </span><span class="pp-class-236 pa t51629 l51630 ls524">both </span><span class="pp-class-236 pa t51629 l50780 ls2222">with </span><span class="pp-class-236 pa t51629 l51631 ls184">a </span><span class="pp-class-236 pa t51629 l51632 ls548">maturity </span><span class="pp-class-236 pa t51629 l17067 ls98">of </span><span class="pp-class-236 pa t51629 l51633 ls184">3 </span><span class="pp-class-236 pa t51629 l31598 ls838">years </span><span class="pp-class-236 pa t51629 l51634 ls572">and </span><span class="pp-class-236 pa t51629 l51635 ls538">based </span><span class="pp-class-236 pa t51629 l51636 ls811">on </span><span class="pp-class-236 pa t51629 l51637 ls544">CIBOR </span><span class="pp-class-236 pa t51629 l51638 ls572">3M. </span><span class="pp-class-236 pa t51629 l49520 ls811">In </span><span class="pp-class-236 pa t51629 l51639 ls544">addition, </span><span class="pp-class-236 pa t51629 l51640 ls2222">DFDS </span><span class="pp-class-236 pa t51629 l51641 ls4630">refinanced </span><span class="pp-class-236 pa t51629 l51642 ls184">a </span><span class="pp-class-236 pa t51629 l51643 ls76">part </span><span class="pp-class-236 pa t51644 l3 ls98">of </span><span class="pp-class-236 pa t51644 l39273 ls651">the </span><span class="pp-class-236 pa t51644 l39799 ls3855">U.N. </span><span class="pp-class-236 pa t51644 l51645 ls197">Ro-Ro </span><span class="pp-class-236 pa t51644 l51646 ls544">acquisition </span><span class="pp-class-236 pa t51644 l51647 ls7297">facility. </span><span class="pp-class-236 pa t51644 l51648 ls651">The </span><span class="pp-class-236 pa t51644 l51649 ls556">new </span><span class="pp-class-236 pa t51644 l51650 ls2207">facility </span><span class="pp-class-236 pa t51644 l51651 ls651">has </span><span class="pp-class-236 pa t51644 l51652 ls548">maturity </span><span class="pp-class-236 pa t51644 l46154 ls98">of </span><span class="pp-class-236 pa t51644 l51653 ls184">3 </span><span class="pp-class-236 pa t51644 l51654 ls838">years </span><span class="pp-class-236 pa t51644 l51655 ls572">and </span><span class="pp-class-236 pa t51644 l51656 ls811">is </span><span class="pp-class-236 pa t51644 l51657 ls538">based </span><span class="pp-class-236 pa t51644 l51658 ls811">on </span><span class="pp-class-236 pa t51644 l51659 ls544">CIBOR </span><span class="pp-class-236 pa t51644 l51660 ls811">3M.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t51661 l3 ls811">In </span><span class="pp-class-236 pa t51661 l38573 ls2889">2024, </span><span class="pp-class-236 pa t51661 l14132 ls2222">DFDS </span><span class="pp-class-236 pa t51661 l3320 ls2222">also </span><span class="pp-class-236 pa t51661 l39172 ls1764">issued </span><span class="pp-class-236 pa t51661 l51662 ls556">two </span><span class="pp-class-236 pa t51661 l8175 ls2245">corporate </span><span class="pp-class-236 pa t51661 l18265 ls1764">bonds; </span><span class="pp-class-236 pa t51661 l51663 ls184">a </span><span class="pp-class-236 pa t51661 l51664 ls184">3 </span><span class="pp-class-236 pa t51661 l39067 ls8048">year </span><span class="pp-class-236 pa t51661 l30621 ls2222">bond </span><span class="pp-class-236 pa t51661 l51665 ls2222">with </span><span class="pp-class-236 pa t51661 l51666 ls184">a </span><span class="pp-class-236 pa t51661 l51667 ls2036">nominal </span><span class="pp-class-236 pa t51661 l51668 ls995">amount </span><span class="pp-class-236 pa t51661 l51669 ls98">of </span><span class="pp-class-236 pa t51661 l51670 ls572">NOK </span><span class="pp-class-236 pa t51661 l51671 ls884">750m, </span><span class="pp-class-236 pa t51661 l51672 ls278">maturing </span><span class="pp-class-236 pa t51673 l3 ls811">15 </span><span class="pp-class-236 pa t51673 l51674 ls706">March </span><span class="pp-class-236 pa t51673 l51675 ls546">2027 </span><span class="pp-class-236 pa t51673 l51676 ls2222">with </span><span class="pp-class-236 pa t51673 l51677 ls184">a </span><span class="pp-class-236 pa t51673 l51678 ls548">floating </span><span class="pp-class-236 pa t51673 l51679 ls8384">rate </span><span class="pp-class-236 pa t51673 l51680 ls538">based </span><span class="pp-class-236 pa t51673 l51681 ls811">on </span><span class="pp-class-236 pa t51673 l51682 ls544">NIBOR </span><span class="pp-class-236 pa t51673 l51683 ls811">3M </span><span class="pp-class-236 pa t51673 l51684 ls184">+ </span><span class="pp-class-236 pa t51673 l51685 ls4807">1.85%, </span><span class="pp-class-236 pa t51673 l51686 ls572">and </span><span class="pp-class-236 pa t51673 l51687 ls184">a </span><span class="pp-class-236 pa t51673 l44528 ls184">5 </span><span class="pp-class-236 pa t51673 l51688 ls8048">year </span><span class="pp-class-236 pa t51673 l51689 ls2222">bond </span><span class="pp-class-236 pa t51673 l51690 ls2222">with </span><span class="pp-class-236 pa t51673 l51691 ls184">a </span><span class="pp-class-236 pa t51673 l51692 ls2036">nominal </span><span class="pp-class-236 pa t51673 l51693 ls995">amount </span><span class="pp-class-236 pa t51673 l42032 ls197">of </span><span class="pp-class-236 pa t51694 l3 ls651">NOK </span><span class="pp-class-236 pa t51694 l51695 ls6270">1,000m, </span><span class="pp-class-236 pa t51694 l43531 ls548">maturing </span><span class="pp-class-236 pa t51694 l51696 ls811">15 </span><span class="pp-class-236 pa t51694 l51697 ls706">March </span><span class="pp-class-236 pa t51694 l51698 ls2222">2029 </span><span class="pp-class-236 pa t51694 l51699 ls2222">with </span><span class="pp-class-236 pa t51694 l51700 ls184">a </span><span class="pp-class-236 pa t51694 l51701 ls548">floating </span><span class="pp-class-236 pa t51694 l51702 ls8384">rate </span><span class="pp-class-236 pa t51694 l51703 ls538">based </span><span class="pp-class-236 pa t51694 l51704 ls811">on </span><span class="pp-class-236 pa t51694 l51705 ls544">NIBOR </span><span class="pp-class-236 pa t51694 l51706 ls811">3M </span><span class="pp-class-236 pa t51694 l51707 ls184">+ </span><span class="pp-class-236 pa t51694 l51708 ls1764">2.15%. </span><span class="pp-class-236 pa t51694 l51709 ls524">Both </span><span class="pp-class-236 pa t51694 l51710 ls538">bonds </span><span class="pp-class-236 pa t51694 l51711 ls2808">are </span><span class="pp-class-236 pa t51694 l51712 ls35">listed </span><span class="pp-class-236 pa t51713 l3 ls811">on </span><span class="pp-class-236 pa t51713 l31254 ls651">the </span><span class="pp-class-236 pa t51713 l45069 ls2222">Oslo </span><span class="pp-class-236 pa t51713 l51714 ls625">Stock </span><span class="pp-class-236 pa t51713 l51715 ls3855">Exchange </span><span class="pp-class-236 pa t51713 l39583 ls651">and </span><span class="pp-class-236 pa t51713 l51716 ls110">have </span><span class="pp-class-236 pa t51713 l26923 ls2222">been </span><span class="pp-class-236 pa t51713 l51717 ls603">swapped </span><span class="pp-class-236 pa t51713 l51718 ls538">to </span><span class="pp-class-236 pa t51713 l51719 ls967">DKK. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t51720 l3 ls651">The </span><span class="pp-class-236 pa t51720 l38379 ls553">fair </span><span class="pp-class-236 pa t51720 l50644 ls2197">value </span><span class="pp-class-236 pa t51720 l50645 ls98">of </span><span class="pp-class-236 pa t51720 l50646 ls572">the </span><span class="pp-class-236 pa t51720 l50647 ls706">interest-bearing </span><span class="pp-class-236 pa t51720 l51721 ls625">liabilities </span><span class="pp-class-236 pa t51720 l51722 ls625">amounts </span><span class="pp-class-236 pa t51720 l51723 ls538">to </span><span class="pp-class-236 pa t51720 l51724 ls572">DKK </span><span class="pp-class-236 pa t51720 l51725 ls2826">17,028m </span><span class="pp-class-236 pa t51720 l51726 ls667">(2024: </span><span class="pp-class-236 pa t51720 l51727 ls572">DKK </span><span class="pp-class-236 pa t51720 l48668 ls41127">18,750m). </span><span class="pp-class-236 pa t51720 l51728 ls572">The </span><span class="pp-class-236 pa t51720 l51729 ls553">fair </span><span class="pp-class-236 pa t51720 l51730 ls614">value </span><span class="pp-class-236 pa t51731 l3 ls8048">measurement </span><span class="pp-class-236 pa t51731 l25042 ls811">is </span><span class="pp-class-236 pa t51731 l11598 ls1780">categorised </span><span class="pp-class-236 pa t51731 l51732 ls1764">within </span><span class="pp-class-236 pa t51731 l51733 ls849">level </span><span class="pp-class-236 pa t51731 l40155 ls184">2 </span><span class="pp-class-236 pa t51731 l51734 ls811">in </span><span class="pp-class-236 pa t51731 l47715 ls651">the </span><span class="pp-class-236 pa t51731 l28308 ls553">fair </span><span class="pp-class-236 pa t51731 l51735 ls2197">value </span><span class="pp-class-236 pa t51731 l51736 ls6824">hierarchy </span><span class="pp-class-236 pa t51731 l51737 ls2222">also </span><span class="pp-class-236 pa t51731 l51738 ls553">for </span><span class="pp-class-236 pa t51731 l51739 ls1764">issued </span><span class="pp-class-236 pa t51731 l51740 ls2245">corporate </span><span class="pp-class-236 pa t51731 l42977 ls538">bonds </span><span class="pp-class-236 pa t51731 l51741 ls553">for </span><span class="pp-class-236 pa t51731 l51742 ls811">which </span><span class="pp-class-236 pa t51743 l3 ls651">the </span><span class="pp-class-236 pa t51743 l28221 ls553">fair </span><span class="pp-class-236 pa t51743 l51744 ls2197">value </span><span class="pp-class-236 pa t51743 l51745 ls8048">measurement </span><span class="pp-class-236 pa t51743 l10786 ls811">is </span><span class="pp-class-236 pa t51743 l51746 ls1780">categorised </span><span class="pp-class-236 pa t51743 l51747 ls1764">within </span><span class="pp-class-236 pa t51743 l51748 ls849">level </span><span class="pp-class-236 pa t51743 l51749 ls184">2 </span><span class="pp-class-236 pa t51743 l51750 ls651">due </span><span class="pp-class-236 pa t51743 l51751 ls538">to </span><span class="pp-class-236 pa t51743 l51752 ls524">limited </span><span class="pp-class-236 pa t51743 l51753 ls4807">active </span><span class="pp-class-236 pa t51743 l51754 ls4630">market.</span></p></div></div><div id="pp-id-5416" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h51755 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t283 l3 ls651">The </span><span class="pp-class-236 pa t283 l38379 ls553">fair </span><span class="pp-class-236 pa t283 l50644 ls2197">value </span><span class="pp-class-236 pa t283 l50645 ls98">of </span><span class="pp-class-236 pa t283 l50646 ls572">the </span><span class="pp-class-236 pa t283 l50647 ls995">financial </span><span class="pp-class-236 pa t283 l51756 ls625">liabilities </span><span class="pp-class-236 pa t283 l51757 ls811">is </span><span class="pp-class-236 pa t283 l26772 ls551">determined </span><span class="pp-class-236 pa t283 l51758 ls811">as </span><span class="pp-class-236 pa t283 l51759 ls572">the </span><span class="pp-class-236 pa t283 l51760 ls7086">present </span><span class="pp-class-236 pa t283 l51479 ls2197">value </span><span class="pp-class-236 pa t283 l51761 ls98">of </span><span class="pp-class-236 pa t283 l51762 ls5781">expected </span><span class="pp-class-236 pa t283 l51763 ls2197">future </span><span class="pp-class-236 pa t283 l44877 ls4793">repayments </span><span class="pp-class-236 pa t283 l51764 ls184">and </span><span class="pp-class-236 pa t38325 l3 ls706">interest </span><span class="pp-class-236 pa t38325 l47479 ls1796">rates. </span><span class="pp-class-236 pa t38325 l48929 ls651">The </span><span class="pp-class-236 pa t38325 l51765 ls2848">Group’s </span><span class="pp-class-236 pa t38325 l7706 ls1780">actual </span><span class="pp-class-236 pa t38325 l28325 ls4558">borrowing </span><span class="pp-class-236 pa t38325 l51766 ls8384">rate </span><span class="pp-class-236 pa t38325 l51767 ls553">for </span><span class="pp-class-236 pa t38325 l51768 ls1780">equivalent </span><span class="pp-class-236 pa t38325 l51769 ls625">terms </span><span class="pp-class-236 pa t38325 l51770 ls811">is </span><span class="pp-class-236 pa t38325 l51771 ls2222">used </span><span class="pp-class-236 pa t38325 l51772 ls811">as </span><span class="pp-class-236 pa t38325 l51773 ls651">the </span><span class="pp-class-236 pa t38325 l51774 ls4248">discount </span><span class="pp-class-236 pa t38325 l51775 ls2767">rate. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38356 l3 ls556">DKK </span><span class="pp-class-236 pa t38356 l51776 ls3076">1,839m </span><span class="pp-class-236 pa t38356 l28769 ls1780">of </span><span class="pp-class-236 pa t38356 l51777 ls556">the </span><span class="pp-class-236 pa t38356 l51778 ls3200">interest-bearing </span><span class="pp-class-236 pa t38356 l10834 ls11713">liabilities </span><span class="pp-class-236 pa t38356 l51779 ls847">fall </span><span class="pp-class-236 pa t38356 l51780 ls556">due </span><span class="pp-class-236 pa t38356 l49676 ls1796">after </span><span class="pp-class-236 pa t38356 l51781 ls2629">five </span><span class="pp-class-236 pa t38356 l51782 ls2816">years </span><span class="pp-class-236 pa t38356 l51783 ls7487">(2024: </span><span class="pp-class-236 pa t38356 l51784 ls556">DKK </span><span class="pp-class-236 pa t38356 l51785 ls773">2,340m). </span><span class="pp-class-236 pa t38356 l51786 ls614">No </span><span class="pp-class-236 pa t38356 l51787 ls2808">unusual </span><span class="pp-class-236 pa t38356 l51788 ls5781">conditions </span><span class="pp-class-236 pa t38370 l3 ls1547">in </span><span class="pp-class-236 pa t38370 l17288 ls234">connection </span><span class="pp-class-236 pa t38370 l51789 ls129">with </span><span class="pp-class-236 pa t38370 l51790 ls428">the </span><span class="pp-class-236 pa t38370 l51791 ls1764">borrowings </span><span class="pp-class-236 pa t38370 l26778 ls553">are </span><span class="pp-class-236 pa t38370 l51792 ls771">made. </span><span class="pp-class-236 pa t38370 l51793 ls428">The </span><span class="pp-class-236 pa t38370 l33368 ls129">loan </span><span class="pp-class-236 pa t38370 l17258 ls205">agreements </span><span class="pp-class-236 pa t38370 l51794 ls428">can </span><span class="pp-class-236 pa t38370 l51795 ls1547">be </span><span class="pp-class-236 pa t38370 l51796 ls534">settled </span><span class="pp-class-236 pa t38370 l51797 ls995">at </span><span class="pp-class-236 pa t38370 l51798 ls10">fair </span><span class="pp-class-236 pa t38370 l51799 ls608">value </span><span class="pp-class-236 pa t38370 l51800 ls181">plus </span><span class="pp-class-236 pa t38370 l51801 ls71">a </span><span class="pp-class-236 pa t38370 l51802 ls1547">small </span><span class="pp-class-236 pa t38598 l3 ls724">surcharge, </span><span class="pp-class-236 pa t38598 l51803 ls33">whereas </span><span class="pp-class-236 pa t38598 l51804 ls616">premature </span><span class="pp-class-236 pa t38598 l51805 ls592">settlement </span><span class="pp-class-236 pa t38598 l51806 ls197">of </span><span class="pp-class-236 pa t38598 l51807 ls428">the </span><span class="pp-class-236 pa t38598 l51808 ls747">corporate </span><span class="pp-class-236 pa t38598 l51809 ls15">bonds </span><span class="pp-class-236 pa t38598 l51810 ls553">requires </span><span class="pp-class-236 pa t38598 l51811 ls71">a </span><span class="pp-class-236 pa t38598 l51812 ls747">repurchase </span><span class="pp-class-236 pa t38598 l51813 ls197">of </span><span class="pp-class-236 pa t38598 l51814 ls428">the </span><span class="pp-class-236 pa t38598 l51815 ls236">bonds. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38394 l3 ls2969">Reference </span><span class="pp-class-236 pa t38394 l9933 ls811">is </span><span class="pp-class-236 pa t38394 l51816 ls544">made </span><span class="pp-class-236 pa t38394 l51817 ls538">to </span><span class="pp-class-236 pa t38394 l51818 ls558">note </span><span class="pp-class-236 pa t38394 l16607 ls651">4.1 </span><span class="pp-class-236 pa t38394 l51819 ls553">for </span><span class="pp-class-236 pa t38394 l31136 ls995">financial </span><span class="pp-class-236 pa t38394 l49850 ls838">risks, </span><span class="pp-class-236 pa t38394 l51820 ls2969">etc.</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51821 l3">DKK </span><span class="pp-class-236 pa t51821 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51821 l44793">202</span></a><span class="pp-class-237 pa t51821 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51821 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51822 l3 ls1790">Allocation </span><span class="pp-class-237 pa t51822 l47736">of </span><span class="pp-class-237 pa t51822 l48945 ls530">currency, </span><span class="pp-class-237 pa t51822 l51823">principal </span><span class="pp-class-237 pa t51822 l51824">nominal </span><span class="pp-class-237 pa t51822 l51825 ls1098">amount:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51826 l3">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51826 l51827 ls1404">6,127</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51826 l51828 ls3121">7,069</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51829 l3">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51829 l51830 ls10502">6,776</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51829 l40883 ls3298">7,262</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51831 l3">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51831 l51832">2,132</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51831 l752">2,136</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51833 l3">GBP </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51833 l51834">941</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51833 l51835 ls76">1,149</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51836 l3">USD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51836 l51834">491</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51836 l51837">634</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51838 l3">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51838 l51839">484</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51838 l51840">411</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51841 l3">Other</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51841 l45095">64</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51841 l51842">71</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51843 l3 ls6824">Total </span><span class="pp-class-237 pa t51843 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51843 l23097">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51843 l51526 ls49374">17,016</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51843 l51390 ls30818">18,733</span></a></p></td></tr></table><div id="pp-id-5415"><div class="pp-class-227 pp-class-256" id="pp-id-5414"><div class="w40752 h51844 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t40754 l51845 ls625">liabilities </span><span class="pp-class-236 pa t40754 l51846 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51847 ls625">amounts </span><span class="pp-class-236 pa t40754 l37635 ls3234">owed </span><span class="pp-class-236 pa t40754 l51848 ls538">to </span><span class="pp-class-236 pa t40754 l51849 ls6146">mortgage/credit </span><span class="pp-class-236 pa t40754 l51850 ls4248">institutions </span><span class="pp-class-236 pa t40754 l51851 ls651">and </span><span class="pp-class-236 pa t40754 l51852 ls667">banks </span><span class="pp-class-236 pa t40754 l51853 ls811">as </span><span class="pp-class-236 pa t40754 l51854 ls546">well </span><span class="pp-class-236 pa t40763 l3 ls811">as </span><span class="pp-class-236 pa t40763 l47173 ls625">amounts </span><span class="pp-class-236 pa t40763 l51855 ls3234">owed </span><span class="pp-class-236 pa t40763 l51856 ls538">to </span><span class="pp-class-236 pa t40763 l51857 ls758">owners </span><span class="pp-class-236 pa t40763 l51858 ls98">of </span><span class="pp-class-236 pa t40763 l51859 ls1764">issued </span><span class="pp-class-236 pa t40763 l51860 ls2245">corporate </span><span class="pp-class-236 pa t40763 l51663 ls538">bonds </span><span class="pp-class-236 pa t40763 l51861 ls546">including </span><span class="pp-class-236 pa t40763 l51862 ls625">liabilities </span><span class="pp-class-236 pa t40763 l51863 ls2036">arising </span><span class="pp-class-236 pa t40763 l51864 ls877">from </span><span class="pp-class-236 pa t40763 l51865 ls2969">derivatives </span><span class="pp-class-236 pa t40775 l3 ls1131">relating </span><span class="pp-class-236 pa t40775 l10801 ls538">to </span><span class="pp-class-236 pa t40775 l51866 ls1764">issued </span><span class="pp-class-236 pa t40775 l16970 ls2245">corporate </span><span class="pp-class-236 pa t40775 l45747 ls1764">bonds. </span><span class="pp-class-236 pa t40775 l51867 ls572">The </span><span class="pp-class-236 pa t40775 l51868 ls625">amounts </span><span class="pp-class-236 pa t40775 l51869 ls2808">are </span><span class="pp-class-236 pa t40775 l51870 ls681">initially </span><span class="pp-class-236 pa t40775 l51871 ls667">recognised </span><span class="pp-class-236 pa t40775 l48895 ls2197">at </span><span class="pp-class-236 pa t40775 l51872 ls553">fair </span><span class="pp-class-236 pa t40775 l51873 ls2197">value </span><span class="pp-class-236 pa t40775 l51874 ls4248">net </span><span class="pp-class-236 pa t40775 l51875 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls2969">transaction </span><span class="pp-class-236 pa t41664 l51876 ls8048">expenses. </span><span class="pp-class-236 pa t41664 l17903 ls1882">Subsequently, </span><span class="pp-class-236 pa t41664 l51877 ls572">the </span><span class="pp-class-236 pa t41664 l51878 ls995">financial </span><span class="pp-class-236 pa t41664 l51879 ls995">liability </span><span class="pp-class-236 pa t41664 l51880 ls811">is </span><span class="pp-class-236 pa t41664 l51881 ls3855">measured </span><span class="pp-class-236 pa t41664 l51882 ls2197">at </span><span class="pp-class-236 pa t41664 l51883 ls52">amortised </span><span class="pp-class-236 pa t41664 l51884 ls121">cost, </span><span class="pp-class-236 pa t40783 l3 ls758">corresponding </span><span class="pp-class-236 pa t40783 l34149 ls538">to </span><span class="pp-class-236 pa t40783 l51027 ls651">the </span><span class="pp-class-236 pa t40783 l51885 ls546">capitalised </span><span class="pp-class-236 pa t40783 l40336 ls2197">value </span><span class="pp-class-236 pa t40783 l51886 ls538">using </span><span class="pp-class-236 pa t40783 l51887 ls651">the </span><span class="pp-class-236 pa t40783 l51888 ls706">effective </span><span class="pp-class-236 pa t40783 l39105 ls706">interest </span><span class="pp-class-236 pa t40783 l51889 ls546">method, </span><span class="pp-class-236 pa t40783 l51890 ls811">so </span><span class="pp-class-236 pa t40783 l51891 ls616">that </span><span class="pp-class-236 pa t40783 l51892 ls651">the </span><span class="pp-class-236 pa t40783 l51893 ls4630">difference </span><span class="pp-class-236 pa t40793 l3 ls713">between </span><span class="pp-class-236 pa t40793 l26681 ls651">the </span><span class="pp-class-236 pa t40793 l51894 ls3855">proceeds </span><span class="pp-class-236 pa t40793 l51895 ls651">and </span><span class="pp-class-236 pa t40793 l25631 ls651">the </span><span class="pp-class-236 pa t40793 l51896 ls2036">nominal </span><span class="pp-class-236 pa t40793 l51897 ls2197">value </span><span class="pp-class-236 pa t40793 l45433 ls811">is </span><span class="pp-class-236 pa t40793 l51898 ls667">recognised </span><span class="pp-class-236 pa t40793 l17285 ls811">in </span><span class="pp-class-236 pa t40793 l51899 ls572">the </span><span class="pp-class-236 pa t40793 l51900 ls1764">income </span><span class="pp-class-236 pa t40793 l51901 ls556">statement </span><span class="pp-class-236 pa t40793 l51902 ls538">under </span><span class="pp-class-236 pa t40793 l51903 ls2222">financial </span><span class="pp-class-236 pa t40806 l3 ls538">costs </span><span class="pp-class-236 pa t40806 l31382 ls3234">over </span><span class="pp-class-236 pa t40806 l51904 ls651">the </span><span class="pp-class-236 pa t40806 l51905 ls995">term </span><span class="pp-class-236 pa t40806 l51906 ls98">of </span><span class="pp-class-236 pa t40806 l28374 ls651">the </span><span class="pp-class-236 pa t40806 l51907 ls811">loan. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42636 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t42636 l51845 ls625">liabilities </span><span class="pp-class-236 pa t42636 l51846 ls2222">also </span><span class="pp-class-236 pa t42636 l49829 ls949">include </span><span class="pp-class-236 pa t42636 l51908 ls546">capitalised </span><span class="pp-class-236 pa t42636 l51909 ls3855">residual </span><span class="pp-class-236 pa t42636 l51910 ls538">lease </span><span class="pp-class-236 pa t42636 l51911 ls1404">obligations </span><span class="pp-class-236 pa t42636 l51912 ls811">on </span><span class="pp-class-236 pa t42636 l51913 ls2036">leases. </span><span class="pp-class-236 pa t42636 l38626 ls811">Other </span><span class="pp-class-236 pa t42651 l3 ls625">liabilities </span><span class="pp-class-236 pa t42651 l39089 ls2808">are </span><span class="pp-class-236 pa t42651 l51914 ls667">recognised </span><span class="pp-class-236 pa t42651 l40868 ls2197">at </span><span class="pp-class-236 pa t42651 l51915 ls52">amortised </span><span class="pp-class-236 pa t42651 l51916 ls1792">cost, </span><span class="pp-class-236 pa t42651 l51917 ls538">which </span><span class="pp-class-236 pa t42651 l51918 ls838">corresponds </span><span class="pp-class-236 pa t42651 l51919 ls538">to </span><span class="pp-class-236 pa t42651 l51920 ls572">the </span><span class="pp-class-236 pa t42651 l51921 ls4248">net </span><span class="pp-class-236 pa t42651 l51922 ls667">realisable </span><span class="pp-class-236 pa t42651 l51923 ls2197">value </span><span class="pp-class-236 pa t42651 l51924 ls811">in </span><span class="pp-class-236 pa t42651 l51925 ls184">all </span><span class="pp-class-236 pa t42666 l3 ls838">material </span><span class="pp-class-236 pa t42666 l51926 ls691">respects.</span></p></div></div></div></div></div> <table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3">Bank </span><span class="pp-class-236 pa t37088 l50200">loans </span><span class="pp-class-236 pa t37088 l50201">and </span><span class="pp-class-236 pa t37088 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t37088 l50203">on </span><span class="pp-class-236 pa t37088 l13191 ls115">ferries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l51510 ls8486">8,569</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l51511 ls645">9,894</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3">Issued </span><span class="pp-class-236 pa t41562 l50210 ls63">corporate </span><span class="pp-class-236 pa t41562 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l51512 ls532">1,481</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l51291 ls135">2,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3">Lease </span><span class="pp-class-236 pa t41566 l44863">liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l44874">4,232</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l44875 ls98">4,846</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3">Other </span><span class="pp-class-236 pa t41570 l8396 ls1629">non-current </span><span class="pp-class-236 pa t41570 l16342">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l44657">195</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l40998">263</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l3 ls6824">Total </span><span class="pp-class-237 pa t51513 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51513 l23097 ls177">non-current </span><span class="pp-class-237 pa t51513 l51514">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l51515 ls884">14,477</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l51516 ls3002">17,113</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47141 l3">Bank </span><span class="pp-class-236 pa t47141 l50200">loans </span><span class="pp-class-236 pa t47141 l50201">and </span><span class="pp-class-236 pa t47141 l50202 ls2441">mortgage </span><span class="pp-class-236 pa t47141 l50203">on </span><span class="pp-class-236 pa t47141 l13191 ls115">ferries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47141 l51517">895</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47141 l51518">551</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l3">Issued </span><span class="pp-class-236 pa t47146 l50210 ls63">corporate </span><span class="pp-class-236 pa t47146 l50211">bonds</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l48575">629</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47146 l37094">-</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51519 l3">Lease </span><span class="pp-class-236 pa t51519 l44863">liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51519 l44877 ls12541">974</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51519 l37158 ls1404">1,027</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l3">Other </span><span class="pp-class-236 pa t41591 l8396 ls1629">non-current </span><span class="pp-class-236 pa t41591 l16342">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l51520">41</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41591 l51521">44</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51522 l3 ls6824">Total </span><span class="pp-class-237 pa t51522 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51522 l23097 ls135">current </span><span class="pp-class-237 pa t51522 l51523">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51522 l51524 ls3852">2,539</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51522 l51299 ls94">1,621</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51525 l3 ls6824">Total </span><span class="pp-class-237 pa t51525 l20253 ls793">interest-bearing </span><span class="pp-class-237 pa t51525 l23097">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51525 l51526 ls49374">17,016</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51525 l51390 ls30818">18,733</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51527 l3 ls811">In </span><span class="pp-class-236 pa t51527 l38573 ls2565">2025, </span><span class="pp-class-236 pa t51527 l29733 ls2222">DFDS </span><span class="pp-class-236 pa t51527 l51528 ls2270">entered </span><span class="pp-class-236 pa t51527 l47516 ls546">into </span><span class="pp-class-236 pa t51527 l51529 ls184">a </span><span class="pp-class-236 pa t51527 l51530 ls556">new </span><span class="pp-class-236 pa t51527 l51531 ls651">EUR </span><span class="pp-class-236 pa t51527 l51532 ls572">50m </span><span class="pp-class-236 pa t51527 l51533 ls995">term </span><span class="pp-class-236 pa t51527 l51534 ls2222">loan </span><span class="pp-class-236 pa t51527 l51535 ls538">based </span><span class="pp-class-236 pa t51527 l51536 ls811">on </span><span class="pp-class-236 pa t51527 l51537 ls544">EURIBOR </span><span class="pp-class-236 pa t51527 l51538 ls572">3M, </span><span class="pp-class-236 pa t51527 l51539 ls2222">with </span><span class="pp-class-236 pa t51527 l51540 ls811">an </span><span class="pp-class-236 pa t51527 l51541 ls1751">original </span><span class="pp-class-236 pa t51527 l39970 ls706">three </span><span class="pp-class-236 pa t51527 l51542 ls546">year </span><span class="pp-class-236 pa t51543 l3 ls548">maturity </span><span class="pp-class-236 pa t51543 l51544 ls614">(maturing </span><span class="pp-class-236 pa t51543 l31580 ls1764">2028). </span><span class="pp-class-236 pa t51543 l51545 ls651">The </span><span class="pp-class-236 pa t51543 l51546 ls2207">facility </span><span class="pp-class-236 pa t51543 l51547 ls556">was </span><span class="pp-class-236 pa t51543 l48797 ls621">subsequently </span><span class="pp-class-236 pa t51543 l42540 ls2197">extended </span><span class="pp-class-236 pa t51543 l51548 ls706">by </span><span class="pp-class-236 pa t51543 l51549 ls572">one </span><span class="pp-class-236 pa t51543 l51550 ls8048">year </span><span class="pp-class-236 pa t51543 l51551 ls651">and </span><span class="pp-class-236 pa t51543 l51552 ls556">now </span><span class="pp-class-236 pa t51543 l51553 ls7468">matures </span><span class="pp-class-236 pa t51543 l51554 ls811">in </span><span class="pp-class-236 pa t51543 l51555 ls7832">2029. </span><span class="pp-class-236 pa t51543 l51556 ls1547">In </span><span class="pp-class-236 pa t51557 l3 ls544">addition, </span><span class="pp-class-236 pa t51557 l43974 ls2222">DFDS </span><span class="pp-class-236 pa t51557 l51558 ls4630">refinanced </span><span class="pp-class-236 pa t51557 l40243 ls556">two </span><span class="pp-class-236 pa t51557 l41180 ls758">vessel </span><span class="pp-class-236 pa t51557 l51559 ls747">mortgages. </span><span class="pp-class-236 pa t51557 l51560 ls811">As </span><span class="pp-class-236 pa t51557 l51561 ls98">of </span><span class="pp-class-236 pa t51557 l51562 ls811">31 </span><span class="pp-class-236 pa t51557 l51563 ls1751">December </span><span class="pp-class-236 pa t51557 l51564 ls2565">2025, </span><span class="pp-class-236 pa t51557 l51565 ls572">the </span><span class="pp-class-236 pa t51557 l51566 ls758">vessel </span><span class="pp-class-236 pa t51557 l49438 ls4248">mortgages </span><span class="pp-class-236 pa t51557 l51567 ls3681">were </span><span class="pp-class-236 pa t51568 l3 ls560">committed </span><span class="pp-class-236 pa t51568 l50066 ls651">and </span><span class="pp-class-236 pa t51568 l29757 ls299">undrawn. </span><span class="pp-class-236 pa t51568 l51569 ls524">Both </span><span class="pp-class-236 pa t51568 l31294 ls758">vessel </span><span class="pp-class-236 pa t51568 l51570 ls4248">mortgages </span><span class="pp-class-236 pa t51568 l51571 ls2808">are </span><span class="pp-class-236 pa t51568 l51572 ls811">as </span><span class="pp-class-236 pa t51568 l51573 ls98">of </span><span class="pp-class-236 pa t51568 l51574 ls534">January </span><span class="pp-class-236 pa t51568 l40938 ls2222">2026 </span><span class="pp-class-236 pa t51568 l51575 ls7468">fully </span><span class="pp-class-236 pa t51568 l51576 ls6824">drawn, </span><span class="pp-class-236 pa t51568 l47470 ls651">and </span><span class="pp-class-236 pa t51568 l51577 ls572">the </span><span class="pp-class-236 pa t51568 l51578 ls6146">previously </span><span class="pp-class-236 pa t51579 l3 ls546">outstanding </span><span class="pp-class-236 pa t51579 l39546 ls758">vessel </span><span class="pp-class-236 pa t51579 l18537 ls4248">mortgages </span><span class="pp-class-236 pa t51579 l41180 ls811">as </span><span class="pp-class-236 pa t51579 l51580 ls98">of </span><span class="pp-class-236 pa t51579 l51581 ls811">31 </span><span class="pp-class-236 pa t51579 l51582 ls1751">December </span><span class="pp-class-236 pa t51579 l24284 ls2222">2025 </span><span class="pp-class-236 pa t51579 l51583 ls110">have </span><span class="pp-class-236 pa t51579 l45992 ls2222">been </span><span class="pp-class-236 pa t51579 l51584 ls556">repaid. </span><span class="pp-class-236 pa t51579 l51585 ls651">The </span><span class="pp-class-236 pa t51579 l51586 ls556">new </span><span class="pp-class-236 pa t51579 l51587 ls4248">mortgages </span><span class="pp-class-236 pa t51579 l51588 ls110">have </span><span class="pp-class-236 pa t51579 l51589 ls184">a </span><span class="pp-class-236 pa t51579 l51590 ls546">five </span><span class="pp-class-236 pa t51591 l3 ls8048">year </span><span class="pp-class-236 pa t51591 l51592 ls548">maturity </span><span class="pp-class-236 pa t51591 l51593 ls651">and </span><span class="pp-class-236 pa t51591 l51594 ls2808">are </span><span class="pp-class-236 pa t51591 l44825 ls538">based </span><span class="pp-class-236 pa t51591 l51595 ls811">on </span><span class="pp-class-236 pa t51591 l51596 ls544">CIBOR </span><span class="pp-class-236 pa t51591 l51597 ls811">3M.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51598 l3 ls2222">Some </span><span class="pp-class-236 pa t51598 l51599 ls2222">DFDS </span><span class="pp-class-236 pa t51598 l51600 ls2222">loan </span><span class="pp-class-236 pa t51598 l18357 ls1780">facilities </span><span class="pp-class-236 pa t51598 l51601 ls949">include </span><span class="pp-class-236 pa t51598 l17221 ls995">financial </span><span class="pp-class-236 pa t51598 l2319 ls4276">covenants </span><span class="pp-class-236 pa t51598 l18378 ls3681">related </span><span class="pp-class-236 pa t51598 l51602 ls538">to </span><span class="pp-class-236 pa t51598 l51603 ls651">one </span><span class="pp-class-236 pa t51598 l42416 ls811">or </span><span class="pp-class-236 pa t51598 l51604 ls877">more </span><span class="pp-class-236 pa t51598 l48030 ls98">of </span><span class="pp-class-236 pa t51598 l51605 ls651">the </span><span class="pp-class-236 pa t51598 l51606 ls2889">following: </span><span class="pp-class-236 pa t51598 l51607 ls1882">leverage </span><span class="pp-class-236 pa t51598 l51608 ls10269">ratio, </span><span class="pp-class-236 pa t51609 l3 ls2036">minimum </span><span class="pp-class-236 pa t51609 l51610 ls1751">security </span><span class="pp-class-236 pa t51609 l6082 ls538">to </span><span class="pp-class-236 pa t51609 l18316 ls2222">loan </span><span class="pp-class-236 pa t51609 l46632 ls2197">value </span><span class="pp-class-236 pa t51609 l42063 ls651">and </span><span class="pp-class-236 pa t51609 l36427 ls1764">equity </span><span class="pp-class-236 pa t51609 l51611 ls2081">ratio. </span><span class="pp-class-236 pa t51609 l51612 ls1764">During </span><span class="pp-class-236 pa t51609 l51613 ls2565">2025, </span><span class="pp-class-236 pa t51609 l50946 ls2222">DFDS </span><span class="pp-class-236 pa t51609 l40635 ls1751">complied </span><span class="pp-class-236 pa t51609 l51614 ls2222">with </span><span class="pp-class-236 pa t51609 l51615 ls651">all </span><span class="pp-class-236 pa t51609 l51616 ls98">of </span><span class="pp-class-236 pa t51609 l51617 ls572">the </span><span class="pp-class-236 pa t51609 l51618 ls4807">above. </span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t40754 l51845 ls625">liabilities </span><span class="pp-class-236 pa t40754 l51846 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51847 ls625">amounts </span><span class="pp-class-236 pa t40754 l37635 ls3234">owed </span><span class="pp-class-236 pa t40754 l51848 ls538">to </span><span class="pp-class-236 pa t40754 l51849 ls6146">mortgage/credit </span><span class="pp-class-236 pa t40754 l51850 ls4248">institutions </span><span class="pp-class-236 pa t40754 l51851 ls651">and </span><span class="pp-class-236 pa t40754 l51852 ls667">banks </span><span class="pp-class-236 pa t40754 l51853 ls811">as </span><span class="pp-class-236 pa t40754 l51854 ls546">well </span><span class="pp-class-236 pa t40763 l3 ls811">as </span><span class="pp-class-236 pa t40763 l47173 ls625">amounts </span><span class="pp-class-236 pa t40763 l51855 ls3234">owed </span><span class="pp-class-236 pa t40763 l51856 ls538">to </span><span class="pp-class-236 pa t40763 l51857 ls758">owners </span><span class="pp-class-236 pa t40763 l51858 ls98">of </span><span class="pp-class-236 pa t40763 l51859 ls1764">issued </span><span class="pp-class-236 pa t40763 l51860 ls2245">corporate </span><span class="pp-class-236 pa t40763 l51663 ls538">bonds </span><span class="pp-class-236 pa t40763 l51861 ls546">including </span><span class="pp-class-236 pa t40763 l51862 ls625">liabilities </span><span class="pp-class-236 pa t40763 l51863 ls2036">arising </span><span class="pp-class-236 pa t40763 l51864 ls877">from </span><span class="pp-class-236 pa t40763 l51865 ls2969">derivatives </span><span class="pp-class-236 pa t40775 l3 ls1131">relating </span><span class="pp-class-236 pa t40775 l10801 ls538">to </span><span class="pp-class-236 pa t40775 l51866 ls1764">issued </span><span class="pp-class-236 pa t40775 l16970 ls2245">corporate </span><span class="pp-class-236 pa t40775 l45747 ls1764">bonds. </span><span class="pp-class-236 pa t40775 l51867 ls572">The </span><span class="pp-class-236 pa t40775 l51868 ls625">amounts </span><span class="pp-class-236 pa t40775 l51869 ls2808">are </span><span class="pp-class-236 pa t40775 l51870 ls681">initially </span><span class="pp-class-236 pa t40775 l51871 ls667">recognised </span><span class="pp-class-236 pa t40775 l48895 ls2197">at </span><span class="pp-class-236 pa t40775 l51872 ls553">fair </span><span class="pp-class-236 pa t40775 l51873 ls2197">value </span><span class="pp-class-236 pa t40775 l51874 ls4248">net </span><span class="pp-class-236 pa t40775 l51875 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls2969">transaction </span><span class="pp-class-236 pa t41664 l51876 ls8048">expenses. </span><span class="pp-class-236 pa t41664 l17903 ls1882">Subsequently, </span><span class="pp-class-236 pa t41664 l51877 ls572">the </span><span class="pp-class-236 pa t41664 l51878 ls995">financial </span><span class="pp-class-236 pa t41664 l51879 ls995">liability </span><span class="pp-class-236 pa t41664 l51880 ls811">is </span><span class="pp-class-236 pa t41664 l51881 ls3855">measured </span><span class="pp-class-236 pa t41664 l51882 ls2197">at </span><span class="pp-class-236 pa t41664 l51883 ls52">amortised </span><span class="pp-class-236 pa t41664 l51884 ls121">cost, </span><span class="pp-class-236 pa t40783 l3 ls758">corresponding </span><span class="pp-class-236 pa t40783 l34149 ls538">to </span><span class="pp-class-236 pa t40783 l51027 ls651">the </span><span class="pp-class-236 pa t40783 l51885 ls546">capitalised </span><span class="pp-class-236 pa t40783 l40336 ls2197">value </span><span class="pp-class-236 pa t40783 l51886 ls538">using </span><span class="pp-class-236 pa t40783 l51887 ls651">the </span><span class="pp-class-236 pa t40783 l51888 ls706">effective </span><span class="pp-class-236 pa t40783 l39105 ls706">interest </span><span class="pp-class-236 pa t40783 l51889 ls546">method, </span><span class="pp-class-236 pa t40783 l51890 ls811">so </span><span class="pp-class-236 pa t40783 l51891 ls616">that </span><span class="pp-class-236 pa t40783 l51892 ls651">the </span><span class="pp-class-236 pa t40783 l51893 ls4630">difference </span><span class="pp-class-236 pa t40793 l3 ls713">between </span><span class="pp-class-236 pa t40793 l26681 ls651">the </span><span class="pp-class-236 pa t40793 l51894 ls3855">proceeds </span><span class="pp-class-236 pa t40793 l51895 ls651">and </span><span class="pp-class-236 pa t40793 l25631 ls651">the </span><span class="pp-class-236 pa t40793 l51896 ls2036">nominal </span><span class="pp-class-236 pa t40793 l51897 ls2197">value </span><span class="pp-class-236 pa t40793 l45433 ls811">is </span><span class="pp-class-236 pa t40793 l51898 ls667">recognised </span><span class="pp-class-236 pa t40793 l17285 ls811">in </span><span class="pp-class-236 pa t40793 l51899 ls572">the </span><span class="pp-class-236 pa t40793 l51900 ls1764">income </span><span class="pp-class-236 pa t40793 l51901 ls556">statement </span><span class="pp-class-236 pa t40793 l51902 ls538">under </span><span class="pp-class-236 pa t40793 l51903 ls2222">financial </span><span class="pp-class-236 pa t40806 l3 ls538">costs </span><span class="pp-class-236 pa t40806 l31382 ls3234">over </span><span class="pp-class-236 pa t40806 l51904 ls651">the </span><span class="pp-class-236 pa t40806 l51905 ls995">term </span><span class="pp-class-236 pa t40806 l51906 ls98">of </span><span class="pp-class-236 pa t40806 l28374 ls651">the </span><span class="pp-class-236 pa t40806 l51907 ls811">loan. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42636 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t42636 l51845 ls625">liabilities </span><span class="pp-class-236 pa t42636 l51846 ls2222">also </span><span class="pp-class-236 pa t42636 l49829 ls949">include </span><span class="pp-class-236 pa t42636 l51908 ls546">capitalised </span><span class="pp-class-236 pa t42636 l51909 ls3855">residual </span><span class="pp-class-236 pa t42636 l51910 ls538">lease </span><span class="pp-class-236 pa t42636 l51911 ls1404">obligations </span><span class="pp-class-236 pa t42636 l51912 ls811">on </span><span class="pp-class-236 pa t42636 l51913 ls2036">leases. </span><span class="pp-class-236 pa t42636 l38626 ls811">Other </span><span class="pp-class-236 pa t42651 l3 ls625">liabilities </span><span class="pp-class-236 pa t42651 l39089 ls2808">are </span><span class="pp-class-236 pa t42651 l51914 ls667">recognised </span><span class="pp-class-236 pa t42651 l40868 ls2197">at </span><span class="pp-class-236 pa t42651 l51915 ls52">amortised </span><span class="pp-class-236 pa t42651 l51916 ls1792">cost, </span><span class="pp-class-236 pa t42651 l51917 ls538">which </span><span class="pp-class-236 pa t42651 l51918 ls838">corresponds </span><span class="pp-class-236 pa t42651 l51919 ls538">to </span><span class="pp-class-236 pa t42651 l51920 ls572">the </span><span class="pp-class-236 pa t42651 l51921 ls4248">net </span><span class="pp-class-236 pa t42651 l51922 ls667">realisable </span><span class="pp-class-236 pa t42651 l51923 ls2197">value </span><span class="pp-class-236 pa t42651 l51924 ls811">in </span><span class="pp-class-236 pa t42651 l51925 ls184">all </span><span class="pp-class-236 pa t42666 l3 ls838">material </span><span class="pp-class-236 pa t42666 l51926 ls691">respects.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40754 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t40754 l51845 ls625">liabilities </span><span class="pp-class-236 pa t40754 l51846 ls1751">comprise </span><span class="pp-class-236 pa t40754 l51847 ls625">amounts </span><span class="pp-class-236 pa t40754 l37635 ls3234">owed </span><span class="pp-class-236 pa t40754 l51848 ls538">to </span><span class="pp-class-236 pa t40754 l51849 ls6146">mortgage/credit </span><span class="pp-class-236 pa t40754 l51850 ls4248">institutions </span><span class="pp-class-236 pa t40754 l51851 ls651">and </span><span class="pp-class-236 pa t40754 l51852 ls667">banks </span><span class="pp-class-236 pa t40754 l51853 ls811">as </span><span class="pp-class-236 pa t40754 l51854 ls546">well </span><span class="pp-class-236 pa t40763 l3 ls811">as </span><span class="pp-class-236 pa t40763 l47173 ls625">amounts </span><span class="pp-class-236 pa t40763 l51855 ls3234">owed </span><span class="pp-class-236 pa t40763 l51856 ls538">to </span><span class="pp-class-236 pa t40763 l51857 ls758">owners </span><span class="pp-class-236 pa t40763 l51858 ls98">of </span><span class="pp-class-236 pa t40763 l51859 ls1764">issued </span><span class="pp-class-236 pa t40763 l51860 ls2245">corporate </span><span class="pp-class-236 pa t40763 l51663 ls538">bonds </span><span class="pp-class-236 pa t40763 l51861 ls546">including </span><span class="pp-class-236 pa t40763 l51862 ls625">liabilities </span><span class="pp-class-236 pa t40763 l51863 ls2036">arising </span><span class="pp-class-236 pa t40763 l51864 ls877">from </span><span class="pp-class-236 pa t40763 l51865 ls2969">derivatives </span><span class="pp-class-236 pa t40775 l3 ls1131">relating </span><span class="pp-class-236 pa t40775 l10801 ls538">to </span><span class="pp-class-236 pa t40775 l51866 ls1764">issued </span><span class="pp-class-236 pa t40775 l16970 ls2245">corporate </span><span class="pp-class-236 pa t40775 l45747 ls1764">bonds. </span><span class="pp-class-236 pa t40775 l51867 ls572">The </span><span class="pp-class-236 pa t40775 l51868 ls625">amounts </span><span class="pp-class-236 pa t40775 l51869 ls2808">are </span><span class="pp-class-236 pa t40775 l51870 ls681">initially </span><span class="pp-class-236 pa t40775 l51871 ls667">recognised </span><span class="pp-class-236 pa t40775 l48895 ls2197">at </span><span class="pp-class-236 pa t40775 l51872 ls553">fair </span><span class="pp-class-236 pa t40775 l51873 ls2197">value </span><span class="pp-class-236 pa t40775 l51874 ls4248">net </span><span class="pp-class-236 pa t40775 l51875 ls197">of </span><span class="pp-class-236 pa t41664 l3 ls2969">transaction </span><span class="pp-class-236 pa t41664 l51876 ls8048">expenses. </span><span class="pp-class-236 pa t41664 l17903 ls1882">Subsequently, </span><span class="pp-class-236 pa t41664 l51877 ls572">the </span><span class="pp-class-236 pa t41664 l51878 ls995">financial </span><span class="pp-class-236 pa t41664 l51879 ls995">liability </span><span class="pp-class-236 pa t41664 l51880 ls811">is </span><span class="pp-class-236 pa t41664 l51881 ls3855">measured </span><span class="pp-class-236 pa t41664 l51882 ls2197">at </span><span class="pp-class-236 pa t41664 l51883 ls52">amortised </span><span class="pp-class-236 pa t41664 l51884 ls121">cost, </span><span class="pp-class-236 pa t40783 l3 ls758">corresponding </span><span class="pp-class-236 pa t40783 l34149 ls538">to </span><span class="pp-class-236 pa t40783 l51027 ls651">the </span><span class="pp-class-236 pa t40783 l51885 ls546">capitalised </span><span class="pp-class-236 pa t40783 l40336 ls2197">value </span><span class="pp-class-236 pa t40783 l51886 ls538">using </span><span class="pp-class-236 pa t40783 l51887 ls651">the </span><span class="pp-class-236 pa t40783 l51888 ls706">effective </span><span class="pp-class-236 pa t40783 l39105 ls706">interest </span><span class="pp-class-236 pa t40783 l51889 ls546">method, </span><span class="pp-class-236 pa t40783 l51890 ls811">so </span><span class="pp-class-236 pa t40783 l51891 ls616">that </span><span class="pp-class-236 pa t40783 l51892 ls651">the </span><span class="pp-class-236 pa t40783 l51893 ls4630">difference </span><span class="pp-class-236 pa t40793 l3 ls713">between </span><span class="pp-class-236 pa t40793 l26681 ls651">the </span><span class="pp-class-236 pa t40793 l51894 ls3855">proceeds </span><span class="pp-class-236 pa t40793 l51895 ls651">and </span><span class="pp-class-236 pa t40793 l25631 ls651">the </span><span class="pp-class-236 pa t40793 l51896 ls2036">nominal </span><span class="pp-class-236 pa t40793 l51897 ls2197">value </span><span class="pp-class-236 pa t40793 l45433 ls811">is </span><span class="pp-class-236 pa t40793 l51898 ls667">recognised </span><span class="pp-class-236 pa t40793 l17285 ls811">in </span><span class="pp-class-236 pa t40793 l51899 ls572">the </span><span class="pp-class-236 pa t40793 l51900 ls1764">income </span><span class="pp-class-236 pa t40793 l51901 ls556">statement </span><span class="pp-class-236 pa t40793 l51902 ls538">under </span><span class="pp-class-236 pa t40793 l51903 ls2222">financial </span><span class="pp-class-236 pa t40806 l3 ls538">costs </span><span class="pp-class-236 pa t40806 l31382 ls3234">over </span><span class="pp-class-236 pa t40806 l51904 ls651">the </span><span class="pp-class-236 pa t40806 l51905 ls995">term </span><span class="pp-class-236 pa t40806 l51906 ls98">of </span><span class="pp-class-236 pa t40806 l28374 ls651">the </span><span class="pp-class-236 pa t40806 l51907 ls811">loan. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t42636 l3 ls706">Interest-bearing </span><span class="pp-class-236 pa t42636 l51845 ls625">liabilities </span><span class="pp-class-236 pa t42636 l51846 ls2222">also </span><span class="pp-class-236 pa t42636 l49829 ls949">include </span><span class="pp-class-236 pa t42636 l51908 ls546">capitalised </span><span class="pp-class-236 pa t42636 l51909 ls3855">residual </span><span class="pp-class-236 pa t42636 l51910 ls538">lease </span><span class="pp-class-236 pa t42636 l51911 ls1404">obligations </span><span class="pp-class-236 pa t42636 l51912 ls811">on </span><span class="pp-class-236 pa t42636 l51913 ls2036">leases. </span><span class="pp-class-236 pa t42636 l38626 ls811">Other </span><span class="pp-class-236 pa t42651 l3 ls625">liabilities </span><span class="pp-class-236 pa t42651 l39089 ls2808">are </span><span class="pp-class-236 pa t42651 l51914 ls667">recognised </span><span class="pp-class-236 pa t42651 l40868 ls2197">at </span><span class="pp-class-236 pa t42651 l51915 ls52">amortised </span><span class="pp-class-236 pa t42651 l51916 ls1792">cost, </span><span class="pp-class-236 pa t42651 l51917 ls538">which </span><span class="pp-class-236 pa t42651 l51918 ls838">corresponds </span><span class="pp-class-236 pa t42651 l51919 ls538">to </span><span class="pp-class-236 pa t42651 l51920 ls572">the </span><span class="pp-class-236 pa t42651 l51921 ls4248">net </span><span class="pp-class-236 pa t42651 l51922 ls667">realisable </span><span class="pp-class-236 pa t42651 l51923 ls2197">value </span><span class="pp-class-236 pa t42651 l51924 ls811">in </span><span class="pp-class-236 pa t42651 l51925 ls184">all </span><span class="pp-class-236 pa t42666 l3 ls838">material </span><span class="pp-class-236 pa t42666 l51926 ls691">respects.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls1751">Dividends</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls3855">Proposed </span><span class="pp-class-236 pa t43270 l51929 ls995">dividends </span><span class="pp-class-236 pa t43270 l51930 ls2808">are </span><span class="pp-class-236 pa t43270 l51931 ls667">recognised </span><span class="pp-class-236 pa t43270 l51932 ls811">as </span><span class="pp-class-236 pa t43270 l51933 ls625">liabilities </span><span class="pp-class-236 pa t43270 l51934 ls2197">at </span><span class="pp-class-236 pa t43270 l42067 ls651">the </span><span class="pp-class-236 pa t43270 l51935 ls7086">date </span><span class="pp-class-236 pa t43270 l51936 ls811">on </span><span class="pp-class-236 pa t43270 l51937 ls538">which </span><span class="pp-class-236 pa t43270 l51938 ls8048">they </span><span class="pp-class-236 pa t43270 l51939 ls2808">are </span><span class="pp-class-236 pa t43270 l51940 ls667">adopted </span><span class="pp-class-236 pa t43270 l51941 ls2197">at </span><span class="pp-class-236 pa t43270 l51942 ls572">the </span><span class="pp-class-236 pa t43270 l51943 ls1792">Annual </span><span class="pp-class-236 pa t43283 l3 ls556">General </span><span class="pp-class-236 pa t43283 l38427 ls546">Meeting </span><span class="pp-class-236 pa t43283 l51944 ls538">(time </span><span class="pp-class-236 pa t43283 l48356 ls98">of </span><span class="pp-class-236 pa t43283 l51945 ls691">declaration).</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43264 l3 ls1751">Dividends</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43270 l3 ls3855">Proposed </span><span class="pp-class-236 pa t43270 l51929 ls995">dividends </span><span class="pp-class-236 pa t43270 l51930 ls2808">are </span><span class="pp-class-236 pa t43270 l51931 ls667">recognised </span><span class="pp-class-236 pa t43270 l51932 ls811">as </span><span class="pp-class-236 pa t43270 l51933 ls625">liabilities </span><span class="pp-class-236 pa t43270 l51934 ls2197">at </span><span class="pp-class-236 pa t43270 l42067 ls651">the </span><span class="pp-class-236 pa t43270 l51935 ls7086">date </span><span class="pp-class-236 pa t43270 l51936 ls811">on </span><span class="pp-class-236 pa t43270 l51937 ls538">which </span><span class="pp-class-236 pa t43270 l51938 ls8048">they </span><span class="pp-class-236 pa t43270 l51939 ls2808">are </span><span class="pp-class-236 pa t43270 l51940 ls667">adopted </span><span class="pp-class-236 pa t43270 l51941 ls2197">at </span><span class="pp-class-236 pa t43270 l51942 ls572">the </span><span class="pp-class-236 pa t43270 l51943 ls1792">Annual </span><span class="pp-class-236 pa t43283 l3 ls556">General </span><span class="pp-class-236 pa t43283 l38427 ls546">Meeting </span><span class="pp-class-236 pa t43283 l51944 ls538">(time </span><span class="pp-class-236 pa t43283 l48356 ls98">of </span><span class="pp-class-236 pa t43283 l51945 ls691">declaration).</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43309 l3 ls168">Reserve </span><span class="pp-class-237 pa t43309 l51946 ls696">for </span><span class="pp-class-237 pa t43309 l28222 ls4248">treasury </span><span class="pp-class-237 pa t43309 l17683 ls168">shares</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43319 l3 ls651">The </span><span class="pp-class-236 pa t43319 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43319 l3612 ls995">comprises </span><span class="pp-class-236 pa t43319 l51947 ls651">the </span><span class="pp-class-236 pa t43319 l51948 ls2036">nominal </span><span class="pp-class-236 pa t43319 l51949 ls2197">value </span><span class="pp-class-236 pa t43319 l51950 ls98">of </span><span class="pp-class-236 pa t43319 l51951 ls168">treasury </span><span class="pp-class-236 pa t43319 l49058 ls556">shares. </span><span class="pp-class-236 pa t43319 l42474 ls572">The </span><span class="pp-class-236 pa t43319 l51952 ls681">difference </span><span class="pp-class-236 pa t43319 l51953 ls713">between </span><span class="pp-class-236 pa t43319 l51954 ls572">the </span><span class="pp-class-236 pa t43319 l51955 ls691">market </span><span class="pp-class-236 pa t43319 l51956 ls811">price </span><span class="pp-class-236 pa t43330 l3 ls2222">paid </span><span class="pp-class-236 pa t43330 l51957 ls572">and </span><span class="pp-class-236 pa t43330 l37151 ls651">the </span><span class="pp-class-236 pa t43330 l51958 ls2036">nominal </span><span class="pp-class-236 pa t43330 l45520 ls2197">value </span><span class="pp-class-236 pa t43330 l32952 ls811">as </span><span class="pp-class-236 pa t43330 l51959 ls8048">well </span><span class="pp-class-236 pa t43330 l51960 ls811">as </span><span class="pp-class-236 pa t43330 l51961 ls995">dividends </span><span class="pp-class-236 pa t43330 l50970 ls811">on </span><span class="pp-class-236 pa t43330 l51962 ls168">treasury </span><span class="pp-class-236 pa t43330 l51963 ls2197">shares </span><span class="pp-class-236 pa t43330 l51964 ls2808">are </span><span class="pp-class-236 pa t43330 l51965 ls667">recognised </span><span class="pp-class-236 pa t43330 l51966 ls3084">directly </span><span class="pp-class-236 pa t43330 l51967 ls811">in </span><span class="pp-class-236 pa t43330 l51968 ls1792">equity </span><span class="pp-class-236 pa t43426 l3 ls538">under </span><span class="pp-class-236 pa t43426 l51969 ls5781">retained </span><span class="pp-class-236 pa t43426 l27619 ls995">earnings. </span><span class="pp-class-236 pa t43426 l17048 ls651">The </span><span class="pp-class-236 pa t43426 l51970 ls2969">reserve </span><span class="pp-class-236 pa t43426 l32250 ls811">is </span><span class="pp-class-236 pa t43426 l51971 ls184">a </span><span class="pp-class-236 pa t43426 l51972 ls546">distributable </span><span class="pp-class-236 pa t43426 l51973 ls2197">reserve. </span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43309 l3 ls168">Reserve </span><span class="pp-class-237 pa t43309 l51946 ls696">for </span><span class="pp-class-237 pa t43309 l28222 ls4248">treasury </span><span class="pp-class-237 pa t43309 l17683 ls168">shares</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43319 l3 ls651">The </span><span class="pp-class-236 pa t43319 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43319 l3612 ls995">comprises </span><span class="pp-class-236 pa t43319 l51947 ls651">the </span><span class="pp-class-236 pa t43319 l51948 ls2036">nominal </span><span class="pp-class-236 pa t43319 l51949 ls2197">value </span><span class="pp-class-236 pa t43319 l51950 ls98">of </span><span class="pp-class-236 pa t43319 l51951 ls168">treasury </span><span class="pp-class-236 pa t43319 l49058 ls556">shares. </span><span class="pp-class-236 pa t43319 l42474 ls572">The </span><span class="pp-class-236 pa t43319 l51952 ls681">difference </span><span class="pp-class-236 pa t43319 l51953 ls713">between </span><span class="pp-class-236 pa t43319 l51954 ls572">the </span><span class="pp-class-236 pa t43319 l51955 ls691">market </span><span class="pp-class-236 pa t43319 l51956 ls811">price </span><span class="pp-class-236 pa t43330 l3 ls2222">paid </span><span class="pp-class-236 pa t43330 l51957 ls572">and </span><span class="pp-class-236 pa t43330 l37151 ls651">the </span><span class="pp-class-236 pa t43330 l51958 ls2036">nominal </span><span class="pp-class-236 pa t43330 l45520 ls2197">value </span><span class="pp-class-236 pa t43330 l32952 ls811">as </span><span class="pp-class-236 pa t43330 l51959 ls8048">well </span><span class="pp-class-236 pa t43330 l51960 ls811">as </span><span class="pp-class-236 pa t43330 l51961 ls995">dividends </span><span class="pp-class-236 pa t43330 l50970 ls811">on </span><span class="pp-class-236 pa t43330 l51962 ls168">treasury </span><span class="pp-class-236 pa t43330 l51963 ls2197">shares </span><span class="pp-class-236 pa t43330 l51964 ls2808">are </span><span class="pp-class-236 pa t43330 l51965 ls667">recognised </span><span class="pp-class-236 pa t43330 l51966 ls3084">directly </span><span class="pp-class-236 pa t43330 l51967 ls811">in </span><span class="pp-class-236 pa t43330 l51968 ls1792">equity </span><span class="pp-class-236 pa t43426 l3 ls538">under </span><span class="pp-class-236 pa t43426 l51969 ls5781">retained </span><span class="pp-class-236 pa t43426 l27619 ls995">earnings. </span><span class="pp-class-236 pa t43426 l17048 ls651">The </span><span class="pp-class-236 pa t43426 l51970 ls2969">reserve </span><span class="pp-class-236 pa t43426 l32250 ls811">is </span><span class="pp-class-236 pa t43426 l51971 ls184">a </span><span class="pp-class-236 pa t43426 l51972 ls546">distributable </span><span class="pp-class-236 pa t43426 l51973 ls2197">reserve. </span></p><div id="pp-id-5420" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52029 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls52030">4.7 </span><span class="pp-class-234 pa t1122 l38307 ls614">Treasury </span><span class="pp-class-234 pa t1122 l52031 ls197">shares</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">Number </span><span class="pp-class-236 pa t37084 l3212 ls118">of </span><span class="pp-class-236 pa t37084 l3213 ls197">shares </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls706">Treasury </span><span class="pp-class-236 pa t37088 l9729 ls197">shares </span><span class="pp-class-236 pa t37088 l3173 ls2368">at </span><span class="pp-class-236 pa t37088 l49187">1 </span><span class="pp-class-236 pa t37088 l52032 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l52033 ls44099">3,973,770</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l52034 ls12490">2,415,910</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls67">Acquisition </span><span class="pp-class-236 pa t41562 l30828 ls118">of </span><span class="pp-class-236 pa t41562 l37867 ls115">treasury </span><span class="pp-class-236 pa t41562 l37962 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l52035 ls1741">2,312,185</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3">Disposal </span><span class="pp-class-236 pa t41566 l31202 ls118">of </span><span class="pp-class-236 pa t41566 l52036 ls115">treasury </span><span class="pp-class-236 pa t41566 l52037 ls197">shares </span><span class="pp-class-236 pa t41566 l18824">due </span><span class="pp-class-236 pa t41566 l34418 ls138">to </span><span class="pp-class-236 pa t41566 l52038 ls590">exercise </span><span class="pp-class-236 pa t41566 l52039 ls118">of </span><span class="pp-class-236 pa t41566 l52040 ls106">share </span><span class="pp-class-236 pa t41566 l52041 ls13">options </span><span class="pp-class-236 pa t41566 l47600">and </span><span class="pp-class-236 pa t52042 l3 ls1024">restricted </span><span class="pp-class-236 pa t52042 l52043 ls13">stock </span><span class="pp-class-236 pa t52042 l47191">units</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52042 l52044 ls3292">-20,457</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52042 l32527 ls129">-92,344</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52045 l3 ls177">Cancellation </span><span class="pp-class-236 pa t52045 l52046 ls118">of </span><span class="pp-class-236 pa t52045 l52047 ls115">treasury </span><span class="pp-class-236 pa t52045 l26106 ls197">shares </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52045 l52048 ls4823">-1,754,048</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52045 l22784 ls83">-661,981</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52049 l3 ls587">Treasury </span><span class="pp-class-237 pa t52049 l18314 ls1467">shares </span><span class="pp-class-237 pa t52049 l52050 ls2222">at </span><span class="pp-class-237 pa t52049 l52051">31 </span><span class="pp-class-237 pa t52049 l52052">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52049 l52053 ls181">2,199,265</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52049 l52054 ls2984">3,973,770</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52055 l3 ls2368">Market </span><span class="pp-class-237 pa t52055 l52056 ls106">value </span><span class="pp-class-237 pa t52055 l19680">of </span><span class="pp-class-237 pa t52055 l52057 ls118">treasury </span><span class="pp-class-237 pa t52055 l52058 ls1467">shares </span><span class="pp-class-237 pa t52055 l52059">based </span><span class="pp-class-237 pa t52055 l52060">on </span><span class="pp-class-237 pa t52055 l52061 ls1098">quoted </span><span class="pp-class-237 pa t52055 l52062 ls108">share </span><span class="pp-class-237 pa t52055 l52063">price </span><span class="pp-class-237 pa t52064 l3 ls2222">at </span><span class="pp-class-237 pa t52064 l52065">31 </span><span class="pp-class-237 pa t52064 l52066 ls995">December, </span><span class="pp-class-237 pa t52064 l52067">DKK </span><span class="pp-class-237 pa t52064 l37599">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52064 l52068 ls814">210</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52064 l52069">530</span></a></p></td></tr></table></div></div><div id="pp-id-5421" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52070 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls52030">4.7 </span><span class="pp-class-234 pa t1122 l38307 ls614">Treasury </span><span class="pp-class-234 pa t1122 l52031 ls197">shares</span><span class="pp-class-235 pa t1122 l52071"/><span class="pp-class-235 pa t1122 l25937 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls811">In </span><span class="pp-class-236 pa t40114 l38573 ls7086">accordance </span><span class="pp-class-236 pa t40114 l49555 ls2222">with </span><span class="pp-class-236 pa t40114 l39252 ls651">the </span><span class="pp-class-236 pa t40114 l42949 ls1764">Annual </span><span class="pp-class-236 pa t40114 l28628 ls556">General </span><span class="pp-class-236 pa t40114 l52072 ls546">Meeting </span><span class="pp-class-236 pa t40114 l52073 ls811">in </span><span class="pp-class-236 pa t40114 l18161 ls706">March </span><span class="pp-class-236 pa t40114 l52074 ls2222">2025 </span><span class="pp-class-236 pa t40114 l52075 ls572">the </span><span class="pp-class-236 pa t40114 l46101 ls706">Board </span><span class="pp-class-236 pa t40114 l52076 ls98">of </span><span class="pp-class-236 pa t40114 l48802 ls2969">Directors </span><span class="pp-class-236 pa t40114 l52077 ls811">is </span><span class="pp-class-236 pa t40114 l52078 ls278">authorised </span><span class="pp-class-236 pa t40114 l52079 ls184">– </span><span class="pp-class-236 pa t40114 l52080 ls536">until </span><span class="pp-class-236 pa t40114 l52081 ls1547">23 </span><span class="pp-class-236 pa t40125 l3 ls706">March </span><span class="pp-class-236 pa t40125 l52082 ls2222">2029 </span><span class="pp-class-236 pa t40125 l48672 ls184">– </span><span class="pp-class-236 pa t40125 l28173 ls538">to </span><span class="pp-class-236 pa t40125 l52083 ls877">acquire </span><span class="pp-class-236 pa t40125 l15095 ls168">treasury </span><span class="pp-class-236 pa t40125 l39584 ls2197">shares </span><span class="pp-class-236 pa t40125 l52084 ls811">up </span><span class="pp-class-236 pa t40125 l52085 ls538">to </span><span class="pp-class-236 pa t40125 l52086 ls2813">5,621,554 </span><span class="pp-class-236 pa t40125 l52087 ls2197">shares </span><span class="pp-class-236 pa t40125 l46425 ls758">corresponding </span><span class="pp-class-236 pa t40125 l52088 ls538">to </span><span class="pp-class-236 pa t40125 l52089 ls184">a </span><span class="pp-class-236 pa t40125 l52090 ls2036">nominal </span><span class="pp-class-236 pa t40125 l52091 ls706">share </span><span class="pp-class-236 pa t40125 l52092 ls2197">value </span><span class="pp-class-236 pa t40125 l52093 ls197">of </span><span class="pp-class-236 pa t40137 l3 ls651">DKK </span><span class="pp-class-236 pa t40137 l52094 ls3151">112,431,080. </span><span class="pp-class-236 pa t40137 l52095 ls33174">However, </span><span class="pp-class-236 pa t40137 l52096 ls538">DFDS’ </span><span class="pp-class-236 pa t40137 l52097 ls758">total </span><span class="pp-class-236 pa t40137 l52098 ls1764">number </span><span class="pp-class-236 pa t40137 l52099 ls98">of </span><span class="pp-class-236 pa t40137 l52100 ls168">treasury </span><span class="pp-class-236 pa t40137 l52101 ls2197">shares </span><span class="pp-class-236 pa t40137 l52102 ls179">cannot </span><span class="pp-class-236 pa t40137 l52103 ls2197">at </span><span class="pp-class-236 pa t40137 l52104 ls553">any </span><span class="pp-class-236 pa t40137 l52105 ls2222">time </span><span class="pp-class-236 pa t40137 l52106 ls2081">exceed </span><span class="pp-class-236 pa t40137 l52107 ls544">10% </span><span class="pp-class-236 pa t40137 l52108 ls98">of </span><span class="pp-class-236 pa t40137 l52109 ls967">DFDS </span><span class="pp-class-236 pa t40150 l3 ls3855">A/S’ </span><span class="pp-class-236 pa t40150 l52110 ls706">share </span><span class="pp-class-236 pa t40150 l52111 ls949">capital. </span><span class="pp-class-236 pa t40150 l52112 ls731">Furthermore, </span><span class="pp-class-236 pa t40150 l27839 ls651">the </span><span class="pp-class-236 pa t40150 l52113 ls538">price </span><span class="pp-class-236 pa t40150 l52114 ls179">cannot </span><span class="pp-class-236 pa t40150 l52115 ls2245">deviate </span><span class="pp-class-236 pa t40150 l46078 ls706">by </span><span class="pp-class-236 pa t40150 l52116 ls877">more </span><span class="pp-class-236 pa t40150 l52117 ls2222">than </span><span class="pp-class-236 pa t40150 l52118 ls544">10% </span><span class="pp-class-236 pa t40150 l52119 ls877">from </span><span class="pp-class-236 pa t40150 l52120 ls651">the </span><span class="pp-class-236 pa t40150 l52121 ls747">listed </span><span class="pp-class-236 pa t40150 l52122 ls544">acquisition </span><span class="pp-class-236 pa t40150 l52123 ls538">price </span><span class="pp-class-236 pa t40150 l52124 ls1547">on </span><span class="pp-class-236 pa t40161 l3 ls11077">NASDAQ </span><span class="pp-class-236 pa t40161 l52125 ls544">Copenhagen </span><span class="pp-class-236 pa t40161 l52126 ls2197">at </span><span class="pp-class-236 pa t40161 l52127 ls651">the </span><span class="pp-class-236 pa t40161 l52128 ls2222">time </span><span class="pp-class-236 pa t40161 l52129 ls98">of </span><span class="pp-class-236 pa t40161 l52130 ls544">acquisition.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40167 l3 ls2222">DFDS </span><span class="pp-class-236 pa t40167 l28172 ls4787">A/S </span><span class="pp-class-236 pa t40167 l42011 ls651">has </span><span class="pp-class-236 pa t40167 l34081 ls1764">during </span><span class="pp-class-236 pa t40167 l52131 ls2222">2025 </span><span class="pp-class-236 pa t40167 l13238 ls4248">not </span><span class="pp-class-236 pa t40167 l52132 ls4276">acquired </span><span class="pp-class-236 pa t40167 l33332 ls553">any </span><span class="pp-class-236 pa t40167 l52133 ls168">treasury </span><span class="pp-class-236 pa t40167 l52134 ls2197">shares </span><span class="pp-class-236 pa t40167 l52135 ls667">(2024: </span><span class="pp-class-236 pa t40167 l52136 ls4276">acquired </span><span class="pp-class-236 pa t40167 l52137 ls168">treasury </span><span class="pp-class-236 pa t40167 l52138 ls2197">shares </span><span class="pp-class-236 pa t40167 l52139 ls811">in </span><span class="pp-class-236 pa t40167 l52140 ls536">connection </span><span class="pp-class-236 pa t40178 l3 ls2222">with </span><span class="pp-class-236 pa t40178 l8961 ls184">a </span><span class="pp-class-236 pa t40178 l52141 ls706">share </span><span class="pp-class-236 pa t40178 l52142 ls544">buyback </span><span class="pp-class-236 pa t40178 l52143 ls553">for </span><span class="pp-class-236 pa t40178 l52144 ls184">a </span><span class="pp-class-236 pa t40178 l52145 ls758">total </span><span class="pp-class-236 pa t40178 l27523 ls3855">payment </span><span class="pp-class-236 pa t40178 l52146 ls98">of </span><span class="pp-class-236 pa t40178 l52147 ls651">DKK </span><span class="pp-class-236 pa t40178 l52148 ls1764">431m). </span><span class="pp-class-236 pa t40178 l52149 ls731">Furthermore, </span><span class="pp-class-236 pa t40178 l52150 ls1764">during </span><span class="pp-class-236 pa t40178 l52151 ls2222">2025 </span><span class="pp-class-236 pa t40178 l52152 ls2222">DFDS </span><span class="pp-class-236 pa t40178 l52153 ls4787">A/S </span><span class="pp-class-236 pa t40178 l52154 ls651">has </span><span class="pp-class-236 pa t40178 l52155 ls94">disposed </span><span class="pp-class-236 pa t40187 l3 ls168">treasury </span><span class="pp-class-236 pa t40187 l49197 ls2197">shares </span><span class="pp-class-236 pa t40187 l52156 ls811">in </span><span class="pp-class-236 pa t40187 l52157 ls278">connection </span><span class="pp-class-236 pa t40187 l52158 ls2222">with </span><span class="pp-class-236 pa t40187 l52159 ls621">employees’ </span><span class="pp-class-236 pa t40187 l52160 ls11592">exercise </span><span class="pp-class-236 pa t40187 l38332 ls98">of </span><span class="pp-class-236 pa t40187 l52161 ls691">restricted </span><span class="pp-class-236 pa t40187 l52162 ls625">stock </span><span class="pp-class-236 pa t40187 l52163 ls538">units </span><span class="pp-class-236 pa t40187 l52164 ls553">for </span><span class="pp-class-236 pa t40187 l52165 ls538">which </span><span class="pp-class-236 pa t40187 l52166 ls811">no </span><span class="pp-class-236 pa t40187 l52167 ls7086">consideration </span><span class="pp-class-236 pa t40187 l52168 ls949">was </span><span class="pp-class-236 pa t40199 l3 ls2245">received </span><span class="pp-class-236 pa t40199 l52169 ls667">(2024: </span><span class="pp-class-236 pa t40199 l18796 ls811">no </span><span class="pp-class-236 pa t40199 l52170 ls7086">consideration </span><span class="pp-class-236 pa t40199 l52171 ls621">received). </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls811">On </span><span class="pp-class-236 pa t47935 l38479 ls651">the </span><span class="pp-class-236 pa t47935 l52172 ls1764">Annual </span><span class="pp-class-236 pa t47935 l52173 ls556">General </span><span class="pp-class-236 pa t47935 l52174 ls546">Meeting </span><span class="pp-class-236 pa t47935 l52175 ls811">in </span><span class="pp-class-236 pa t47935 l5888 ls706">March </span><span class="pp-class-236 pa t47935 l43428 ls2565">2025, </span><span class="pp-class-236 pa t47935 l52176 ls811">it </span><span class="pp-class-236 pa t47935 l52177 ls556">was </span><span class="pp-class-236 pa t47935 l52178 ls2036">decided </span><span class="pp-class-236 pa t47935 l42368 ls538">to </span><span class="pp-class-236 pa t47935 l52179 ls1764">cancel </span><span class="pp-class-236 pa t47935 l52180 ls853">1,754,048 </span><span class="pp-class-236 pa t47935 l52181 ls98">of </span><span class="pp-class-236 pa t47935 l52182 ls651">the </span><span class="pp-class-236 pa t47935 l52183 ls168">treasury </span><span class="pp-class-236 pa t47935 l52184 ls565">shares </span><span class="pp-class-236 pa t40221 l3 ls667">(2024: </span><span class="pp-class-236 pa t40221 l45148 ls6270">661,981 </span><span class="pp-class-236 pa t40221 l52185 ls168">treasury </span><span class="pp-class-236 pa t40221 l52186 ls2969">shares). </span><span class="pp-class-236 pa t40221 l36356 ls2222">This </span><span class="pp-class-236 pa t40221 l52187 ls1131">resulted </span><span class="pp-class-236 pa t40221 l52188 ls811">in </span><span class="pp-class-236 pa t40221 l49380 ls184">a </span><span class="pp-class-236 pa t40221 l52189 ls2197">reduction </span><span class="pp-class-236 pa t40221 l40799 ls98">of </span><span class="pp-class-236 pa t40221 l52190 ls651">the </span><span class="pp-class-236 pa t40221 l52191 ls724">Company's </span><span class="pp-class-236 pa t40221 l52192 ls706">share </span><span class="pp-class-236 pa t40221 l52193 ls524">capital </span><span class="pp-class-236 pa t40221 l52194 ls706">by </span><span class="pp-class-236 pa t40221 l52195 ls667">nominally </span><span class="pp-class-236 pa t40233 l3 ls40267">35,080,960 </span><span class="pp-class-236 pa t40233 l44534 ls667">(2024: </span><span class="pp-class-236 pa t40233 l44305 ls2846">13,239,620). </span><span class="pp-class-236 pa t40233 l52196 ls651">The </span><span class="pp-class-236 pa t40233 l52197 ls630">cancellation </span><span class="pp-class-236 pa t40233 l33837 ls544">had </span><span class="pp-class-236 pa t40233 l52198 ls538">legal </span><span class="pp-class-236 pa t40233 l52199 ls838">effect </span><span class="pp-class-236 pa t40233 l18327 ls877">from </span><span class="pp-class-236 pa t40233 l52200 ls811">23 </span><span class="pp-class-236 pa t40233 l52201 ls538">April </span><span class="pp-class-236 pa t40233 l52202 ls3292">2025.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t49373 l3 ls651">The </span><span class="pp-class-236 pa t49373 l38379 ls2687">Parent </span><span class="pp-class-236 pa t49373 l52203 ls2969">company’s </span><span class="pp-class-236 pa t49373 l52204 ls2036">holding </span><span class="pp-class-236 pa t49373 l52205 ls98">of </span><span class="pp-class-236 pa t49373 l52206 ls168">treasury </span><span class="pp-class-236 pa t49373 l28683 ls2197">shares </span><span class="pp-class-236 pa t49373 l52207 ls2197">at </span><span class="pp-class-236 pa t49373 l52208 ls811">31 </span><span class="pp-class-236 pa t49373 l52209 ls1751">December </span><span class="pp-class-236 pa t49373 l52210 ls2222">2025 </span><span class="pp-class-236 pa t49373 l52211 ls811">is </span><span class="pp-class-236 pa t49373 l52212 ls847">2,199,265 </span><span class="pp-class-236 pa t49373 l52213 ls2197">shares </span><span class="pp-class-236 pa t49373 l37811 ls98">of </span><span class="pp-class-236 pa t49373 l43294 ls651">DKK </span><span class="pp-class-236 pa t49373 l52214 ls811">20 </span><span class="pp-class-236 pa t49373 l52215 ls2222">each </span><span class="pp-class-236 pa t40247 l3 ls667">(2024: </span><span class="pp-class-236 pa t40247 l45148 ls44025">3,973,770 </span><span class="pp-class-236 pa t40247 l52216 ls2969">shares), </span><span class="pp-class-236 pa t40247 l14115 ls758">corresponding </span><span class="pp-class-236 pa t40247 l52217 ls538">to </span><span class="pp-class-236 pa t40247 l8755 ls6721">3.91% </span><span class="pp-class-236 pa t40247 l52218 ls667">(2024: </span><span class="pp-class-236 pa t40247 l52219 ls2846">6.85%) </span><span class="pp-class-236 pa t40247 l52220 ls98">of </span><span class="pp-class-236 pa t40247 l52221 ls572">the </span><span class="pp-class-236 pa t40247 l52222 ls2687">Parent </span><span class="pp-class-236 pa t40247 l52223 ls2969">company’s </span><span class="pp-class-236 pa t40247 l52224 ls706">share </span><span class="pp-class-236 pa t40247 l52225 ls538">capital. </span><span class="pp-class-236 pa t40265 l3 ls913">Treasury </span><span class="pp-class-236 pa t40265 l52226 ls2197">shares </span><span class="pp-class-236 pa t40265 l33872 ls2808">are </span><span class="pp-class-236 pa t40265 l52227 ls2222">used </span><span class="pp-class-236 pa t40265 l52228 ls538">to </span><span class="pp-class-236 pa t40265 l52229 ls849">cover </span><span class="pp-class-236 pa t40265 l52230 ls651">the </span><span class="pp-class-236 pa t40265 l52231 ls706">share </span><span class="pp-class-236 pa t40265 l52232 ls179">option </span><span class="pp-class-236 pa t40265 l52233 ls1764">scheme </span><span class="pp-class-236 pa t40265 l52234 ls651">and </span><span class="pp-class-236 pa t40265 l27551 ls691">restricted </span><span class="pp-class-236 pa t40265 l52235 ls625">stock </span><span class="pp-class-236 pa t40265 l52236 ls2222">unit </span><span class="pp-class-236 pa t40265 l52237 ls2222">plan </span><span class="pp-class-236 pa t40265 l52238 ls553">for </span><span class="pp-class-236 pa t40265 l52239 ls1463">employees.</span></p></div></div> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43309 l3 ls168">Reserve </span><span class="pp-class-237 pa t43309 l51946 ls696">for </span><span class="pp-class-237 pa t43309 l28222 ls4248">treasury </span><span class="pp-class-237 pa t43309 l17683 ls168">shares</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43319 l3 ls651">The </span><span class="pp-class-236 pa t43319 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43319 l3612 ls995">comprises </span><span class="pp-class-236 pa t43319 l51947 ls651">the </span><span class="pp-class-236 pa t43319 l51948 ls2036">nominal </span><span class="pp-class-236 pa t43319 l51949 ls2197">value </span><span class="pp-class-236 pa t43319 l51950 ls98">of </span><span class="pp-class-236 pa t43319 l51951 ls168">treasury </span><span class="pp-class-236 pa t43319 l49058 ls556">shares. </span><span class="pp-class-236 pa t43319 l42474 ls572">The </span><span class="pp-class-236 pa t43319 l51952 ls681">difference </span><span class="pp-class-236 pa t43319 l51953 ls713">between </span><span class="pp-class-236 pa t43319 l51954 ls572">the </span><span class="pp-class-236 pa t43319 l51955 ls691">market </span><span class="pp-class-236 pa t43319 l51956 ls811">price </span><span class="pp-class-236 pa t43330 l3 ls2222">paid </span><span class="pp-class-236 pa t43330 l51957 ls572">and </span><span class="pp-class-236 pa t43330 l37151 ls651">the </span><span class="pp-class-236 pa t43330 l51958 ls2036">nominal </span><span class="pp-class-236 pa t43330 l45520 ls2197">value </span><span class="pp-class-236 pa t43330 l32952 ls811">as </span><span class="pp-class-236 pa t43330 l51959 ls8048">well </span><span class="pp-class-236 pa t43330 l51960 ls811">as </span><span class="pp-class-236 pa t43330 l51961 ls995">dividends </span><span class="pp-class-236 pa t43330 l50970 ls811">on </span><span class="pp-class-236 pa t43330 l51962 ls168">treasury </span><span class="pp-class-236 pa t43330 l51963 ls2197">shares </span><span class="pp-class-236 pa t43330 l51964 ls2808">are </span><span class="pp-class-236 pa t43330 l51965 ls667">recognised </span><span class="pp-class-236 pa t43330 l51966 ls3084">directly </span><span class="pp-class-236 pa t43330 l51967 ls811">in </span><span class="pp-class-236 pa t43330 l51968 ls1792">equity </span><span class="pp-class-236 pa t43426 l3 ls538">under </span><span class="pp-class-236 pa t43426 l51969 ls5781">retained </span><span class="pp-class-236 pa t43426 l27619 ls995">earnings. </span><span class="pp-class-236 pa t43426 l17048 ls651">The </span><span class="pp-class-236 pa t43426 l51970 ls2969">reserve </span><span class="pp-class-236 pa t43426 l32250 ls811">is </span><span class="pp-class-236 pa t43426 l51971 ls184">a </span><span class="pp-class-236 pa t43426 l51972 ls546">distributable </span><span class="pp-class-236 pa t43426 l51973 ls2197">reserve. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2270">Currency </span><span class="pp-class-237 pa t43334 l49704 ls2969">translation </span><span class="pp-class-237 pa t43334 l51974 ls681">reserve</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43348 l3612 ls995">comprises </span><span class="pp-class-236 pa t43348 l51947 ls2222">DFDS </span><span class="pp-class-236 pa t43348 l28245 ls4787">A/S </span><span class="pp-class-236 pa t43348 l51975 ls1780">shareholders’ </span><span class="pp-class-236 pa t43348 l51976 ls706">share </span><span class="pp-class-236 pa t43348 l51977 ls98">of </span><span class="pp-class-236 pa t43348 l51978 ls2245">currency </span><span class="pp-class-236 pa t43348 l38388 ls2969">translation </span><span class="pp-class-236 pa t43348 l51979 ls553">adjustments </span><span class="pp-class-236 pa t43348 l51980 ls2036">arising </span><span class="pp-class-236 pa t43348 l51981 ls1547">on </span><span class="pp-class-236 pa t43367 l3 ls651">the </span><span class="pp-class-236 pa t43367 l28221 ls2969">translation </span><span class="pp-class-236 pa t43367 l51982 ls98">of </span><span class="pp-class-236 pa t43367 l29953 ls4248">net </span><span class="pp-class-236 pa t43367 l51983 ls713">investments </span><span class="pp-class-236 pa t43367 l31363 ls811">in </span><span class="pp-class-236 pa t43367 l51984 ls541">enterprises </span><span class="pp-class-236 pa t43367 l51985 ls2222">with </span><span class="pp-class-236 pa t43367 l51986 ls184">a </span><span class="pp-class-236 pa t43367 l51987 ls278">functional </span><span class="pp-class-236 pa t43367 l51988 ls2245">currency </span><span class="pp-class-236 pa t43367 l51989 ls949">other </span><span class="pp-class-236 pa t43367 l51990 ls2222">than </span><span class="pp-class-236 pa t43367 l51991 ls2222">DKK. </span><span class="pp-class-236 pa t43367 l51992 ls184">The </span><span class="pp-class-236 pa t43461 l3 ls2969">reserve </span><span class="pp-class-236 pa t43461 l51993 ls811">is </span><span class="pp-class-236 pa t43461 l51994 ls849">dissolved </span><span class="pp-class-236 pa t43461 l17016 ls2222">upon </span><span class="pp-class-236 pa t43461 l31316 ls1751">disposal </span><span class="pp-class-236 pa t43461 l51995 ls98">of </span><span class="pp-class-236 pa t43461 l51996 ls651">the </span><span class="pp-class-236 pa t43461 l51997 ls3076">entity.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43484 l3 ls168">Reserve </span><span class="pp-class-237 pa t43484 l51946 ls696">for </span><span class="pp-class-237 pa t43484 l28222 ls1764">hedging</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44410 l3 ls651">The </span><span class="pp-class-236 pa t44410 l38379 ls2036">hedging </span><span class="pp-class-236 pa t44410 l51998 ls2969">reserve </span><span class="pp-class-236 pa t44410 l51999 ls995">comprises </span><span class="pp-class-236 pa t44410 l52000 ls651">the </span><span class="pp-class-236 pa t44410 l25179 ls553">fair </span><span class="pp-class-236 pa t44410 l49056 ls2197">value </span><span class="pp-class-236 pa t44410 l38444 ls98">of </span><span class="pp-class-236 pa t44410 l52001 ls2036">hedging </span><span class="pp-class-236 pa t44410 l52002 ls691">transactions </span><span class="pp-class-236 pa t44410 l52003 ls616">that </span><span class="pp-class-236 pa t44410 l52004 ls33">qualify </span><span class="pp-class-236 pa t44410 l52005 ls553">for </span><span class="pp-class-236 pa t44410 l52006 ls838">recognition </span><span class="pp-class-236 pa t44410 l52007 ls1547">as </span><span class="pp-class-236 pa t44154 l3 ls2222">cash </span><span class="pp-class-236 pa t44154 l10078 ls8048">flow </span><span class="pp-class-236 pa t44154 l52008 ls1764">hedges </span><span class="pp-class-236 pa t44154 l42873 ls572">and </span><span class="pp-class-236 pa t44154 l52009 ls706">where </span><span class="pp-class-236 pa t44154 l28748 ls651">the </span><span class="pp-class-236 pa t44154 l52010 ls1764">hedged </span><span class="pp-class-236 pa t44154 l52011 ls691">transactions </span><span class="pp-class-236 pa t44154 l43821 ls110">have </span><span class="pp-class-236 pa t44154 l52012 ls4248">not </span><span class="pp-class-236 pa t44154 l52013 ls2222">been </span><span class="pp-class-236 pa t44154 l52014 ls8048">realised. </span><span class="pp-class-236 pa t44154 l52015 ls538">Hedge </span><span class="pp-class-236 pa t44154 l52016 ls524">accounting </span><span class="pp-class-236 pa t44158 l3 ls1764">ceases </span><span class="pp-class-236 pa t44158 l14464 ls2222">when </span><span class="pp-class-236 pa t44158 l52017 ls651">the </span><span class="pp-class-236 pa t44158 l52018 ls2036">hedging </span><span class="pp-class-236 pa t44158 l52019 ls524">instrument </span><span class="pp-class-236 pa t44158 l52020 ls7468">matures </span><span class="pp-class-236 pa t44158 l52021 ls811">or </span><span class="pp-class-236 pa t44158 l52022 ls811">if </span><span class="pp-class-236 pa t44158 l52023 ls184">a </span><span class="pp-class-236 pa t44158 l52024 ls538">hedge </span><span class="pp-class-236 pa t44158 l52025 ls811">is </span><span class="pp-class-236 pa t44158 l52026 ls811">no </span><span class="pp-class-236 pa t44158 l52027 ls1764">longer </span><span class="pp-class-236 pa t44158 l52028 ls4793">effective.</span></p> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43309 l3 ls168">Reserve </span><span class="pp-class-237 pa t43309 l51946 ls696">for </span><span class="pp-class-237 pa t43309 l28222 ls4248">treasury </span><span class="pp-class-237 pa t43309 l17683 ls168">shares</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43319 l3 ls651">The </span><span class="pp-class-236 pa t43319 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43319 l3612 ls995">comprises </span><span class="pp-class-236 pa t43319 l51947 ls651">the </span><span class="pp-class-236 pa t43319 l51948 ls2036">nominal </span><span class="pp-class-236 pa t43319 l51949 ls2197">value </span><span class="pp-class-236 pa t43319 l51950 ls98">of </span><span class="pp-class-236 pa t43319 l51951 ls168">treasury </span><span class="pp-class-236 pa t43319 l49058 ls556">shares. </span><span class="pp-class-236 pa t43319 l42474 ls572">The </span><span class="pp-class-236 pa t43319 l51952 ls681">difference </span><span class="pp-class-236 pa t43319 l51953 ls713">between </span><span class="pp-class-236 pa t43319 l51954 ls572">the </span><span class="pp-class-236 pa t43319 l51955 ls691">market </span><span class="pp-class-236 pa t43319 l51956 ls811">price </span><span class="pp-class-236 pa t43330 l3 ls2222">paid </span><span class="pp-class-236 pa t43330 l51957 ls572">and </span><span class="pp-class-236 pa t43330 l37151 ls651">the </span><span class="pp-class-236 pa t43330 l51958 ls2036">nominal </span><span class="pp-class-236 pa t43330 l45520 ls2197">value </span><span class="pp-class-236 pa t43330 l32952 ls811">as </span><span class="pp-class-236 pa t43330 l51959 ls8048">well </span><span class="pp-class-236 pa t43330 l51960 ls811">as </span><span class="pp-class-236 pa t43330 l51961 ls995">dividends </span><span class="pp-class-236 pa t43330 l50970 ls811">on </span><span class="pp-class-236 pa t43330 l51962 ls168">treasury </span><span class="pp-class-236 pa t43330 l51963 ls2197">shares </span><span class="pp-class-236 pa t43330 l51964 ls2808">are </span><span class="pp-class-236 pa t43330 l51965 ls667">recognised </span><span class="pp-class-236 pa t43330 l51966 ls3084">directly </span><span class="pp-class-236 pa t43330 l51967 ls811">in </span><span class="pp-class-236 pa t43330 l51968 ls1792">equity </span><span class="pp-class-236 pa t43426 l3 ls538">under </span><span class="pp-class-236 pa t43426 l51969 ls5781">retained </span><span class="pp-class-236 pa t43426 l27619 ls995">earnings. </span><span class="pp-class-236 pa t43426 l17048 ls651">The </span><span class="pp-class-236 pa t43426 l51970 ls2969">reserve </span><span class="pp-class-236 pa t43426 l32250 ls811">is </span><span class="pp-class-236 pa t43426 l51971 ls184">a </span><span class="pp-class-236 pa t43426 l51972 ls546">distributable </span><span class="pp-class-236 pa t43426 l51973 ls2197">reserve. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43334 l3 ls2270">Currency </span><span class="pp-class-237 pa t43334 l49704 ls2969">translation </span><span class="pp-class-237 pa t43334 l51974 ls681">reserve</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43348 l3 ls651">The </span><span class="pp-class-236 pa t43348 l38379 ls2969">reserve </span><span class="pp-class-236 pa t43348 l3612 ls995">comprises </span><span class="pp-class-236 pa t43348 l51947 ls2222">DFDS </span><span class="pp-class-236 pa t43348 l28245 ls4787">A/S </span><span class="pp-class-236 pa t43348 l51975 ls1780">shareholders’ </span><span class="pp-class-236 pa t43348 l51976 ls706">share </span><span class="pp-class-236 pa t43348 l51977 ls98">of </span><span class="pp-class-236 pa t43348 l51978 ls2245">currency </span><span class="pp-class-236 pa t43348 l38388 ls2969">translation </span><span class="pp-class-236 pa t43348 l51979 ls553">adjustments </span><span class="pp-class-236 pa t43348 l51980 ls2036">arising </span><span class="pp-class-236 pa t43348 l51981 ls1547">on </span><span class="pp-class-236 pa t43367 l3 ls651">the </span><span class="pp-class-236 pa t43367 l28221 ls2969">translation </span><span class="pp-class-236 pa t43367 l51982 ls98">of </span><span class="pp-class-236 pa t43367 l29953 ls4248">net </span><span class="pp-class-236 pa t43367 l51983 ls713">investments </span><span class="pp-class-236 pa t43367 l31363 ls811">in </span><span class="pp-class-236 pa t43367 l51984 ls541">enterprises </span><span class="pp-class-236 pa t43367 l51985 ls2222">with </span><span class="pp-class-236 pa t43367 l51986 ls184">a </span><span class="pp-class-236 pa t43367 l51987 ls278">functional </span><span class="pp-class-236 pa t43367 l51988 ls2245">currency </span><span class="pp-class-236 pa t43367 l51989 ls949">other </span><span class="pp-class-236 pa t43367 l51990 ls2222">than </span><span class="pp-class-236 pa t43367 l51991 ls2222">DKK. </span><span class="pp-class-236 pa t43367 l51992 ls184">The </span><span class="pp-class-236 pa t43461 l3 ls2969">reserve </span><span class="pp-class-236 pa t43461 l51993 ls811">is </span><span class="pp-class-236 pa t43461 l51994 ls849">dissolved </span><span class="pp-class-236 pa t43461 l17016 ls2222">upon </span><span class="pp-class-236 pa t43461 l31316 ls1751">disposal </span><span class="pp-class-236 pa t43461 l51995 ls98">of </span><span class="pp-class-236 pa t43461 l51996 ls651">the </span><span class="pp-class-236 pa t43461 l51997 ls3076">entity.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t43484 l3 ls168">Reserve </span><span class="pp-class-237 pa t43484 l51946 ls696">for </span><span class="pp-class-237 pa t43484 l28222 ls1764">hedging</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t44410 l3 ls651">The </span><span class="pp-class-236 pa t44410 l38379 ls2036">hedging </span><span class="pp-class-236 pa t44410 l51998 ls2969">reserve </span><span class="pp-class-236 pa t44410 l51999 ls995">comprises </span><span class="pp-class-236 pa t44410 l52000 ls651">the </span><span class="pp-class-236 pa t44410 l25179 ls553">fair </span><span class="pp-class-236 pa t44410 l49056 ls2197">value </span><span class="pp-class-236 pa t44410 l38444 ls98">of </span><span class="pp-class-236 pa t44410 l52001 ls2036">hedging </span><span class="pp-class-236 pa t44410 l52002 ls691">transactions </span><span class="pp-class-236 pa t44410 l52003 ls616">that </span><span class="pp-class-236 pa t44410 l52004 ls33">qualify </span><span class="pp-class-236 pa t44410 l52005 ls553">for </span><span class="pp-class-236 pa t44410 l52006 ls838">recognition </span><span class="pp-class-236 pa t44410 l52007 ls1547">as </span><span class="pp-class-236 pa t44154 l3 ls2222">cash </span><span class="pp-class-236 pa t44154 l10078 ls8048">flow </span><span class="pp-class-236 pa t44154 l52008 ls1764">hedges </span><span class="pp-class-236 pa t44154 l42873 ls572">and </span><span class="pp-class-236 pa t44154 l52009 ls706">where </span><span class="pp-class-236 pa t44154 l28748 ls651">the </span><span class="pp-class-236 pa t44154 l52010 ls1764">hedged </span><span class="pp-class-236 pa t44154 l52011 ls691">transactions </span><span class="pp-class-236 pa t44154 l43821 ls110">have </span><span class="pp-class-236 pa t44154 l52012 ls4248">not </span><span class="pp-class-236 pa t44154 l52013 ls2222">been </span><span class="pp-class-236 pa t44154 l52014 ls8048">realised. </span><span class="pp-class-236 pa t44154 l52015 ls538">Hedge </span><span class="pp-class-236 pa t44154 l52016 ls524">accounting </span><span class="pp-class-236 pa t44158 l3 ls1764">ceases </span><span class="pp-class-236 pa t44158 l14464 ls2222">when </span><span class="pp-class-236 pa t44158 l52017 ls651">the </span><span class="pp-class-236 pa t44158 l52018 ls2036">hedging </span><span class="pp-class-236 pa t44158 l52019 ls524">instrument </span><span class="pp-class-236 pa t44158 l52020 ls7468">matures </span><span class="pp-class-236 pa t44158 l52021 ls811">or </span><span class="pp-class-236 pa t44158 l52022 ls811">if </span><span class="pp-class-236 pa t44158 l52023 ls184">a </span><span class="pp-class-236 pa t44158 l52024 ls538">hedge </span><span class="pp-class-236 pa t44158 l52025 ls811">is </span><span class="pp-class-236 pa t44158 l52026 ls811">no </span><span class="pp-class-236 pa t44158 l52027 ls1764">longer </span><span class="pp-class-236 pa t44158 l52028 ls4793">effective.</span></p> <div id="pp-id-5422" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52240 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls278">4.8 </span><span class="pp-class-234 pa t1122 l38307 ls138">Earnings </span><span class="pp-class-234 pa t1122 l52241">per </span><span class="pp-class-234 pa t1122 l52242 ls807">share</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l37085">202</span></a><span class="pp-class-237 pa t37084 l37086">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l37087 ls184">2024</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls1031">Profit/loss </span><span class="pp-class-236 pa t37088 l2956 ls19">for </span><span class="pp-class-236 pa t37088 l2957">the </span><span class="pp-class-236 pa t37088 l2958 ls833">year </span><span class="pp-class-236 pa t37088 l52243">(DKK </span><span class="pp-class-236 pa t37088 l46989">million) </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l52244">-425</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l52245">541</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls15">Attributable </span><span class="pp-class-236 pa t41562 l42391 ls138">to </span><span class="pp-class-236 pa t41562 l52246 ls1467">non-controlling </span><span class="pp-class-236 pa t41562 l52247 ls76">interests </span><span class="pp-class-236 pa t41562 l49074">(DKK </span><span class="pp-class-236 pa t41562 l52248">million)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l52249">-2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l52250">-6</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52251 l3 ls1618">Attributable </span><span class="pp-class-237 pa t52251 l52252">to </span><span class="pp-class-237 pa t52251 l52253">DFDS </span><span class="pp-class-237 pa t52251 l45325 ls227">Group</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52251 l52254 ls781">-427</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52251 l52255">534</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47129 l3 ls212">Weighted </span><span class="pp-class-236 pa t47129 l52256 ls524">average </span><span class="pp-class-236 pa t47129 l52257">number </span><span class="pp-class-236 pa t47129 l52258 ls118">of </span><span class="pp-class-236 pa t47129 l52259">issued </span><span class="pp-class-236 pa t47129 l37676 ls115">ordinary </span><span class="pp-class-236 pa t47129 l28459 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47129 l52260 ls12245">56,753,777</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t47129 l52261 ls670">58,161,318</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52262 l3 ls212">Weighted </span><span class="pp-class-236 pa t52262 l52256 ls524">average </span><span class="pp-class-236 pa t52262 l52257">number </span><span class="pp-class-236 pa t52262 l52258 ls118">of </span><span class="pp-class-236 pa t52262 l52259 ls115">treasury </span><span class="pp-class-236 pa t52262 l52263 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52262 l52264 ls6255">-2,739,959</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52262 l52265 ls4284">-2,971,710</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52266 l3 ls587">Weighted </span><span class="pp-class-237 pa t52266 l52267 ls546">average </span><span class="pp-class-237 pa t52266 l52268">number </span><span class="pp-class-237 pa t52266 l52269">of </span><span class="pp-class-237 pa t52266 l52270 ls833">circulating </span><span class="pp-class-237 pa t52266 l16501 ls118">ordinary </span><span class="pp-class-237 pa t52266 l20264 ls108">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52266 l52271 ls4248">54,013,818</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52266 l52272 ls1463">55,189,609</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52273 l3 ls1031">Effects </span><span class="pp-class-236 pa t52273 l49860 ls118">of </span><span class="pp-class-236 pa t52273 l52274 ls162">dilution </span><span class="pp-class-236 pa t52273 l52275 ls181">from </span><span class="pp-class-236 pa t52273 l52276">issued </span><span class="pp-class-236 pa t52273 l7372 ls106">share </span><span class="pp-class-236 pa t52273 l52277 ls13">options </span><span class="pp-class-236 pa t52273 l52278">and </span><span class="pp-class-236 pa t52273 l52279 ls1024">restricted </span><span class="pp-class-236 pa t52273 l42296 ls13">stock </span><span class="pp-class-236 pa t52273 l52210">unit </span><span class="pp-class-236 pa t52273 l52280">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52273 l52281 ls11713">139,566</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52273 l52282 ls544">100,119</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52283 l3 ls587">Weighted </span><span class="pp-class-237 pa t52283 l52267 ls546">average </span><span class="pp-class-237 pa t52283 l52268">number </span><span class="pp-class-237 pa t52283 l52269">of </span><span class="pp-class-237 pa t52283 l52270 ls833">circulating </span><span class="pp-class-237 pa t52283 l16501 ls118">ordinary </span><span class="pp-class-237 pa t52283 l20264 ls1467">shares </span><span class="pp-class-237 pa t52283 l52284 ls106">(diluted)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52283 l52285 ls570">54,153,384</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52283 l52286 ls16417">55,289,728</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52287 l3">Basic </span><span class="pp-class-236 pa t52287 l37206">earnings </span><span class="pp-class-236 pa t52287 l37207">per </span><span class="pp-class-236 pa t52287 l5819 ls106">share </span><span class="pp-class-236 pa t52287 l37208 ls88">(EPS) </span><span class="pp-class-236 pa t52287 l5355 ls118">of </span><span class="pp-class-236 pa t52287 l37209">DKK </span><span class="pp-class-236 pa t52287 l37210">20 </span><span class="pp-class-236 pa t52287 l52288">in </span><span class="pp-class-236 pa t52287 l52289">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52287 l37212 ls3121">-7.90</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52287 l37213 ls3197">9.68</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52290 l3 ls85">Diluted </span><span class="pp-class-236 pa t52290 l37215">earnings </span><span class="pp-class-236 pa t52290 l5802">per </span><span class="pp-class-236 pa t52290 l35424 ls106">share </span><span class="pp-class-236 pa t52290 l7405 ls1661">(EPS-D) </span><span class="pp-class-236 pa t52290 l37216 ls118">of </span><span class="pp-class-236 pa t52290 l37217">DKK </span><span class="pp-class-236 pa t52290 l37218">20 </span><span class="pp-class-236 pa t52290 l4360">in </span><span class="pp-class-236 pa t52290 l52291">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52290 l37212 ls3121">-7.90</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52290 l37220 ls3197">9.67</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52292 l3 ls2222">When </span><span class="pp-class-236 pa t52292 l10815 ls1404">calculating </span><span class="pp-class-236 pa t52292 l52293 ls551">diluted </span><span class="pp-class-236 pa t52292 l52294 ls1751">earnings </span><span class="pp-class-236 pa t52292 l50989 ls651">per </span><span class="pp-class-236 pa t52292 l52295 ls706">share </span><span class="pp-class-236 pa t52292 l52296 ls553">for </span><span class="pp-class-236 pa t52292 l52297 ls2565">2025, </span><span class="pp-class-236 pa t52292 l52298 ls870">1,613,776 </span><span class="pp-class-236 pa t52292 l52299 ls706">share </span><span class="pp-class-236 pa t52292 l52300 ls546">options </span><span class="pp-class-236 pa t52292 l27412 ls667">(2024: </span><span class="pp-class-236 pa t52292 l52301 ls1796">1,314,242 </span><span class="pp-class-236 pa t52292 l52302 ls706">share </span><span class="pp-class-236 pa t52292 l52303 ls179">options) </span><span class="pp-class-236 pa t52304 l3 ls1463 wtro3142 wtr526 tro3144 tr528">have </span><span class="pp-class-236 pa t52304 l52305 ls63 wtro3142 wtr526 tro3144 tr528">been </span><span class="pp-class-236 pa t52304 l52306 ls35 wtro3142 wtr526 tro3144 tr528">omitted </span><span class="pp-class-236 pa t52304 l52307 ls129 wtro3142 wtr526 tro3144 tr528">as </span><span class="pp-class-236 pa t52304 l52308 ls1369 wtro3142 wtr526 tro3144 tr528">they </span><span class="pp-class-236 pa t52304 l52309 ls1780 wtro3142 wtr526 tro3144 tr528">are </span><span class="pp-class-236 pa t52304 l52310 ls567 wtro3142 wtr526 tro3144 tr528">out-of-the-money. </span><span class="pp-class-236 pa t52304 l52311 ls1133 wtro3142 wtr526 tro3144 tr528">The </span><span class="pp-class-236 pa t52304 l52312 ls747 wtro3142 wtr526 tro3144 tr528">share </span><span class="pp-class-236 pa t52304 l52313 ls938 wtro3142 wtr526 tro3144 tr528">options </span><span class="pp-class-236 pa t52304 l52314 ls1747 wtro3142 wtr526 tro3144 tr528">might </span><span class="pp-class-236 pa t52304 l52315 ls811 wtro3142 wtr526 tro3144 tr528">dilute </span><span class="pp-class-236 pa t52304 l52316 ls2315 wtro3142 wtr526 tro3144 tr528">earnings </span><span class="pp-class-236 pa t52304 l52317 ls1133 wtro3142 wtr526 tro3144 tr528">per </span><span class="pp-class-236 pa t52304 l52318 ls747 wtro3142 wtr526 tro3144 tr528">share </span><span class="pp-class-236 pa t52304 l52319 ls129 wtro3142 wtr526 tro3144 tr528">in </span><span class="pp-class-236 pa t52304 l52320 ls1133 wtro3142 wtr526 tro3144 tr528">the </span><span class="pp-class-236 pa t52304 l52321 ls551 wtro3142 wtr526 tro3144 tr528">future.</span></p></div></div> <div id="pp-id-5426" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52326 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">5.1 </span><span class="pp-class-234 pa t1122 l38307 ls37115 wtro16836 wtr526 tro16837 tr528">Remuneration </span><span class="pp-class-234 pa t1122 l52327 ls24571 wtro16836 wtr526 tro16837 tr528">to </span><span class="pp-class-234 pa t1122 l52328 ls870 wtro16836 wtr526 tro16837 tr528">the </span><span class="pp-class-234 pa t1122 l25963 ls23656 wtro16836 wtr526 tro16837 tr528">Executive </span><span class="pp-class-234 pa t1122 l52329 ls52330 wtro16836 wtr526 tro16837 tr528">Board </span><span class="pp-class-234 pa t1122 l52331 ls870 wtro16836 wtr526 tro16837 tr528">and </span><span class="pp-class-234 pa t1122 l52332 ls52330 wtro16836 wtr526 tro16837 tr528">Board </span><span class="pp-class-234 pa t1122 l52333 ls24571 wtro16836 wtr526 tro16837 tr528">of </span><span class="pp-class-234 pa t1122 l52334 ls52335 wtro16836 wtr526 tro16837 tr528">Directors</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK'000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls685">Remuneration </span><span class="pp-class-237 pa t37088 l52336">to </span><span class="pp-class-237 pa t37088 l18331">the </span><span class="pp-class-237 pa t37088 l52337 ls212">Executive </span><span class="pp-class-237 pa t37088 l52338 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52339 l3 ls995">Wages </span><span class="pp-class-236 pa t52339 l52340">and </span><span class="pp-class-236 pa t52339 l52341">salaries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52339 l52342 ls30">14,600</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52339 l52343 ls168">13,358</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52344 l3">Bonus</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52344 l52345">4,153</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52344 l23047 ls532">2,465</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l3 ls1583">Defined </span><span class="pp-class-236 pa t52346 l41567 ls2441">contribution </span><span class="pp-class-236 pa t52346 l41568">pension </span><span class="pp-class-236 pa t52346 l9719">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l52347 ls3292">1,</span></a><span class="pp-class-236 pa t52346 l52348">460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l52349 ls83">1,336</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52350 l3 ls106">Share </span><span class="pp-class-236 pa t52350 l3226">based </span><span class="pp-class-236 pa t52350 l21837 ls1024">payment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52350 l52351 ls37112">7,550</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52350 l52352 ls8548">5,771</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l3">Other </span><span class="pp-class-236 pa t52353 l8396 ls129">employee </span><span class="pp-class-236 pa t52353 l41581">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l52354">411</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l52355 ls197">537</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52356 l3 ls6824">Total </span><span class="pp-class-237 pa t52356 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52356 l52357">to </span><span class="pp-class-237 pa t52356 l2474">the </span><span class="pp-class-237 pa t52356 l52358 ls212">Executive </span><span class="pp-class-237 pa t52356 l52359 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52356 l52360 ls40267">28,174</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52356 l52361 ls995">23,467</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36841 l3 ls2972">Total </span><span class="pp-class-236 pa t36841 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t36841 l52362 ls138">to </span><span class="pp-class-236 pa t36841 l11909">the </span><span class="pp-class-236 pa t36841 l7541 ls181">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36841 l52363 ls664">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36841 l52364 ls664">4,500</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52365 l3 ls2972">Total </span><span class="pp-class-236 pa t52365 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52365 l52362 ls138">to </span><span class="pp-class-236 pa t52365 l11909">the </span><span class="pp-class-236 pa t52365 l7541 ls1790">Audit </span><span class="pp-class-236 pa t52365 l52366 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52365 l52367">500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52365 l52368">500</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52369 l3 ls2972">Total </span><span class="pp-class-236 pa t52369 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52369 l52362 ls138">to </span><span class="pp-class-236 pa t52369 l11909">the </span><span class="pp-class-236 pa t52369 l7541 ls115">Nomination </span><span class="pp-class-236 pa t52369 l52370 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52369 l52371">150</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52369 l52372">150</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52373 l3 ls2972">Total </span><span class="pp-class-236 pa t52373 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52373 l52362 ls138">to </span><span class="pp-class-236 pa t52373 l11909">the </span><span class="pp-class-236 pa t52373 l7541 ls1547">Remuneration </span><span class="pp-class-236 pa t52373 l31803 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51525 l52371">150</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51525 l52372">150</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52374 l3 ls6824">Total </span><span class="pp-class-237 pa t52374 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52374 l52357">to </span><span class="pp-class-237 pa t52374 l2474">the </span><span class="pp-class-237 pa t52374 l52358 ls108">Board </span><span class="pp-class-237 pa t52374 l52375">of </span><span class="pp-class-237 pa t52374 l52376 ls113">Directors</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52374 l52377 ls558">5,300</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52374 l52378 ls558">5,300</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52379 l3 ls6824">Total </span><span class="pp-class-237 pa t52379 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52379 l52357">to </span><span class="pp-class-237 pa t52379 l2474">the </span><span class="pp-class-237 pa t52379 l52358 ls212">Executive </span><span class="pp-class-237 pa t52379 l52359 ls108">Board </span><span class="pp-class-237 pa t52379 l52380">and </span><span class="pp-class-237 pa t52379 l52381 ls108">Board </span><span class="pp-class-237 pa t52379 l52382">of </span><span class="pp-class-237 pa t52379 l52383 ls113">Directors</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52379 l52384 ls667">33</span><a><span class="pp-class-237 pa t52379 l52385 ls3292">,</span></a><span class="pp-class-237 pa t52379 l52386 ls8542">474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52379 l52387 ls4381">28,767</span></a></p></td></tr></table></div></div><div id="pp-id-5427" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52388 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls651">The </span><span class="pp-class-236 pa t38325 l38379 ls1780">termination </span><span class="pp-class-236 pa t38325 l52389 ls1764">period </span><span class="pp-class-236 pa t38325 l52390 ls553">for </span><span class="pp-class-236 pa t38325 l52391 ls651">the </span><span class="pp-class-236 pa t38325 l52392 ls4558">Executive </span><span class="pp-class-236 pa t38325 l52393 ls706">Board </span><span class="pp-class-236 pa t38325 l52394 ls811">is </span><span class="pp-class-236 pa t38325 l52395 ls811">12 </span><span class="pp-class-236 pa t38325 l52396 ls625">months. </span><span class="pp-class-236 pa t38325 l52397 ls4823">Further, </span><span class="pp-class-236 pa t38325 l52398 ls651">the </span><span class="pp-class-236 pa t38325 l52399 ls572">CEO </span><span class="pp-class-236 pa t38325 l52400 ls651">has </span><span class="pp-class-236 pa t38325 l52401 ls544">additional </span><span class="pp-class-236 pa t38325 l48260 ls811">12 </span><span class="pp-class-236 pa t38325 l52402 ls572">months </span><span class="pp-class-236 pa t38337 l3 ls5781">redundancy </span><span class="pp-class-236 pa t38337 l52403 ls548">payment. </span><span class="pp-class-236 pa t38337 l52404 ls811">In </span><span class="pp-class-236 pa t38337 l38928 ls278">connection </span><span class="pp-class-236 pa t38337 l52405 ls2222">with </span><span class="pp-class-236 pa t38337 l52406 ls184">a </span><span class="pp-class-236 pa t38337 l52407 ls1764">change </span><span class="pp-class-236 pa t38337 l52408 ls98">of </span><span class="pp-class-236 pa t38337 l52409 ls7086">control </span><span class="pp-class-236 pa t38337 l52410 ls98">of </span><span class="pp-class-236 pa t38337 l47462 ls572">the </span><span class="pp-class-236 pa t38337 l52411 ls4807">Group, </span><span class="pp-class-236 pa t38337 l52412 ls572">the </span><span class="pp-class-236 pa t38337 l52413 ls2036">members </span><span class="pp-class-236 pa t38337 l52414 ls98">of </span><span class="pp-class-236 pa t38337 l52415 ls572">the </span><span class="pp-class-236 pa t38337 l33606 ls7086">Executive </span><span class="pp-class-236 pa t38356 l3 ls706">Board </span><span class="pp-class-236 pa t38356 l52416 ls651">can </span><span class="pp-class-236 pa t38356 l38777 ls184">– </span><span class="pp-class-236 pa t38356 l52417 ls1764">within </span><span class="pp-class-236 pa t38356 l52418 ls651">the </span><span class="pp-class-236 pa t38356 l52419 ls538">first </span><span class="pp-class-236 pa t38356 l52420 ls184">3 </span><span class="pp-class-236 pa t38356 l52421 ls995">months </span><span class="pp-class-236 pa t38356 l52422 ls98">of </span><span class="pp-class-236 pa t38356 l52423 ls651">the </span><span class="pp-class-236 pa t38356 l52424 ls1186">event </span><span class="pp-class-236 pa t38356 l52425">- </span><span class="pp-class-236 pa t38356 l52426 ls2889">terminate </span><span class="pp-class-236 pa t38356 l52427 ls538">their </span><span class="pp-class-236 pa t38356 l52428 ls1780">employment </span><span class="pp-class-236 pa t38356 l52429 ls2222">with </span><span class="pp-class-236 pa t38356 l52430 ls572">the </span><span class="pp-class-236 pa t38356 l52431 ls2222">same </span><span class="pp-class-236 pa t38356 l52432 ls838">effect </span><span class="pp-class-236 pa t38356 l52433 ls811">as </span><span class="pp-class-236 pa t38356 l52434 ls811">if </span><span class="pp-class-236 pa t38356 l52435 ls184">the </span><span class="pp-class-236 pa t38370 l3 ls551">Company </span><span class="pp-class-236 pa t38370 l52436 ls544">had </span><span class="pp-class-236 pa t38370 l52437 ls838">given </span><span class="pp-class-236 pa t38370 l52438 ls179">notice </span><span class="pp-class-236 pa t38370 l52439 ls98">of </span><span class="pp-class-236 pa t38370 l50945 ls1780">termination </span><span class="pp-class-236 pa t38370 l52440 ls98">of </span><span class="pp-class-236 pa t38370 l52441 ls1780">employment </span><span class="pp-class-236 pa t38370 l52442 ls538">to </span><span class="pp-class-236 pa t38370 l52443 ls651">the </span><span class="pp-class-236 pa t38370 l52444 ls4558">Executive </span><span class="pp-class-236 pa t38370 l52445 ls2197">Board. </span><span class="pp-class-236 pa t38370 l52446 ls1044">Key </span><span class="pp-class-236 pa t38370 l52447 ls30">management </span><span class="pp-class-236 pa t38370 l52448 ls2222">personnel </span><span class="pp-class-236 pa t38598 l3 ls811">is </span><span class="pp-class-236 pa t38598 l40693 ls536">defined </span><span class="pp-class-236 pa t38598 l48561 ls811">as </span><span class="pp-class-236 pa t38598 l52449 ls651">the </span><span class="pp-class-236 pa t38598 l52450 ls4558">Executive </span><span class="pp-class-236 pa t38598 l52451 ls706">Board </span><span class="pp-class-236 pa t38598 l52452 ls562">consisting </span><span class="pp-class-236 pa t38598 l46991 ls98">of </span><span class="pp-class-236 pa t38598 l52453 ls572">CEO </span><span class="pp-class-236 pa t38598 l52454 ls11733">Torben </span><span class="pp-class-236 pa t38598 l52455 ls2036">Carlsen </span><span class="pp-class-236 pa t38598 l52456 ls572">and </span><span class="pp-class-236 pa t38598 l52457 ls94">CFO </span><span class="pp-class-236 pa t38598 l52458 ls3038">Karen </span><span class="pp-class-236 pa t38598 l52459 ls590">Dyrskjøt </span><span class="pp-class-236 pa t38598 l52460 ls1764">Boesen </span><span class="pp-class-236 pa t38598 l52461 ls621">(Karina </span><span class="pp-class-236 pa t38378 l3 ls544">Deacon </span><span class="pp-class-236 pa t38378 l28578 ls536">until </span><span class="pp-class-236 pa t38378 l28753 ls811">30 </span><span class="pp-class-236 pa t38378 l52462 ls2222">June </span><span class="pp-class-236 pa t38378 l48546 ls2889">2024).</span></p></div></div><div id="pp-id-5429" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52508 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls2222">Long-term </span><span class="pp-class-237 pa t40114 l18216 ls2889">incentives</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls651">The </span><span class="pp-class-236 pa t40125 l38379 ls1751">decision </span><span class="pp-class-236 pa t40125 l52511 ls538">to </span><span class="pp-class-236 pa t40125 l52512 ls1687">grant </span><span class="pp-class-236 pa t40125 l52513 ls696">long-term </span><span class="pp-class-236 pa t40125 l41667 ls1780">incentives </span><span class="pp-class-236 pa t40125 l52514 ls811">is </span><span class="pp-class-236 pa t40125 l52515 ls544">made </span><span class="pp-class-236 pa t40125 l52516 ls706">by </span><span class="pp-class-236 pa t40125 l52517 ls572">the </span><span class="pp-class-236 pa t40125 l52518 ls706">Board </span><span class="pp-class-236 pa t40125 l52519 ls98">of </span><span class="pp-class-236 pa t40125 l52520 ls2969">Directors </span><span class="pp-class-236 pa t40125 l52521 ls2222">with </span><span class="pp-class-236 pa t40125 l49081 ls7086">consideration </span><span class="pp-class-236 pa t40125 l52522 ls538">to </span><span class="pp-class-236 pa t40125 l52523 ls811">DFDS' </span><span class="pp-class-236 pa t40137 l3 ls10269">remuneration </span><span class="pp-class-236 pa t40137 l46084 ls758">policy </span><span class="pp-class-236 pa t40137 l52524 ls110">approved </span><span class="pp-class-236 pa t40137 l52525 ls706">by </span><span class="pp-class-236 pa t40137 l52526 ls651">the </span><span class="pp-class-236 pa t40137 l52527 ls1764">Annual </span><span class="pp-class-236 pa t40137 l52528 ls556">General </span><span class="pp-class-236 pa t40137 l52529 ls278">Meeting. </span><span class="pp-class-236 pa t40137 l52530 ls2222">With </span><span class="pp-class-236 pa t40137 l52531 ls838">effect </span><span class="pp-class-236 pa t40137 l52532 ls877">from </span><span class="pp-class-236 pa t40137 l52533 ls2222">2021 </span><span class="pp-class-236 pa t40137 l52534 ls572">the </span><span class="pp-class-236 pa t40137 l52535 ls696">long-term </span><span class="pp-class-236 pa t40137 l52536 ls724">incentives </span><span class="pp-class-236 pa t40150 l3 ls553">for </span><span class="pp-class-236 pa t40150 l43533 ls651">the </span><span class="pp-class-236 pa t40150 l52537 ls4558">Executive </span><span class="pp-class-236 pa t40150 l16848 ls706">Board </span><span class="pp-class-236 pa t40150 l52538 ls651">and </span><span class="pp-class-236 pa t40150 l48935 ls4284">key </span><span class="pp-class-236 pa t40150 l52539 ls1463">employees </span><span class="pp-class-236 pa t40150 l52540 ls2036">consist </span><span class="pp-class-236 pa t40150 l52541 ls98">of </span><span class="pp-class-236 pa t40150 l52542 ls556">two </span><span class="pp-class-236 pa t40150 l52543 ls524">components, </span><span class="pp-class-236 pa t40150 l52544 ls706">Share </span><span class="pp-class-236 pa t40150 l52545 ls546">options </span><span class="pp-class-236 pa t40150 l52546 ls651">and </span><span class="pp-class-236 pa t40150 l52547 ls551">Restricted </span><span class="pp-class-236 pa t40150 l52548 ls1780">Share </span><span class="pp-class-236 pa t40161 l3 ls538">Units </span><span class="pp-class-236 pa t40161 l52549 ls551">(RSUs) </span><span class="pp-class-236 pa t40161 l52550 ls706">where </span><span class="pp-class-236 pa t40161 l52551 ls651">the </span><span class="pp-class-236 pa t40161 l52552 ls11726">award </span><span class="pp-class-236 pa t40161 l34336 ls811">is </span><span class="pp-class-236 pa t40161 l52553 ls538">split </span><span class="pp-class-236 pa t40161 l52554 ls538">50/50 </span><span class="pp-class-236 pa t40161 l46350 ls538">based </span><span class="pp-class-236 pa t40161 l52555 ls811">on </span><span class="pp-class-236 pa t40161 l52556 ls2197">value </span><span class="pp-class-236 pa t40161 l52557 ls811">as </span><span class="pp-class-236 pa t40161 l52558 ls572">per </span><span class="pp-class-236 pa t40161 l52559 ls1687">grant </span><span class="pp-class-236 pa t40161 l48882 ls1815">date. </span><span class="pp-class-236 pa t40161 l52400 ls811">In </span><span class="pp-class-236 pa t40161 l52560 ls2222">2023 </span><span class="pp-class-236 pa t40161 l52561 ls184">a </span><span class="pp-class-236 pa t40161 l52562 ls1792">further </span><span class="pp-class-236 pa t40161 l52563 ls706">group </span><span class="pp-class-236 pa t40161 l52564 ls98">of </span><span class="pp-class-236 pa t40161 l52565 ls3681">key </span><span class="pp-class-236 pa t47589 l3 ls1463">employees </span><span class="pp-class-236 pa t47589 l28773 ls2258">were </span><span class="pp-class-236 pa t47589 l52566 ls2270">granted </span><span class="pp-class-236 pa t47589 l52567 ls696">long-term </span><span class="pp-class-236 pa t47589 l52568 ls1780">incentives </span><span class="pp-class-236 pa t47589 l52569 ls811">in </span><span class="pp-class-236 pa t47589 l52570 ls572">the </span><span class="pp-class-236 pa t47589 l52208 ls553">form </span><span class="pp-class-236 pa t47589 l49939 ls98">of </span><span class="pp-class-236 pa t47589 l52571 ls590">RSUs. </span><span class="pp-class-236 pa t47589 l52572 ls651">All </span><span class="pp-class-236 pa t47589 l52573 ls524">components </span><span class="pp-class-236 pa t47589 l52574 ls8048">vest </span><span class="pp-class-236 pa t47589 l52575 ls811">on </span><span class="pp-class-236 pa t47589 l52576 ls184">a </span><span class="pp-class-236 pa t47589 l52577 ls4276">straight-line </span><span class="pp-class-236 pa t47589 l52578 ls811">basis </span><span class="pp-class-236 pa t40167 l3 ls3234">over </span><span class="pp-class-236 pa t40167 l45566 ls706">three </span><span class="pp-class-236 pa t40167 l52579 ls838">years </span><span class="pp-class-236 pa t40167 l52580 ls877">from </span><span class="pp-class-236 pa t40167 l52581 ls651">the </span><span class="pp-class-236 pa t40167 l52582 ls7086">date </span><span class="pp-class-236 pa t40167 l52583 ls98">of </span><span class="pp-class-236 pa t40167 l52584 ls2889">grant. </span><span class="pp-class-236 pa t40167 l52585 ls2036">Special </span><span class="pp-class-236 pa t40167 l52586 ls562">conditions </span><span class="pp-class-236 pa t40167 l52587 ls7468">apply </span><span class="pp-class-236 pa t40167 l52588 ls4017">regarding </span><span class="pp-class-236 pa t40167 l52589 ls2036">illness </span><span class="pp-class-236 pa t40167 l52590 ls572">and </span><span class="pp-class-236 pa t40167 l52591 ls758">death </span><span class="pp-class-236 pa t40167 l40334 ls572">and </span><span class="pp-class-236 pa t40167 l52592 ls811">if </span><span class="pp-class-236 pa t40167 l52593 ls572">the </span><span class="pp-class-236 pa t40167 l52594 ls608">capital </span><span class="pp-class-236 pa t40178 l3 ls2197">structure </span><span class="pp-class-236 pa t40178 l52595 ls98">of </span><span class="pp-class-236 pa t40178 l28222 ls651">the </span><span class="pp-class-236 pa t40178 l52596 ls2687">Parent </span><span class="pp-class-236 pa t40178 l39480 ls551">company </span><span class="pp-class-236 pa t40178 l52597 ls811">is </span><span class="pp-class-236 pa t40178 l29828 ls1751">changed. </span><span class="pp-class-236 pa t40178 l52598 ls706">Share </span><span class="pp-class-236 pa t40178 l38875 ls546">options </span><span class="pp-class-236 pa t40178 l52599 ls651">and </span><span class="pp-class-236 pa t40178 l52600 ls1369">RSUs </span><span class="pp-class-236 pa t40178 l52601 ls2270">granted </span><span class="pp-class-236 pa t40178 l52602 ls572">can </span><span class="pp-class-236 pa t40178 l52603 ls847">only </span><span class="pp-class-236 pa t40178 l52604 ls811">be </span><span class="pp-class-236 pa t40178 l52605 ls8048">settled </span><span class="pp-class-236 pa t40178 l52606 ls2222">with </span><span class="pp-class-236 pa t40178 l52607 ls548">shares. </span><span class="pp-class-236 pa t40187 l3 ls184">A </span><span class="pp-class-236 pa t40187 l45104 ls875">part </span><span class="pp-class-236 pa t40187 l52608 ls98">of </span><span class="pp-class-236 pa t40187 l40282 ls572">the </span><span class="pp-class-236 pa t40187 l52609 ls168">treasury </span><span class="pp-class-236 pa t40187 l52610 ls2197">shares </span><span class="pp-class-236 pa t40187 l52611 ls811">is </span><span class="pp-class-236 pa t40187 l52612 ls681">reserved </span><span class="pp-class-236 pa t40187 l52613 ls553">for </span><span class="pp-class-236 pa t40187 l52614 ls667">settling </span><span class="pp-class-236 pa t40187 l52615 ls572">the </span><span class="pp-class-236 pa t40187 l52616 ls546">outstanding </span><span class="pp-class-236 pa t40187 l52617 ls706">share </span><span class="pp-class-236 pa t40187 l52618 ls278">options, </span><span class="pp-class-236 pa t40187 l52619 ls1369">RSUs </span><span class="pp-class-236 pa t40187 l52620 ls651">and </span><span class="pp-class-236 pa t40187 l52621 ls530">phantom </span><span class="pp-class-236 pa t40187 l52622 ls2197">shares.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40213 l3 ls168">Share </span><span class="pp-class-237 pa t40213 l9782 ls995">options</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls706">Share </span><span class="pp-class-236 pa t47935 l52623 ls546">options </span><span class="pp-class-236 pa t47935 l52624 ls110">have </span><span class="pp-class-236 pa t47935 l52625 ls2222">been </span><span class="pp-class-236 pa t47935 l52626 ls2270">granted </span><span class="pp-class-236 pa t47935 l52627 ls538">to </span><span class="pp-class-236 pa t47935 l52628 ls651">the </span><span class="pp-class-236 pa t47935 l52629 ls4558">Executive </span><span class="pp-class-236 pa t47935 l52630 ls706">Board </span><span class="pp-class-236 pa t47935 l52631 ls572">and </span><span class="pp-class-236 pa t47935 l52632 ls4284">key </span><span class="pp-class-236 pa t47935 l17902 ls7086">employees. </span><span class="pp-class-236 pa t47935 l52633 ls3855">Each </span><span class="pp-class-236 pa t47935 l52634 ls706">share </span><span class="pp-class-236 pa t47935 l52635 ls179">option </span><span class="pp-class-236 pa t47935 l52636 ls838">gives </span><span class="pp-class-236 pa t47935 l52637 ls184">the </span><span class="pp-class-236 pa t40221 l3 ls1764">holder </span><span class="pp-class-236 pa t40221 l52638 ls98">of </span><span class="pp-class-236 pa t40221 l13313 ls572">the </span><span class="pp-class-236 pa t40221 l52511 ls179">option </span><span class="pp-class-236 pa t40221 l52639 ls651">the </span><span class="pp-class-236 pa t40221 l52640 ls536">right </span><span class="pp-class-236 pa t40221 l52641 ls538">to </span><span class="pp-class-236 pa t40221 l52642 ls877">acquire </span><span class="pp-class-236 pa t40221 l52643 ls651">one </span><span class="pp-class-236 pa t40221 l52644 ls3855">existing </span><span class="pp-class-236 pa t40221 l52645 ls706">share </span><span class="pp-class-236 pa t40221 l52646 ls811">in </span><span class="pp-class-236 pa t40221 l52647 ls651">the </span><span class="pp-class-236 pa t40221 l52648 ls2687">Parent </span><span class="pp-class-236 pa t40221 l52649 ls551">company </span><span class="pp-class-236 pa t40221 l52650 ls98">of </span><span class="pp-class-236 pa t40221 l52651 ls2036">nominal </span><span class="pp-class-236 pa t40221 l52652 ls572">DKK </span><span class="pp-class-236 pa t40221 l52653 ls1039">20. </span><span class="pp-class-236 pa t40221 l52654 ls572">The </span><span class="pp-class-236 pa t40221 l52655 ls1780">share </span><span class="pp-class-236 pa t40233 l3 ls179">option </span><span class="pp-class-236 pa t40233 l52656 ls2036">schemes </span><span class="pp-class-236 pa t40233 l52657 ls538">equal </span><span class="pp-class-236 pa t40233 l23335 ls184">a </span><span class="pp-class-236 pa t40233 l31312 ls536">right </span><span class="pp-class-236 pa t40233 l52658 ls538">to </span><span class="pp-class-236 pa t40233 l52659 ls877">acquire </span><span class="pp-class-236 pa t40233 l52660 ls3292">2.9% </span><span class="pp-class-236 pa t40233 l52661 ls98">of </span><span class="pp-class-236 pa t40233 l25845 ls572">the </span><span class="pp-class-236 pa t40233 l52662 ls706">share </span><span class="pp-class-236 pa t40233 l52663 ls524">capital </span><span class="pp-class-236 pa t40233 l52664 ls667">(2024: </span><span class="pp-class-236 pa t40233 l52665 ls2270">2.3%) </span><span class="pp-class-236 pa t40233 l52666 ls811">if </span><span class="pp-class-236 pa t40233 l52667 ls651">all </span><span class="pp-class-236 pa t40233 l52668 ls8048">remaining </span><span class="pp-class-236 pa t40233 l52669 ls706">share </span><span class="pp-class-236 pa t40233 l52670 ls1369">options </span><span class="pp-class-236 pa t40241 l3 ls2808">are </span><span class="pp-class-236 pa t40241 l38371 ls2258">exercised.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40247 l3 ls706">Share </span><span class="pp-class-236 pa t40247 l52623 ls546">options </span><span class="pp-class-236 pa t40247 l52624 ls2258">were </span><span class="pp-class-236 pa t40247 l49402 ls2270">granted </span><span class="pp-class-236 pa t40247 l52671 ls811">in </span><span class="pp-class-236 pa t40247 l52672 ls995">2016-2020 </span><span class="pp-class-236 pa t40247 l52673 ls2197">at </span><span class="pp-class-236 pa t40247 l52674 ls811">an </span><span class="pp-class-236 pa t40247 l52675 ls11592">exercise </span><span class="pp-class-236 pa t40247 l52676 ls538">price </span><span class="pp-class-236 pa t40247 l52677 ls538">equal </span><span class="pp-class-236 pa t40247 l52678 ls538">to </span><span class="pp-class-236 pa t40247 l52679 ls651">the </span><span class="pp-class-236 pa t40247 l52680 ls2894">average </span><span class="pp-class-236 pa t40247 l52681 ls706">share </span><span class="pp-class-236 pa t40247 l52682 ls538">price </span><span class="pp-class-236 pa t40247 l52683 ls98">of </span><span class="pp-class-236 pa t40247 l52684 ls651">the </span><span class="pp-class-236 pa t40247 l52685 ls2270">Parent </span><span class="pp-class-236 pa t40265 l3 ls2969">company’s </span><span class="pp-class-236 pa t40265 l52686 ls2197">shares </span><span class="pp-class-236 pa t40265 l52687 ls811">20 </span><span class="pp-class-236 pa t40265 l52688 ls2245">days </span><span class="pp-class-236 pa t40265 l45942 ls2808">before </span><span class="pp-class-236 pa t40265 l52689 ls651">the </span><span class="pp-class-236 pa t40265 l5322 ls1687">grant </span><span class="pp-class-236 pa t40265 l52690 ls2222">with </span><span class="pp-class-236 pa t40265 l52691 ls811">an </span><span class="pp-class-236 pa t40265 l52692 ls544">addition </span><span class="pp-class-236 pa t40265 l52693 ls98">of </span><span class="pp-class-236 pa t40265 l51752 ls544">10%. </span><span class="pp-class-236 pa t40265 l52694 ls706">Share </span><span class="pp-class-236 pa t40265 l52695 ls546">options </span><span class="pp-class-236 pa t40265 l52696 ls2808">are </span><span class="pp-class-236 pa t40265 l52697 ls2270">granted </span><span class="pp-class-236 pa t40265 l52698 ls811">in </span><span class="pp-class-236 pa t40265 l52699 ls2222">2021 </span><span class="pp-class-236 pa t40265 l52700 ls184">and </span><span class="pp-class-236 pa t40281 l3 ls556">later </span><span class="pp-class-236 pa t40281 l52701 ls2197">at </span><span class="pp-class-236 pa t40281 l17341 ls811">an </span><span class="pp-class-236 pa t40281 l45247 ls11592">exercise </span><span class="pp-class-236 pa t40281 l52702 ls538">price </span><span class="pp-class-236 pa t40281 l52703 ls538">equal </span><span class="pp-class-236 pa t40281 l52704 ls538">to </span><span class="pp-class-236 pa t40281 l52705 ls572">the </span><span class="pp-class-236 pa t40281 l52706 ls2894">average </span><span class="pp-class-236 pa t40281 l52707 ls706">share </span><span class="pp-class-236 pa t40281 l45574 ls538">price </span><span class="pp-class-236 pa t40281 l52708 ls98">of </span><span class="pp-class-236 pa t40281 l52709 ls651">the </span><span class="pp-class-236 pa t40281 l50171 ls2687">Parent </span><span class="pp-class-236 pa t40281 l52710 ls2969">company’s </span><span class="pp-class-236 pa t40281 l52711 ls2197">shares </span><span class="pp-class-236 pa t40281 l52712 ls8048">five </span><span class="pp-class-236 pa t40281 l52713 ls2245">days </span><span class="pp-class-236 pa t40281 l52714 ls168">after </span><span class="pp-class-236 pa t40281 l52715 ls184">the </span><span class="pp-class-236 pa t40296 l3 ls556">release </span><span class="pp-class-236 pa t40296 l39210 ls98">of </span><span class="pp-class-236 pa t40296 l31440 ls651">the </span><span class="pp-class-236 pa t40296 l52716 ls811">Q4 </span><span class="pp-class-236 pa t40296 l52717 ls168">report </span><span class="pp-class-236 pa t40296 l52718 ls2222">with </span><span class="pp-class-236 pa t40296 l47994 ls811">an </span><span class="pp-class-236 pa t40296 l52719 ls544">addition </span><span class="pp-class-236 pa t40296 l52720 ls98">of </span><span class="pp-class-236 pa t40296 l52721 ls544">10%.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40320 l3 ls651">The </span><span class="pp-class-236 pa t40320 l38379 ls706">share </span><span class="pp-class-236 pa t40320 l52722 ls546">options </span><span class="pp-class-236 pa t40320 l46193 ls651">can </span><span class="pp-class-236 pa t40320 l37754 ls811">be </span><span class="pp-class-236 pa t40320 l52723 ls2258">exercised </span><span class="pp-class-236 pa t40320 l52724 ls2222">when </span><span class="pp-class-236 pa t40320 l46482 ls184">a </span><span class="pp-class-236 pa t40320 l52725 ls2036">minimum </span><span class="pp-class-236 pa t40320 l52726 ls98">of </span><span class="pp-class-236 pa t40320 l52727 ls706">three </span><span class="pp-class-236 pa t40320 l52728 ls838">years </span><span class="pp-class-236 pa t40320 l52729 ls651">and </span><span class="pp-class-236 pa t40320 l52730 ls184">a </span><span class="pp-class-236 pa t40320 l52731 ls2036">maximum </span><span class="pp-class-236 pa t40320 l52732 ls98">of </span><span class="pp-class-236 pa t40320 l52733 ls8048">five </span><span class="pp-class-236 pa t40320 l52734 ls838">years </span><span class="pp-class-236 pa t40320 l52735 ls110">have </span><span class="pp-class-236 pa t40320 l52736 ls651">elapsed </span><span class="pp-class-236 pa t49458 l3 ls538">since </span><span class="pp-class-236 pa t49458 l52737 ls651">the </span><span class="pp-class-236 pa t49458 l52738 ls1687">grant </span><span class="pp-class-236 pa t49458 l31383 ls556">dates.</span></p></div></div><div id="pp-id-5430" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52739 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52742 ls212">Executive </span><span class="pp-class-237 pa t52740 l52743 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52744 ls3084">Key </span><span class="pp-class-237 pa t52740 l52745 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t42088 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t42087 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t42087 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52741 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52741 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52740 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l33898 ls3141">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52754 ls8048">Average </span><span class="pp-class-237 pa t42088 l52755 ls551">exercise</span><span class="pp-class-237 pa t42087 l52756">price </span><span class="pp-class-237 pa t42087 l44609">per </span><span class="pp-class-237 pa t52741 l52757 ls1098">option </span><span class="pp-class-237 pa t52740 l52758">DKK</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52761 ls3124">339,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52762 ls15306">755,479</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52763 ls849">218,987</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52759 l52764 ls570">1,314,242</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52765 ls11050">290.07</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52769 ls6270">-210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52770 ls3084">210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52766 l52771">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52772 ls1775">283.09</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l17929 ls2081">264,647</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l52776 ls2363">475,641</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52777 ls3292">151,728</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l52778 ls574">892,016</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52779 ls8367">116.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls1661">Expired </span><span class="pp-class-236 pa t52780 l52781">during </span><span class="pp-class-236 pa t52780 l52782">the </span><span class="pp-class-236 pa t52780 l52783 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52784 ls546">-101,678</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52785 ls164">-142,481</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52786 ls2245">-166,916</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l52787 ls758">-411,075</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52788 ls30">314.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52789 l52790">during </span><span class="pp-class-236 pa t52789 l52791">the </span><span class="pp-class-236 pa t52789 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52792">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52793 ls33">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52789 l52794 ls234">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52795 ls18385">207.08</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l3">Outstanding </span><span class="pp-class-237 pa t52796 l52797 ls2222">at </span><span class="pp-class-237 pa t52796 l52798">31 </span><span class="pp-class-237 pa t52796 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52800 ls3351">502,745</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52801 ls4630">878,000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52802 ls536">233,031</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52803 ls749">1,613,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52804 ls1054">197.65</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l3 ls8367">Of </span><span class="pp-class-236 pa t52805 l52806 ls2846">this </span><span class="pp-class-236 pa t52805 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52805 l52808 ls2813">at </span><span class="pp-class-236 pa t52805 l52809 ls7433">the </span><span class="pp-class-236 pa t52805 l52810 ls7433">end </span><span class="pp-class-236 pa t52805 l49165 ls3292">of </span><span class="pp-class-236 pa t52805 l52811 ls7433">the </span><span class="pp-class-236 pa t52805 l52812 ls6276">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l21565 ls13284">80,536</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52813 ls771">114,451</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52814 ls138">82,109</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52805 l41219 ls913">277,096</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52815 ls168">323.34</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52817"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52818"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52819"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52820"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52821 l40478 ls811">202</span></a><span class="pp-class-236 pa t52821 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52822 l3">Number </span><span class="pp-class-236 pa t52822 l3212 ls118">of </span><span class="pp-class-236 pa t52822 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52742 ls212">Executive </span><span class="pp-class-237 pa t52822 l52743 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52744 ls3084">Key </span><span class="pp-class-237 pa t52822 l52745 ls967">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t52825 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t52826 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t52826 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52823 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52823 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52822 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52822 l33898 ls3141">Total</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52754 ls8048">Average </span><span class="pp-class-237 pa t52825 l52755 ls551">exercise</span><span class="pp-class-237 pa t52826 l52756">price </span><span class="pp-class-237 pa t52826 l44609">per </span><span class="pp-class-237 pa t52823 l52757 ls1098">option </span><span class="pp-class-237 pa t52822 l52758">DKK</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52827 l37250 ls2368">at </span><span class="pp-class-236 pa t52827 l52760">1 </span><span class="pp-class-236 pa t52827 l40710 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l28444 ls28039">417,534</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52828 ls572">552,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52829 ls184">153,263</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52827 l52830 ls592">1,123,604</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52831 ls847">315.93</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52832 l19346 ls1707">between </span><span class="pp-class-236 pa t52832 l52767 ls1031">categories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l34067 ls544">-128,040</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52833 ls1815">-20,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52834 ls2197">148,482</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52832 l52771">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52835 ls847">306.61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l3 ls570">Granted </span><span class="pp-class-236 pa t52836 l52774">during </span><span class="pp-class-236 pa t52836 l52775">the </span><span class="pp-class-236 pa t52836 l28606 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l36528 ls667">113,932</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52837 ls773">292,783</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52838">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52836 l52839 ls2855">406,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52840 ls1775">238.00</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l3 ls1661">Expired </span><span class="pp-class-236 pa t52841 l52781">during </span><span class="pp-class-236 pa t52841 l52782">the </span><span class="pp-class-236 pa t52841 l52783 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52842 ls667">-63,650</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52843 ls847">-69,669</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52844 ls4807">-69,898</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52841 l52845 ls4793">-203,217</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52846 ls3540">330.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52847 l52790">during </span><span class="pp-class-236 pa t52847 l52791">the </span><span class="pp-class-236 pa t52847 l43964 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52768">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52792">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52848 ls184">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52847 l52849 ls1547">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52850">261.25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l3">Outstanding </span><span class="pp-class-237 pa t52851 l52797 ls2222">at </span><span class="pp-class-237 pa t52851 l52798">31 </span><span class="pp-class-237 pa t52851 l52799">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52852 ls3298">339,776</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52853 ls10811">775,479</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52854 ls179">218,987</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52764 ls570">1,314,242</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52855 ls13284">290.07</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l3 ls8367">Of </span><span class="pp-class-236 pa t52856 l52806 ls2846">this </span><span class="pp-class-236 pa t52856 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52856 l52808 ls2813">at </span><span class="pp-class-236 pa t52856 l52809 ls7433">the </span><span class="pp-class-236 pa t52856 l52810 ls7433">end </span><span class="pp-class-236 pa t52856 l49165 ls3292">of </span><span class="pp-class-236 pa t52856 l52811 ls7433">the </span><span class="pp-class-236 pa t52856 l52812 ls6276">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52857 ls11726">138,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52858 ls667">266,839</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52859 ls17762">167,595</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52856 l52860 ls556">573,149</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52861 ls2855">310.80</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52862 l3 ls651">The </span><span class="pp-class-236 pa t52862 l38379 ls706">share </span><span class="pp-class-236 pa t52862 l52722 ls546">options </span><span class="pp-class-236 pa t52862 l46193 ls2270">granted </span><span class="pp-class-236 pa t52862 l52863 ls811">in </span><span class="pp-class-236 pa t52862 l52864 ls2222">2025 </span><span class="pp-class-236 pa t52862 l52865 ls544">had </span><span class="pp-class-236 pa t52862 l52866 ls184">a </span><span class="pp-class-236 pa t52862 l45731 ls553">fair </span><span class="pp-class-236 pa t52862 l52867 ls2197">value </span><span class="pp-class-236 pa t52862 l52868 ls98">of </span><span class="pp-class-236 pa t52862 l52869 ls572">DKK </span><span class="pp-class-236 pa t52862 l52870 ls11961">17.4m </span><span class="pp-class-236 pa t52862 l52871 ls667">(2024: </span><span class="pp-class-236 pa t52862 l52872 ls651">DKK </span><span class="pp-class-236 pa t52862 l52873 ls4780">13.4m), </span><span class="pp-class-236 pa t52862 l52874 ls538">equal </span><span class="pp-class-236 pa t52862 l52875 ls538">to </span><span class="pp-class-236 pa t52862 l52876 ls811">an </span><span class="pp-class-236 pa t52862 l52877 ls2894">average </span><span class="pp-class-236 pa t52862 l52878 ls670">fair </span><span class="pp-class-236 pa t52879 l3 ls2197">value </span><span class="pp-class-236 pa t52879 l43398 ls651">per </span><span class="pp-class-236 pa t52879 l1403 ls179">option </span><span class="pp-class-236 pa t52879 l52880 ls98">of </span><span class="pp-class-236 pa t52879 l52881 ls572">DKK </span><span class="pp-class-236 pa t52879 l52882 ls17606">20.14 </span><span class="pp-class-236 pa t52879 l11436 ls667">(2024: </span><span class="pp-class-236 pa t52879 l11201 ls651">DKK </span><span class="pp-class-236 pa t52879 l52883 ls2846">33.03).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52884 l3 ls811">No </span><span class="pp-class-236 pa t52884 l40356 ls706">share </span><span class="pp-class-236 pa t52884 l45661 ls546">options </span><span class="pp-class-236 pa t52884 l36316 ls110">have </span><span class="pp-class-236 pa t52884 l52885 ls2222">been </span><span class="pp-class-236 pa t52884 l52886 ls2258">exercised </span><span class="pp-class-236 pa t52884 l36411 ls1764">during </span><span class="pp-class-236 pa t52884 l52887 ls2222">2025 </span><span class="pp-class-236 pa t52884 l52888 ls667">(2024: </span><span class="pp-class-236 pa t52884 l52889 ls2222">nil).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52890 l3 ls1747 wtro3142 wtr1091 tro3144 tr1093">Vesting </span><span class="pp-class-236 pa t52890 l52891 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t52890 l41235 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52890 l52892 ls13 wtro3142 wtr1091 tro3144 tr1093">options </span><span class="pp-class-236 pa t52890 l52893 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t52890 l52894 ls203 wtro3142 wtr1091 tro3144 tr1093">expensed </span><span class="pp-class-236 pa t52890 l52895 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t52890 l52896 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52890 l52897 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t52890 l52898 ls73 wtro3142 wtr1091 tro3144 tr1093">statement </span><span class="pp-class-236 pa t52890 l52899 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52890 l52900 wtro3142 wtr1091 tro3144 tr1093">2025 </span><span class="pp-class-236 pa t52890 l52901 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t52890 l52902 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52903 ls26 wtro3142 wtr1091 tro3144 tr1093">11m </span><span class="pp-class-236 pa t52890 l52904 ls685 wtro3142 wtr1091 tro3144 tr1093">(2024: </span><span class="pp-class-236 pa t52890 l52905 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52906 ls138 wtro3142 wtr1091 tro3144 tr1093">10m). </span><span class="pp-class-236 pa t52890 l52907 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l3 ls135 wtro3142 wtr1091 tro3144 tr1093">calculated </span><span class="pp-class-236 pa t52908 l52909 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t52908 l52910 ls1024 wtro3142 wtr1091 tro3144 tr1093">values </span><span class="pp-class-236 pa t52908 l52911 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t52908 l52912 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t52908 l52913 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t52908 l52914 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52908 l52915 ls234 wtro3142 wtr1091 tro3144 tr1093">Black-Scholes </span><span class="pp-class-236 pa t52908 l52916 ls85 wtro3142 wtr1091 tro3144 tr1093">formula </span><span class="pp-class-236 pa t52908 l52917 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52908 l52918 wtro3142 wtr1091 tro3144 tr1093">measuring </span><span class="pp-class-236 pa t52908 l52919 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52908 l52920 ls1535 wtro3142 wtr1091 tro3144 tr1093">options. </span><span class="pp-class-236 pa t52908 l52921 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l52922 ls101 wtro3142 wtr1091 tro3144 tr1093">outstanding </span><span class="pp-class-236 pa t52923 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">options </span><span class="pp-class-236 pa t52923 l52924 ls590 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t52923 l52925 ls590 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-236 pa t52923 l52926 ls4630 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-236 pa t52923 l52927 ls558 wtro3142 wtr3143 tro3144 tr3145">2025 </span><span class="pp-class-236 pa t52923 l47237 ls3154 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t52923 l52928 ls590 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t52923 l52929 ls17589 wtro3142 wtr3143 tro3144 tr3145">average </span><span class="pp-class-236 pa t52923 l52930 ls2687 wtro3142 wtr3143 tro3144 tr3145">weighted </span><span class="pp-class-236 pa t52923 l52931 ls849 wtro3142 wtr3143 tro3144 tr3145">remaining </span><span class="pp-class-236 pa t52923 l52932 ls110 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t52923 l52933 ls558 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t52923 l52934 ls995 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t52923 l52935 ls1957 wtro3142 wtr3143 tro3144 tr3145">3.2 </span><span class="pp-class-236 pa t52923 l52936 ls884 wtro3142 wtr3143 tro3144 tr3145">years </span><span class="pp-class-236 pa t52923 l52937 ls2808 wtro3142 wtr3143 tro3144 tr3145">(2024: </span><span class="pp-class-236 pa t52923 l52938 ls530 wtro3142 wtr3143 tro3144 tr3145">2.2 </span><span class="pp-class-236 pa t52923 l52939 ls847 wtro3142 wtr3143 tro3144 tr3145">years).</span></p></div></div><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3 ls91">Assumptions </span><span class="pp-class-236 pa t37084 l52944">concerning </span><span class="pp-class-236 pa t37084 l17969">the </span><span class="pp-class-236 pa t37084 l52945 ls85">calculation </span><span class="pp-class-236 pa t37084 l52946 ls118">of </span><span class="pp-class-236 pa t37084 l52947 ls1031">fair </span><span class="pp-class-236 pa t37084 l52948 ls129">value </span><span class="pp-class-236 pa t37084 l52949 ls2368">at </span><span class="pp-class-236 pa t37084 l36502">time </span><span class="pp-class-236 pa t37084 l52950 ls118">of </span><span class="pp-class-236 pa t37084 l52951 ls252">grant:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52952 l3 ls3167">Year </span><span class="pp-class-237 pa t52952 l52953">of </span><span class="pp-class-237 pa t52952 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52955 ls181">Exercise </span><span class="pp-class-237 pa t52952 l28077">price</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52957 ls2368">Market </span><span class="pp-class-237 pa t52954 l52958">price </span><span class="pp-class-237 pa t52954 l52959 ls2222">at </span><span class="pp-class-237 pa t52952 l41518 ls1790">grant </span><span class="pp-class-237 pa t52952 l52960 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52961 ls118">Expected </span><span class="pp-class-237 pa t52952 l52962 ls875">volatility</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52963 ls661">Risk-free </span><span class="pp-class-237 pa t52954 l52964 ls113">interest </span><span class="pp-class-237 pa t52952 l52965 ls4248">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l52966 ls118">Expected </span><span class="pp-class-237 pa t52967 l52968">annual</span><span class="pp-class-237 pa t52969 l52970">dividends </span><span class="pp-class-237 pa t52956 l52971">per </span><span class="pp-class-237 pa t52956 l52972 ls108">share </span><span class="pp-class-237 pa t52954 l52973">(DKK) </span><span class="pp-class-237 pa t52954 l52974 ls2222">at </span><span class="pp-class-237 pa t52952 l52975 ls1790">grant </span><span class="pp-class-237 pa t52952 l52976 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52977 ls118">Expected </span><span class="pp-class-237 pa t52952 l52978">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52969 l52979 ls1535">Fair </span><span class="pp-class-237 pa t52969 l52980 ls106">value </span><span class="pp-class-237 pa t52956 l52981">per </span><span class="pp-class-237 pa t52956 l52982 ls1098">option </span><span class="pp-class-237 pa t52954 l52983 ls2222">at </span><span class="pp-class-237 pa t52954 l52984">time </span><span class="pp-class-237 pa t52954 l52985">of </span><span class="pp-class-237 pa t52952 l52986 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52988 ls1547">116</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l50106 ls621">103.30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52989 ls131">34.38%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52990 ls98">1.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52991 ls2207">1.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52992">3 </span><span class="pp-class-236 pa t52987 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l52994 ls3139">20</span><a><span class="pp-class-236 pa t52987 l52995">.</span></a><span class="pp-class-236 pa t52987 l52996 ls696">14</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52998">238</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52999 ls8468">217.60</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53000 ls1775">33.06%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53001 ls664">2.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53002 ls3351">9.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52992">3 </span><span class="pp-class-236 pa t52997 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53003 ls2081">33.03</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53005">292</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l21898 ls5202">269.40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53006 ls1775">38.66%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l45063 ls2924">2.79%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53007 ls3197">9.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l52992">3 </span><span class="pp-class-236 pa t53004 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53008 ls8384">55.59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l3">2022</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l1408">344</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53010 ls9737">307.20 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l7478 ls651">34.60%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53011 ls544">-0.19%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53012 ls995">12.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53013"/><span class="pp-class-236 pa t53009 l52992">3 </span><span class="pp-class-236 pa t53009 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53014 ls131">41.38 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l3">2021</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53016">301</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53017 ls572">271.00 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53018 ls1574">34.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l49381 ls13284">-0.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53019 ls3154">6.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53013"/><span class="pp-class-236 pa t53015 l52992">3 </span><span class="pp-class-236 pa t53015 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53020 ls651">42.66 </span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53021 l3 ls651">The </span><span class="pp-class-236 pa t53021 l38379 ls5781">expected </span><span class="pp-class-236 pa t53021 l53022 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53023 ls553">for </span><span class="pp-class-236 pa t53021 l53024 ls2222">2021 </span><span class="pp-class-236 pa t53021 l9944 ls538">to </span><span class="pp-class-236 pa t53021 l17891 ls2222">2025 </span><span class="pp-class-236 pa t53021 l18471 ls811">is </span><span class="pp-class-236 pa t53021 l53025 ls538">based </span><span class="pp-class-236 pa t53021 l53026 ls811">on </span><span class="pp-class-236 pa t53021 l53027 ls651">the </span><span class="pp-class-236 pa t53021 l53028 ls179">historical </span><span class="pp-class-236 pa t53021 l53029 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53030 ls553">for </span><span class="pp-class-236 pa t53021 l53031 ls651">the </span><span class="pp-class-236 pa t53021 l53032 ls2222">past </span><span class="pp-class-236 pa t53021 l53033 ls706">three </span><span class="pp-class-236 pa t53021 l53034 ls758">years. </span><span class="pp-class-236 pa t53021 l53035 ls651">The </span><span class="pp-class-236 pa t53021 l53036 ls9950">risk-</span><span class="pp-class-236 pa t53037 l3 ls877">free </span><span class="pp-class-236 pa t53037 l53038 ls706">interest </span><span class="pp-class-236 pa t53037 l53039 ls8384">rate </span><span class="pp-class-236 pa t53037 l38493 ls811">is </span><span class="pp-class-236 pa t53037 l53040 ls538">based </span><span class="pp-class-236 pa t53037 l31083 ls811">on </span><span class="pp-class-236 pa t53037 l2269 ls630">three-year </span><span class="pp-class-236 pa t53037 l53041 ls1764">Danish </span><span class="pp-class-236 pa t53037 l53042 ls1463">government </span><span class="pp-class-236 pa t53037 l44375 ls538">bonds.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53043 l3 ls524">Restricted </span><span class="pp-class-237 pa t53043 l53044 ls538">Stock </span><span class="pp-class-237 pa t53043 l6595 ls538">Units </span><span class="pp-class-237 pa t53043 l48333 ls995">(RSUs)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53045 l3 ls1369">RSUs </span><span class="pp-class-236 pa t53045 l53046 ls110">have </span><span class="pp-class-236 pa t53045 l17150 ls2222">been </span><span class="pp-class-236 pa t53045 l2944 ls2270">granted </span><span class="pp-class-236 pa t53045 l53047 ls538">to </span><span class="pp-class-236 pa t53045 l14182 ls651">the </span><span class="pp-class-236 pa t53045 l17183 ls4558">Executive </span><span class="pp-class-236 pa t53045 l46737 ls706">Board </span><span class="pp-class-236 pa t53045 l53048 ls651">and </span><span class="pp-class-236 pa t53045 l53049 ls4284">key </span><span class="pp-class-236 pa t53045 l53050 ls7086">employees. </span><span class="pp-class-236 pa t53045 l53051 ls3855">Each </span><span class="pp-class-236 pa t53045 l53052 ls2222">RSU </span><span class="pp-class-236 pa t53045 l53053 ls838">gives </span><span class="pp-class-236 pa t53045 l53054 ls651">the </span><span class="pp-class-236 pa t53045 l53055 ls1764">holder </span><span class="pp-class-236 pa t53045 l53056 ls184">a </span><span class="pp-class-236 pa t53045 l53057 ls536">right </span><span class="pp-class-236 pa t53045 l53058 ls184">to </span><span class="pp-class-236 pa t53059 l3 ls4017">receive </span><span class="pp-class-236 pa t53059 l53060 ls651">one </span><span class="pp-class-236 pa t53059 l53061 ls3855">existing </span><span class="pp-class-236 pa t53059 l53062 ls706">share </span><span class="pp-class-236 pa t53059 l53063 ls811">in </span><span class="pp-class-236 pa t53059 l53064 ls651">the </span><span class="pp-class-236 pa t53059 l53065 ls2687">Parent </span><span class="pp-class-236 pa t53059 l53066 ls551">company </span><span class="pp-class-236 pa t53059 l53067 ls98">of </span><span class="pp-class-236 pa t53059 l53068 ls2036">nominal </span><span class="pp-class-236 pa t53059 l53069 ls572">DKK </span><span class="pp-class-236 pa t53059 l53070 ls811">20 </span><span class="pp-class-236 pa t53059 l53071 ls2222">when </span><span class="pp-class-236 pa t53059 l47418 ls572">the </span><span class="pp-class-236 pa t53059 l53072 ls630">three-year </span><span class="pp-class-236 pa t53059 l53073 ls1780">vesting </span><span class="pp-class-236 pa t53059 l53074 ls1764">period </span><span class="pp-class-236 pa t53059 l53075 ls184">has </span><span class="pp-class-236 pa t53076 l3 ls1751">elapsed. </span><span class="pp-class-236 pa t53076 l40179 ls651">The </span><span class="pp-class-236 pa t53076 l27305 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l46140 ls538">equal </span><span class="pp-class-236 pa t53076 l53077 ls184">a </span><span class="pp-class-236 pa t53076 l53078 ls536">right </span><span class="pp-class-236 pa t53076 l48745 ls538">to </span><span class="pp-class-236 pa t53076 l53079 ls4017">receive </span><span class="pp-class-236 pa t53076 l53080 ls1173">0.60% </span><span class="pp-class-236 pa t53076 l53081 ls667">(2024: </span><span class="pp-class-236 pa t53076 l53082 ls13284">0.28%) </span><span class="pp-class-236 pa t53076 l53083 ls98">of </span><span class="pp-class-236 pa t53076 l45236 ls572">the </span><span class="pp-class-236 pa t53076 l53084 ls706">share </span><span class="pp-class-236 pa t53076 l53085 ls524">capital </span><span class="pp-class-236 pa t53076 l53086 ls811">if </span><span class="pp-class-236 pa t53076 l53087 ls572">all </span><span class="pp-class-236 pa t53076 l53088 ls8048">remaining </span><span class="pp-class-236 pa t53076 l53089 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l53090 ls667">are </span><span class="pp-class-236 pa t53091 l3 ls299">transferred. </span><span class="pp-class-236 pa t53091 l41790 ls4017">Vesting </span><span class="pp-class-236 pa t53091 l53092 ls98">of </span><span class="pp-class-236 pa t53091 l53093 ls1369">RSUs </span><span class="pp-class-236 pa t53091 l53094 ls811">is </span><span class="pp-class-236 pa t53091 l53095 ls3855">expensed </span><span class="pp-class-236 pa t53091 l53096 ls811">in </span><span class="pp-class-236 pa t53091 l53097 ls651">the </span><span class="pp-class-236 pa t53091 l53098 ls1764">income </span><span class="pp-class-236 pa t53091 l53099 ls556">statement </span><span class="pp-class-236 pa t53091 l53100 ls553">for </span><span class="pp-class-236 pa t53091 l44226 ls2222">2025 </span><span class="pp-class-236 pa t53091 l53101 ls2222">with </span><span class="pp-class-236 pa t53091 l44499 ls572">DKK </span><span class="pp-class-236 pa t53091 l53102 ls651">15m </span><span class="pp-class-236 pa t53091 l53103 ls667">(2024: </span><span class="pp-class-236 pa t53091 l53104 ls572">DKK </span><span class="pp-class-236 pa t53091 l53105 ls2222">13m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53106 l3 ls651">The </span><span class="pp-class-236 pa t53106 l38379 ls1764">number </span><span class="pp-class-236 pa t53106 l37741 ls98">of </span><span class="pp-class-236 pa t53106 l53107 ls1369">RSUs </span><span class="pp-class-236 pa t53106 l53108 ls2270">granted </span><span class="pp-class-236 pa t53106 l28433 ls811">in </span><span class="pp-class-236 pa t53106 l14604 ls2222">2021 </span><span class="pp-class-236 pa t53106 l53109 ls651">and </span><span class="pp-class-236 pa t53106 l27353 ls556">later </span><span class="pp-class-236 pa t53106 l53110 ls811">is </span><span class="pp-class-236 pa t53106 l53111 ls538">based </span><span class="pp-class-236 pa t53106 l43468 ls811">on </span><span class="pp-class-236 pa t53106 l53112 ls651">the </span><span class="pp-class-236 pa t53106 l53113 ls2894">average </span><span class="pp-class-236 pa t53106 l50446 ls706">share </span><span class="pp-class-236 pa t53106 l53114 ls538">price </span><span class="pp-class-236 pa t53106 l53115 ls98">of </span><span class="pp-class-236 pa t53106 l53116 ls651">the </span><span class="pp-class-236 pa t53106 l53117 ls6270">Parent </span><span class="pp-class-236 pa t53106 l53118 ls3855">company’s </span><span class="pp-class-236 pa t53119 l3 ls2197">shares </span><span class="pp-class-236 pa t53119 l53120 ls8048">five </span><span class="pp-class-236 pa t53119 l28037 ls2245">days </span><span class="pp-class-236 pa t53119 l31178 ls168">after </span><span class="pp-class-236 pa t53119 l53121 ls651">the </span><span class="pp-class-236 pa t53119 l53122 ls556">release </span><span class="pp-class-236 pa t53119 l44221 ls98">of </span><span class="pp-class-236 pa t53119 l53123 ls651">the </span><span class="pp-class-236 pa t53119 l53124 ls811">Q4 </span><span class="pp-class-236 pa t53119 l53125 ls949">report.</span></p><div id="pp-id-5432" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h53126 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53127 ls212">Executive </span><span class="pp-class-237 pa t52740 l53128 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53129 ls3084">Key </span><span class="pp-class-237 pa t52740 l53130 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l53131">Other </span><span class="pp-class-237 pa t52741 l53132 ls781">managerial</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l53133 ls19">staff</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t42088 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t42087 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t42087 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t52741 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t52741 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t52740 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l40379 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l53141">32</span><a><span class="pp-class-236 pa t52759 l53142 ls37163">,</span></a><span class="pp-class-236 pa t52759 l53143">532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53144 ls2260">79,571</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53145 ls536">42,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53146 ls3298">7,283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52759 l53147 ls113">162,</span></a><span class="pp-class-237 pa t52759 l53148">193</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53150 ls80">-22,602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53151 ls13284">-9,556</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53152">32,158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52766 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53154 ls53155">50,747</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53156 ls2855">90,913</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53157 ls2565">50,852</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53158 ls2270">38,546</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l53159">231</span><a><span class="pp-class-237 pa t52773 l53160 ls27249">,</span></a><span class="pp-class-237 pa t52773 l53161">058</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls98">Vested </span><span class="pp-class-236 pa t52780 l46216">in </span><span class="pp-class-236 pa t52780 l53162">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53163 ls11625">-5,748</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53164 ls1775">-8,050</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53166 ls847">-6,659</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l53167 ls5202">-20</span><a><span class="pp-class-237 pa t52780 l53168 ls3292">,</span></a><span class="pp-class-237 pa t52780 l41896 ls1780">457</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53169 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53169 l52790">during </span><span class="pp-class-236 pa t53169 l52791">the </span><span class="pp-class-236 pa t53169 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53171 ls80">-36,282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53169 l53172 ls995">-36</span><a><span class="pp-class-237 pa t53169 l53173">,</span></a><span class="pp-class-237 pa t53169 l53174">282</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l3">Outstanding </span><span class="pp-class-237 pa t53175 l52797 ls2222">at </span><span class="pp-class-237 pa t53175 l52798">31 </span><span class="pp-class-237 pa t53175 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53176 ls53177">77</span><a><span class="pp-class-237 pa t53175 l53178 ls1780">,53</span></a><span class="pp-class-237 pa t53175 l53179">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53180 ls5202">139</span><a><span class="pp-class-237 pa t53175 l53181 ls2260">,</span></a><span class="pp-class-237 pa t53175 l53182">832</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53183">84</span><a><span class="pp-class-237 pa t53175 l53184">,</span></a><span class="pp-class-237 pa t53175 l53185 ls814">103</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53175 l53186 ls3298">35,</span></a><span class="pp-class-237 pa t53175 l53187">046</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53188 ls995">336</span><a><span class="pp-class-237 pa t53175 l43048 ls3121">,</span></a><span class="pp-class-237 pa t53175 l52355">512</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53189 l3 ls811">Of </span><span class="pp-class-236 pa t53189 l53190 ls2222">this </span><span class="pp-class-236 pa t53189 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53189 l53191 ls2197">at </span><span class="pp-class-236 pa t53189 l10531 ls651">the </span><span class="pp-class-236 pa t53189 l44346 ls651">end </span><span class="pp-class-236 pa t53189 l50467 ls98">of </span><span class="pp-class-236 pa t53189 l53192 ls651">the </span><span class="pp-class-236 pa t53189 l53193 ls556">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53189 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l19268"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l53195"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53196 l40478 ls184">2024</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53197 l3">Number </span><span class="pp-class-236 pa t53197 l3212 ls118">of </span><span class="pp-class-236 pa t53197 l3213 ls106">shares</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53127 ls212">Executive </span><span class="pp-class-237 pa t53197 l53128 ls227">Board</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53129 ls3084">Key </span><span class="pp-class-237 pa t53197 l53130 ls967">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53199 l53131">Other </span><span class="pp-class-237 pa t53198 l53132 ls781">managerial</span></a></p><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l53133 ls19">staff</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53200 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t53201 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t53199 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t53199 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t53198 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t53198 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t53197 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l40379 ls3141">Total</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l3 ls101">Outstanding </span><span class="pp-class-236 pa t53202 l37250 ls2368">at </span><span class="pp-class-236 pa t53202 l52760">1 </span><span class="pp-class-236 pa t53202 l40710 ls3289">January</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53203 ls1775">29,124</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53204 ls2855">49,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53205 ls2270">20,207</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53206 ls17679">2,647</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53202 l53207 ls574">101,600</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l3 ls4793">Transferred </span><span class="pp-class-236 pa t53208 l19346 ls1707">between </span><span class="pp-class-236 pa t53208 l52767 ls1031">categories</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53209 ls651">-5,112</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53210 ls168">-3,361</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53211 ls39890">-5,707</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53212 ls106">14,180</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53208 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l3 ls570">Granted </span><span class="pp-class-236 pa t53213 l52774">during </span><span class="pp-class-236 pa t53213 l52775">the </span><span class="pp-class-236 pa t53213 l28606 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53214 ls53215">17,364</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53216 ls651">44,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53217 ls1815">28,307</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53213 l53218 ls35">90,293</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3 ls98">Vested </span><span class="pp-class-236 pa t53219 l46216">in </span><span class="pp-class-236 pa t53219 l53162">period</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3910 ls2889">-8,844</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53220 ls129">-11,312</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53221 ls651">-2,009</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53219 l53222 ls781">-22,165</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53223 l52790">during </span><span class="pp-class-236 pa t53223 l52791">the </span><span class="pp-class-236 pa t53223 l43964 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53224 ls2363">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53223 l53225 ls30818">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l3">Outstanding </span><span class="pp-class-237 pa t53226 l52797 ls2222">at </span><span class="pp-class-237 pa t53226 l52798">31 </span><span class="pp-class-237 pa t53226 l52799">December</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53227 ls1747">32,532</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53228 ls7832">79,571</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53229 ls811">42,807</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53230 ls30681">7,283</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53147 ls781">162,193</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l3 ls811">Of </span><span class="pp-class-236 pa t53231 l53190 ls2222">this </span><span class="pp-class-236 pa t53231 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53231 l53191 ls2197">at </span><span class="pp-class-236 pa t53231 l10531 ls651">the </span><span class="pp-class-236 pa t53231 l44346 ls651">end </span><span class="pp-class-236 pa t53231 l50467 ls98">of </span><span class="pp-class-236 pa t53231 l53192 ls651">the </span><span class="pp-class-236 pa t53231 l53193 ls556">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53231 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l3"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l19268"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l53195"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l43090"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l44871"/></p></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53233 l3 ls3167">Year </span><span class="pp-class-237 pa t53233 l52953">of </span><span class="pp-class-237 pa t53233 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53234 l53235 ls118">Expected </span><span class="pp-class-237 pa t53233 l53236">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53237 l53238 ls1535">Fair </span><span class="pp-class-237 pa t53237 l53239 ls106">value </span><span class="pp-class-237 pa t53240 l53241">per </span><span class="pp-class-237 pa t53240 l53242 ls108">share </span><span class="pp-class-237 pa t53234 l53243 ls2222">at </span><span class="pp-class-237 pa t53234 l53244">time </span><span class="pp-class-237 pa t53234 l53245">of </span><span class="pp-class-237 pa t53233 l53246 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53247 l3">202</span></a><span class="pp-class-236 pa t53247 l53248">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53249">3 </span><span class="pp-class-236 pa t53247 l53250 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53251 ls7832">105</span><a><span class="pp-class-236 pa t53247 l53252 ls28280">.</span></a><span class="pp-class-236 pa t53247 l44893">03</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53249">3 </span><span class="pp-class-236 pa t53253 l53250 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53254 ls1054">216.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53256"/><span class="pp-class-236 pa t53255 l53249">3 </span><span class="pp-class-236 pa t53255 l53250 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53257 ls1687">265.42</span></a></p></td></tr></table></div></div><div id="pp-id-5408" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span><span class="pp-class-235 pa t1122 l52942"/><span class="pp-class-235 pa t1122 l52943 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls12490">Employee </span><span class="pp-class-237 pa t40114 l53259 ls30">recognition</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls811">In </span><span class="pp-class-236 pa t40125 l38573 ls1751">December </span><span class="pp-class-236 pa t40125 l27258 ls2222">2020 </span><span class="pp-class-236 pa t40125 l53260 ls811">up </span><span class="pp-class-236 pa t40125 l7381 ls538">to </span><span class="pp-class-236 pa t40125 l53261 ls811">50 </span><span class="pp-class-236 pa t40125 l53262 ls2197">shares </span><span class="pp-class-236 pa t40125 l14616 ls877">free </span><span class="pp-class-236 pa t40125 l47330 ls98">of </span><span class="pp-class-236 pa t40125 l44209 ls2197">charge </span><span class="pp-class-236 pa t40125 l53263 ls2258">were </span><span class="pp-class-236 pa t40125 l53264 ls1882">awarded </span><span class="pp-class-236 pa t40125 l53265 ls538">to </span><span class="pp-class-236 pa t40125 l53266 ls544">each </span><span class="pp-class-236 pa t40125 l53267 ls1815">employee. </span><span class="pp-class-236 pa t40125 l53268 ls651">The </span><span class="pp-class-236 pa t40125 l53269 ls2197">shares </span><span class="pp-class-236 pa t40125 l53270 ls110">have </span><span class="pp-class-236 pa t40125 l53271 ls168">vested </span><span class="pp-class-236 pa t40137 l3 ls3234">over </span><span class="pp-class-236 pa t40137 l45566 ls184">a </span><span class="pp-class-236 pa t40137 l33895 ls630">three-year </span><span class="pp-class-236 pa t40137 l53272 ls1764">period </span><span class="pp-class-236 pa t40137 l53273 ls877">from </span><span class="pp-class-236 pa t40137 l24654 ls534">January </span><span class="pp-class-236 pa t40137 l28306 ls2222">2021 </span><span class="pp-class-236 pa t40137 l53274 ls538">to </span><span class="pp-class-236 pa t40137 l39207 ls1751">December </span><span class="pp-class-236 pa t40137 l53275 ls2222">2023 </span><span class="pp-class-236 pa t40137 l53276 ls811">on </span><span class="pp-class-236 pa t40137 l53277 ls184">a </span><span class="pp-class-236 pa t40137 l49951 ls4276">straight-line </span><span class="pp-class-236 pa t40137 l53278 ls1764">basis. </span><span class="pp-class-236 pa t40137 l53279 ls847">Only </span><span class="pp-class-236 pa t40137 l53280 ls8048">employees </span><span class="pp-class-236 pa t40150 l3 ls1780">working </span><span class="pp-class-236 pa t40150 l53281 ls556">through </span><span class="pp-class-236 pa t40150 l17133 ls651">the </span><span class="pp-class-236 pa t40150 l53282 ls2222">full </span><span class="pp-class-236 pa t40150 l53283 ls1780">vesting </span><span class="pp-class-236 pa t40150 l53284 ls1764">period </span><span class="pp-class-236 pa t40150 l53285 ls2258">were </span><span class="pp-class-236 pa t40150 l53286 ls4248">entitled </span><span class="pp-class-236 pa t40150 l53287 ls538">to </span><span class="pp-class-236 pa t40150 l53288 ls651">the </span><span class="pp-class-236 pa t40150 l53289 ls548">shares. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls1764">During </span><span class="pp-class-236 pa t47589 l52172 ls556">2024 </span><span class="pp-class-236 pa t47589 l23092 ls651">the </span><span class="pp-class-236 pa t47589 l53290 ls2222">last </span><span class="pp-class-236 pa t47589 l53291 ls3351">69,490 </span><span class="pp-class-236 pa t47589 l14197 ls2197">shares </span><span class="pp-class-236 pa t47589 l53292 ls110">have </span><span class="pp-class-236 pa t47589 l53293 ls2222">been </span><span class="pp-class-236 pa t47589 l4948 ls299">transferred. </span><span class="pp-class-236 pa t47589 l53294 ls4017">Vesting </span><span class="pp-class-236 pa t47589 l53295 ls98">of </span><span class="pp-class-236 pa t47589 l53296 ls2197">shares </span><span class="pp-class-236 pa t47589 l53297 ls553">for </span><span class="pp-class-236 pa t47589 l53298 ls556">2024 </span><span class="pp-class-236 pa t47589 l53299 ls556">was </span><span class="pp-class-236 pa t47589 l53300 ls811">an </span><span class="pp-class-236 pa t47589 l53301 ls548">expense </span><span class="pp-class-236 pa t40167 l3 ls98">of </span><span class="pp-class-236 pa t40167 l39273 ls651">DKK </span><span class="pp-class-236 pa t40167 l53302 ls811">3m.</span></p><div id="pp-id-5433"><div class="w37074 h53303 pa t2 l3 wtro4 xx5 tro6 xx7"/></div></div></div><div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div> <div id="pp-id-5426" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52326 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">5.1 </span><span class="pp-class-234 pa t1122 l38307 ls37115 wtro16836 wtr526 tro16837 tr528">Remuneration </span><span class="pp-class-234 pa t1122 l52327 ls24571 wtro16836 wtr526 tro16837 tr528">to </span><span class="pp-class-234 pa t1122 l52328 ls870 wtro16836 wtr526 tro16837 tr528">the </span><span class="pp-class-234 pa t1122 l25963 ls23656 wtro16836 wtr526 tro16837 tr528">Executive </span><span class="pp-class-234 pa t1122 l52329 ls52330 wtro16836 wtr526 tro16837 tr528">Board </span><span class="pp-class-234 pa t1122 l52331 ls870 wtro16836 wtr526 tro16837 tr528">and </span><span class="pp-class-234 pa t1122 l52332 ls52330 wtro16836 wtr526 tro16837 tr528">Board </span><span class="pp-class-234 pa t1122 l52333 ls24571 wtro16836 wtr526 tro16837 tr528">of </span><span class="pp-class-234 pa t1122 l52334 ls52335 wtro16836 wtr526 tro16837 tr528">Directors</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK'000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l3 ls685">Remuneration </span><span class="pp-class-237 pa t37088 l52336">to </span><span class="pp-class-237 pa t37088 l18331">the </span><span class="pp-class-237 pa t37088 l52337 ls212">Executive </span><span class="pp-class-237 pa t37088 l52338 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52339 l3 ls995">Wages </span><span class="pp-class-236 pa t52339 l52340">and </span><span class="pp-class-236 pa t52339 l52341">salaries</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52339 l52342 ls30">14,600</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52339 l52343 ls168">13,358</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52344 l3">Bonus</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52344 l52345">4,153</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52344 l23047 ls532">2,465</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l3 ls1583">Defined </span><span class="pp-class-236 pa t52346 l41567 ls2441">contribution </span><span class="pp-class-236 pa t52346 l41568">pension </span><span class="pp-class-236 pa t52346 l9719">plans</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l52347 ls3292">1,</span></a><span class="pp-class-236 pa t52346 l52348">460</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52346 l52349 ls83">1,336</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52350 l3 ls106">Share </span><span class="pp-class-236 pa t52350 l3226">based </span><span class="pp-class-236 pa t52350 l21837 ls1024">payment</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52350 l52351 ls37112">7,550</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52350 l52352 ls8548">5,771</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l3">Other </span><span class="pp-class-236 pa t52353 l8396 ls129">employee </span><span class="pp-class-236 pa t52353 l41581">costs</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l52354">411</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52353 l52355 ls197">537</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52356 l3 ls6824">Total </span><span class="pp-class-237 pa t52356 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52356 l52357">to </span><span class="pp-class-237 pa t52356 l2474">the </span><span class="pp-class-237 pa t52356 l52358 ls212">Executive </span><span class="pp-class-237 pa t52356 l52359 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52356 l52360 ls40267">28,174</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52356 l52361 ls995">23,467</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36841 l3 ls2972">Total </span><span class="pp-class-236 pa t36841 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t36841 l52362 ls138">to </span><span class="pp-class-236 pa t36841 l11909">the </span><span class="pp-class-236 pa t36841 l7541 ls181">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t36841 l52363 ls664">4,500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t36841 l52364 ls664">4,500</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52365 l3 ls2972">Total </span><span class="pp-class-236 pa t52365 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52365 l52362 ls138">to </span><span class="pp-class-236 pa t52365 l11909">the </span><span class="pp-class-236 pa t52365 l7541 ls1790">Audit </span><span class="pp-class-236 pa t52365 l52366 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52365 l52367">500</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52365 l52368">500</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52369 l3 ls2972">Total </span><span class="pp-class-236 pa t52369 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52369 l52362 ls138">to </span><span class="pp-class-236 pa t52369 l11909">the </span><span class="pp-class-236 pa t52369 l7541 ls115">Nomination </span><span class="pp-class-236 pa t52369 l52370 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52369 l52371">150</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52369 l52372">150</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52373 l3 ls2972">Total </span><span class="pp-class-236 pa t52373 l2973 ls2315">remuneration </span><span class="pp-class-236 pa t52373 l52362 ls138">to </span><span class="pp-class-236 pa t52373 l11909">the </span><span class="pp-class-236 pa t52373 l7541 ls1547">Remuneration </span><span class="pp-class-236 pa t52373 l31803 ls814">Committee</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t51525 l52371">150</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t51525 l52372">150</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52374 l3 ls6824">Total </span><span class="pp-class-237 pa t52374 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52374 l52357">to </span><span class="pp-class-237 pa t52374 l2474">the </span><span class="pp-class-237 pa t52374 l52358 ls108">Board </span><span class="pp-class-237 pa t52374 l52375">of </span><span class="pp-class-237 pa t52374 l52376 ls113">Directors</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52374 l52377 ls558">5,300</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52374 l52378 ls558">5,300</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52379 l3 ls6824">Total </span><span class="pp-class-237 pa t52379 l20253 ls244">remuneration </span><span class="pp-class-237 pa t52379 l52357">to </span><span class="pp-class-237 pa t52379 l2474">the </span><span class="pp-class-237 pa t52379 l52358 ls212">Executive </span><span class="pp-class-237 pa t52379 l52359 ls108">Board </span><span class="pp-class-237 pa t52379 l52380">and </span><span class="pp-class-237 pa t52379 l52381 ls108">Board </span><span class="pp-class-237 pa t52379 l52382">of </span><span class="pp-class-237 pa t52379 l52383 ls113">Directors</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52379 l52384 ls667">33</span><a><span class="pp-class-237 pa t52379 l52385 ls3292">,</span></a><span class="pp-class-237 pa t52379 l52386 ls8542">474</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52379 l52387 ls4381">28,767</span></a></p></td></tr></table></div></div><div id="pp-id-5427" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52388 pa t2 l3 wtro4 xx281 tro6 xx282"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t38325 l3 ls651">The </span><span class="pp-class-236 pa t38325 l38379 ls1780">termination </span><span class="pp-class-236 pa t38325 l52389 ls1764">period </span><span class="pp-class-236 pa t38325 l52390 ls553">for </span><span class="pp-class-236 pa t38325 l52391 ls651">the </span><span class="pp-class-236 pa t38325 l52392 ls4558">Executive </span><span class="pp-class-236 pa t38325 l52393 ls706">Board </span><span class="pp-class-236 pa t38325 l52394 ls811">is </span><span class="pp-class-236 pa t38325 l52395 ls811">12 </span><span class="pp-class-236 pa t38325 l52396 ls625">months. </span><span class="pp-class-236 pa t38325 l52397 ls4823">Further, </span><span class="pp-class-236 pa t38325 l52398 ls651">the </span><span class="pp-class-236 pa t38325 l52399 ls572">CEO </span><span class="pp-class-236 pa t38325 l52400 ls651">has </span><span class="pp-class-236 pa t38325 l52401 ls544">additional </span><span class="pp-class-236 pa t38325 l48260 ls811">12 </span><span class="pp-class-236 pa t38325 l52402 ls572">months </span><span class="pp-class-236 pa t38337 l3 ls5781">redundancy </span><span class="pp-class-236 pa t38337 l52403 ls548">payment. </span><span class="pp-class-236 pa t38337 l52404 ls811">In </span><span class="pp-class-236 pa t38337 l38928 ls278">connection </span><span class="pp-class-236 pa t38337 l52405 ls2222">with </span><span class="pp-class-236 pa t38337 l52406 ls184">a </span><span class="pp-class-236 pa t38337 l52407 ls1764">change </span><span class="pp-class-236 pa t38337 l52408 ls98">of </span><span class="pp-class-236 pa t38337 l52409 ls7086">control </span><span class="pp-class-236 pa t38337 l52410 ls98">of </span><span class="pp-class-236 pa t38337 l47462 ls572">the </span><span class="pp-class-236 pa t38337 l52411 ls4807">Group, </span><span class="pp-class-236 pa t38337 l52412 ls572">the </span><span class="pp-class-236 pa t38337 l52413 ls2036">members </span><span class="pp-class-236 pa t38337 l52414 ls98">of </span><span class="pp-class-236 pa t38337 l52415 ls572">the </span><span class="pp-class-236 pa t38337 l33606 ls7086">Executive </span><span class="pp-class-236 pa t38356 l3 ls706">Board </span><span class="pp-class-236 pa t38356 l52416 ls651">can </span><span class="pp-class-236 pa t38356 l38777 ls184">– </span><span class="pp-class-236 pa t38356 l52417 ls1764">within </span><span class="pp-class-236 pa t38356 l52418 ls651">the </span><span class="pp-class-236 pa t38356 l52419 ls538">first </span><span class="pp-class-236 pa t38356 l52420 ls184">3 </span><span class="pp-class-236 pa t38356 l52421 ls995">months </span><span class="pp-class-236 pa t38356 l52422 ls98">of </span><span class="pp-class-236 pa t38356 l52423 ls651">the </span><span class="pp-class-236 pa t38356 l52424 ls1186">event </span><span class="pp-class-236 pa t38356 l52425">- </span><span class="pp-class-236 pa t38356 l52426 ls2889">terminate </span><span class="pp-class-236 pa t38356 l52427 ls538">their </span><span class="pp-class-236 pa t38356 l52428 ls1780">employment </span><span class="pp-class-236 pa t38356 l52429 ls2222">with </span><span class="pp-class-236 pa t38356 l52430 ls572">the </span><span class="pp-class-236 pa t38356 l52431 ls2222">same </span><span class="pp-class-236 pa t38356 l52432 ls838">effect </span><span class="pp-class-236 pa t38356 l52433 ls811">as </span><span class="pp-class-236 pa t38356 l52434 ls811">if </span><span class="pp-class-236 pa t38356 l52435 ls184">the </span><span class="pp-class-236 pa t38370 l3 ls551">Company </span><span class="pp-class-236 pa t38370 l52436 ls544">had </span><span class="pp-class-236 pa t38370 l52437 ls838">given </span><span class="pp-class-236 pa t38370 l52438 ls179">notice </span><span class="pp-class-236 pa t38370 l52439 ls98">of </span><span class="pp-class-236 pa t38370 l50945 ls1780">termination </span><span class="pp-class-236 pa t38370 l52440 ls98">of </span><span class="pp-class-236 pa t38370 l52441 ls1780">employment </span><span class="pp-class-236 pa t38370 l52442 ls538">to </span><span class="pp-class-236 pa t38370 l52443 ls651">the </span><span class="pp-class-236 pa t38370 l52444 ls4558">Executive </span><span class="pp-class-236 pa t38370 l52445 ls2197">Board. </span><span class="pp-class-236 pa t38370 l52446 ls1044">Key </span><span class="pp-class-236 pa t38370 l52447 ls30">management </span><span class="pp-class-236 pa t38370 l52448 ls2222">personnel </span><span class="pp-class-236 pa t38598 l3 ls811">is </span><span class="pp-class-236 pa t38598 l40693 ls536">defined </span><span class="pp-class-236 pa t38598 l48561 ls811">as </span><span class="pp-class-236 pa t38598 l52449 ls651">the </span><span class="pp-class-236 pa t38598 l52450 ls4558">Executive </span><span class="pp-class-236 pa t38598 l52451 ls706">Board </span><span class="pp-class-236 pa t38598 l52452 ls562">consisting </span><span class="pp-class-236 pa t38598 l46991 ls98">of </span><span class="pp-class-236 pa t38598 l52453 ls572">CEO </span><span class="pp-class-236 pa t38598 l52454 ls11733">Torben </span><span class="pp-class-236 pa t38598 l52455 ls2036">Carlsen </span><span class="pp-class-236 pa t38598 l52456 ls572">and </span><span class="pp-class-236 pa t38598 l52457 ls94">CFO </span><span class="pp-class-236 pa t38598 l52458 ls3038">Karen </span><span class="pp-class-236 pa t38598 l52459 ls590">Dyrskjøt </span><span class="pp-class-236 pa t38598 l52460 ls1764">Boesen </span><span class="pp-class-236 pa t38598 l52461 ls621">(Karina </span><span class="pp-class-236 pa t38378 l3 ls544">Deacon </span><span class="pp-class-236 pa t38378 l28578 ls536">until </span><span class="pp-class-236 pa t38378 l28753 ls811">30 </span><span class="pp-class-236 pa t38378 l52462 ls2222">June </span><span class="pp-class-236 pa t38378 l48546 ls2889">2024).</span></p></div></div><div id="pp-id-5429" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52508 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls2222">Long-term </span><span class="pp-class-237 pa t40114 l18216 ls2889">incentives</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls651">The </span><span class="pp-class-236 pa t40125 l38379 ls1751">decision </span><span class="pp-class-236 pa t40125 l52511 ls538">to </span><span class="pp-class-236 pa t40125 l52512 ls1687">grant </span><span class="pp-class-236 pa t40125 l52513 ls696">long-term </span><span class="pp-class-236 pa t40125 l41667 ls1780">incentives </span><span class="pp-class-236 pa t40125 l52514 ls811">is </span><span class="pp-class-236 pa t40125 l52515 ls544">made </span><span class="pp-class-236 pa t40125 l52516 ls706">by </span><span class="pp-class-236 pa t40125 l52517 ls572">the </span><span class="pp-class-236 pa t40125 l52518 ls706">Board </span><span class="pp-class-236 pa t40125 l52519 ls98">of </span><span class="pp-class-236 pa t40125 l52520 ls2969">Directors </span><span class="pp-class-236 pa t40125 l52521 ls2222">with </span><span class="pp-class-236 pa t40125 l49081 ls7086">consideration </span><span class="pp-class-236 pa t40125 l52522 ls538">to </span><span class="pp-class-236 pa t40125 l52523 ls811">DFDS' </span><span class="pp-class-236 pa t40137 l3 ls10269">remuneration </span><span class="pp-class-236 pa t40137 l46084 ls758">policy </span><span class="pp-class-236 pa t40137 l52524 ls110">approved </span><span class="pp-class-236 pa t40137 l52525 ls706">by </span><span class="pp-class-236 pa t40137 l52526 ls651">the </span><span class="pp-class-236 pa t40137 l52527 ls1764">Annual </span><span class="pp-class-236 pa t40137 l52528 ls556">General </span><span class="pp-class-236 pa t40137 l52529 ls278">Meeting. </span><span class="pp-class-236 pa t40137 l52530 ls2222">With </span><span class="pp-class-236 pa t40137 l52531 ls838">effect </span><span class="pp-class-236 pa t40137 l52532 ls877">from </span><span class="pp-class-236 pa t40137 l52533 ls2222">2021 </span><span class="pp-class-236 pa t40137 l52534 ls572">the </span><span class="pp-class-236 pa t40137 l52535 ls696">long-term </span><span class="pp-class-236 pa t40137 l52536 ls724">incentives </span><span class="pp-class-236 pa t40150 l3 ls553">for </span><span class="pp-class-236 pa t40150 l43533 ls651">the </span><span class="pp-class-236 pa t40150 l52537 ls4558">Executive </span><span class="pp-class-236 pa t40150 l16848 ls706">Board </span><span class="pp-class-236 pa t40150 l52538 ls651">and </span><span class="pp-class-236 pa t40150 l48935 ls4284">key </span><span class="pp-class-236 pa t40150 l52539 ls1463">employees </span><span class="pp-class-236 pa t40150 l52540 ls2036">consist </span><span class="pp-class-236 pa t40150 l52541 ls98">of </span><span class="pp-class-236 pa t40150 l52542 ls556">two </span><span class="pp-class-236 pa t40150 l52543 ls524">components, </span><span class="pp-class-236 pa t40150 l52544 ls706">Share </span><span class="pp-class-236 pa t40150 l52545 ls546">options </span><span class="pp-class-236 pa t40150 l52546 ls651">and </span><span class="pp-class-236 pa t40150 l52547 ls551">Restricted </span><span class="pp-class-236 pa t40150 l52548 ls1780">Share </span><span class="pp-class-236 pa t40161 l3 ls538">Units </span><span class="pp-class-236 pa t40161 l52549 ls551">(RSUs) </span><span class="pp-class-236 pa t40161 l52550 ls706">where </span><span class="pp-class-236 pa t40161 l52551 ls651">the </span><span class="pp-class-236 pa t40161 l52552 ls11726">award </span><span class="pp-class-236 pa t40161 l34336 ls811">is </span><span class="pp-class-236 pa t40161 l52553 ls538">split </span><span class="pp-class-236 pa t40161 l52554 ls538">50/50 </span><span class="pp-class-236 pa t40161 l46350 ls538">based </span><span class="pp-class-236 pa t40161 l52555 ls811">on </span><span class="pp-class-236 pa t40161 l52556 ls2197">value </span><span class="pp-class-236 pa t40161 l52557 ls811">as </span><span class="pp-class-236 pa t40161 l52558 ls572">per </span><span class="pp-class-236 pa t40161 l52559 ls1687">grant </span><span class="pp-class-236 pa t40161 l48882 ls1815">date. </span><span class="pp-class-236 pa t40161 l52400 ls811">In </span><span class="pp-class-236 pa t40161 l52560 ls2222">2023 </span><span class="pp-class-236 pa t40161 l52561 ls184">a </span><span class="pp-class-236 pa t40161 l52562 ls1792">further </span><span class="pp-class-236 pa t40161 l52563 ls706">group </span><span class="pp-class-236 pa t40161 l52564 ls98">of </span><span class="pp-class-236 pa t40161 l52565 ls3681">key </span><span class="pp-class-236 pa t47589 l3 ls1463">employees </span><span class="pp-class-236 pa t47589 l28773 ls2258">were </span><span class="pp-class-236 pa t47589 l52566 ls2270">granted </span><span class="pp-class-236 pa t47589 l52567 ls696">long-term </span><span class="pp-class-236 pa t47589 l52568 ls1780">incentives </span><span class="pp-class-236 pa t47589 l52569 ls811">in </span><span class="pp-class-236 pa t47589 l52570 ls572">the </span><span class="pp-class-236 pa t47589 l52208 ls553">form </span><span class="pp-class-236 pa t47589 l49939 ls98">of </span><span class="pp-class-236 pa t47589 l52571 ls590">RSUs. </span><span class="pp-class-236 pa t47589 l52572 ls651">All </span><span class="pp-class-236 pa t47589 l52573 ls524">components </span><span class="pp-class-236 pa t47589 l52574 ls8048">vest </span><span class="pp-class-236 pa t47589 l52575 ls811">on </span><span class="pp-class-236 pa t47589 l52576 ls184">a </span><span class="pp-class-236 pa t47589 l52577 ls4276">straight-line </span><span class="pp-class-236 pa t47589 l52578 ls811">basis </span><span class="pp-class-236 pa t40167 l3 ls3234">over </span><span class="pp-class-236 pa t40167 l45566 ls706">three </span><span class="pp-class-236 pa t40167 l52579 ls838">years </span><span class="pp-class-236 pa t40167 l52580 ls877">from </span><span class="pp-class-236 pa t40167 l52581 ls651">the </span><span class="pp-class-236 pa t40167 l52582 ls7086">date </span><span class="pp-class-236 pa t40167 l52583 ls98">of </span><span class="pp-class-236 pa t40167 l52584 ls2889">grant. </span><span class="pp-class-236 pa t40167 l52585 ls2036">Special </span><span class="pp-class-236 pa t40167 l52586 ls562">conditions </span><span class="pp-class-236 pa t40167 l52587 ls7468">apply </span><span class="pp-class-236 pa t40167 l52588 ls4017">regarding </span><span class="pp-class-236 pa t40167 l52589 ls2036">illness </span><span class="pp-class-236 pa t40167 l52590 ls572">and </span><span class="pp-class-236 pa t40167 l52591 ls758">death </span><span class="pp-class-236 pa t40167 l40334 ls572">and </span><span class="pp-class-236 pa t40167 l52592 ls811">if </span><span class="pp-class-236 pa t40167 l52593 ls572">the </span><span class="pp-class-236 pa t40167 l52594 ls608">capital </span><span class="pp-class-236 pa t40178 l3 ls2197">structure </span><span class="pp-class-236 pa t40178 l52595 ls98">of </span><span class="pp-class-236 pa t40178 l28222 ls651">the </span><span class="pp-class-236 pa t40178 l52596 ls2687">Parent </span><span class="pp-class-236 pa t40178 l39480 ls551">company </span><span class="pp-class-236 pa t40178 l52597 ls811">is </span><span class="pp-class-236 pa t40178 l29828 ls1751">changed. </span><span class="pp-class-236 pa t40178 l52598 ls706">Share </span><span class="pp-class-236 pa t40178 l38875 ls546">options </span><span class="pp-class-236 pa t40178 l52599 ls651">and </span><span class="pp-class-236 pa t40178 l52600 ls1369">RSUs </span><span class="pp-class-236 pa t40178 l52601 ls2270">granted </span><span class="pp-class-236 pa t40178 l52602 ls572">can </span><span class="pp-class-236 pa t40178 l52603 ls847">only </span><span class="pp-class-236 pa t40178 l52604 ls811">be </span><span class="pp-class-236 pa t40178 l52605 ls8048">settled </span><span class="pp-class-236 pa t40178 l52606 ls2222">with </span><span class="pp-class-236 pa t40178 l52607 ls548">shares. </span><span class="pp-class-236 pa t40187 l3 ls184">A </span><span class="pp-class-236 pa t40187 l45104 ls875">part </span><span class="pp-class-236 pa t40187 l52608 ls98">of </span><span class="pp-class-236 pa t40187 l40282 ls572">the </span><span class="pp-class-236 pa t40187 l52609 ls168">treasury </span><span class="pp-class-236 pa t40187 l52610 ls2197">shares </span><span class="pp-class-236 pa t40187 l52611 ls811">is </span><span class="pp-class-236 pa t40187 l52612 ls681">reserved </span><span class="pp-class-236 pa t40187 l52613 ls553">for </span><span class="pp-class-236 pa t40187 l52614 ls667">settling </span><span class="pp-class-236 pa t40187 l52615 ls572">the </span><span class="pp-class-236 pa t40187 l52616 ls546">outstanding </span><span class="pp-class-236 pa t40187 l52617 ls706">share </span><span class="pp-class-236 pa t40187 l52618 ls278">options, </span><span class="pp-class-236 pa t40187 l52619 ls1369">RSUs </span><span class="pp-class-236 pa t40187 l52620 ls651">and </span><span class="pp-class-236 pa t40187 l52621 ls530">phantom </span><span class="pp-class-236 pa t40187 l52622 ls2197">shares.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40213 l3 ls168">Share </span><span class="pp-class-237 pa t40213 l9782 ls995">options</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls706">Share </span><span class="pp-class-236 pa t47935 l52623 ls546">options </span><span class="pp-class-236 pa t47935 l52624 ls110">have </span><span class="pp-class-236 pa t47935 l52625 ls2222">been </span><span class="pp-class-236 pa t47935 l52626 ls2270">granted </span><span class="pp-class-236 pa t47935 l52627 ls538">to </span><span class="pp-class-236 pa t47935 l52628 ls651">the </span><span class="pp-class-236 pa t47935 l52629 ls4558">Executive </span><span class="pp-class-236 pa t47935 l52630 ls706">Board </span><span class="pp-class-236 pa t47935 l52631 ls572">and </span><span class="pp-class-236 pa t47935 l52632 ls4284">key </span><span class="pp-class-236 pa t47935 l17902 ls7086">employees. </span><span class="pp-class-236 pa t47935 l52633 ls3855">Each </span><span class="pp-class-236 pa t47935 l52634 ls706">share </span><span class="pp-class-236 pa t47935 l52635 ls179">option </span><span class="pp-class-236 pa t47935 l52636 ls838">gives </span><span class="pp-class-236 pa t47935 l52637 ls184">the </span><span class="pp-class-236 pa t40221 l3 ls1764">holder </span><span class="pp-class-236 pa t40221 l52638 ls98">of </span><span class="pp-class-236 pa t40221 l13313 ls572">the </span><span class="pp-class-236 pa t40221 l52511 ls179">option </span><span class="pp-class-236 pa t40221 l52639 ls651">the </span><span class="pp-class-236 pa t40221 l52640 ls536">right </span><span class="pp-class-236 pa t40221 l52641 ls538">to </span><span class="pp-class-236 pa t40221 l52642 ls877">acquire </span><span class="pp-class-236 pa t40221 l52643 ls651">one </span><span class="pp-class-236 pa t40221 l52644 ls3855">existing </span><span class="pp-class-236 pa t40221 l52645 ls706">share </span><span class="pp-class-236 pa t40221 l52646 ls811">in </span><span class="pp-class-236 pa t40221 l52647 ls651">the </span><span class="pp-class-236 pa t40221 l52648 ls2687">Parent </span><span class="pp-class-236 pa t40221 l52649 ls551">company </span><span class="pp-class-236 pa t40221 l52650 ls98">of </span><span class="pp-class-236 pa t40221 l52651 ls2036">nominal </span><span class="pp-class-236 pa t40221 l52652 ls572">DKK </span><span class="pp-class-236 pa t40221 l52653 ls1039">20. </span><span class="pp-class-236 pa t40221 l52654 ls572">The </span><span class="pp-class-236 pa t40221 l52655 ls1780">share </span><span class="pp-class-236 pa t40233 l3 ls179">option </span><span class="pp-class-236 pa t40233 l52656 ls2036">schemes </span><span class="pp-class-236 pa t40233 l52657 ls538">equal </span><span class="pp-class-236 pa t40233 l23335 ls184">a </span><span class="pp-class-236 pa t40233 l31312 ls536">right </span><span class="pp-class-236 pa t40233 l52658 ls538">to </span><span class="pp-class-236 pa t40233 l52659 ls877">acquire </span><span class="pp-class-236 pa t40233 l52660 ls3292">2.9% </span><span class="pp-class-236 pa t40233 l52661 ls98">of </span><span class="pp-class-236 pa t40233 l25845 ls572">the </span><span class="pp-class-236 pa t40233 l52662 ls706">share </span><span class="pp-class-236 pa t40233 l52663 ls524">capital </span><span class="pp-class-236 pa t40233 l52664 ls667">(2024: </span><span class="pp-class-236 pa t40233 l52665 ls2270">2.3%) </span><span class="pp-class-236 pa t40233 l52666 ls811">if </span><span class="pp-class-236 pa t40233 l52667 ls651">all </span><span class="pp-class-236 pa t40233 l52668 ls8048">remaining </span><span class="pp-class-236 pa t40233 l52669 ls706">share </span><span class="pp-class-236 pa t40233 l52670 ls1369">options </span><span class="pp-class-236 pa t40241 l3 ls2808">are </span><span class="pp-class-236 pa t40241 l38371 ls2258">exercised.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40247 l3 ls706">Share </span><span class="pp-class-236 pa t40247 l52623 ls546">options </span><span class="pp-class-236 pa t40247 l52624 ls2258">were </span><span class="pp-class-236 pa t40247 l49402 ls2270">granted </span><span class="pp-class-236 pa t40247 l52671 ls811">in </span><span class="pp-class-236 pa t40247 l52672 ls995">2016-2020 </span><span class="pp-class-236 pa t40247 l52673 ls2197">at </span><span class="pp-class-236 pa t40247 l52674 ls811">an </span><span class="pp-class-236 pa t40247 l52675 ls11592">exercise </span><span class="pp-class-236 pa t40247 l52676 ls538">price </span><span class="pp-class-236 pa t40247 l52677 ls538">equal </span><span class="pp-class-236 pa t40247 l52678 ls538">to </span><span class="pp-class-236 pa t40247 l52679 ls651">the </span><span class="pp-class-236 pa t40247 l52680 ls2894">average </span><span class="pp-class-236 pa t40247 l52681 ls706">share </span><span class="pp-class-236 pa t40247 l52682 ls538">price </span><span class="pp-class-236 pa t40247 l52683 ls98">of </span><span class="pp-class-236 pa t40247 l52684 ls651">the </span><span class="pp-class-236 pa t40247 l52685 ls2270">Parent </span><span class="pp-class-236 pa t40265 l3 ls2969">company’s </span><span class="pp-class-236 pa t40265 l52686 ls2197">shares </span><span class="pp-class-236 pa t40265 l52687 ls811">20 </span><span class="pp-class-236 pa t40265 l52688 ls2245">days </span><span class="pp-class-236 pa t40265 l45942 ls2808">before </span><span class="pp-class-236 pa t40265 l52689 ls651">the </span><span class="pp-class-236 pa t40265 l5322 ls1687">grant </span><span class="pp-class-236 pa t40265 l52690 ls2222">with </span><span class="pp-class-236 pa t40265 l52691 ls811">an </span><span class="pp-class-236 pa t40265 l52692 ls544">addition </span><span class="pp-class-236 pa t40265 l52693 ls98">of </span><span class="pp-class-236 pa t40265 l51752 ls544">10%. </span><span class="pp-class-236 pa t40265 l52694 ls706">Share </span><span class="pp-class-236 pa t40265 l52695 ls546">options </span><span class="pp-class-236 pa t40265 l52696 ls2808">are </span><span class="pp-class-236 pa t40265 l52697 ls2270">granted </span><span class="pp-class-236 pa t40265 l52698 ls811">in </span><span class="pp-class-236 pa t40265 l52699 ls2222">2021 </span><span class="pp-class-236 pa t40265 l52700 ls184">and </span><span class="pp-class-236 pa t40281 l3 ls556">later </span><span class="pp-class-236 pa t40281 l52701 ls2197">at </span><span class="pp-class-236 pa t40281 l17341 ls811">an </span><span class="pp-class-236 pa t40281 l45247 ls11592">exercise </span><span class="pp-class-236 pa t40281 l52702 ls538">price </span><span class="pp-class-236 pa t40281 l52703 ls538">equal </span><span class="pp-class-236 pa t40281 l52704 ls538">to </span><span class="pp-class-236 pa t40281 l52705 ls572">the </span><span class="pp-class-236 pa t40281 l52706 ls2894">average </span><span class="pp-class-236 pa t40281 l52707 ls706">share </span><span class="pp-class-236 pa t40281 l45574 ls538">price </span><span class="pp-class-236 pa t40281 l52708 ls98">of </span><span class="pp-class-236 pa t40281 l52709 ls651">the </span><span class="pp-class-236 pa t40281 l50171 ls2687">Parent </span><span class="pp-class-236 pa t40281 l52710 ls2969">company’s </span><span class="pp-class-236 pa t40281 l52711 ls2197">shares </span><span class="pp-class-236 pa t40281 l52712 ls8048">five </span><span class="pp-class-236 pa t40281 l52713 ls2245">days </span><span class="pp-class-236 pa t40281 l52714 ls168">after </span><span class="pp-class-236 pa t40281 l52715 ls184">the </span><span class="pp-class-236 pa t40296 l3 ls556">release </span><span class="pp-class-236 pa t40296 l39210 ls98">of </span><span class="pp-class-236 pa t40296 l31440 ls651">the </span><span class="pp-class-236 pa t40296 l52716 ls811">Q4 </span><span class="pp-class-236 pa t40296 l52717 ls168">report </span><span class="pp-class-236 pa t40296 l52718 ls2222">with </span><span class="pp-class-236 pa t40296 l47994 ls811">an </span><span class="pp-class-236 pa t40296 l52719 ls544">addition </span><span class="pp-class-236 pa t40296 l52720 ls98">of </span><span class="pp-class-236 pa t40296 l52721 ls544">10%.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40320 l3 ls651">The </span><span class="pp-class-236 pa t40320 l38379 ls706">share </span><span class="pp-class-236 pa t40320 l52722 ls546">options </span><span class="pp-class-236 pa t40320 l46193 ls651">can </span><span class="pp-class-236 pa t40320 l37754 ls811">be </span><span class="pp-class-236 pa t40320 l52723 ls2258">exercised </span><span class="pp-class-236 pa t40320 l52724 ls2222">when </span><span class="pp-class-236 pa t40320 l46482 ls184">a </span><span class="pp-class-236 pa t40320 l52725 ls2036">minimum </span><span class="pp-class-236 pa t40320 l52726 ls98">of </span><span class="pp-class-236 pa t40320 l52727 ls706">three </span><span class="pp-class-236 pa t40320 l52728 ls838">years </span><span class="pp-class-236 pa t40320 l52729 ls651">and </span><span class="pp-class-236 pa t40320 l52730 ls184">a </span><span class="pp-class-236 pa t40320 l52731 ls2036">maximum </span><span class="pp-class-236 pa t40320 l52732 ls98">of </span><span class="pp-class-236 pa t40320 l52733 ls8048">five </span><span class="pp-class-236 pa t40320 l52734 ls838">years </span><span class="pp-class-236 pa t40320 l52735 ls110">have </span><span class="pp-class-236 pa t40320 l52736 ls651">elapsed </span><span class="pp-class-236 pa t49458 l3 ls538">since </span><span class="pp-class-236 pa t49458 l52737 ls651">the </span><span class="pp-class-236 pa t49458 l52738 ls1687">grant </span><span class="pp-class-236 pa t49458 l31383 ls556">dates.</span></p></div></div><div id="pp-id-5430" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52739 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52742 ls212">Executive </span><span class="pp-class-237 pa t52740 l52743 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52744 ls3084">Key </span><span class="pp-class-237 pa t52740 l52745 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t42088 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t42087 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t42087 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52741 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52741 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52740 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l33898 ls3141">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52754 ls8048">Average </span><span class="pp-class-237 pa t42088 l52755 ls551">exercise</span><span class="pp-class-237 pa t42087 l52756">price </span><span class="pp-class-237 pa t42087 l44609">per </span><span class="pp-class-237 pa t52741 l52757 ls1098">option </span><span class="pp-class-237 pa t52740 l52758">DKK</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52761 ls3124">339,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52762 ls15306">755,479</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52763 ls849">218,987</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52759 l52764 ls570">1,314,242</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52765 ls11050">290.07</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52769 ls6270">-210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52770 ls3084">210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52766 l52771">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52772 ls1775">283.09</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l17929 ls2081">264,647</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l52776 ls2363">475,641</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52777 ls3292">151,728</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l52778 ls574">892,016</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52779 ls8367">116.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls1661">Expired </span><span class="pp-class-236 pa t52780 l52781">during </span><span class="pp-class-236 pa t52780 l52782">the </span><span class="pp-class-236 pa t52780 l52783 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52784 ls546">-101,678</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52785 ls164">-142,481</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52786 ls2245">-166,916</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l52787 ls758">-411,075</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52788 ls30">314.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52789 l52790">during </span><span class="pp-class-236 pa t52789 l52791">the </span><span class="pp-class-236 pa t52789 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52792">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52793 ls33">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52789 l52794 ls234">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52795 ls18385">207.08</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l3">Outstanding </span><span class="pp-class-237 pa t52796 l52797 ls2222">at </span><span class="pp-class-237 pa t52796 l52798">31 </span><span class="pp-class-237 pa t52796 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52800 ls3351">502,745</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52801 ls4630">878,000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52802 ls536">233,031</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52803 ls749">1,613,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52804 ls1054">197.65</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l3 ls8367">Of </span><span class="pp-class-236 pa t52805 l52806 ls2846">this </span><span class="pp-class-236 pa t52805 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52805 l52808 ls2813">at </span><span class="pp-class-236 pa t52805 l52809 ls7433">the </span><span class="pp-class-236 pa t52805 l52810 ls7433">end </span><span class="pp-class-236 pa t52805 l49165 ls3292">of </span><span class="pp-class-236 pa t52805 l52811 ls7433">the </span><span class="pp-class-236 pa t52805 l52812 ls6276">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l21565 ls13284">80,536</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52813 ls771">114,451</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52814 ls138">82,109</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52805 l41219 ls913">277,096</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52815 ls168">323.34</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52817"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52818"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52819"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52820"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52821 l40478 ls811">202</span></a><span class="pp-class-236 pa t52821 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52822 l3">Number </span><span class="pp-class-236 pa t52822 l3212 ls118">of </span><span class="pp-class-236 pa t52822 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52742 ls212">Executive </span><span class="pp-class-237 pa t52822 l52743 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52744 ls3084">Key </span><span class="pp-class-237 pa t52822 l52745 ls967">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t52825 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t52826 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t52826 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52823 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52823 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52822 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52822 l33898 ls3141">Total</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52754 ls8048">Average </span><span class="pp-class-237 pa t52825 l52755 ls551">exercise</span><span class="pp-class-237 pa t52826 l52756">price </span><span class="pp-class-237 pa t52826 l44609">per </span><span class="pp-class-237 pa t52823 l52757 ls1098">option </span><span class="pp-class-237 pa t52822 l52758">DKK</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52827 l37250 ls2368">at </span><span class="pp-class-236 pa t52827 l52760">1 </span><span class="pp-class-236 pa t52827 l40710 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l28444 ls28039">417,534</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52828 ls572">552,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52829 ls184">153,263</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52827 l52830 ls592">1,123,604</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52831 ls847">315.93</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52832 l19346 ls1707">between </span><span class="pp-class-236 pa t52832 l52767 ls1031">categories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l34067 ls544">-128,040</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52833 ls1815">-20,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52834 ls2197">148,482</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52832 l52771">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52835 ls847">306.61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l3 ls570">Granted </span><span class="pp-class-236 pa t52836 l52774">during </span><span class="pp-class-236 pa t52836 l52775">the </span><span class="pp-class-236 pa t52836 l28606 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l36528 ls667">113,932</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52837 ls773">292,783</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52838">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52836 l52839 ls2855">406,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52840 ls1775">238.00</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l3 ls1661">Expired </span><span class="pp-class-236 pa t52841 l52781">during </span><span class="pp-class-236 pa t52841 l52782">the </span><span class="pp-class-236 pa t52841 l52783 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52842 ls667">-63,650</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52843 ls847">-69,669</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52844 ls4807">-69,898</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52841 l52845 ls4793">-203,217</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52846 ls3540">330.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52847 l52790">during </span><span class="pp-class-236 pa t52847 l52791">the </span><span class="pp-class-236 pa t52847 l43964 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52768">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52792">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52848 ls184">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52847 l52849 ls1547">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52850">261.25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l3">Outstanding </span><span class="pp-class-237 pa t52851 l52797 ls2222">at </span><span class="pp-class-237 pa t52851 l52798">31 </span><span class="pp-class-237 pa t52851 l52799">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52852 ls3298">339,776</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52853 ls10811">775,479</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52854 ls179">218,987</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52764 ls570">1,314,242</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52855 ls13284">290.07</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l3 ls8367">Of </span><span class="pp-class-236 pa t52856 l52806 ls2846">this </span><span class="pp-class-236 pa t52856 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52856 l52808 ls2813">at </span><span class="pp-class-236 pa t52856 l52809 ls7433">the </span><span class="pp-class-236 pa t52856 l52810 ls7433">end </span><span class="pp-class-236 pa t52856 l49165 ls3292">of </span><span class="pp-class-236 pa t52856 l52811 ls7433">the </span><span class="pp-class-236 pa t52856 l52812 ls6276">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52857 ls11726">138,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52858 ls667">266,839</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52859 ls17762">167,595</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52856 l52860 ls556">573,149</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52861 ls2855">310.80</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52862 l3 ls651">The </span><span class="pp-class-236 pa t52862 l38379 ls706">share </span><span class="pp-class-236 pa t52862 l52722 ls546">options </span><span class="pp-class-236 pa t52862 l46193 ls2270">granted </span><span class="pp-class-236 pa t52862 l52863 ls811">in </span><span class="pp-class-236 pa t52862 l52864 ls2222">2025 </span><span class="pp-class-236 pa t52862 l52865 ls544">had </span><span class="pp-class-236 pa t52862 l52866 ls184">a </span><span class="pp-class-236 pa t52862 l45731 ls553">fair </span><span class="pp-class-236 pa t52862 l52867 ls2197">value </span><span class="pp-class-236 pa t52862 l52868 ls98">of </span><span class="pp-class-236 pa t52862 l52869 ls572">DKK </span><span class="pp-class-236 pa t52862 l52870 ls11961">17.4m </span><span class="pp-class-236 pa t52862 l52871 ls667">(2024: </span><span class="pp-class-236 pa t52862 l52872 ls651">DKK </span><span class="pp-class-236 pa t52862 l52873 ls4780">13.4m), </span><span class="pp-class-236 pa t52862 l52874 ls538">equal </span><span class="pp-class-236 pa t52862 l52875 ls538">to </span><span class="pp-class-236 pa t52862 l52876 ls811">an </span><span class="pp-class-236 pa t52862 l52877 ls2894">average </span><span class="pp-class-236 pa t52862 l52878 ls670">fair </span><span class="pp-class-236 pa t52879 l3 ls2197">value </span><span class="pp-class-236 pa t52879 l43398 ls651">per </span><span class="pp-class-236 pa t52879 l1403 ls179">option </span><span class="pp-class-236 pa t52879 l52880 ls98">of </span><span class="pp-class-236 pa t52879 l52881 ls572">DKK </span><span class="pp-class-236 pa t52879 l52882 ls17606">20.14 </span><span class="pp-class-236 pa t52879 l11436 ls667">(2024: </span><span class="pp-class-236 pa t52879 l11201 ls651">DKK </span><span class="pp-class-236 pa t52879 l52883 ls2846">33.03).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52884 l3 ls811">No </span><span class="pp-class-236 pa t52884 l40356 ls706">share </span><span class="pp-class-236 pa t52884 l45661 ls546">options </span><span class="pp-class-236 pa t52884 l36316 ls110">have </span><span class="pp-class-236 pa t52884 l52885 ls2222">been </span><span class="pp-class-236 pa t52884 l52886 ls2258">exercised </span><span class="pp-class-236 pa t52884 l36411 ls1764">during </span><span class="pp-class-236 pa t52884 l52887 ls2222">2025 </span><span class="pp-class-236 pa t52884 l52888 ls667">(2024: </span><span class="pp-class-236 pa t52884 l52889 ls2222">nil).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52890 l3 ls1747 wtro3142 wtr1091 tro3144 tr1093">Vesting </span><span class="pp-class-236 pa t52890 l52891 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t52890 l41235 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52890 l52892 ls13 wtro3142 wtr1091 tro3144 tr1093">options </span><span class="pp-class-236 pa t52890 l52893 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t52890 l52894 ls203 wtro3142 wtr1091 tro3144 tr1093">expensed </span><span class="pp-class-236 pa t52890 l52895 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t52890 l52896 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52890 l52897 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t52890 l52898 ls73 wtro3142 wtr1091 tro3144 tr1093">statement </span><span class="pp-class-236 pa t52890 l52899 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52890 l52900 wtro3142 wtr1091 tro3144 tr1093">2025 </span><span class="pp-class-236 pa t52890 l52901 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t52890 l52902 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52903 ls26 wtro3142 wtr1091 tro3144 tr1093">11m </span><span class="pp-class-236 pa t52890 l52904 ls685 wtro3142 wtr1091 tro3144 tr1093">(2024: </span><span class="pp-class-236 pa t52890 l52905 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52906 ls138 wtro3142 wtr1091 tro3144 tr1093">10m). </span><span class="pp-class-236 pa t52890 l52907 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l3 ls135 wtro3142 wtr1091 tro3144 tr1093">calculated </span><span class="pp-class-236 pa t52908 l52909 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t52908 l52910 ls1024 wtro3142 wtr1091 tro3144 tr1093">values </span><span class="pp-class-236 pa t52908 l52911 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t52908 l52912 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t52908 l52913 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t52908 l52914 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52908 l52915 ls234 wtro3142 wtr1091 tro3144 tr1093">Black-Scholes </span><span class="pp-class-236 pa t52908 l52916 ls85 wtro3142 wtr1091 tro3144 tr1093">formula </span><span class="pp-class-236 pa t52908 l52917 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52908 l52918 wtro3142 wtr1091 tro3144 tr1093">measuring </span><span class="pp-class-236 pa t52908 l52919 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52908 l52920 ls1535 wtro3142 wtr1091 tro3144 tr1093">options. </span><span class="pp-class-236 pa t52908 l52921 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l52922 ls101 wtro3142 wtr1091 tro3144 tr1093">outstanding </span><span class="pp-class-236 pa t52923 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">options </span><span class="pp-class-236 pa t52923 l52924 ls590 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t52923 l52925 ls590 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-236 pa t52923 l52926 ls4630 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-236 pa t52923 l52927 ls558 wtro3142 wtr3143 tro3144 tr3145">2025 </span><span class="pp-class-236 pa t52923 l47237 ls3154 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t52923 l52928 ls590 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t52923 l52929 ls17589 wtro3142 wtr3143 tro3144 tr3145">average </span><span class="pp-class-236 pa t52923 l52930 ls2687 wtro3142 wtr3143 tro3144 tr3145">weighted </span><span class="pp-class-236 pa t52923 l52931 ls849 wtro3142 wtr3143 tro3144 tr3145">remaining </span><span class="pp-class-236 pa t52923 l52932 ls110 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t52923 l52933 ls558 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t52923 l52934 ls995 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t52923 l52935 ls1957 wtro3142 wtr3143 tro3144 tr3145">3.2 </span><span class="pp-class-236 pa t52923 l52936 ls884 wtro3142 wtr3143 tro3144 tr3145">years </span><span class="pp-class-236 pa t52923 l52937 ls2808 wtro3142 wtr3143 tro3144 tr3145">(2024: </span><span class="pp-class-236 pa t52923 l52938 ls530 wtro3142 wtr3143 tro3144 tr3145">2.2 </span><span class="pp-class-236 pa t52923 l52939 ls847 wtro3142 wtr3143 tro3144 tr3145">years).</span></p></div></div><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3 ls91">Assumptions </span><span class="pp-class-236 pa t37084 l52944">concerning </span><span class="pp-class-236 pa t37084 l17969">the </span><span class="pp-class-236 pa t37084 l52945 ls85">calculation </span><span class="pp-class-236 pa t37084 l52946 ls118">of </span><span class="pp-class-236 pa t37084 l52947 ls1031">fair </span><span class="pp-class-236 pa t37084 l52948 ls129">value </span><span class="pp-class-236 pa t37084 l52949 ls2368">at </span><span class="pp-class-236 pa t37084 l36502">time </span><span class="pp-class-236 pa t37084 l52950 ls118">of </span><span class="pp-class-236 pa t37084 l52951 ls252">grant:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52952 l3 ls3167">Year </span><span class="pp-class-237 pa t52952 l52953">of </span><span class="pp-class-237 pa t52952 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52955 ls181">Exercise </span><span class="pp-class-237 pa t52952 l28077">price</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52957 ls2368">Market </span><span class="pp-class-237 pa t52954 l52958">price </span><span class="pp-class-237 pa t52954 l52959 ls2222">at </span><span class="pp-class-237 pa t52952 l41518 ls1790">grant </span><span class="pp-class-237 pa t52952 l52960 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52961 ls118">Expected </span><span class="pp-class-237 pa t52952 l52962 ls875">volatility</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52963 ls661">Risk-free </span><span class="pp-class-237 pa t52954 l52964 ls113">interest </span><span class="pp-class-237 pa t52952 l52965 ls4248">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l52966 ls118">Expected </span><span class="pp-class-237 pa t52967 l52968">annual</span><span class="pp-class-237 pa t52969 l52970">dividends </span><span class="pp-class-237 pa t52956 l52971">per </span><span class="pp-class-237 pa t52956 l52972 ls108">share </span><span class="pp-class-237 pa t52954 l52973">(DKK) </span><span class="pp-class-237 pa t52954 l52974 ls2222">at </span><span class="pp-class-237 pa t52952 l52975 ls1790">grant </span><span class="pp-class-237 pa t52952 l52976 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52977 ls118">Expected </span><span class="pp-class-237 pa t52952 l52978">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52969 l52979 ls1535">Fair </span><span class="pp-class-237 pa t52969 l52980 ls106">value </span><span class="pp-class-237 pa t52956 l52981">per </span><span class="pp-class-237 pa t52956 l52982 ls1098">option </span><span class="pp-class-237 pa t52954 l52983 ls2222">at </span><span class="pp-class-237 pa t52954 l52984">time </span><span class="pp-class-237 pa t52954 l52985">of </span><span class="pp-class-237 pa t52952 l52986 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52988 ls1547">116</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l50106 ls621">103.30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52989 ls131">34.38%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52990 ls98">1.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52991 ls2207">1.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52992">3 </span><span class="pp-class-236 pa t52987 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l52994 ls3139">20</span><a><span class="pp-class-236 pa t52987 l52995">.</span></a><span class="pp-class-236 pa t52987 l52996 ls696">14</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52998">238</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52999 ls8468">217.60</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53000 ls1775">33.06%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53001 ls664">2.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53002 ls3351">9.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52992">3 </span><span class="pp-class-236 pa t52997 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53003 ls2081">33.03</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53005">292</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l21898 ls5202">269.40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53006 ls1775">38.66%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l45063 ls2924">2.79%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53007 ls3197">9.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l52992">3 </span><span class="pp-class-236 pa t53004 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53008 ls8384">55.59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l3">2022</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l1408">344</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53010 ls9737">307.20 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l7478 ls651">34.60%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53011 ls544">-0.19%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53012 ls995">12.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53013"/><span class="pp-class-236 pa t53009 l52992">3 </span><span class="pp-class-236 pa t53009 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53014 ls131">41.38 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l3">2021</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53016">301</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53017 ls572">271.00 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53018 ls1574">34.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l49381 ls13284">-0.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53019 ls3154">6.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53013"/><span class="pp-class-236 pa t53015 l52992">3 </span><span class="pp-class-236 pa t53015 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53020 ls651">42.66 </span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53021 l3 ls651">The </span><span class="pp-class-236 pa t53021 l38379 ls5781">expected </span><span class="pp-class-236 pa t53021 l53022 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53023 ls553">for </span><span class="pp-class-236 pa t53021 l53024 ls2222">2021 </span><span class="pp-class-236 pa t53021 l9944 ls538">to </span><span class="pp-class-236 pa t53021 l17891 ls2222">2025 </span><span class="pp-class-236 pa t53021 l18471 ls811">is </span><span class="pp-class-236 pa t53021 l53025 ls538">based </span><span class="pp-class-236 pa t53021 l53026 ls811">on </span><span class="pp-class-236 pa t53021 l53027 ls651">the </span><span class="pp-class-236 pa t53021 l53028 ls179">historical </span><span class="pp-class-236 pa t53021 l53029 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53030 ls553">for </span><span class="pp-class-236 pa t53021 l53031 ls651">the </span><span class="pp-class-236 pa t53021 l53032 ls2222">past </span><span class="pp-class-236 pa t53021 l53033 ls706">three </span><span class="pp-class-236 pa t53021 l53034 ls758">years. </span><span class="pp-class-236 pa t53021 l53035 ls651">The </span><span class="pp-class-236 pa t53021 l53036 ls9950">risk-</span><span class="pp-class-236 pa t53037 l3 ls877">free </span><span class="pp-class-236 pa t53037 l53038 ls706">interest </span><span class="pp-class-236 pa t53037 l53039 ls8384">rate </span><span class="pp-class-236 pa t53037 l38493 ls811">is </span><span class="pp-class-236 pa t53037 l53040 ls538">based </span><span class="pp-class-236 pa t53037 l31083 ls811">on </span><span class="pp-class-236 pa t53037 l2269 ls630">three-year </span><span class="pp-class-236 pa t53037 l53041 ls1764">Danish </span><span class="pp-class-236 pa t53037 l53042 ls1463">government </span><span class="pp-class-236 pa t53037 l44375 ls538">bonds.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53043 l3 ls524">Restricted </span><span class="pp-class-237 pa t53043 l53044 ls538">Stock </span><span class="pp-class-237 pa t53043 l6595 ls538">Units </span><span class="pp-class-237 pa t53043 l48333 ls995">(RSUs)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53045 l3 ls1369">RSUs </span><span class="pp-class-236 pa t53045 l53046 ls110">have </span><span class="pp-class-236 pa t53045 l17150 ls2222">been </span><span class="pp-class-236 pa t53045 l2944 ls2270">granted </span><span class="pp-class-236 pa t53045 l53047 ls538">to </span><span class="pp-class-236 pa t53045 l14182 ls651">the </span><span class="pp-class-236 pa t53045 l17183 ls4558">Executive </span><span class="pp-class-236 pa t53045 l46737 ls706">Board </span><span class="pp-class-236 pa t53045 l53048 ls651">and </span><span class="pp-class-236 pa t53045 l53049 ls4284">key </span><span class="pp-class-236 pa t53045 l53050 ls7086">employees. </span><span class="pp-class-236 pa t53045 l53051 ls3855">Each </span><span class="pp-class-236 pa t53045 l53052 ls2222">RSU </span><span class="pp-class-236 pa t53045 l53053 ls838">gives </span><span class="pp-class-236 pa t53045 l53054 ls651">the </span><span class="pp-class-236 pa t53045 l53055 ls1764">holder </span><span class="pp-class-236 pa t53045 l53056 ls184">a </span><span class="pp-class-236 pa t53045 l53057 ls536">right </span><span class="pp-class-236 pa t53045 l53058 ls184">to </span><span class="pp-class-236 pa t53059 l3 ls4017">receive </span><span class="pp-class-236 pa t53059 l53060 ls651">one </span><span class="pp-class-236 pa t53059 l53061 ls3855">existing </span><span class="pp-class-236 pa t53059 l53062 ls706">share </span><span class="pp-class-236 pa t53059 l53063 ls811">in </span><span class="pp-class-236 pa t53059 l53064 ls651">the </span><span class="pp-class-236 pa t53059 l53065 ls2687">Parent </span><span class="pp-class-236 pa t53059 l53066 ls551">company </span><span class="pp-class-236 pa t53059 l53067 ls98">of </span><span class="pp-class-236 pa t53059 l53068 ls2036">nominal </span><span class="pp-class-236 pa t53059 l53069 ls572">DKK </span><span class="pp-class-236 pa t53059 l53070 ls811">20 </span><span class="pp-class-236 pa t53059 l53071 ls2222">when </span><span class="pp-class-236 pa t53059 l47418 ls572">the </span><span class="pp-class-236 pa t53059 l53072 ls630">three-year </span><span class="pp-class-236 pa t53059 l53073 ls1780">vesting </span><span class="pp-class-236 pa t53059 l53074 ls1764">period </span><span class="pp-class-236 pa t53059 l53075 ls184">has </span><span class="pp-class-236 pa t53076 l3 ls1751">elapsed. </span><span class="pp-class-236 pa t53076 l40179 ls651">The </span><span class="pp-class-236 pa t53076 l27305 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l46140 ls538">equal </span><span class="pp-class-236 pa t53076 l53077 ls184">a </span><span class="pp-class-236 pa t53076 l53078 ls536">right </span><span class="pp-class-236 pa t53076 l48745 ls538">to </span><span class="pp-class-236 pa t53076 l53079 ls4017">receive </span><span class="pp-class-236 pa t53076 l53080 ls1173">0.60% </span><span class="pp-class-236 pa t53076 l53081 ls667">(2024: </span><span class="pp-class-236 pa t53076 l53082 ls13284">0.28%) </span><span class="pp-class-236 pa t53076 l53083 ls98">of </span><span class="pp-class-236 pa t53076 l45236 ls572">the </span><span class="pp-class-236 pa t53076 l53084 ls706">share </span><span class="pp-class-236 pa t53076 l53085 ls524">capital </span><span class="pp-class-236 pa t53076 l53086 ls811">if </span><span class="pp-class-236 pa t53076 l53087 ls572">all </span><span class="pp-class-236 pa t53076 l53088 ls8048">remaining </span><span class="pp-class-236 pa t53076 l53089 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l53090 ls667">are </span><span class="pp-class-236 pa t53091 l3 ls299">transferred. </span><span class="pp-class-236 pa t53091 l41790 ls4017">Vesting </span><span class="pp-class-236 pa t53091 l53092 ls98">of </span><span class="pp-class-236 pa t53091 l53093 ls1369">RSUs </span><span class="pp-class-236 pa t53091 l53094 ls811">is </span><span class="pp-class-236 pa t53091 l53095 ls3855">expensed </span><span class="pp-class-236 pa t53091 l53096 ls811">in </span><span class="pp-class-236 pa t53091 l53097 ls651">the </span><span class="pp-class-236 pa t53091 l53098 ls1764">income </span><span class="pp-class-236 pa t53091 l53099 ls556">statement </span><span class="pp-class-236 pa t53091 l53100 ls553">for </span><span class="pp-class-236 pa t53091 l44226 ls2222">2025 </span><span class="pp-class-236 pa t53091 l53101 ls2222">with </span><span class="pp-class-236 pa t53091 l44499 ls572">DKK </span><span class="pp-class-236 pa t53091 l53102 ls651">15m </span><span class="pp-class-236 pa t53091 l53103 ls667">(2024: </span><span class="pp-class-236 pa t53091 l53104 ls572">DKK </span><span class="pp-class-236 pa t53091 l53105 ls2222">13m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53106 l3 ls651">The </span><span class="pp-class-236 pa t53106 l38379 ls1764">number </span><span class="pp-class-236 pa t53106 l37741 ls98">of </span><span class="pp-class-236 pa t53106 l53107 ls1369">RSUs </span><span class="pp-class-236 pa t53106 l53108 ls2270">granted </span><span class="pp-class-236 pa t53106 l28433 ls811">in </span><span class="pp-class-236 pa t53106 l14604 ls2222">2021 </span><span class="pp-class-236 pa t53106 l53109 ls651">and </span><span class="pp-class-236 pa t53106 l27353 ls556">later </span><span class="pp-class-236 pa t53106 l53110 ls811">is </span><span class="pp-class-236 pa t53106 l53111 ls538">based </span><span class="pp-class-236 pa t53106 l43468 ls811">on </span><span class="pp-class-236 pa t53106 l53112 ls651">the </span><span class="pp-class-236 pa t53106 l53113 ls2894">average </span><span class="pp-class-236 pa t53106 l50446 ls706">share </span><span class="pp-class-236 pa t53106 l53114 ls538">price </span><span class="pp-class-236 pa t53106 l53115 ls98">of </span><span class="pp-class-236 pa t53106 l53116 ls651">the </span><span class="pp-class-236 pa t53106 l53117 ls6270">Parent </span><span class="pp-class-236 pa t53106 l53118 ls3855">company’s </span><span class="pp-class-236 pa t53119 l3 ls2197">shares </span><span class="pp-class-236 pa t53119 l53120 ls8048">five </span><span class="pp-class-236 pa t53119 l28037 ls2245">days </span><span class="pp-class-236 pa t53119 l31178 ls168">after </span><span class="pp-class-236 pa t53119 l53121 ls651">the </span><span class="pp-class-236 pa t53119 l53122 ls556">release </span><span class="pp-class-236 pa t53119 l44221 ls98">of </span><span class="pp-class-236 pa t53119 l53123 ls651">the </span><span class="pp-class-236 pa t53119 l53124 ls811">Q4 </span><span class="pp-class-236 pa t53119 l53125 ls949">report.</span></p><div id="pp-id-5432" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h53126 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53127 ls212">Executive </span><span class="pp-class-237 pa t52740 l53128 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53129 ls3084">Key </span><span class="pp-class-237 pa t52740 l53130 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l53131">Other </span><span class="pp-class-237 pa t52741 l53132 ls781">managerial</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l53133 ls19">staff</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t42088 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t42087 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t42087 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t52741 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t52741 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t52740 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l40379 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l53141">32</span><a><span class="pp-class-236 pa t52759 l53142 ls37163">,</span></a><span class="pp-class-236 pa t52759 l53143">532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53144 ls2260">79,571</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53145 ls536">42,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53146 ls3298">7,283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52759 l53147 ls113">162,</span></a><span class="pp-class-237 pa t52759 l53148">193</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53150 ls80">-22,602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53151 ls13284">-9,556</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53152">32,158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52766 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53154 ls53155">50,747</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53156 ls2855">90,913</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53157 ls2565">50,852</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53158 ls2270">38,546</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l53159">231</span><a><span class="pp-class-237 pa t52773 l53160 ls27249">,</span></a><span class="pp-class-237 pa t52773 l53161">058</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls98">Vested </span><span class="pp-class-236 pa t52780 l46216">in </span><span class="pp-class-236 pa t52780 l53162">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53163 ls11625">-5,748</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53164 ls1775">-8,050</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53166 ls847">-6,659</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l53167 ls5202">-20</span><a><span class="pp-class-237 pa t52780 l53168 ls3292">,</span></a><span class="pp-class-237 pa t52780 l41896 ls1780">457</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53169 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53169 l52790">during </span><span class="pp-class-236 pa t53169 l52791">the </span><span class="pp-class-236 pa t53169 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53171 ls80">-36,282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53169 l53172 ls995">-36</span><a><span class="pp-class-237 pa t53169 l53173">,</span></a><span class="pp-class-237 pa t53169 l53174">282</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l3">Outstanding </span><span class="pp-class-237 pa t53175 l52797 ls2222">at </span><span class="pp-class-237 pa t53175 l52798">31 </span><span class="pp-class-237 pa t53175 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53176 ls53177">77</span><a><span class="pp-class-237 pa t53175 l53178 ls1780">,53</span></a><span class="pp-class-237 pa t53175 l53179">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53180 ls5202">139</span><a><span class="pp-class-237 pa t53175 l53181 ls2260">,</span></a><span class="pp-class-237 pa t53175 l53182">832</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53183">84</span><a><span class="pp-class-237 pa t53175 l53184">,</span></a><span class="pp-class-237 pa t53175 l53185 ls814">103</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53175 l53186 ls3298">35,</span></a><span class="pp-class-237 pa t53175 l53187">046</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53188 ls995">336</span><a><span class="pp-class-237 pa t53175 l43048 ls3121">,</span></a><span class="pp-class-237 pa t53175 l52355">512</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53189 l3 ls811">Of </span><span class="pp-class-236 pa t53189 l53190 ls2222">this </span><span class="pp-class-236 pa t53189 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53189 l53191 ls2197">at </span><span class="pp-class-236 pa t53189 l10531 ls651">the </span><span class="pp-class-236 pa t53189 l44346 ls651">end </span><span class="pp-class-236 pa t53189 l50467 ls98">of </span><span class="pp-class-236 pa t53189 l53192 ls651">the </span><span class="pp-class-236 pa t53189 l53193 ls556">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53189 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l19268"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l53195"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53196 l40478 ls184">2024</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53197 l3">Number </span><span class="pp-class-236 pa t53197 l3212 ls118">of </span><span class="pp-class-236 pa t53197 l3213 ls106">shares</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53127 ls212">Executive </span><span class="pp-class-237 pa t53197 l53128 ls227">Board</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53129 ls3084">Key </span><span class="pp-class-237 pa t53197 l53130 ls967">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53199 l53131">Other </span><span class="pp-class-237 pa t53198 l53132 ls781">managerial</span></a></p><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l53133 ls19">staff</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53200 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t53201 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t53199 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t53199 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t53198 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t53198 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t53197 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l40379 ls3141">Total</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l3 ls101">Outstanding </span><span class="pp-class-236 pa t53202 l37250 ls2368">at </span><span class="pp-class-236 pa t53202 l52760">1 </span><span class="pp-class-236 pa t53202 l40710 ls3289">January</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53203 ls1775">29,124</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53204 ls2855">49,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53205 ls2270">20,207</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53206 ls17679">2,647</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53202 l53207 ls574">101,600</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l3 ls4793">Transferred </span><span class="pp-class-236 pa t53208 l19346 ls1707">between </span><span class="pp-class-236 pa t53208 l52767 ls1031">categories</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53209 ls651">-5,112</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53210 ls168">-3,361</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53211 ls39890">-5,707</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53212 ls106">14,180</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53208 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l3 ls570">Granted </span><span class="pp-class-236 pa t53213 l52774">during </span><span class="pp-class-236 pa t53213 l52775">the </span><span class="pp-class-236 pa t53213 l28606 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53214 ls53215">17,364</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53216 ls651">44,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53217 ls1815">28,307</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53213 l53218 ls35">90,293</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3 ls98">Vested </span><span class="pp-class-236 pa t53219 l46216">in </span><span class="pp-class-236 pa t53219 l53162">period</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3910 ls2889">-8,844</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53220 ls129">-11,312</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53221 ls651">-2,009</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53219 l53222 ls781">-22,165</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53223 l52790">during </span><span class="pp-class-236 pa t53223 l52791">the </span><span class="pp-class-236 pa t53223 l43964 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53224 ls2363">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53223 l53225 ls30818">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l3">Outstanding </span><span class="pp-class-237 pa t53226 l52797 ls2222">at </span><span class="pp-class-237 pa t53226 l52798">31 </span><span class="pp-class-237 pa t53226 l52799">December</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53227 ls1747">32,532</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53228 ls7832">79,571</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53229 ls811">42,807</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53230 ls30681">7,283</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53147 ls781">162,193</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l3 ls811">Of </span><span class="pp-class-236 pa t53231 l53190 ls2222">this </span><span class="pp-class-236 pa t53231 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53231 l53191 ls2197">at </span><span class="pp-class-236 pa t53231 l10531 ls651">the </span><span class="pp-class-236 pa t53231 l44346 ls651">end </span><span class="pp-class-236 pa t53231 l50467 ls98">of </span><span class="pp-class-236 pa t53231 l53192 ls651">the </span><span class="pp-class-236 pa t53231 l53193 ls556">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53231 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l3"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l19268"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l53195"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l43090"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l44871"/></p></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53233 l3 ls3167">Year </span><span class="pp-class-237 pa t53233 l52953">of </span><span class="pp-class-237 pa t53233 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53234 l53235 ls118">Expected </span><span class="pp-class-237 pa t53233 l53236">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53237 l53238 ls1535">Fair </span><span class="pp-class-237 pa t53237 l53239 ls106">value </span><span class="pp-class-237 pa t53240 l53241">per </span><span class="pp-class-237 pa t53240 l53242 ls108">share </span><span class="pp-class-237 pa t53234 l53243 ls2222">at </span><span class="pp-class-237 pa t53234 l53244">time </span><span class="pp-class-237 pa t53234 l53245">of </span><span class="pp-class-237 pa t53233 l53246 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53247 l3">202</span></a><span class="pp-class-236 pa t53247 l53248">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53249">3 </span><span class="pp-class-236 pa t53247 l53250 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53251 ls7832">105</span><a><span class="pp-class-236 pa t53247 l53252 ls28280">.</span></a><span class="pp-class-236 pa t53247 l44893">03</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53249">3 </span><span class="pp-class-236 pa t53253 l53250 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53254 ls1054">216.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53256"/><span class="pp-class-236 pa t53255 l53249">3 </span><span class="pp-class-236 pa t53255 l53250 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53257 ls1687">265.42</span></a></p></td></tr></table></div></div><div id="pp-id-5408" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span><span class="pp-class-235 pa t1122 l52942"/><span class="pp-class-235 pa t1122 l52943 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls12490">Employee </span><span class="pp-class-237 pa t40114 l53259 ls30">recognition</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls811">In </span><span class="pp-class-236 pa t40125 l38573 ls1751">December </span><span class="pp-class-236 pa t40125 l27258 ls2222">2020 </span><span class="pp-class-236 pa t40125 l53260 ls811">up </span><span class="pp-class-236 pa t40125 l7381 ls538">to </span><span class="pp-class-236 pa t40125 l53261 ls811">50 </span><span class="pp-class-236 pa t40125 l53262 ls2197">shares </span><span class="pp-class-236 pa t40125 l14616 ls877">free </span><span class="pp-class-236 pa t40125 l47330 ls98">of </span><span class="pp-class-236 pa t40125 l44209 ls2197">charge </span><span class="pp-class-236 pa t40125 l53263 ls2258">were </span><span class="pp-class-236 pa t40125 l53264 ls1882">awarded </span><span class="pp-class-236 pa t40125 l53265 ls538">to </span><span class="pp-class-236 pa t40125 l53266 ls544">each </span><span class="pp-class-236 pa t40125 l53267 ls1815">employee. </span><span class="pp-class-236 pa t40125 l53268 ls651">The </span><span class="pp-class-236 pa t40125 l53269 ls2197">shares </span><span class="pp-class-236 pa t40125 l53270 ls110">have </span><span class="pp-class-236 pa t40125 l53271 ls168">vested </span><span class="pp-class-236 pa t40137 l3 ls3234">over </span><span class="pp-class-236 pa t40137 l45566 ls184">a </span><span class="pp-class-236 pa t40137 l33895 ls630">three-year </span><span class="pp-class-236 pa t40137 l53272 ls1764">period </span><span class="pp-class-236 pa t40137 l53273 ls877">from </span><span class="pp-class-236 pa t40137 l24654 ls534">January </span><span class="pp-class-236 pa t40137 l28306 ls2222">2021 </span><span class="pp-class-236 pa t40137 l53274 ls538">to </span><span class="pp-class-236 pa t40137 l39207 ls1751">December </span><span class="pp-class-236 pa t40137 l53275 ls2222">2023 </span><span class="pp-class-236 pa t40137 l53276 ls811">on </span><span class="pp-class-236 pa t40137 l53277 ls184">a </span><span class="pp-class-236 pa t40137 l49951 ls4276">straight-line </span><span class="pp-class-236 pa t40137 l53278 ls1764">basis. </span><span class="pp-class-236 pa t40137 l53279 ls847">Only </span><span class="pp-class-236 pa t40137 l53280 ls8048">employees </span><span class="pp-class-236 pa t40150 l3 ls1780">working </span><span class="pp-class-236 pa t40150 l53281 ls556">through </span><span class="pp-class-236 pa t40150 l17133 ls651">the </span><span class="pp-class-236 pa t40150 l53282 ls2222">full </span><span class="pp-class-236 pa t40150 l53283 ls1780">vesting </span><span class="pp-class-236 pa t40150 l53284 ls1764">period </span><span class="pp-class-236 pa t40150 l53285 ls2258">were </span><span class="pp-class-236 pa t40150 l53286 ls4248">entitled </span><span class="pp-class-236 pa t40150 l53287 ls538">to </span><span class="pp-class-236 pa t40150 l53288 ls651">the </span><span class="pp-class-236 pa t40150 l53289 ls548">shares. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls1764">During </span><span class="pp-class-236 pa t47589 l52172 ls556">2024 </span><span class="pp-class-236 pa t47589 l23092 ls651">the </span><span class="pp-class-236 pa t47589 l53290 ls2222">last </span><span class="pp-class-236 pa t47589 l53291 ls3351">69,490 </span><span class="pp-class-236 pa t47589 l14197 ls2197">shares </span><span class="pp-class-236 pa t47589 l53292 ls110">have </span><span class="pp-class-236 pa t47589 l53293 ls2222">been </span><span class="pp-class-236 pa t47589 l4948 ls299">transferred. </span><span class="pp-class-236 pa t47589 l53294 ls4017">Vesting </span><span class="pp-class-236 pa t47589 l53295 ls98">of </span><span class="pp-class-236 pa t47589 l53296 ls2197">shares </span><span class="pp-class-236 pa t47589 l53297 ls553">for </span><span class="pp-class-236 pa t47589 l53298 ls556">2024 </span><span class="pp-class-236 pa t47589 l53299 ls556">was </span><span class="pp-class-236 pa t47589 l53300 ls811">an </span><span class="pp-class-236 pa t47589 l53301 ls548">expense </span><span class="pp-class-236 pa t40167 l3 ls98">of </span><span class="pp-class-236 pa t40167 l39273 ls651">DKK </span><span class="pp-class-236 pa t40167 l53302 ls811">3m.</span></p><div id="pp-id-5433"><div class="w37074 h53303 pa t2 l3 wtro4 xx5 tro6 xx7"/></div></div></div><div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div><div id="pp-id-5452" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54894 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls2879">5.8 </span><span class="pp-class-234 pa t1122 l38307 ls587">Related </span><span class="pp-class-234 pa t1122 l54895 ls3289">party </span><span class="pp-class-234 pa t1122 l54896 ls197">transactions</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls168">Lauritzen </span><span class="pp-class-236 pa t40114 l1403 ls544">Fonden, </span><span class="pp-class-236 pa t40114 l54897 ls544">Copenhagen, </span><span class="pp-class-236 pa t40114 l54898 ls2222">with </span><span class="pp-class-236 pa t40114 l54899 ls184">a </span><span class="pp-class-236 pa t40114 l54900 ls2036">nominal </span><span class="pp-class-236 pa t40114 l51076 ls2207">shareholding </span><span class="pp-class-236 pa t40114 l17868 ls98">of </span><span class="pp-class-236 pa t40114 l54901 ls847">41.6%, </span><span class="pp-class-236 pa t40114 l54902 ls556">through </span><span class="pp-class-236 pa t40114 l54903 ls168">Lauritzen </span><span class="pp-class-236 pa t40114 l54904 ls544">Fonden </span><span class="pp-class-236 pa t40114 l54905 ls2036">Holding </span><span class="pp-class-236 pa t40114 l54906 ls967">Aps, </span><span class="pp-class-236 pa t40125 l3 ls2258">exercises </span><span class="pp-class-236 pa t40125 l43971 ls811">de </span><span class="pp-class-236 pa t40125 l54907 ls884">facto </span><span class="pp-class-236 pa t40125 l54908 ls7086">control </span><span class="pp-class-236 pa t40125 l21928 ls3234">over </span><span class="pp-class-236 pa t40125 l54909 ls2222">DFDS </span><span class="pp-class-236 pa t40125 l54910 ls3855">A/S. </span><span class="pp-class-236 pa t40125 l54911 ls3170">Accordingly, </span><span class="pp-class-236 pa t40125 l54912 ls572">the </span><span class="pp-class-236 pa t40125 l54913 ls2036">members </span><span class="pp-class-236 pa t40125 l54914 ls98">of </span><span class="pp-class-236 pa t40125 l54915 ls651">the </span><span class="pp-class-236 pa t40125 l54916 ls706">Board </span><span class="pp-class-236 pa t40125 l54917 ls98">of </span><span class="pp-class-236 pa t40125 l54918 ls2969">Directors </span><span class="pp-class-236 pa t40125 l54919 ls651">and </span><span class="pp-class-236 pa t40125 l54920 ls184">the </span><span class="pp-class-236 pa t40137 l3 ls4558">Executive </span><span class="pp-class-236 pa t40137 l38015 ls706">Board </span><span class="pp-class-236 pa t40137 l9561 ls2197">at </span><span class="pp-class-236 pa t40137 l54921 ls168">Lauritzen </span><span class="pp-class-236 pa t40137 l54922 ls544">Fonden </span><span class="pp-class-236 pa t40137 l31097 ls811">as </span><span class="pp-class-236 pa t40137 l54923 ls8048">well </span><span class="pp-class-236 pa t40137 l17750 ls811">as </span><span class="pp-class-236 pa t40137 l54924 ls572">all </span><span class="pp-class-236 pa t40137 l54925 ls995">companies </span><span class="pp-class-236 pa t40137 l38517 ls838">owned </span><span class="pp-class-236 pa t40137 l54926 ls706">by </span><span class="pp-class-236 pa t40137 l54927 ls168">Lauritzen </span><span class="pp-class-236 pa t40137 l54928 ls544">Fonden </span><span class="pp-class-236 pa t40137 l54929 ls2808">are </span><span class="pp-class-236 pa t40137 l54930 ls3681">related </span><span class="pp-class-236 pa t40137 l54931 ls587">parties. </span><span class="pp-class-236 pa t40150 l3 ls731">Furthermore, </span><span class="pp-class-236 pa t40150 l54932 ls3681">related </span><span class="pp-class-236 pa t40150 l16948 ls1792">parties </span><span class="pp-class-236 pa t40150 l54933 ls1751">comprise </span><span class="pp-class-236 pa t40150 l6091 ls538">DFDS’ </span><span class="pp-class-236 pa t40150 l54934 ls4558">Executive </span><span class="pp-class-236 pa t40150 l54935 ls706">Board </span><span class="pp-class-236 pa t40150 l54936 ls572">and </span><span class="pp-class-236 pa t40150 l54937 ls706">Board </span><span class="pp-class-236 pa t40150 l54938 ls98">of </span><span class="pp-class-236 pa t40150 l54939 ls691">Directors, </span><span class="pp-class-236 pa t40150 l54940 ls544">leading </span><span class="pp-class-236 pa t40150 l54941 ls7086">employees, </span><span class="pp-class-236 pa t40150 l54942 ls184">and </span><span class="pp-class-236 pa t40161 l3 ls538">close </span><span class="pp-class-236 pa t40161 l54943 ls2036">members </span><span class="pp-class-236 pa t40161 l29757 ls98">of </span><span class="pp-class-236 pa t40161 l54944 ls572">the </span><span class="pp-class-236 pa t40161 l54945 ls15034">family </span><span class="pp-class-236 pa t40161 l54946 ls98">of </span><span class="pp-class-236 pa t40161 l54947 ls541">those, </span><span class="pp-class-236 pa t40161 l54948 ls538">DFDS’ </span><span class="pp-class-236 pa t40161 l54949 ls747">subsidiaries, </span><span class="pp-class-236 pa t40161 l54950 ls560">associates </span><span class="pp-class-236 pa t40161 l39768 ls651">and </span><span class="pp-class-236 pa t40161 l54951 ls536">joint </span><span class="pp-class-236 pa t40161 l54952 ls1131">ventures, </span><span class="pp-class-236 pa t40161 l44214 ls6146">reference </span><span class="pp-class-236 pa t40161 l54953 ls811">is </span><span class="pp-class-236 pa t40161 l54954 ls544">made </span><span class="pp-class-236 pa t40161 l54955 ls184">to </span><span class="pp-class-236 pa t47589 l3 ls558">note </span><span class="pp-class-236 pa t47589 l43968 ls16835">5.10.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40178 l3 ls811">No </span><span class="pp-class-236 pa t40178 l40356 ls544">buyback </span><span class="pp-class-236 pa t40178 l28464 ls4017">programme </span><span class="pp-class-236 pa t40178 l54956 ls651">has </span><span class="pp-class-236 pa t40178 l54957 ls2222">been </span><span class="pp-class-236 pa t40178 l54958 ls2036">carried </span><span class="pp-class-236 pa t40178 l31622 ls651">out </span><span class="pp-class-236 pa t40178 l44538 ls811">in </span><span class="pp-class-236 pa t40178 l28956 ls2565">2025. </span><span class="pp-class-236 pa t40178 l54959 ls811">In </span><span class="pp-class-236 pa t40178 l54960 ls556">2024 </span><span class="pp-class-236 pa t40178 l48752 ls2222">DFDS </span><span class="pp-class-236 pa t40178 l54961 ls8048">purchased </span><span class="pp-class-236 pa t40178 l54962 ls11455">960,702 </span><span class="pp-class-236 pa t40178 l54963 ls2197">shares </span><span class="pp-class-236 pa t40178 l54964 ls553">for </span><span class="pp-class-236 pa t40178 l54965 ls811">an </span><span class="pp-class-236 pa t40178 l54966 ls572">amount </span><span class="pp-class-236 pa t40187 l3 ls98">of </span><span class="pp-class-236 pa t40187 l39273 ls651">DKK </span><span class="pp-class-236 pa t40187 l53302 ls8548">179m </span><span class="pp-class-236 pa t40187 l13768 ls877">from </span><span class="pp-class-236 pa t40187 l54967 ls168">Lauritzen </span><span class="pp-class-236 pa t40187 l54968 ls544">Fonden </span><span class="pp-class-236 pa t40187 l38291 ls811">as </span><span class="pp-class-236 pa t40187 l54969 ls875">part </span><span class="pp-class-236 pa t40187 l54970 ls98">of </span><span class="pp-class-236 pa t40187 l54971 ls651">the </span><span class="pp-class-236 pa t40187 l46279 ls706">share </span><span class="pp-class-236 pa t40187 l54972 ls544">buyback </span><span class="pp-class-236 pa t40187 l54973 ls4017">programme </span><span class="pp-class-236 pa t40187 l54974 ls995">announced </span><span class="pp-class-236 pa t40187 l54975 ls811">on </span><span class="pp-class-236 pa t40187 l54976 ls184">9 </span><span class="pp-class-236 pa t40187 l54977 ls590">February </span><span class="pp-class-236 pa t40187 l54978 ls544">2024. </span><span class="pp-class-236 pa t40199 l3 ls811">No </span><span class="pp-class-236 pa t40199 l40356 ls4248">distribution </span><span class="pp-class-236 pa t40199 l54979 ls98">of </span><span class="pp-class-236 pa t40199 l54980 ls995">dividends </span><span class="pp-class-236 pa t40199 l54981 ls556">was </span><span class="pp-class-236 pa t40199 l54982 ls2036">carried </span><span class="pp-class-236 pa t40199 l54983 ls651">out </span><span class="pp-class-236 pa t40199 l54984 ls811">in </span><span class="pp-class-236 pa t40199 l54985 ls2222">2025 </span><span class="pp-class-236 pa t40199 l54986 ls667">(2024: </span><span class="pp-class-236 pa t40199 l54987 ls572">DKK </span><span class="pp-class-236 pa t40199 l54988 ls3298">3.00 </span><span class="pp-class-236 pa t40199 l54989 ls651">per </span><span class="pp-class-236 pa t40199 l54990 ls6146">share). </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls811">In </span><span class="pp-class-236 pa t47935 l38573 ls544">addition </span><span class="pp-class-236 pa t47935 l27818 ls538">to </span><span class="pp-class-236 pa t47935 l54991 ls299">intra-group </span><span class="pp-class-236 pa t47935 l30960 ls1751">balances </span><span class="pp-class-236 pa t47935 l17382 ls572">and </span><span class="pp-class-236 pa t47935 l54992 ls691">transactions </span><span class="pp-class-236 pa t47935 l39018 ls2197">(primarily </span><span class="pp-class-236 pa t47935 l54993 ls94">charter </span><span class="pp-class-236 pa t47935 l54994 ls7468">hire, </span><span class="pp-class-236 pa t47935 l54995 ls995">financing </span><span class="pp-class-236 pa t47935 l54996 ls651">and </span><span class="pp-class-236 pa t47935 l45624 ls625">commissions </span><span class="pp-class-236 pa t47935 l54997 ls551">etc.), </span><span class="pp-class-236 pa t40221 l3 ls538">which </span><span class="pp-class-236 pa t40221 l17877 ls2808">are </span><span class="pp-class-236 pa t40221 l4497 ls560">eliminated </span><span class="pp-class-236 pa t40221 l50409 ls811">on </span><span class="pp-class-236 pa t40221 l7771 ls168">consolidation, </span><span class="pp-class-236 pa t40221 l48855 ls538">usual </span><span class="pp-class-236 pa t40221 l54998 ls4558">Executive </span><span class="pp-class-236 pa t40221 l54999 ls706">Board </span><span class="pp-class-236 pa t40221 l55000 ls572">and </span><span class="pp-class-236 pa t40221 l55001 ls706">Board </span><span class="pp-class-236 pa t40221 l50470 ls98">of </span><span class="pp-class-236 pa t40221 l46060 ls2969">Directors </span><span class="pp-class-236 pa t40221 l55002 ls10269">remuneration </span><span class="pp-class-236 pa t40221 l55003 ls2808">(reference </span><span class="pp-class-236 pa t40233 l3 ls811">is </span><span class="pp-class-236 pa t40233 l40693 ls544">made </span><span class="pp-class-236 pa t40233 l55004 ls538">to </span><span class="pp-class-236 pa t40233 l16946 ls558">note </span><span class="pp-class-236 pa t40233 l55005 ls2081">2.4 </span><span class="pp-class-236 pa t40233 l55006 ls572">and </span><span class="pp-class-236 pa t40233 l55007 ls2565">5.1), </span><span class="pp-class-236 pa t40233 l55008 ls706">share </span><span class="pp-class-236 pa t40233 l55009 ls546">options </span><span class="pp-class-236 pa t40233 l55010 ls651">and </span><span class="pp-class-236 pa t40233 l55011 ls691">restricted </span><span class="pp-class-236 pa t40233 l37708 ls706">share </span><span class="pp-class-236 pa t40233 l55012 ls538">units </span><span class="pp-class-236 pa t40233 l55013 ls538">to </span><span class="pp-class-236 pa t40233 l24235 ls572">the </span><span class="pp-class-236 pa t40233 l55014 ls4558">Executive </span><span class="pp-class-236 pa t40233 l55015 ls706">Board </span><span class="pp-class-236 pa t40233 l55016 ls572">and </span><span class="pp-class-236 pa t40233 l42481 ls2036">leading </span><span class="pp-class-236 pa t40241 l3 ls1463">employees </span><span class="pp-class-236 pa t40241 l28773 ls12490">(reference </span><span class="pp-class-236 pa t40241 l55017 ls811">is </span><span class="pp-class-236 pa t40241 l21828 ls544">made </span><span class="pp-class-236 pa t40241 l55018 ls538">to </span><span class="pp-class-236 pa t40241 l55019 ls558">note </span><span class="pp-class-236 pa t40241 l41462 ls11050">5.3), </span><span class="pp-class-236 pa t40241 l55020 ls572">the </span><span class="pp-class-236 pa t40241 l55021 ls838">below </span><span class="pp-class-236 pa t40241 l55022 ls691">transactions </span><span class="pp-class-236 pa t40241 l55023 ls110">have </span><span class="pp-class-236 pa t40241 l55024 ls2222">been </span><span class="pp-class-236 pa t40241 l55025 ls2036">carried </span><span class="pp-class-236 pa t40241 l55026 ls572">out </span><span class="pp-class-236 pa t40241 l55027 ls1764">during </span><span class="pp-class-236 pa t40241 l55028 ls651">the </span><span class="pp-class-236 pa t40241 l46731 ls15764">year. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t55029 l3 ls651">The </span><span class="pp-class-236 pa t55029 l38379 ls625">table </span><span class="pp-class-236 pa t55029 l50778 ls838">below </span><span class="pp-class-236 pa t55029 l50779 ls546">depicts </span><span class="pp-class-236 pa t55029 l55030 ls838">material </span><span class="pp-class-236 pa t55029 l55031 ls691">transactions </span><span class="pp-class-236 pa t55029 l55032 ls2222">with </span><span class="pp-class-236 pa t55029 l24370 ls3681">related </span><span class="pp-class-236 pa t55029 l55033 ls1792">parties.</span></p><div id="pp-id-5451"><div class="w37074 h55034 pa t2 l3 wtro4 xx49 tro6 xx50"><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t831 l3">DKK </span><span class="pp-class-236 pa t831 l2784">million</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t2785 l55035 ls21">Sale </span><span class="pp-class-237 pa t2785 l55036">of </span><span class="pp-class-237 pa t831 l38348 ls2385">services</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t2785 l55037 ls1011">Purchase </span><span class="pp-class-237 pa t831 l55038">of </span><span class="pp-class-237 pa t831 l55039 ls2385">services</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t2785 l55040 ls184">Receiv-</span><span class="pp-class-237 pa t831 l55041 ls21">ables</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t831 l55042">Liabilities</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t2799 l3">202</span></a><span class="pp-class-237 pa t2799 l55043">5</span></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55044 l3 ls135">Associates </span><span class="pp-class-236 pa t55044 l50010">and </span><span class="pp-class-236 pa t55044 l35037 ls1098">joint </span><span class="pp-class-236 pa t55044 l39013 ls1574">ventures</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55044 l55045">91</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55044 l55046">251</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55044 l47134">68</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55044 l55047">22</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55048 l3 ls811">202</span></a><span class="pp-class-236 pa t55048 l55049">4</span></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55050 l3 ls135">Associates </span><span class="pp-class-236 pa t55050 l50010">and </span><span class="pp-class-236 pa t55050 l35037 ls1098">joint </span><span class="pp-class-236 pa t55050 l39013 ls1574">ventures</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55050 l55051">64</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55050 l40487">233</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55050 l47763">45</span></a></p></div><div><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t55050 l47762 ls184">16</span></a></p></div></div></div></div></div> <div id="pp-id-5428" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52463 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4775">5.2 </span><span class="pp-class-234 pa t1122 l38307 ls6270">Fee </span><span class="pp-class-234 pa t1122 l52464 ls838">to </span><span class="pp-class-234 pa t1122 l52465 ls8486">auditors </span><span class="pp-class-234 pa t1122 l52466 ls110">appointed </span><span class="pp-class-234 pa t1122 l52467 ls41348">at </span><span class="pp-class-234 pa t1122 l52468 ls706">the </span><span class="pp-class-234 pa t1122 l52469 ls10269">Annual </span><span class="pp-class-234 pa t1122 l52470 ls11592">General </span><span class="pp-class-234 pa t1122 l52471 ls3234">Meeting</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls811">202</span></a><span class="pp-class-236 pa t37084 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls1790">Audit </span><span class="pp-class-236 pa t37088 l26455 ls19">fees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l43217">1</span></a><span class="pp-class-236 pa t37088 l43621">3</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l52472">15</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3">Other </span><span class="pp-class-236 pa t41562 l8396 ls227">assurance </span><span class="pp-class-236 pa t41562 l29953 ls67">engagements</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l44608">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l48957">3</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls3197">Tax </span><span class="pp-class-236 pa t41566 l37181">and </span><span class="pp-class-236 pa t41566 l52473 ls19266">VAT </span><span class="pp-class-236 pa t41566 l49329 ls138">advice</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l43703">1</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l41002">2</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3 ls162">Non-audit </span><span class="pp-class-236 pa t41570 l31285 ls1448">services</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l3 ls6824">Total </span><span class="pp-class-237 pa t51513 l20253 ls1535">fees </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l52474 ls98">1</span></a><span class="pp-class-237 pa t51513 l52475">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l43038">22</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52476 l3 ls567">PricewaterhouseCoopers </span><span class="pp-class-236 pa t52476 l52477 ls4558">Statsautoriseret </span><span class="pp-class-236 pa t52476 l52478 ls1780">Revisionspartnerselskab, </span><span class="pp-class-236 pa t52476 l52479 ls1751">Denmark, </span><span class="pp-class-236 pa t52476 l52480 ls572">has </span><span class="pp-class-236 pa t52476 l52481 ls724">performed </span><span class="pp-class-236 pa t52476 l48160 ls949">other </span><span class="pp-class-236 pa t52476 l52482 ls80">services </span><span class="pp-class-236 pa t52483 l3 ls2222">than </span><span class="pp-class-236 pa t52483 l52484 ls572">the </span><span class="pp-class-236 pa t52483 l49826 ls168">statutory </span><span class="pp-class-236 pa t52483 l51765 ls949">audit </span><span class="pp-class-236 pa t52483 l43400 ls1131">relating </span><span class="pp-class-236 pa t52483 l52485 ls538">to </span><span class="pp-class-236 pa t52483 l52486 ls8048">assurance </span><span class="pp-class-236 pa t52483 l52487 ls8048">work </span><span class="pp-class-236 pa t52483 l48982 ls553">for </span><span class="pp-class-236 pa t52483 l52488 ls8367">CSRD, </span><span class="pp-class-236 pa t52483 l27597 ls949">other </span><span class="pp-class-236 pa t52483 l52489 ls8048">assurance </span><span class="pp-class-236 pa t52483 l52490 ls1751">opinions </span><span class="pp-class-236 pa t52483 l52491 ls572">and </span><span class="pp-class-236 pa t52483 l52492 ls168">agreed-upon </span><span class="pp-class-236 pa t52493 l3 ls1815">procedures, </span><span class="pp-class-236 pa t52493 l28205 ls2036">tax </span><span class="pp-class-236 pa t52493 l52494 ls179">assistance </span><span class="pp-class-236 pa t52493 l6724 ls1131">relating </span><span class="pp-class-236 pa t52493 l49390 ls538">to </span><span class="pp-class-236 pa t52493 l52495 ls667">restructurings, </span><span class="pp-class-236 pa t52493 l52496 ls556">general </span><span class="pp-class-236 pa t52493 l52497 ls2036">tax </span><span class="pp-class-236 pa t52493 l52498 ls590">advisory </span><span class="pp-class-236 pa t52493 l52499 ls651">and </span><span class="pp-class-236 pa t52493 l52500 ls949">other </span><span class="pp-class-236 pa t52493 l52501 ls2036">tax </span><span class="pp-class-236 pa t52493 l52502 ls562">compliance </span><span class="pp-class-236 pa t52493 l52503 ls811">as </span><span class="pp-class-236 pa t52493 l19694 ls546">well </span><span class="pp-class-236 pa t52504 l3 ls811">as </span><span class="pp-class-236 pa t52504 l47173 ls949">other </span><span class="pp-class-236 pa t52504 l52505 ls556">general </span><span class="pp-class-236 pa t52504 l52506 ls30">accounting </span><span class="pp-class-236 pa t52504 l52507 ls838">advice.</span></p></div></div> <div id="pp-id-5429" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52508 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls2222">Long-term </span><span class="pp-class-237 pa t40114 l18216 ls2889">incentives</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls651">The </span><span class="pp-class-236 pa t40125 l38379 ls1751">decision </span><span class="pp-class-236 pa t40125 l52511 ls538">to </span><span class="pp-class-236 pa t40125 l52512 ls1687">grant </span><span class="pp-class-236 pa t40125 l52513 ls696">long-term </span><span class="pp-class-236 pa t40125 l41667 ls1780">incentives </span><span class="pp-class-236 pa t40125 l52514 ls811">is </span><span class="pp-class-236 pa t40125 l52515 ls544">made </span><span class="pp-class-236 pa t40125 l52516 ls706">by </span><span class="pp-class-236 pa t40125 l52517 ls572">the </span><span class="pp-class-236 pa t40125 l52518 ls706">Board </span><span class="pp-class-236 pa t40125 l52519 ls98">of </span><span class="pp-class-236 pa t40125 l52520 ls2969">Directors </span><span class="pp-class-236 pa t40125 l52521 ls2222">with </span><span class="pp-class-236 pa t40125 l49081 ls7086">consideration </span><span class="pp-class-236 pa t40125 l52522 ls538">to </span><span class="pp-class-236 pa t40125 l52523 ls811">DFDS' </span><span class="pp-class-236 pa t40137 l3 ls10269">remuneration </span><span class="pp-class-236 pa t40137 l46084 ls758">policy </span><span class="pp-class-236 pa t40137 l52524 ls110">approved </span><span class="pp-class-236 pa t40137 l52525 ls706">by </span><span class="pp-class-236 pa t40137 l52526 ls651">the </span><span class="pp-class-236 pa t40137 l52527 ls1764">Annual </span><span class="pp-class-236 pa t40137 l52528 ls556">General </span><span class="pp-class-236 pa t40137 l52529 ls278">Meeting. </span><span class="pp-class-236 pa t40137 l52530 ls2222">With </span><span class="pp-class-236 pa t40137 l52531 ls838">effect </span><span class="pp-class-236 pa t40137 l52532 ls877">from </span><span class="pp-class-236 pa t40137 l52533 ls2222">2021 </span><span class="pp-class-236 pa t40137 l52534 ls572">the </span><span class="pp-class-236 pa t40137 l52535 ls696">long-term </span><span class="pp-class-236 pa t40137 l52536 ls724">incentives </span><span class="pp-class-236 pa t40150 l3 ls553">for </span><span class="pp-class-236 pa t40150 l43533 ls651">the </span><span class="pp-class-236 pa t40150 l52537 ls4558">Executive </span><span class="pp-class-236 pa t40150 l16848 ls706">Board </span><span class="pp-class-236 pa t40150 l52538 ls651">and </span><span class="pp-class-236 pa t40150 l48935 ls4284">key </span><span class="pp-class-236 pa t40150 l52539 ls1463">employees </span><span class="pp-class-236 pa t40150 l52540 ls2036">consist </span><span class="pp-class-236 pa t40150 l52541 ls98">of </span><span class="pp-class-236 pa t40150 l52542 ls556">two </span><span class="pp-class-236 pa t40150 l52543 ls524">components, </span><span class="pp-class-236 pa t40150 l52544 ls706">Share </span><span class="pp-class-236 pa t40150 l52545 ls546">options </span><span class="pp-class-236 pa t40150 l52546 ls651">and </span><span class="pp-class-236 pa t40150 l52547 ls551">Restricted </span><span class="pp-class-236 pa t40150 l52548 ls1780">Share </span><span class="pp-class-236 pa t40161 l3 ls538">Units </span><span class="pp-class-236 pa t40161 l52549 ls551">(RSUs) </span><span class="pp-class-236 pa t40161 l52550 ls706">where </span><span class="pp-class-236 pa t40161 l52551 ls651">the </span><span class="pp-class-236 pa t40161 l52552 ls11726">award </span><span class="pp-class-236 pa t40161 l34336 ls811">is </span><span class="pp-class-236 pa t40161 l52553 ls538">split </span><span class="pp-class-236 pa t40161 l52554 ls538">50/50 </span><span class="pp-class-236 pa t40161 l46350 ls538">based </span><span class="pp-class-236 pa t40161 l52555 ls811">on </span><span class="pp-class-236 pa t40161 l52556 ls2197">value </span><span class="pp-class-236 pa t40161 l52557 ls811">as </span><span class="pp-class-236 pa t40161 l52558 ls572">per </span><span class="pp-class-236 pa t40161 l52559 ls1687">grant </span><span class="pp-class-236 pa t40161 l48882 ls1815">date. </span><span class="pp-class-236 pa t40161 l52400 ls811">In </span><span class="pp-class-236 pa t40161 l52560 ls2222">2023 </span><span class="pp-class-236 pa t40161 l52561 ls184">a </span><span class="pp-class-236 pa t40161 l52562 ls1792">further </span><span class="pp-class-236 pa t40161 l52563 ls706">group </span><span class="pp-class-236 pa t40161 l52564 ls98">of </span><span class="pp-class-236 pa t40161 l52565 ls3681">key </span><span class="pp-class-236 pa t47589 l3 ls1463">employees </span><span class="pp-class-236 pa t47589 l28773 ls2258">were </span><span class="pp-class-236 pa t47589 l52566 ls2270">granted </span><span class="pp-class-236 pa t47589 l52567 ls696">long-term </span><span class="pp-class-236 pa t47589 l52568 ls1780">incentives </span><span class="pp-class-236 pa t47589 l52569 ls811">in </span><span class="pp-class-236 pa t47589 l52570 ls572">the </span><span class="pp-class-236 pa t47589 l52208 ls553">form </span><span class="pp-class-236 pa t47589 l49939 ls98">of </span><span class="pp-class-236 pa t47589 l52571 ls590">RSUs. </span><span class="pp-class-236 pa t47589 l52572 ls651">All </span><span class="pp-class-236 pa t47589 l52573 ls524">components </span><span class="pp-class-236 pa t47589 l52574 ls8048">vest </span><span class="pp-class-236 pa t47589 l52575 ls811">on </span><span class="pp-class-236 pa t47589 l52576 ls184">a </span><span class="pp-class-236 pa t47589 l52577 ls4276">straight-line </span><span class="pp-class-236 pa t47589 l52578 ls811">basis </span><span class="pp-class-236 pa t40167 l3 ls3234">over </span><span class="pp-class-236 pa t40167 l45566 ls706">three </span><span class="pp-class-236 pa t40167 l52579 ls838">years </span><span class="pp-class-236 pa t40167 l52580 ls877">from </span><span class="pp-class-236 pa t40167 l52581 ls651">the </span><span class="pp-class-236 pa t40167 l52582 ls7086">date </span><span class="pp-class-236 pa t40167 l52583 ls98">of </span><span class="pp-class-236 pa t40167 l52584 ls2889">grant. </span><span class="pp-class-236 pa t40167 l52585 ls2036">Special </span><span class="pp-class-236 pa t40167 l52586 ls562">conditions </span><span class="pp-class-236 pa t40167 l52587 ls7468">apply </span><span class="pp-class-236 pa t40167 l52588 ls4017">regarding </span><span class="pp-class-236 pa t40167 l52589 ls2036">illness </span><span class="pp-class-236 pa t40167 l52590 ls572">and </span><span class="pp-class-236 pa t40167 l52591 ls758">death </span><span class="pp-class-236 pa t40167 l40334 ls572">and </span><span class="pp-class-236 pa t40167 l52592 ls811">if </span><span class="pp-class-236 pa t40167 l52593 ls572">the </span><span class="pp-class-236 pa t40167 l52594 ls608">capital </span><span class="pp-class-236 pa t40178 l3 ls2197">structure </span><span class="pp-class-236 pa t40178 l52595 ls98">of </span><span class="pp-class-236 pa t40178 l28222 ls651">the </span><span class="pp-class-236 pa t40178 l52596 ls2687">Parent </span><span class="pp-class-236 pa t40178 l39480 ls551">company </span><span class="pp-class-236 pa t40178 l52597 ls811">is </span><span class="pp-class-236 pa t40178 l29828 ls1751">changed. </span><span class="pp-class-236 pa t40178 l52598 ls706">Share </span><span class="pp-class-236 pa t40178 l38875 ls546">options </span><span class="pp-class-236 pa t40178 l52599 ls651">and </span><span class="pp-class-236 pa t40178 l52600 ls1369">RSUs </span><span class="pp-class-236 pa t40178 l52601 ls2270">granted </span><span class="pp-class-236 pa t40178 l52602 ls572">can </span><span class="pp-class-236 pa t40178 l52603 ls847">only </span><span class="pp-class-236 pa t40178 l52604 ls811">be </span><span class="pp-class-236 pa t40178 l52605 ls8048">settled </span><span class="pp-class-236 pa t40178 l52606 ls2222">with </span><span class="pp-class-236 pa t40178 l52607 ls548">shares. </span><span class="pp-class-236 pa t40187 l3 ls184">A </span><span class="pp-class-236 pa t40187 l45104 ls875">part </span><span class="pp-class-236 pa t40187 l52608 ls98">of </span><span class="pp-class-236 pa t40187 l40282 ls572">the </span><span class="pp-class-236 pa t40187 l52609 ls168">treasury </span><span class="pp-class-236 pa t40187 l52610 ls2197">shares </span><span class="pp-class-236 pa t40187 l52611 ls811">is </span><span class="pp-class-236 pa t40187 l52612 ls681">reserved </span><span class="pp-class-236 pa t40187 l52613 ls553">for </span><span class="pp-class-236 pa t40187 l52614 ls667">settling </span><span class="pp-class-236 pa t40187 l52615 ls572">the </span><span class="pp-class-236 pa t40187 l52616 ls546">outstanding </span><span class="pp-class-236 pa t40187 l52617 ls706">share </span><span class="pp-class-236 pa t40187 l52618 ls278">options, </span><span class="pp-class-236 pa t40187 l52619 ls1369">RSUs </span><span class="pp-class-236 pa t40187 l52620 ls651">and </span><span class="pp-class-236 pa t40187 l52621 ls530">phantom </span><span class="pp-class-236 pa t40187 l52622 ls2197">shares.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40213 l3 ls168">Share </span><span class="pp-class-237 pa t40213 l9782 ls995">options</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls706">Share </span><span class="pp-class-236 pa t47935 l52623 ls546">options </span><span class="pp-class-236 pa t47935 l52624 ls110">have </span><span class="pp-class-236 pa t47935 l52625 ls2222">been </span><span class="pp-class-236 pa t47935 l52626 ls2270">granted </span><span class="pp-class-236 pa t47935 l52627 ls538">to </span><span class="pp-class-236 pa t47935 l52628 ls651">the </span><span class="pp-class-236 pa t47935 l52629 ls4558">Executive </span><span class="pp-class-236 pa t47935 l52630 ls706">Board </span><span class="pp-class-236 pa t47935 l52631 ls572">and </span><span class="pp-class-236 pa t47935 l52632 ls4284">key </span><span class="pp-class-236 pa t47935 l17902 ls7086">employees. </span><span class="pp-class-236 pa t47935 l52633 ls3855">Each </span><span class="pp-class-236 pa t47935 l52634 ls706">share </span><span class="pp-class-236 pa t47935 l52635 ls179">option </span><span class="pp-class-236 pa t47935 l52636 ls838">gives </span><span class="pp-class-236 pa t47935 l52637 ls184">the </span><span class="pp-class-236 pa t40221 l3 ls1764">holder </span><span class="pp-class-236 pa t40221 l52638 ls98">of </span><span class="pp-class-236 pa t40221 l13313 ls572">the </span><span class="pp-class-236 pa t40221 l52511 ls179">option </span><span class="pp-class-236 pa t40221 l52639 ls651">the </span><span class="pp-class-236 pa t40221 l52640 ls536">right </span><span class="pp-class-236 pa t40221 l52641 ls538">to </span><span class="pp-class-236 pa t40221 l52642 ls877">acquire </span><span class="pp-class-236 pa t40221 l52643 ls651">one </span><span class="pp-class-236 pa t40221 l52644 ls3855">existing </span><span class="pp-class-236 pa t40221 l52645 ls706">share </span><span class="pp-class-236 pa t40221 l52646 ls811">in </span><span class="pp-class-236 pa t40221 l52647 ls651">the </span><span class="pp-class-236 pa t40221 l52648 ls2687">Parent </span><span class="pp-class-236 pa t40221 l52649 ls551">company </span><span class="pp-class-236 pa t40221 l52650 ls98">of </span><span class="pp-class-236 pa t40221 l52651 ls2036">nominal </span><span class="pp-class-236 pa t40221 l52652 ls572">DKK </span><span class="pp-class-236 pa t40221 l52653 ls1039">20. </span><span class="pp-class-236 pa t40221 l52654 ls572">The </span><span class="pp-class-236 pa t40221 l52655 ls1780">share </span><span class="pp-class-236 pa t40233 l3 ls179">option </span><span class="pp-class-236 pa t40233 l52656 ls2036">schemes </span><span class="pp-class-236 pa t40233 l52657 ls538">equal </span><span class="pp-class-236 pa t40233 l23335 ls184">a </span><span class="pp-class-236 pa t40233 l31312 ls536">right </span><span class="pp-class-236 pa t40233 l52658 ls538">to </span><span class="pp-class-236 pa t40233 l52659 ls877">acquire </span><span class="pp-class-236 pa t40233 l52660 ls3292">2.9% </span><span class="pp-class-236 pa t40233 l52661 ls98">of </span><span class="pp-class-236 pa t40233 l25845 ls572">the </span><span class="pp-class-236 pa t40233 l52662 ls706">share </span><span class="pp-class-236 pa t40233 l52663 ls524">capital </span><span class="pp-class-236 pa t40233 l52664 ls667">(2024: </span><span class="pp-class-236 pa t40233 l52665 ls2270">2.3%) </span><span class="pp-class-236 pa t40233 l52666 ls811">if </span><span class="pp-class-236 pa t40233 l52667 ls651">all </span><span class="pp-class-236 pa t40233 l52668 ls8048">remaining </span><span class="pp-class-236 pa t40233 l52669 ls706">share </span><span class="pp-class-236 pa t40233 l52670 ls1369">options </span><span class="pp-class-236 pa t40241 l3 ls2808">are </span><span class="pp-class-236 pa t40241 l38371 ls2258">exercised.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40247 l3 ls706">Share </span><span class="pp-class-236 pa t40247 l52623 ls546">options </span><span class="pp-class-236 pa t40247 l52624 ls2258">were </span><span class="pp-class-236 pa t40247 l49402 ls2270">granted </span><span class="pp-class-236 pa t40247 l52671 ls811">in </span><span class="pp-class-236 pa t40247 l52672 ls995">2016-2020 </span><span class="pp-class-236 pa t40247 l52673 ls2197">at </span><span class="pp-class-236 pa t40247 l52674 ls811">an </span><span class="pp-class-236 pa t40247 l52675 ls11592">exercise </span><span class="pp-class-236 pa t40247 l52676 ls538">price </span><span class="pp-class-236 pa t40247 l52677 ls538">equal </span><span class="pp-class-236 pa t40247 l52678 ls538">to </span><span class="pp-class-236 pa t40247 l52679 ls651">the </span><span class="pp-class-236 pa t40247 l52680 ls2894">average </span><span class="pp-class-236 pa t40247 l52681 ls706">share </span><span class="pp-class-236 pa t40247 l52682 ls538">price </span><span class="pp-class-236 pa t40247 l52683 ls98">of </span><span class="pp-class-236 pa t40247 l52684 ls651">the </span><span class="pp-class-236 pa t40247 l52685 ls2270">Parent </span><span class="pp-class-236 pa t40265 l3 ls2969">company’s </span><span class="pp-class-236 pa t40265 l52686 ls2197">shares </span><span class="pp-class-236 pa t40265 l52687 ls811">20 </span><span class="pp-class-236 pa t40265 l52688 ls2245">days </span><span class="pp-class-236 pa t40265 l45942 ls2808">before </span><span class="pp-class-236 pa t40265 l52689 ls651">the </span><span class="pp-class-236 pa t40265 l5322 ls1687">grant </span><span class="pp-class-236 pa t40265 l52690 ls2222">with </span><span class="pp-class-236 pa t40265 l52691 ls811">an </span><span class="pp-class-236 pa t40265 l52692 ls544">addition </span><span class="pp-class-236 pa t40265 l52693 ls98">of </span><span class="pp-class-236 pa t40265 l51752 ls544">10%. </span><span class="pp-class-236 pa t40265 l52694 ls706">Share </span><span class="pp-class-236 pa t40265 l52695 ls546">options </span><span class="pp-class-236 pa t40265 l52696 ls2808">are </span><span class="pp-class-236 pa t40265 l52697 ls2270">granted </span><span class="pp-class-236 pa t40265 l52698 ls811">in </span><span class="pp-class-236 pa t40265 l52699 ls2222">2021 </span><span class="pp-class-236 pa t40265 l52700 ls184">and </span><span class="pp-class-236 pa t40281 l3 ls556">later </span><span class="pp-class-236 pa t40281 l52701 ls2197">at </span><span class="pp-class-236 pa t40281 l17341 ls811">an </span><span class="pp-class-236 pa t40281 l45247 ls11592">exercise </span><span class="pp-class-236 pa t40281 l52702 ls538">price </span><span class="pp-class-236 pa t40281 l52703 ls538">equal </span><span class="pp-class-236 pa t40281 l52704 ls538">to </span><span class="pp-class-236 pa t40281 l52705 ls572">the </span><span class="pp-class-236 pa t40281 l52706 ls2894">average </span><span class="pp-class-236 pa t40281 l52707 ls706">share </span><span class="pp-class-236 pa t40281 l45574 ls538">price </span><span class="pp-class-236 pa t40281 l52708 ls98">of </span><span class="pp-class-236 pa t40281 l52709 ls651">the </span><span class="pp-class-236 pa t40281 l50171 ls2687">Parent </span><span class="pp-class-236 pa t40281 l52710 ls2969">company’s </span><span class="pp-class-236 pa t40281 l52711 ls2197">shares </span><span class="pp-class-236 pa t40281 l52712 ls8048">five </span><span class="pp-class-236 pa t40281 l52713 ls2245">days </span><span class="pp-class-236 pa t40281 l52714 ls168">after </span><span class="pp-class-236 pa t40281 l52715 ls184">the </span><span class="pp-class-236 pa t40296 l3 ls556">release </span><span class="pp-class-236 pa t40296 l39210 ls98">of </span><span class="pp-class-236 pa t40296 l31440 ls651">the </span><span class="pp-class-236 pa t40296 l52716 ls811">Q4 </span><span class="pp-class-236 pa t40296 l52717 ls168">report </span><span class="pp-class-236 pa t40296 l52718 ls2222">with </span><span class="pp-class-236 pa t40296 l47994 ls811">an </span><span class="pp-class-236 pa t40296 l52719 ls544">addition </span><span class="pp-class-236 pa t40296 l52720 ls98">of </span><span class="pp-class-236 pa t40296 l52721 ls544">10%.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40320 l3 ls651">The </span><span class="pp-class-236 pa t40320 l38379 ls706">share </span><span class="pp-class-236 pa t40320 l52722 ls546">options </span><span class="pp-class-236 pa t40320 l46193 ls651">can </span><span class="pp-class-236 pa t40320 l37754 ls811">be </span><span class="pp-class-236 pa t40320 l52723 ls2258">exercised </span><span class="pp-class-236 pa t40320 l52724 ls2222">when </span><span class="pp-class-236 pa t40320 l46482 ls184">a </span><span class="pp-class-236 pa t40320 l52725 ls2036">minimum </span><span class="pp-class-236 pa t40320 l52726 ls98">of </span><span class="pp-class-236 pa t40320 l52727 ls706">three </span><span class="pp-class-236 pa t40320 l52728 ls838">years </span><span class="pp-class-236 pa t40320 l52729 ls651">and </span><span class="pp-class-236 pa t40320 l52730 ls184">a </span><span class="pp-class-236 pa t40320 l52731 ls2036">maximum </span><span class="pp-class-236 pa t40320 l52732 ls98">of </span><span class="pp-class-236 pa t40320 l52733 ls8048">five </span><span class="pp-class-236 pa t40320 l52734 ls838">years </span><span class="pp-class-236 pa t40320 l52735 ls110">have </span><span class="pp-class-236 pa t40320 l52736 ls651">elapsed </span><span class="pp-class-236 pa t49458 l3 ls538">since </span><span class="pp-class-236 pa t49458 l52737 ls651">the </span><span class="pp-class-236 pa t49458 l52738 ls1687">grant </span><span class="pp-class-236 pa t49458 l31383 ls556">dates.</span></p></div></div><div id="pp-id-5430" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52739 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52742 ls212">Executive </span><span class="pp-class-237 pa t52740 l52743 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l52744 ls3084">Key </span><span class="pp-class-237 pa t52740 l52745 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t42088 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t42087 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t42087 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52741 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52741 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52740 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l33898 ls3141">Total</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l52754 ls8048">Average </span><span class="pp-class-237 pa t42088 l52755 ls551">exercise</span><span class="pp-class-237 pa t42087 l52756">price </span><span class="pp-class-237 pa t42087 l44609">per </span><span class="pp-class-237 pa t52741 l52757 ls1098">option </span><span class="pp-class-237 pa t52740 l52758">DKK</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52761 ls3124">339,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52762 ls15306">755,479</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52763 ls849">218,987</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52759 l52764 ls570">1,314,242</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l52765 ls11050">290.07</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52769 ls6270">-210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52770 ls3084">210,639</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52766 l52771">0</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l52772 ls1775">283.09</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l17929 ls2081">264,647</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l52776 ls2363">475,641</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52777 ls3292">151,728</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l52778 ls574">892,016</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l52779 ls8367">116.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls1661">Expired </span><span class="pp-class-236 pa t52780 l52781">during </span><span class="pp-class-236 pa t52780 l52782">the </span><span class="pp-class-236 pa t52780 l52783 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52784 ls546">-101,678</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52785 ls164">-142,481</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52786 ls2245">-166,916</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l52787 ls758">-411,075</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l52788 ls30">314.00</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52789 l52790">during </span><span class="pp-class-236 pa t52789 l52791">the </span><span class="pp-class-236 pa t52789 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52768">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52792">-</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52793 ls33">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52789 l52794 ls234">-181,407</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52789 l52795 ls18385">207.08</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l3">Outstanding </span><span class="pp-class-237 pa t52796 l52797 ls2222">at </span><span class="pp-class-237 pa t52796 l52798">31 </span><span class="pp-class-237 pa t52796 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52800 ls3351">502,745</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52801 ls4630">878,000</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52796 l52802 ls536">233,031</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52803 ls749">1,613,776</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52796 l52804 ls1054">197.65</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l3 ls8367">Of </span><span class="pp-class-236 pa t52805 l52806 ls2846">this </span><span class="pp-class-236 pa t52805 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52805 l52808 ls2813">at </span><span class="pp-class-236 pa t52805 l52809 ls7433">the </span><span class="pp-class-236 pa t52805 l52810 ls7433">end </span><span class="pp-class-236 pa t52805 l49165 ls3292">of </span><span class="pp-class-236 pa t52805 l52811 ls7433">the </span><span class="pp-class-236 pa t52805 l52812 ls6276">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l21565 ls13284">80,536</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52813 ls771">114,451</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52814 ls138">82,109</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52805 l41219 ls913">277,096</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52805 l52815 ls168">323.34</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52817"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52818"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52819"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l52820"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52816 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52821 l40478 ls811">202</span></a><span class="pp-class-236 pa t52821 l40952">4</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52822 l3">Number </span><span class="pp-class-236 pa t52822 l3212 ls118">of </span><span class="pp-class-236 pa t52822 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52742 ls212">Executive </span><span class="pp-class-237 pa t52822 l52743 ls227">Board</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52823 l52744 ls3084">Key </span><span class="pp-class-237 pa t52822 l52745 ls967">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52746 ls4787 wtro3142 wtr526 tro3144 tr528">Resigned</span><span class="pp-class-237 pa t52825 l52747 ls8775 wtro3142 wtr526 tro3144 tr528">Executive</span><span class="pp-class-237 pa t52826 l52748 ls884 wtro3142 wtr526 tro3144 tr528">Board </span><span class="pp-class-237 pa t52826 l52749 ls52750 wtro3142 wtr526 tro3144 tr528">mem-</span><span class="pp-class-237 pa t52823 l52751 ls2207 wtro3142 wtr526 tro3144 tr528">bers </span><span class="pp-class-237 pa t52823 l52752 ls98 wtro3142 wtr526 tro3144 tr528">and </span><span class="pp-class-237 pa t52822 l52753 ls1957 wtro3142 wtr526 tro3144 tr528">employees</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52822 l33898 ls3141">Total</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52824 l52754 ls8048">Average </span><span class="pp-class-237 pa t52825 l52755 ls551">exercise</span><span class="pp-class-237 pa t52826 l52756">price </span><span class="pp-class-237 pa t52826 l44609">per </span><span class="pp-class-237 pa t52823 l52757 ls1098">option </span><span class="pp-class-237 pa t52822 l52758">DKK</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52827 l37250 ls2368">at </span><span class="pp-class-236 pa t52827 l52760">1 </span><span class="pp-class-236 pa t52827 l40710 ls3289">January</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l28444 ls28039">417,534</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52828 ls572">552,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52829 ls184">153,263</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52827 l52830 ls592">1,123,604</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52827 l52831 ls847">315.93</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52832 l19346 ls1707">between </span><span class="pp-class-236 pa t52832 l52767 ls1031">categories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l34067 ls544">-128,040</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52833 ls1815">-20,442</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52834 ls2197">148,482</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52832 l52771">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52832 l52835 ls847">306.61</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l3 ls570">Granted </span><span class="pp-class-236 pa t52836 l52774">during </span><span class="pp-class-236 pa t52836 l52775">the </span><span class="pp-class-236 pa t52836 l28606 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l36528 ls667">113,932</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52837 ls773">292,783</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52838">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52836 l52839 ls2855">406,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52836 l52840 ls1775">238.00</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l3 ls1661">Expired </span><span class="pp-class-236 pa t52841 l52781">during </span><span class="pp-class-236 pa t52841 l52782">the </span><span class="pp-class-236 pa t52841 l52783 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52842 ls667">-63,650</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52843 ls847">-69,669</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52844 ls4807">-69,898</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52841 l52845 ls4793">-203,217</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52841 l52846 ls3540">330.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l3 ls227">Forfeited </span><span class="pp-class-236 pa t52847 l52790">during </span><span class="pp-class-236 pa t52847 l52791">the </span><span class="pp-class-236 pa t52847 l43964 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52768">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52792">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52848 ls184">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52847 l52849 ls1547">-12,860</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52847 l52850">261.25</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l3">Outstanding </span><span class="pp-class-237 pa t52851 l52797 ls2222">at </span><span class="pp-class-237 pa t52851 l52798">31 </span><span class="pp-class-237 pa t52851 l52799">December</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52852 ls3298">339,776</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52853 ls10811">775,479</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52854 ls179">218,987</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52764 ls570">1,314,242</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52851 l52855 ls13284">290.07</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l3 ls8367">Of </span><span class="pp-class-236 pa t52856 l52806 ls2846">this </span><span class="pp-class-236 pa t52856 l52807 ls11194">exercisable </span><span class="pp-class-236 pa t52856 l52808 ls2813">at </span><span class="pp-class-236 pa t52856 l52809 ls7433">the </span><span class="pp-class-236 pa t52856 l52810 ls7433">end </span><span class="pp-class-236 pa t52856 l49165 ls3292">of </span><span class="pp-class-236 pa t52856 l52811 ls7433">the </span><span class="pp-class-236 pa t52856 l52812 ls6276">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52857 ls11726">138,715</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52858 ls667">266,839</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52859 ls17762">167,595</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52856 l52860 ls556">573,149</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52856 l52861 ls2855">310.80</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52862 l3 ls651">The </span><span class="pp-class-236 pa t52862 l38379 ls706">share </span><span class="pp-class-236 pa t52862 l52722 ls546">options </span><span class="pp-class-236 pa t52862 l46193 ls2270">granted </span><span class="pp-class-236 pa t52862 l52863 ls811">in </span><span class="pp-class-236 pa t52862 l52864 ls2222">2025 </span><span class="pp-class-236 pa t52862 l52865 ls544">had </span><span class="pp-class-236 pa t52862 l52866 ls184">a </span><span class="pp-class-236 pa t52862 l45731 ls553">fair </span><span class="pp-class-236 pa t52862 l52867 ls2197">value </span><span class="pp-class-236 pa t52862 l52868 ls98">of </span><span class="pp-class-236 pa t52862 l52869 ls572">DKK </span><span class="pp-class-236 pa t52862 l52870 ls11961">17.4m </span><span class="pp-class-236 pa t52862 l52871 ls667">(2024: </span><span class="pp-class-236 pa t52862 l52872 ls651">DKK </span><span class="pp-class-236 pa t52862 l52873 ls4780">13.4m), </span><span class="pp-class-236 pa t52862 l52874 ls538">equal </span><span class="pp-class-236 pa t52862 l52875 ls538">to </span><span class="pp-class-236 pa t52862 l52876 ls811">an </span><span class="pp-class-236 pa t52862 l52877 ls2894">average </span><span class="pp-class-236 pa t52862 l52878 ls670">fair </span><span class="pp-class-236 pa t52879 l3 ls2197">value </span><span class="pp-class-236 pa t52879 l43398 ls651">per </span><span class="pp-class-236 pa t52879 l1403 ls179">option </span><span class="pp-class-236 pa t52879 l52880 ls98">of </span><span class="pp-class-236 pa t52879 l52881 ls572">DKK </span><span class="pp-class-236 pa t52879 l52882 ls17606">20.14 </span><span class="pp-class-236 pa t52879 l11436 ls667">(2024: </span><span class="pp-class-236 pa t52879 l11201 ls651">DKK </span><span class="pp-class-236 pa t52879 l52883 ls2846">33.03).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52884 l3 ls811">No </span><span class="pp-class-236 pa t52884 l40356 ls706">share </span><span class="pp-class-236 pa t52884 l45661 ls546">options </span><span class="pp-class-236 pa t52884 l36316 ls110">have </span><span class="pp-class-236 pa t52884 l52885 ls2222">been </span><span class="pp-class-236 pa t52884 l52886 ls2258">exercised </span><span class="pp-class-236 pa t52884 l36411 ls1764">during </span><span class="pp-class-236 pa t52884 l52887 ls2222">2025 </span><span class="pp-class-236 pa t52884 l52888 ls667">(2024: </span><span class="pp-class-236 pa t52884 l52889 ls2222">nil).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t52890 l3 ls1747 wtro3142 wtr1091 tro3144 tr1093">Vesting </span><span class="pp-class-236 pa t52890 l52891 ls118 wtro3142 wtr1091 tro3144 tr1093">of </span><span class="pp-class-236 pa t52890 l41235 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52890 l52892 ls13 wtro3142 wtr1091 tro3144 tr1093">options </span><span class="pp-class-236 pa t52890 l52893 wtro3142 wtr1091 tro3144 tr1093">is </span><span class="pp-class-236 pa t52890 l52894 ls203 wtro3142 wtr1091 tro3144 tr1093">expensed </span><span class="pp-class-236 pa t52890 l52895 wtro3142 wtr1091 tro3144 tr1093">in </span><span class="pp-class-236 pa t52890 l52896 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52890 l52897 wtro3142 wtr1091 tro3144 tr1093">income </span><span class="pp-class-236 pa t52890 l52898 ls73 wtro3142 wtr1091 tro3144 tr1093">statement </span><span class="pp-class-236 pa t52890 l52899 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52890 l52900 wtro3142 wtr1091 tro3144 tr1093">2025 </span><span class="pp-class-236 pa t52890 l52901 wtro3142 wtr1091 tro3144 tr1093">with </span><span class="pp-class-236 pa t52890 l52902 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52903 ls26 wtro3142 wtr1091 tro3144 tr1093">11m </span><span class="pp-class-236 pa t52890 l52904 ls685 wtro3142 wtr1091 tro3144 tr1093">(2024: </span><span class="pp-class-236 pa t52890 l52905 wtro3142 wtr1091 tro3144 tr1093">DKK </span><span class="pp-class-236 pa t52890 l52906 ls138 wtro3142 wtr1091 tro3144 tr1093">10m). </span><span class="pp-class-236 pa t52890 l52907 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l3 ls135 wtro3142 wtr1091 tro3144 tr1093">calculated </span><span class="pp-class-236 pa t52908 l52909 ls1031 wtro3142 wtr1091 tro3144 tr1093">fair </span><span class="pp-class-236 pa t52908 l52910 ls1024 wtro3142 wtr1091 tro3144 tr1093">values </span><span class="pp-class-236 pa t52908 l52911 ls80 wtro3142 wtr1091 tro3144 tr1093">are </span><span class="pp-class-236 pa t52908 l52912 wtro3142 wtr1091 tro3144 tr1093">based </span><span class="pp-class-236 pa t52908 l52913 wtro3142 wtr1091 tro3144 tr1093">on </span><span class="pp-class-236 pa t52908 l52914 wtro3142 wtr1091 tro3144 tr1093">the </span><span class="pp-class-236 pa t52908 l52915 ls234 wtro3142 wtr1091 tro3144 tr1093">Black-Scholes </span><span class="pp-class-236 pa t52908 l52916 ls85 wtro3142 wtr1091 tro3144 tr1093">formula </span><span class="pp-class-236 pa t52908 l52917 ls19 wtro3142 wtr1091 tro3144 tr1093">for </span><span class="pp-class-236 pa t52908 l52918 wtro3142 wtr1091 tro3144 tr1093">measuring </span><span class="pp-class-236 pa t52908 l52919 ls106 wtro3142 wtr1091 tro3144 tr1093">share </span><span class="pp-class-236 pa t52908 l52920 ls1535 wtro3142 wtr1091 tro3144 tr1093">options. </span><span class="pp-class-236 pa t52908 l52921 ls26 wtro3142 wtr1091 tro3144 tr1093">The </span><span class="pp-class-236 pa t52908 l52922 ls101 wtro3142 wtr1091 tro3144 tr1093">outstanding </span><span class="pp-class-236 pa t52923 l3 ls4787 wtro3142 wtr3143 tro3144 tr3145">options </span><span class="pp-class-236 pa t52923 l52924 ls590 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t52923 l52925 ls590 wtro3142 wtr3143 tro3144 tr3145">31 </span><span class="pp-class-236 pa t52923 l52926 ls4630 wtro3142 wtr3143 tro3144 tr3145">December </span><span class="pp-class-236 pa t52923 l52927 ls558 wtro3142 wtr3143 tro3144 tr3145">2025 </span><span class="pp-class-236 pa t52923 l47237 ls3154 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t52923 l52928 ls590 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t52923 l52929 ls17589 wtro3142 wtr3143 tro3144 tr3145">average </span><span class="pp-class-236 pa t52923 l52930 ls2687 wtro3142 wtr3143 tro3144 tr3145">weighted </span><span class="pp-class-236 pa t52923 l52931 ls849 wtro3142 wtr3143 tro3144 tr3145">remaining </span><span class="pp-class-236 pa t52923 l52932 ls110 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t52923 l52933 ls558 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t52923 l52934 ls995 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t52923 l52935 ls1957 wtro3142 wtr3143 tro3144 tr3145">3.2 </span><span class="pp-class-236 pa t52923 l52936 ls884 wtro3142 wtr3143 tro3144 tr3145">years </span><span class="pp-class-236 pa t52923 l52937 ls2808 wtro3142 wtr3143 tro3144 tr3145">(2024: </span><span class="pp-class-236 pa t52923 l52938 ls530 wtro3142 wtr3143 tro3144 tr3145">2.2 </span><span class="pp-class-236 pa t52923 l52939 ls847 wtro3142 wtr3143 tro3144 tr3145">years).</span></p></div></div><div id="pp-id-5431" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h52941 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span><span class="pp-class-235 pa t1122 l52942"/><span class="pp-class-235 pa t1122 l52943 ls938">(continued)</span></p><table xmlns="http://www.w3.org/1999/xhtml"><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3 ls91">Assumptions </span><span class="pp-class-236 pa t37084 l52944">concerning </span><span class="pp-class-236 pa t37084 l17969">the </span><span class="pp-class-236 pa t37084 l52945 ls85">calculation </span><span class="pp-class-236 pa t37084 l52946 ls118">of </span><span class="pp-class-236 pa t37084 l52947 ls1031">fair </span><span class="pp-class-236 pa t37084 l52948 ls129">value </span><span class="pp-class-236 pa t37084 l52949 ls2368">at </span><span class="pp-class-236 pa t37084 l36502">time </span><span class="pp-class-236 pa t37084 l52950 ls118">of </span><span class="pp-class-236 pa t37084 l52951 ls252">grant:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52952 l3 ls3167">Year </span><span class="pp-class-237 pa t52952 l52953">of </span><span class="pp-class-237 pa t52952 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52955 ls181">Exercise </span><span class="pp-class-237 pa t52952 l28077">price</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52957 ls2368">Market </span><span class="pp-class-237 pa t52954 l52958">price </span><span class="pp-class-237 pa t52954 l52959 ls2222">at </span><span class="pp-class-237 pa t52952 l41518 ls1790">grant </span><span class="pp-class-237 pa t52952 l52960 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52961 ls118">Expected </span><span class="pp-class-237 pa t52952 l52962 ls875">volatility</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52956 l52963 ls661">Risk-free </span><span class="pp-class-237 pa t52954 l52964 ls113">interest </span><span class="pp-class-237 pa t52952 l52965 ls4248">rate</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37088 l52966 ls118">Expected </span><span class="pp-class-237 pa t52967 l52968">annual</span><span class="pp-class-237 pa t52969 l52970">dividends </span><span class="pp-class-237 pa t52956 l52971">per </span><span class="pp-class-237 pa t52956 l52972 ls108">share </span><span class="pp-class-237 pa t52954 l52973">(DKK) </span><span class="pp-class-237 pa t52954 l52974 ls2222">at </span><span class="pp-class-237 pa t52952 l52975 ls1790">grant </span><span class="pp-class-237 pa t52952 l52976 ls967">date</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52954 l52977 ls118">Expected </span><span class="pp-class-237 pa t52952 l52978">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52969 l52979 ls1535">Fair </span><span class="pp-class-237 pa t52969 l52980 ls106">value </span><span class="pp-class-237 pa t52956 l52981">per </span><span class="pp-class-237 pa t52956 l52982 ls1098">option </span><span class="pp-class-237 pa t52954 l52983 ls2222">at </span><span class="pp-class-237 pa t52954 l52984">time </span><span class="pp-class-237 pa t52954 l52985">of </span><span class="pp-class-237 pa t52952 l52986 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l3">2025</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52988 ls1547">116</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l50106 ls621">103.30</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52989 ls131">34.38%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52990 ls98">1.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52991 ls2207">1.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52987 l52992">3 </span><span class="pp-class-236 pa t52987 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52987 l52994 ls3139">20</span><a><span class="pp-class-236 pa t52987 l52995">.</span></a><span class="pp-class-236 pa t52987 l52996 ls696">14</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52998">238</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52999 ls8468">217.60</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53000 ls1775">33.06%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53001 ls664">2.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53002 ls3351">9.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l52992">3 </span><span class="pp-class-236 pa t52997 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52997 l53003 ls2081">33.03</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53005">292</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l21898 ls5202">269.40</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53006 ls1775">38.66%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l45063 ls2924">2.79%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53007 ls3197">9.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l52992">3 </span><span class="pp-class-236 pa t53004 l52993 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53004 l53008 ls8384">55.59</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l3">2022</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l1408">344</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53010 ls9737">307.20 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l7478 ls651">34.60%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53011 ls544">-0.19%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53012 ls995">12.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53013"/><span class="pp-class-236 pa t53009 l52992">3 </span><span class="pp-class-236 pa t53009 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53009 l53014 ls131">41.38 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l3">2021</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53016">301</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53017 ls572">271.00 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53018 ls1574">34.81%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l49381 ls13284">-0.55%</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53019 ls3154">6.33</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53013"/><span class="pp-class-236 pa t53015 l52992">3 </span><span class="pp-class-236 pa t53015 l52993 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53015 l53020 ls651">42.66 </span></a></p></td></tr></table><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53021 l3 ls651">The </span><span class="pp-class-236 pa t53021 l38379 ls5781">expected </span><span class="pp-class-236 pa t53021 l53022 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53023 ls553">for </span><span class="pp-class-236 pa t53021 l53024 ls2222">2021 </span><span class="pp-class-236 pa t53021 l9944 ls538">to </span><span class="pp-class-236 pa t53021 l17891 ls2222">2025 </span><span class="pp-class-236 pa t53021 l18471 ls811">is </span><span class="pp-class-236 pa t53021 l53025 ls538">based </span><span class="pp-class-236 pa t53021 l53026 ls811">on </span><span class="pp-class-236 pa t53021 l53027 ls651">the </span><span class="pp-class-236 pa t53021 l53028 ls179">historical </span><span class="pp-class-236 pa t53021 l53029 ls2197">volatility </span><span class="pp-class-236 pa t53021 l53030 ls553">for </span><span class="pp-class-236 pa t53021 l53031 ls651">the </span><span class="pp-class-236 pa t53021 l53032 ls2222">past </span><span class="pp-class-236 pa t53021 l53033 ls706">three </span><span class="pp-class-236 pa t53021 l53034 ls758">years. </span><span class="pp-class-236 pa t53021 l53035 ls651">The </span><span class="pp-class-236 pa t53021 l53036 ls9950">risk-</span><span class="pp-class-236 pa t53037 l3 ls877">free </span><span class="pp-class-236 pa t53037 l53038 ls706">interest </span><span class="pp-class-236 pa t53037 l53039 ls8384">rate </span><span class="pp-class-236 pa t53037 l38493 ls811">is </span><span class="pp-class-236 pa t53037 l53040 ls538">based </span><span class="pp-class-236 pa t53037 l31083 ls811">on </span><span class="pp-class-236 pa t53037 l2269 ls630">three-year </span><span class="pp-class-236 pa t53037 l53041 ls1764">Danish </span><span class="pp-class-236 pa t53037 l53042 ls1463">government </span><span class="pp-class-236 pa t53037 l44375 ls538">bonds.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53043 l3 ls524">Restricted </span><span class="pp-class-237 pa t53043 l53044 ls538">Stock </span><span class="pp-class-237 pa t53043 l6595 ls538">Units </span><span class="pp-class-237 pa t53043 l48333 ls995">(RSUs)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53045 l3 ls1369">RSUs </span><span class="pp-class-236 pa t53045 l53046 ls110">have </span><span class="pp-class-236 pa t53045 l17150 ls2222">been </span><span class="pp-class-236 pa t53045 l2944 ls2270">granted </span><span class="pp-class-236 pa t53045 l53047 ls538">to </span><span class="pp-class-236 pa t53045 l14182 ls651">the </span><span class="pp-class-236 pa t53045 l17183 ls4558">Executive </span><span class="pp-class-236 pa t53045 l46737 ls706">Board </span><span class="pp-class-236 pa t53045 l53048 ls651">and </span><span class="pp-class-236 pa t53045 l53049 ls4284">key </span><span class="pp-class-236 pa t53045 l53050 ls7086">employees. </span><span class="pp-class-236 pa t53045 l53051 ls3855">Each </span><span class="pp-class-236 pa t53045 l53052 ls2222">RSU </span><span class="pp-class-236 pa t53045 l53053 ls838">gives </span><span class="pp-class-236 pa t53045 l53054 ls651">the </span><span class="pp-class-236 pa t53045 l53055 ls1764">holder </span><span class="pp-class-236 pa t53045 l53056 ls184">a </span><span class="pp-class-236 pa t53045 l53057 ls536">right </span><span class="pp-class-236 pa t53045 l53058 ls184">to </span><span class="pp-class-236 pa t53059 l3 ls4017">receive </span><span class="pp-class-236 pa t53059 l53060 ls651">one </span><span class="pp-class-236 pa t53059 l53061 ls3855">existing </span><span class="pp-class-236 pa t53059 l53062 ls706">share </span><span class="pp-class-236 pa t53059 l53063 ls811">in </span><span class="pp-class-236 pa t53059 l53064 ls651">the </span><span class="pp-class-236 pa t53059 l53065 ls2687">Parent </span><span class="pp-class-236 pa t53059 l53066 ls551">company </span><span class="pp-class-236 pa t53059 l53067 ls98">of </span><span class="pp-class-236 pa t53059 l53068 ls2036">nominal </span><span class="pp-class-236 pa t53059 l53069 ls572">DKK </span><span class="pp-class-236 pa t53059 l53070 ls811">20 </span><span class="pp-class-236 pa t53059 l53071 ls2222">when </span><span class="pp-class-236 pa t53059 l47418 ls572">the </span><span class="pp-class-236 pa t53059 l53072 ls630">three-year </span><span class="pp-class-236 pa t53059 l53073 ls1780">vesting </span><span class="pp-class-236 pa t53059 l53074 ls1764">period </span><span class="pp-class-236 pa t53059 l53075 ls184">has </span><span class="pp-class-236 pa t53076 l3 ls1751">elapsed. </span><span class="pp-class-236 pa t53076 l40179 ls651">The </span><span class="pp-class-236 pa t53076 l27305 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l46140 ls538">equal </span><span class="pp-class-236 pa t53076 l53077 ls184">a </span><span class="pp-class-236 pa t53076 l53078 ls536">right </span><span class="pp-class-236 pa t53076 l48745 ls538">to </span><span class="pp-class-236 pa t53076 l53079 ls4017">receive </span><span class="pp-class-236 pa t53076 l53080 ls1173">0.60% </span><span class="pp-class-236 pa t53076 l53081 ls667">(2024: </span><span class="pp-class-236 pa t53076 l53082 ls13284">0.28%) </span><span class="pp-class-236 pa t53076 l53083 ls98">of </span><span class="pp-class-236 pa t53076 l45236 ls572">the </span><span class="pp-class-236 pa t53076 l53084 ls706">share </span><span class="pp-class-236 pa t53076 l53085 ls524">capital </span><span class="pp-class-236 pa t53076 l53086 ls811">if </span><span class="pp-class-236 pa t53076 l53087 ls572">all </span><span class="pp-class-236 pa t53076 l53088 ls8048">remaining </span><span class="pp-class-236 pa t53076 l53089 ls1369">RSUs </span><span class="pp-class-236 pa t53076 l53090 ls667">are </span><span class="pp-class-236 pa t53091 l3 ls299">transferred. </span><span class="pp-class-236 pa t53091 l41790 ls4017">Vesting </span><span class="pp-class-236 pa t53091 l53092 ls98">of </span><span class="pp-class-236 pa t53091 l53093 ls1369">RSUs </span><span class="pp-class-236 pa t53091 l53094 ls811">is </span><span class="pp-class-236 pa t53091 l53095 ls3855">expensed </span><span class="pp-class-236 pa t53091 l53096 ls811">in </span><span class="pp-class-236 pa t53091 l53097 ls651">the </span><span class="pp-class-236 pa t53091 l53098 ls1764">income </span><span class="pp-class-236 pa t53091 l53099 ls556">statement </span><span class="pp-class-236 pa t53091 l53100 ls553">for </span><span class="pp-class-236 pa t53091 l44226 ls2222">2025 </span><span class="pp-class-236 pa t53091 l53101 ls2222">with </span><span class="pp-class-236 pa t53091 l44499 ls572">DKK </span><span class="pp-class-236 pa t53091 l53102 ls651">15m </span><span class="pp-class-236 pa t53091 l53103 ls667">(2024: </span><span class="pp-class-236 pa t53091 l53104 ls572">DKK </span><span class="pp-class-236 pa t53091 l53105 ls2222">13m).</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53106 l3 ls651">The </span><span class="pp-class-236 pa t53106 l38379 ls1764">number </span><span class="pp-class-236 pa t53106 l37741 ls98">of </span><span class="pp-class-236 pa t53106 l53107 ls1369">RSUs </span><span class="pp-class-236 pa t53106 l53108 ls2270">granted </span><span class="pp-class-236 pa t53106 l28433 ls811">in </span><span class="pp-class-236 pa t53106 l14604 ls2222">2021 </span><span class="pp-class-236 pa t53106 l53109 ls651">and </span><span class="pp-class-236 pa t53106 l27353 ls556">later </span><span class="pp-class-236 pa t53106 l53110 ls811">is </span><span class="pp-class-236 pa t53106 l53111 ls538">based </span><span class="pp-class-236 pa t53106 l43468 ls811">on </span><span class="pp-class-236 pa t53106 l53112 ls651">the </span><span class="pp-class-236 pa t53106 l53113 ls2894">average </span><span class="pp-class-236 pa t53106 l50446 ls706">share </span><span class="pp-class-236 pa t53106 l53114 ls538">price </span><span class="pp-class-236 pa t53106 l53115 ls98">of </span><span class="pp-class-236 pa t53106 l53116 ls651">the </span><span class="pp-class-236 pa t53106 l53117 ls6270">Parent </span><span class="pp-class-236 pa t53106 l53118 ls3855">company’s </span><span class="pp-class-236 pa t53119 l3 ls2197">shares </span><span class="pp-class-236 pa t53119 l53120 ls8048">five </span><span class="pp-class-236 pa t53119 l28037 ls2245">days </span><span class="pp-class-236 pa t53119 l31178 ls168">after </span><span class="pp-class-236 pa t53119 l53121 ls651">the </span><span class="pp-class-236 pa t53119 l53122 ls556">release </span><span class="pp-class-236 pa t53119 l44221 ls98">of </span><span class="pp-class-236 pa t53119 l53123 ls651">the </span><span class="pp-class-236 pa t53119 l53124 ls811">Q4 </span><span class="pp-class-236 pa t53119 l53125 ls949">report.</span></p></div></div><div id="pp-id-5432" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h53126 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l40370">202</span></a><span class="pp-class-237 pa t283 l40371">5</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52740 l3">Number </span><span class="pp-class-236 pa t52740 l3212 ls118">of </span><span class="pp-class-236 pa t52740 l3213 ls106">shares</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53127 ls212">Executive </span><span class="pp-class-237 pa t52740 l53128 ls227">Board</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52741 l53129 ls3084">Key </span><span class="pp-class-237 pa t52740 l53130 ls967">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t42087 l53131">Other </span><span class="pp-class-237 pa t52741 l53132 ls781">managerial</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l53133 ls19">staff</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t27896 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t42088 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t42087 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t42087 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t52741 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t52741 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t52740 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52740 l40379 ls3141">Total</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l3 ls101">Outstanding </span><span class="pp-class-236 pa t52759 l37250 ls2368">at </span><span class="pp-class-236 pa t52759 l52760">1 </span><span class="pp-class-236 pa t52759 l40710 ls3289">January</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52759 l53141">32</span><a><span class="pp-class-236 pa t52759 l53142 ls37163">,</span></a><span class="pp-class-236 pa t52759 l53143">532</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53144 ls2260">79,571</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53145 ls536">42,807</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52759 l53146 ls3298">7,283</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52759 l53147 ls113">162,</span></a><span class="pp-class-237 pa t52759 l53148">193</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52766 l3 ls4793">Transferred </span><span class="pp-class-236 pa t52766 l19346 ls1707">between </span><span class="pp-class-236 pa t52766 l52767 ls1031">categories</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53150 ls80">-22,602</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53151 ls13284">-9,556</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52766 l53152">32,158</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t52766 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52773 l3 ls570">Granted </span><span class="pp-class-236 pa t52773 l52774">during </span><span class="pp-class-236 pa t52773 l52775">the </span><span class="pp-class-236 pa t52773 l28606 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53154 ls53155">50,747</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53156 ls2855">90,913</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53157 ls2565">50,852</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52773 l53158 ls2270">38,546</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52773 l53159">231</span><a><span class="pp-class-237 pa t52773 l53160 ls27249">,</span></a><span class="pp-class-237 pa t52773 l53161">058</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t52780 l3 ls98">Vested </span><span class="pp-class-236 pa t52780 l46216">in </span><span class="pp-class-236 pa t52780 l53162">period</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53163 ls11625">-5,748</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53164 ls1775">-8,050</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t52780 l53166 ls847">-6,659</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t52780 l53167 ls5202">-20</span><a><span class="pp-class-237 pa t52780 l53168 ls3292">,</span></a><span class="pp-class-237 pa t52780 l41896 ls1780">457</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53169 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53169 l52790">during </span><span class="pp-class-236 pa t53169 l52791">the </span><span class="pp-class-236 pa t53169 l43964 ls1133">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53169 l53171 ls80">-36,282</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53169 l53172 ls995">-36</span><a><span class="pp-class-237 pa t53169 l53173">,</span></a><span class="pp-class-237 pa t53169 l53174">282</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l3">Outstanding </span><span class="pp-class-237 pa t53175 l52797 ls2222">at </span><span class="pp-class-237 pa t53175 l52798">31 </span><span class="pp-class-237 pa t53175 l52799">December</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53176 ls53177">77</span><a><span class="pp-class-237 pa t53175 l53178 ls1780">,53</span></a><span class="pp-class-237 pa t53175 l53179">1</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53180 ls5202">139</span><a><span class="pp-class-237 pa t53175 l53181 ls2260">,</span></a><span class="pp-class-237 pa t53175 l53182">832</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53183">84</span><a><span class="pp-class-237 pa t53175 l53184">,</span></a><span class="pp-class-237 pa t53175 l53185 ls814">103</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53175 l53186 ls3298">35,</span></a><span class="pp-class-237 pa t53175 l53187">046</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t53175 l53188 ls995">336</span><a><span class="pp-class-237 pa t53175 l43048 ls3121">,</span></a><span class="pp-class-237 pa t53175 l52355">512</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53189 l3 ls811">Of </span><span class="pp-class-236 pa t53189 l53190 ls2222">this </span><span class="pp-class-236 pa t53189 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53189 l53191 ls2197">at </span><span class="pp-class-236 pa t53189 l10531 ls651">the </span><span class="pp-class-236 pa t53189 l44346 ls651">end </span><span class="pp-class-236 pa t53189 l50467 ls98">of </span><span class="pp-class-236 pa t53189 l53192 ls651">the </span><span class="pp-class-236 pa t53189 l53193 ls556">year</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53149">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53170">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l53165">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53189 l43124">-</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53189 l53153">0</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l3"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l19268"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l53195"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l43090"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53194 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53196 l40478 ls184">2024</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53197 l3">Number </span><span class="pp-class-236 pa t53197 l3212 ls118">of </span><span class="pp-class-236 pa t53197 l3213 ls106">shares</span></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53127 ls212">Executive </span><span class="pp-class-237 pa t53197 l53128 ls227">Board</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53198 l53129 ls3084">Key </span><span class="pp-class-237 pa t53197 l53130 ls967">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53199 l53131">Other </span><span class="pp-class-237 pa t53198 l53132 ls781">managerial</span></a></p><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l53133 ls19">staff</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53200 l53134 ls4787 wtro3142 wtr3143 tro3144 tr3145">Resigned</span><span class="pp-class-237 pa t53201 l53135 ls8775 wtro3142 wtr3143 tro3144 tr3145">Executive</span><span class="pp-class-237 pa t53199 l53136 ls884 wtro3142 wtr3143 tro3144 tr3145">Board </span><span class="pp-class-237 pa t53199 l53137 ls630 wtro3142 wtr3143 tro3144 tr3145">mem-</span><span class="pp-class-237 pa t53198 l53138 ls2207 wtro3142 wtr3143 tro3144 tr3145">bers </span><span class="pp-class-237 pa t53198 l53139 ls98 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-237 pa t53197 l53140 ls1957 wtro3142 wtr3143 tro3144 tr3145">employees</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53197 l40379 ls3141">Total</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l3 ls101">Outstanding </span><span class="pp-class-236 pa t53202 l37250 ls2368">at </span><span class="pp-class-236 pa t53202 l52760">1 </span><span class="pp-class-236 pa t53202 l40710 ls3289">January</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53203 ls1775">29,124</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53204 ls2855">49,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53205 ls2270">20,207</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53202 l53206 ls17679">2,647</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53202 l53207 ls574">101,600</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l3 ls4793">Transferred </span><span class="pp-class-236 pa t53208 l19346 ls1707">between </span><span class="pp-class-236 pa t53208 l52767 ls1031">categories</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53209 ls651">-5,112</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53210 ls168">-3,361</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53211 ls39890">-5,707</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53208 l53212 ls106">14,180</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53208 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l3 ls570">Granted </span><span class="pp-class-236 pa t53213 l52774">during </span><span class="pp-class-236 pa t53213 l52775">the </span><span class="pp-class-236 pa t53213 l28606 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53214 ls53215">17,364</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53216 ls651">44,622</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l53217 ls1815">28,307</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53213 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53213 l53218 ls35">90,293</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3 ls98">Vested </span><span class="pp-class-236 pa t53219 l46216">in </span><span class="pp-class-236 pa t53219 l53162">period</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l3910 ls2889">-8,844</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53220 ls129">-11,312</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53219 l53221 ls651">-2,009</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53219 l53222 ls781">-22,165</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l3 ls227">Forfeited </span><span class="pp-class-236 pa t53223 l52790">during </span><span class="pp-class-236 pa t53223 l52791">the </span><span class="pp-class-236 pa t53223 l43964 ls1133">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53223 l53224 ls2363">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53223 l53225 ls30818">-7,535</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l3">Outstanding </span><span class="pp-class-237 pa t53226 l52797 ls2222">at </span><span class="pp-class-237 pa t53226 l52798">31 </span><span class="pp-class-237 pa t53226 l52799">December</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53227 ls1747">32,532</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53228 ls7832">79,571</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53229 ls811">42,807</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53230 ls30681">7,283</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53226 l53147 ls781">162,193</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l3 ls811">Of </span><span class="pp-class-236 pa t53231 l53190 ls2222">this </span><span class="pp-class-236 pa t53231 l45206 ls5202">exercisable </span><span class="pp-class-236 pa t53231 l53191 ls2197">at </span><span class="pp-class-236 pa t53231 l10531 ls651">the </span><span class="pp-class-236 pa t53231 l44346 ls651">end </span><span class="pp-class-236 pa t53231 l50467 ls98">of </span><span class="pp-class-236 pa t53231 l53192 ls651">the </span><span class="pp-class-236 pa t53231 l53193 ls556">year</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53149">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53170">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l53165">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-236 pa t53231 l43124">-</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><a><span class="pp-class-237 pa t53231 l53153">0</span></a></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l3"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l19268"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l53195"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l43090"/></p></div><div xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53232 l44871"/></p></div></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53233 l3 ls3167">Year </span><span class="pp-class-237 pa t53233 l52953">of </span><span class="pp-class-237 pa t53233 l14614 ls1661">grant</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53234 l53235 ls118">Expected </span><span class="pp-class-237 pa t53233 l53236">term</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t53237 l53238 ls1535">Fair </span><span class="pp-class-237 pa t53237 l53239 ls106">value </span><span class="pp-class-237 pa t53240 l53241">per </span><span class="pp-class-237 pa t53240 l53242 ls108">share </span><span class="pp-class-237 pa t53234 l53243 ls2222">at </span><span class="pp-class-237 pa t53234 l53244">time </span><span class="pp-class-237 pa t53234 l53245">of </span><span class="pp-class-237 pa t53233 l53246 ls135">granting</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53247 l3">202</span></a><span class="pp-class-236 pa t53247 l53248">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53249">3 </span><span class="pp-class-236 pa t53247 l53250 ls833">years</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t53247 l53251 ls7832">105</span><a><span class="pp-class-236 pa t53247 l53252 ls28280">.</span></a><span class="pp-class-236 pa t53247 l44893">03</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l3 ls184">2024</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53249">3 </span><span class="pp-class-236 pa t53253 l53250 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53253 l53254 ls1054">216.72</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l3">2023</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53256"/><span class="pp-class-236 pa t53255 l53249">3 </span><span class="pp-class-236 pa t53255 l53250 ls73">years </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t53255 l53257 ls1687">265.42</span></a></p></td></tr></table></div></div><div id="pp-id-5408" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h47481 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls3351">5.3 </span><span class="pp-class-234 pa t1122 l38307 ls197">Share </span><span class="pp-class-234 pa t1122 l52509">based </span><span class="pp-class-234 pa t1122 l52510 ls2222">payment</span><span class="pp-class-235 pa t1122 l52942"/><span class="pp-class-235 pa t1122 l52943 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls12490">Employee </span><span class="pp-class-237 pa t40114 l53259 ls30">recognition</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls811">In </span><span class="pp-class-236 pa t40125 l38573 ls1751">December </span><span class="pp-class-236 pa t40125 l27258 ls2222">2020 </span><span class="pp-class-236 pa t40125 l53260 ls811">up </span><span class="pp-class-236 pa t40125 l7381 ls538">to </span><span class="pp-class-236 pa t40125 l53261 ls811">50 </span><span class="pp-class-236 pa t40125 l53262 ls2197">shares </span><span class="pp-class-236 pa t40125 l14616 ls877">free </span><span class="pp-class-236 pa t40125 l47330 ls98">of </span><span class="pp-class-236 pa t40125 l44209 ls2197">charge </span><span class="pp-class-236 pa t40125 l53263 ls2258">were </span><span class="pp-class-236 pa t40125 l53264 ls1882">awarded </span><span class="pp-class-236 pa t40125 l53265 ls538">to </span><span class="pp-class-236 pa t40125 l53266 ls544">each </span><span class="pp-class-236 pa t40125 l53267 ls1815">employee. </span><span class="pp-class-236 pa t40125 l53268 ls651">The </span><span class="pp-class-236 pa t40125 l53269 ls2197">shares </span><span class="pp-class-236 pa t40125 l53270 ls110">have </span><span class="pp-class-236 pa t40125 l53271 ls168">vested </span><span class="pp-class-236 pa t40137 l3 ls3234">over </span><span class="pp-class-236 pa t40137 l45566 ls184">a </span><span class="pp-class-236 pa t40137 l33895 ls630">three-year </span><span class="pp-class-236 pa t40137 l53272 ls1764">period </span><span class="pp-class-236 pa t40137 l53273 ls877">from </span><span class="pp-class-236 pa t40137 l24654 ls534">January </span><span class="pp-class-236 pa t40137 l28306 ls2222">2021 </span><span class="pp-class-236 pa t40137 l53274 ls538">to </span><span class="pp-class-236 pa t40137 l39207 ls1751">December </span><span class="pp-class-236 pa t40137 l53275 ls2222">2023 </span><span class="pp-class-236 pa t40137 l53276 ls811">on </span><span class="pp-class-236 pa t40137 l53277 ls184">a </span><span class="pp-class-236 pa t40137 l49951 ls4276">straight-line </span><span class="pp-class-236 pa t40137 l53278 ls1764">basis. </span><span class="pp-class-236 pa t40137 l53279 ls847">Only </span><span class="pp-class-236 pa t40137 l53280 ls8048">employees </span><span class="pp-class-236 pa t40150 l3 ls1780">working </span><span class="pp-class-236 pa t40150 l53281 ls556">through </span><span class="pp-class-236 pa t40150 l17133 ls651">the </span><span class="pp-class-236 pa t40150 l53282 ls2222">full </span><span class="pp-class-236 pa t40150 l53283 ls1780">vesting </span><span class="pp-class-236 pa t40150 l53284 ls1764">period </span><span class="pp-class-236 pa t40150 l53285 ls2258">were </span><span class="pp-class-236 pa t40150 l53286 ls4248">entitled </span><span class="pp-class-236 pa t40150 l53287 ls538">to </span><span class="pp-class-236 pa t40150 l53288 ls651">the </span><span class="pp-class-236 pa t40150 l53289 ls548">shares. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47589 l3 ls1764">During </span><span class="pp-class-236 pa t47589 l52172 ls556">2024 </span><span class="pp-class-236 pa t47589 l23092 ls651">the </span><span class="pp-class-236 pa t47589 l53290 ls2222">last </span><span class="pp-class-236 pa t47589 l53291 ls3351">69,490 </span><span class="pp-class-236 pa t47589 l14197 ls2197">shares </span><span class="pp-class-236 pa t47589 l53292 ls110">have </span><span class="pp-class-236 pa t47589 l53293 ls2222">been </span><span class="pp-class-236 pa t47589 l4948 ls299">transferred. </span><span class="pp-class-236 pa t47589 l53294 ls4017">Vesting </span><span class="pp-class-236 pa t47589 l53295 ls98">of </span><span class="pp-class-236 pa t47589 l53296 ls2197">shares </span><span class="pp-class-236 pa t47589 l53297 ls553">for </span><span class="pp-class-236 pa t47589 l53298 ls556">2024 </span><span class="pp-class-236 pa t47589 l53299 ls556">was </span><span class="pp-class-236 pa t47589 l53300 ls811">an </span><span class="pp-class-236 pa t47589 l53301 ls548">expense </span><span class="pp-class-236 pa t40167 l3 ls98">of </span><span class="pp-class-236 pa t40167 l39273 ls651">DKK </span><span class="pp-class-236 pa t40167 l53302 ls811">3m.</span></p><div id="pp-id-5433"><div class="w37074 h53303 pa t2 l3 wtro4 xx5 tro6 xx7"/></div></div></div><div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div> <div class="pp-class-10" id="pp-id-5435" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5434"><div class="pp-class-227 pp-class-256" id="pp-id-5367"><div class="w40752 h47334 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls706">Group </span><span class="pp-class-236 pa t40754 l1995 ls651">has </span><span class="pp-class-236 pa t40754 l44520 ls4248">set </span><span class="pp-class-236 pa t40754 l53304 ls811">up </span><span class="pp-class-236 pa t40754 l53305 ls4630">equity-settled </span><span class="pp-class-236 pa t40754 l44880 ls706">share </span><span class="pp-class-236 pa t40754 l24627 ls179">option </span><span class="pp-class-236 pa t40754 l53306 ls538">plans </span><span class="pp-class-236 pa t40754 l53307 ls572">and </span><span class="pp-class-236 pa t40754 l53308 ls590">RSUs. </span><span class="pp-class-236 pa t40754 l53309 ls913">Treasury </span><span class="pp-class-236 pa t40754 l53310 ls2197">shares </span><span class="pp-class-236 pa t40754 l39863 ls2808">are </span><span class="pp-class-236 pa t40754 l53311 ls2222">used </span><span class="pp-class-236 pa t40754 l53312 ls553">for </span><span class="pp-class-236 pa t40754 l53313 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls706">share </span><span class="pp-class-236 pa t40763 l53314 ls179">option </span><span class="pp-class-236 pa t40763 l37927 ls538">plans </span><span class="pp-class-236 pa t40763 l18022 ls651">and </span><span class="pp-class-236 pa t40763 l53315 ls651">the </span><span class="pp-class-236 pa t40763 l14993 ls590">RSUs. </span><span class="pp-class-236 pa t40763 l53316 ls651">The </span><span class="pp-class-236 pa t40763 l53317 ls2197">value </span><span class="pp-class-236 pa t40763 l53318 ls98">of </span><span class="pp-class-236 pa t40763 l53319 ls572">services </span><span class="pp-class-236 pa t40763 l53320 ls2245">received </span><span class="pp-class-236 pa t40763 l43229 ls811">in </span><span class="pp-class-236 pa t40763 l53321 ls11713">exchange </span><span class="pp-class-236 pa t40763 l53322 ls553">for </span><span class="pp-class-236 pa t40763 l53323 ls2270">granted </span><span class="pp-class-236 pa t40763 l53324 ls706">share </span><span class="pp-class-236 pa t40763 l53325 ls811">based </span><span class="pp-class-236 pa t40775 l3 ls3855">payment </span><span class="pp-class-236 pa t40775 l29814 ls811">is </span><span class="pp-class-236 pa t40775 l53326 ls3855">measured </span><span class="pp-class-236 pa t40775 l39536 ls2197">at </span><span class="pp-class-236 pa t40775 l53327 ls651">the </span><span class="pp-class-236 pa t40775 l53328 ls553">fair </span><span class="pp-class-236 pa t40775 l53329 ls2197">value </span><span class="pp-class-236 pa t40775 l37217 ls98">of </span><span class="pp-class-236 pa t40775 l29587 ls651">the </span><span class="pp-class-236 pa t40775 l53330 ls706">share </span><span class="pp-class-236 pa t40775 l53331 ls538">based </span><span class="pp-class-236 pa t40775 l32408 ls3855">payment </span><span class="pp-class-236 pa t40775 l53332 ls2270">granted.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls4630">equity-settled </span><span class="pp-class-236 pa t40783 l42918 ls706">share </span><span class="pp-class-236 pa t40783 l29764 ls546">options </span><span class="pp-class-236 pa t40783 l3293 ls651">and </span><span class="pp-class-236 pa t40783 l53333 ls1369">RSUs </span><span class="pp-class-236 pa t40783 l53334 ls2808">are </span><span class="pp-class-236 pa t40783 l53335 ls3855">measured </span><span class="pp-class-236 pa t40783 l53336 ls2197">at </span><span class="pp-class-236 pa t40783 l53337 ls651">the </span><span class="pp-class-236 pa t40783 l49492 ls553">fair </span><span class="pp-class-236 pa t40783 l53338 ls2197">value </span><span class="pp-class-236 pa t40783 l53339 ls2197">at </span><span class="pp-class-236 pa t40783 l53340 ls1687">grant </span><span class="pp-class-236 pa t40783 l41481 ls7086">date </span><span class="pp-class-236 pa t40783 l53341 ls184">and </span><span class="pp-class-236 pa t40793 l3 ls667">recognised </span><span class="pp-class-236 pa t40793 l39250 ls811">in </span><span class="pp-class-236 pa t40793 l39251 ls651">the </span><span class="pp-class-236 pa t40793 l45639 ls1764">income </span><span class="pp-class-236 pa t40793 l45640 ls556">statement </span><span class="pp-class-236 pa t40793 l45652 ls538">under </span><span class="pp-class-236 pa t40793 l53342 ls614">staff </span><span class="pp-class-236 pa t40793 l53343 ls538">costs </span><span class="pp-class-236 pa t40793 l52517 ls3234">over </span><span class="pp-class-236 pa t40793 l53344 ls651">the </span><span class="pp-class-236 pa t40793 l49092 ls1780">vesting </span><span class="pp-class-236 pa t40793 l53345 ls2036">period. </span><span class="pp-class-236 pa t40793 l53346 ls651">The </span><span class="pp-class-236 pa t40793 l53347 ls530">counter </span><span class="pp-class-236 pa t40793 l53348 ls2036">posting </span><span class="pp-class-236 pa t40793 l53349 ls1547">is </span><span class="pp-class-236 pa t40806 l3 ls667">recognised </span><span class="pp-class-236 pa t40806 l39250 ls3084">directly </span><span class="pp-class-236 pa t40806 l8251 ls811">in </span><span class="pp-class-236 pa t40806 l49616 ls1764">equity </span><span class="pp-class-236 pa t40806 l53350 ls811">as </span><span class="pp-class-236 pa t40806 l53351 ls184">a </span><span class="pp-class-236 pa t40806 l53352 ls838">shareholder </span><span class="pp-class-236 pa t40806 l53353 ls3855">transaction. </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42636 l3 ls4823">At </span><span class="pp-class-236 pa t42636 l45009 ls2036">initial </span><span class="pp-class-236 pa t42636 l25290 ls838">recognition </span><span class="pp-class-236 pa t42636 l23725 ls98">of </span><span class="pp-class-236 pa t42636 l44478 ls651">the </span><span class="pp-class-236 pa t42636 l53354 ls706">share </span><span class="pp-class-236 pa t42636 l53355 ls278">options, </span><span class="pp-class-236 pa t42636 l1540 ls811">an </span><span class="pp-class-236 pa t42636 l53356 ls838">estimate </span><span class="pp-class-236 pa t42636 l53357 ls811">is </span><span class="pp-class-236 pa t42636 l53358 ls544">made </span><span class="pp-class-236 pa t42636 l53359 ls3234">over </span><span class="pp-class-236 pa t42636 l48869 ls651">the </span><span class="pp-class-236 pa t42636 l53360 ls1764">number </span><span class="pp-class-236 pa t42636 l53361 ls98">of </span><span class="pp-class-236 pa t42636 l53362 ls706">share </span><span class="pp-class-236 pa t42636 l53363 ls811">based </span><span class="pp-class-236 pa t42651 l3 ls3855">payment </span><span class="pp-class-236 pa t42651 l29814 ls616">that </span><span class="pp-class-236 pa t42651 l41684 ls651">the </span><span class="pp-class-236 pa t42651 l53364 ls1463">employees </span><span class="pp-class-236 pa t42651 l53365 ls2222">will </span><span class="pp-class-236 pa t42651 l53366 ls551">vest, </span><span class="pp-class-236 pa t42651 l53367 ls3298">cf. </span><span class="pp-class-236 pa t42651 l2221 ls651">the </span><span class="pp-class-236 pa t42651 l53368 ls534">service </span><span class="pp-class-236 pa t42651 l53369 ls562">conditions </span><span class="pp-class-236 pa t42651 l39130 ls995">described </span><span class="pp-class-236 pa t42651 l53370 ls849">above </span><span class="pp-class-236 pa t42651 l53371 ls811">in </span><span class="pp-class-236 pa t42651 l53372 ls2222">this </span><span class="pp-class-236 pa t42651 l53373 ls551">note. </span><span class="pp-class-236 pa t42666 l3 ls524">Subsequent </span><span class="pp-class-236 pa t42666 l53374 ls538">to </span><span class="pp-class-236 pa t42666 l53375 ls2036">initial </span><span class="pp-class-236 pa t42666 l53376 ls2207">recognition, </span><span class="pp-class-236 pa t42666 l53377 ls651">the </span><span class="pp-class-236 pa t42666 l53378 ls838">estimate </span><span class="pp-class-236 pa t42666 l53379 ls98">of </span><span class="pp-class-236 pa t42666 l53380 ls706">share </span><span class="pp-class-236 pa t42666 l2999 ls538">based </span><span class="pp-class-236 pa t42666 l53381 ls4630">payments </span><span class="pp-class-236 pa t42666 l53382 ls538">to </span><span class="pp-class-236 pa t42666 l53383 ls811">be </span><span class="pp-class-236 pa t42666 l43460 ls713">vested </span><span class="pp-class-236 pa t42666 l53384 ls811">is </span><span class="pp-class-236 pa t42666 l53385 ls949">adjusted </span><span class="pp-class-236 pa t42678 l3 ls4017">whereby </span><span class="pp-class-236 pa t42678 l53386 ls651">the </span><span class="pp-class-236 pa t42678 l14118 ls758">total </span><span class="pp-class-236 pa t42678 l53387 ls838">recognition </span><span class="pp-class-236 pa t42678 l53388 ls811">is </span><span class="pp-class-236 pa t42678 l53389 ls538">based </span><span class="pp-class-236 pa t42678 l53390 ls811">on </span><span class="pp-class-236 pa t42678 l53391 ls651">the </span><span class="pp-class-236 pa t42678 l53392 ls1780">actual </span><span class="pp-class-236 pa t42678 l53393 ls1764">number </span><span class="pp-class-236 pa t42678 l53394 ls98">of </span><span class="pp-class-236 pa t42678 l53395 ls713">vested </span><span class="pp-class-236 pa t42678 l53396 ls706">share </span><span class="pp-class-236 pa t42678 l53397 ls538">based </span><span class="pp-class-236 pa t42678 l53398 ls4630">payments.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42680 l3 ls651">The </span><span class="pp-class-236 pa t42680 l38379 ls553">fair </span><span class="pp-class-236 pa t42680 l50644 ls2197">value </span><span class="pp-class-236 pa t42680 l50645 ls98">of </span><span class="pp-class-236 pa t42680 l50646 ls572">the </span><span class="pp-class-236 pa t42680 l50647 ls2270">granted </span><span class="pp-class-236 pa t42680 l53399 ls706">share </span><span class="pp-class-236 pa t42680 l53400 ls546">options </span><span class="pp-class-236 pa t42680 l26508 ls811">is </span><span class="pp-class-236 pa t42680 l53401 ls560">calculated </span><span class="pp-class-236 pa t42680 l53402 ls538">using </span><span class="pp-class-236 pa t42680 l51602 ls651">the </span><span class="pp-class-236 pa t42680 l53403 ls1131">Black-Scholes </span><span class="pp-class-236 pa t42680 l53404 ls696">option-pricing </span><span class="pp-class-236 pa t42693 l3 ls1764">model. </span><span class="pp-class-236 pa t42693 l53405 ls1173">Terms </span><span class="pp-class-236 pa t42693 l43518 ls651">and </span><span class="pp-class-236 pa t42693 l53406 ls562">conditions </span><span class="pp-class-236 pa t42693 l53407 ls553">for </span><span class="pp-class-236 pa t42693 l5122 ls544">each </span><span class="pp-class-236 pa t42693 l53408 ls1687">grant </span><span class="pp-class-236 pa t42693 l53409 ls2808">are </span><span class="pp-class-236 pa t42693 l46910 ls706">taken </span><span class="pp-class-236 pa t42693 l45435 ls546">into </span><span class="pp-class-236 pa t42693 l53410 ls558">account </span><span class="pp-class-236 pa t42693 l53411 ls2222">when </span><span class="pp-class-236 pa t42693 l53412 ls1404">calculating </span><span class="pp-class-236 pa t42693 l53413 ls572">the </span><span class="pp-class-236 pa t42693 l53414 ls553">fair </span><span class="pp-class-236 pa t42693 l53415 ls884">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42723 l3 ls651">The </span><span class="pp-class-236 pa t42723 l38379 ls706">share </span><span class="pp-class-236 pa t42723 l52722 ls538">based </span><span class="pp-class-236 pa t42723 l53416 ls3855">payment </span><span class="pp-class-236 pa t42723 l1623 ls884">programmes </span><span class="pp-class-236 pa t42723 l53417 ls2808">are </span><span class="pp-class-236 pa t42723 l53418 ls667">recognised </span><span class="pp-class-236 pa t42723 l53419 ls2197">at </span><span class="pp-class-236 pa t42723 l53420 ls553">fair </span><span class="pp-class-236 pa t42723 l53421 ls2197">value </span><span class="pp-class-236 pa t42723 l53422 ls3234">over </span><span class="pp-class-236 pa t42723 l53423 ls651">the </span><span class="pp-class-236 pa t42723 l34377 ls1780">vesting </span><span class="pp-class-236 pa t42723 l53424 ls1764">period </span><span class="pp-class-236 pa t42723 l53425 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls3855">expensed </span><span class="pp-class-236 pa t42738 l53426 ls811">as </span><span class="pp-class-236 pa t42738 l53427 ls614">staff </span><span class="pp-class-236 pa t42738 l53428 ls1792">cost. </span><span class="pp-class-236 pa t42738 l53429 ls651">The </span><span class="pp-class-236 pa t42738 l53430 ls544">accrual </span><span class="pp-class-236 pa t42738 l53431 ls811">is </span><span class="pp-class-236 pa t42738 l53432 ls11713">recorded </span><span class="pp-class-236 pa t42738 l53433 ls538">under </span><span class="pp-class-236 pa t42738 l53434 ls949">other </span><span class="pp-class-236 pa t42738 l53435 ls877">payables </span><span class="pp-class-236 pa t42738 l53436 ls811">or </span><span class="pp-class-236 pa t42738 l53437 ls811">on </span><span class="pp-class-236 pa t42738 l53438 ls1764">equity </span><span class="pp-class-236 pa t42738 l53439 ls995">depending </span><span class="pp-class-236 pa t42738 l53440 ls1547">on </span><span class="pp-class-236 pa t42755 l3 ls546">whether </span><span class="pp-class-236 pa t42755 l45296 ls667">settlement </span><span class="pp-class-236 pa t42755 l46384 ls811">is </span><span class="pp-class-236 pa t42755 l53441 ls2222">done </span><span class="pp-class-236 pa t42755 l53442 ls811">in </span><span class="pp-class-236 pa t42755 l28381 ls2222">cash </span><span class="pp-class-236 pa t42755 l53443 ls811">or </span><span class="pp-class-236 pa t42755 l53444 ls556">shares, </span><span class="pp-class-236 pa t42755 l53445 ls3431">respectively.</span></p></div></div></div></div></div> <div class="pp-class-10" id="pp-id-5436" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5439"><div class="pp-class-227 pp-class-256" id="pp-id-5438"><div class="w40752 h53516 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls556">statement </span><span class="pp-class-236 pa t40754 l21262 ls98">of </span><span class="pp-class-236 pa t40754 l6171 ls2222">cash </span><span class="pp-class-236 pa t40754 l53517 ls706">flows </span><span class="pp-class-236 pa t40754 l53518 ls651">has </span><span class="pp-class-236 pa t40754 l53519 ls2222">been </span><span class="pp-class-236 pa t40754 l53520 ls11713">prepared </span><span class="pp-class-236 pa t40754 l53521 ls538">using </span><span class="pp-class-236 pa t40754 l53522 ls651">the </span><span class="pp-class-236 pa t40754 l53523 ls691">indirect </span><span class="pp-class-236 pa t40754 l53524 ls546">method, </span><span class="pp-class-236 pa t40754 l53525 ls572">and </span><span class="pp-class-236 pa t40754 l53526 ls706">shows </span><span class="pp-class-236 pa t40754 l53527 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls731">consolidated </span><span class="pp-class-236 pa t40763 l44362 ls2222">cash </span><span class="pp-class-236 pa t40763 l28518 ls706">flows </span><span class="pp-class-236 pa t40763 l53528 ls877">from </span><span class="pp-class-236 pa t40763 l53529 ls2270">operating, </span><span class="pp-class-236 pa t40763 l45523 ls2889">investing, </span><span class="pp-class-236 pa t40763 l53530 ls651">and </span><span class="pp-class-236 pa t40763 l53531 ls995">financing </span><span class="pp-class-236 pa t40763 l53532 ls1404">activities </span><span class="pp-class-236 pa t40763 l53533 ls553">for </span><span class="pp-class-236 pa t40763 l53534 ls572">the </span><span class="pp-class-236 pa t40763 l53535 ls853">year, </span><span class="pp-class-236 pa t40763 l44271 ls572">and </span><span class="pp-class-236 pa t40763 l53536 ls184">the </span><span class="pp-class-236 pa t40775 l3 ls731">consolidated </span><span class="pp-class-236 pa t40775 l44362 ls2222">cash </span><span class="pp-class-236 pa t40775 l28518 ls651">and </span><span class="pp-class-236 pa t40775 l53537 ls2222">cash </span><span class="pp-class-236 pa t40775 l53538 ls731">equivalents </span><span class="pp-class-236 pa t40775 l53539 ls2197">at </span><span class="pp-class-236 pa t40775 l13276 ls572">the </span><span class="pp-class-236 pa t40775 l26314 ls995">beginning </span><span class="pp-class-236 pa t40775 l53540 ls572">and </span><span class="pp-class-236 pa t40775 l53541 ls572">end </span><span class="pp-class-236 pa t40775 l53542 ls98">of </span><span class="pp-class-236 pa t40775 l53543 ls572">the </span><span class="pp-class-236 pa t40775 l53544 ls3139">year.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls2222">cash </span><span class="pp-class-236 pa t40783 l7751 ls8048">flow </span><span class="pp-class-236 pa t40783 l53545 ls838">effect </span><span class="pp-class-236 pa t40783 l40666 ls98">of </span><span class="pp-class-236 pa t40783 l53546 ls544">acquisition </span><span class="pp-class-236 pa t40783 l53547 ls572">and </span><span class="pp-class-236 pa t40783 l53548 ls1751">disposal </span><span class="pp-class-236 pa t40783 l45495 ls98">of </span><span class="pp-class-236 pa t40783 l39114 ls541">enterprises </span><span class="pp-class-236 pa t40783 l53549 ls811">is </span><span class="pp-class-236 pa t40783 l53550 ls838">shown </span><span class="pp-class-236 pa t40783 l53551 ls2848">separately </span><span class="pp-class-236 pa t40783 l53552 ls811">in </span><span class="pp-class-236 pa t40783 l53553 ls2222">cash </span><span class="pp-class-236 pa t40783 l53554 ls706">flows </span><span class="pp-class-236 pa t40783 l53555 ls538">to/</span><span class="pp-class-236 pa t40793 l3 ls877">from </span><span class="pp-class-236 pa t40793 l44380 ls9435">investing </span><span class="pp-class-236 pa t40793 l42406 ls1404">activities. </span><span class="pp-class-236 pa t40793 l53556 ls2222">Cash </span><span class="pp-class-236 pa t40793 l31188 ls706">flows </span><span class="pp-class-236 pa t40793 l53557 ls877">from </span><span class="pp-class-236 pa t40793 l10828 ls544">acquisitions </span><span class="pp-class-236 pa t40793 l53558 ls98">of </span><span class="pp-class-236 pa t40793 l53559 ls541">enterprises </span><span class="pp-class-236 pa t40793 l53560 ls2808">are </span><span class="pp-class-236 pa t40793 l53561 ls667">recognised </span><span class="pp-class-236 pa t40793 l48187 ls811">in </span><span class="pp-class-236 pa t40793 l53562 ls572">the </span><span class="pp-class-236 pa t40793 l53563 ls2222">Cash </span><span class="pp-class-236 pa t40793 l53564 ls546">flow </span><span class="pp-class-236 pa t40806 l3 ls556">statement </span><span class="pp-class-236 pa t40806 l1995 ls877">from </span><span class="pp-class-236 pa t40806 l53565 ls651">the </span><span class="pp-class-236 pa t40806 l10802 ls7086">date </span><span class="pp-class-236 pa t40806 l53566 ls98">of </span><span class="pp-class-236 pa t40806 l53567 ls544">acquisition. </span><span class="pp-class-236 pa t40806 l53568 ls2222">Cash </span><span class="pp-class-236 pa t40806 l53569 ls706">flows </span><span class="pp-class-236 pa t40806 l53570 ls877">from </span><span class="pp-class-236 pa t40806 l53571 ls1780">divestment </span><span class="pp-class-236 pa t40806 l53572 ls98">of </span><span class="pp-class-236 pa t40806 l53573 ls541">enterprises </span><span class="pp-class-236 pa t40806 l53574 ls2808">are </span><span class="pp-class-236 pa t40806 l53575 ls667">recognised </span><span class="pp-class-236 pa t40806 l53576 ls1547">up </span><span class="pp-class-236 pa t40818 l3 ls536">until </span><span class="pp-class-236 pa t40818 l53577 ls651">the </span><span class="pp-class-236 pa t40818 l53578 ls7086">date </span><span class="pp-class-236 pa t40818 l10695 ls98">of </span><span class="pp-class-236 pa t40818 l53579 ls995">disposal. </span><span class="pp-class-236 pa t40818 l53580 ls2222">Cash </span><span class="pp-class-236 pa t40818 l29316 ls706">flows </span><span class="pp-class-236 pa t40818 l9573 ls877">from </span><span class="pp-class-236 pa t40818 l27606 ls1775">operating </span><span class="pp-class-236 pa t40818 l53581 ls1404">activities </span><span class="pp-class-236 pa t40818 l53582 ls811">is </span><span class="pp-class-236 pa t40818 l53583 ls560">calculated </span><span class="pp-class-236 pa t40818 l53584 ls811">on </span><span class="pp-class-236 pa t40818 l53585 ls651">the </span><span class="pp-class-236 pa t40818 l53552 ls538">basis </span><span class="pp-class-236 pa t40818 l53586 ls98">of </span><span class="pp-class-236 pa t40818 l53587 ls572">the </span><span class="pp-class-236 pa t40818 l53588 ls681">profit/</span><span class="pp-class-236 pa t42636 l3 ls2222">loss </span><span class="pp-class-236 pa t42636 l53589 ls2808">before </span><span class="pp-class-236 pa t42636 l12586 ls691">depreciation </span><span class="pp-class-236 pa t42636 l53590 ls651">and </span><span class="pp-class-236 pa t42636 l53591 ls179">amortisation </span><span class="pp-class-236 pa t42636 l53592 ls560">(EBITDA) </span><span class="pp-class-236 pa t42636 l53593 ls630">adjusted </span><span class="pp-class-236 pa t42636 l53594 ls553">for </span><span class="pp-class-236 pa t42636 l21709 ls651">the </span><span class="pp-class-236 pa t42636 l53595 ls2222">cash </span><span class="pp-class-236 pa t42636 l53596 ls8048">flow </span><span class="pp-class-236 pa t42636 l53597 ls838">effect </span><span class="pp-class-236 pa t42636 l53598 ls98">of </span><span class="pp-class-236 pa t42636 l53599 ls811">non-cash </span><span class="pp-class-236 pa t42651 l3 ls1775">operating </span><span class="pp-class-236 pa t42651 l46591 ls747">items, </span><span class="pp-class-236 pa t42651 l17080 ls625">items </span><span class="pp-class-236 pa t42651 l53600 ls7086">presented </span><span class="pp-class-236 pa t42651 l39584 ls811">as </span><span class="pp-class-236 pa t42651 l53601 ls875">part </span><span class="pp-class-236 pa t42651 l17874 ls98">of </span><span class="pp-class-236 pa t42651 l53602 ls667">EBITDA </span><span class="pp-class-236 pa t42651 l33427 ls651">but </span><span class="pp-class-236 pa t42651 l53603 ls538">to </span><span class="pp-class-236 pa t42651 l3297 ls811">be </span><span class="pp-class-236 pa t42651 l53604 ls7086">presented </span><span class="pp-class-236 pa t42651 l53605 ls538">under </span><span class="pp-class-236 pa t42651 l53606 ls9435">investing </span><span class="pp-class-236 pa t42651 l53607 ls1404">activities </span><span class="pp-class-236 pa t42651 l53608 ls1547">or </span><span class="pp-class-236 pa t42666 l3 ls995">financing </span><span class="pp-class-236 pa t42666 l53609 ls1404">activities </span><span class="pp-class-236 pa t42666 l53610 ls811">in </span><span class="pp-class-236 pa t42666 l53611 ls651">the </span><span class="pp-class-236 pa t42666 l53612 ls556">statement </span><span class="pp-class-236 pa t42666 l53613 ls98">of </span><span class="pp-class-236 pa t42666 l53614 ls2222">cash </span><span class="pp-class-236 pa t42666 l53615 ls2197">flows, </span><span class="pp-class-236 pa t42666 l53616 ls2036">changes </span><span class="pp-class-236 pa t42666 l53617 ls811">in </span><span class="pp-class-236 pa t42666 l53618 ls1780">working </span><span class="pp-class-236 pa t42666 l53619 ls524">capital </span><span class="pp-class-236 pa t42666 l53620 ls541">(such </span><span class="pp-class-236 pa t42666 l53621 ls811">as </span><span class="pp-class-236 pa t42666 l53622 ls706">trade </span><span class="pp-class-236 pa t42678 l3 ls4276">payables, </span><span class="pp-class-236 pa t42678 l53623 ls5781">deferred </span><span class="pp-class-236 pa t42678 l53624 ls541">income, </span><span class="pp-class-236 pa t42678 l53625 ls1780">ETS </span><span class="pp-class-236 pa t42678 l53626 ls1751">emission </span><span class="pp-class-236 pa t42678 l53627 ls5781">provision, </span><span class="pp-class-236 pa t42678 l53628 ls7086">current </span><span class="pp-class-236 pa t42678 l53629 ls558">account </span><span class="pp-class-236 pa t42678 l53630 ls877">payables </span><span class="pp-class-236 pa t42678 l53631 ls538">to </span><span class="pp-class-236 pa t42678 l53632 ls536">joint </span><span class="pp-class-236 pa t42678 l53633 ls1131">ventures, </span><span class="pp-class-236 pa t42678 l53634 ls706">trade </span><span class="pp-class-236 pa t47449 l3 ls1463">receivables, </span><span class="pp-class-236 pa t47449 l53635 ls556">prepaid </span><span class="pp-class-236 pa t47449 l53636 ls1764">costs, </span><span class="pp-class-236 pa t47449 l53637 ls4630">etc.), </span><span class="pp-class-236 pa t47449 l51698 ls4630">payments </span><span class="pp-class-236 pa t47449 l53638 ls3681">related </span><span class="pp-class-236 pa t47449 l53639 ls538">to </span><span class="pp-class-236 pa t47449 l53640 ls1751">pensions </span><span class="pp-class-236 pa t47449 l53641 ls651">and </span><span class="pp-class-236 pa t47449 l53642 ls949">other </span><span class="pp-class-236 pa t47449 l53643 ls603">provisions, </span><span class="pp-class-236 pa t47449 l53644 ls168">payments </span><span class="pp-class-236 pa t42680 l3 ls1131">relating </span><span class="pp-class-236 pa t42680 l10801 ls538">to </span><span class="pp-class-236 pa t42680 l51866 ls995">financial </span><span class="pp-class-236 pa t42680 l21204 ls625">items </span><span class="pp-class-236 pa t42680 l53645 ls651">and </span><span class="pp-class-236 pa t42680 l53646 ls2969">corporation </span><span class="pp-class-236 pa t42680 l53647 ls2036">tax </span><span class="pp-class-236 pa t42680 l53648 ls2222">paid.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42711 l3 ls2222">Cash </span><span class="pp-class-236 pa t42711 l53649 ls706">flows </span><span class="pp-class-236 pa t42711 l53650 ls877">from </span><span class="pp-class-236 pa t42711 l14108 ls9435">investing </span><span class="pp-class-236 pa t42711 l53651 ls1404">activities </span><span class="pp-class-236 pa t42711 l53652 ls179">includes </span><span class="pp-class-236 pa t42711 l53653 ls4630">payments </span><span class="pp-class-236 pa t42711 l53654 ls811">in </span><span class="pp-class-236 pa t42711 l2946 ls278">connection </span><span class="pp-class-236 pa t42711 l51667 ls2222">with </span><span class="pp-class-236 pa t42711 l53655 ls572">the </span><span class="pp-class-236 pa t42711 l53656 ls544">acquisition </span><span class="pp-class-236 pa t42711 l53657 ls184">and </span><span class="pp-class-236 pa t42723 l3 ls1780">divestment </span><span class="pp-class-236 pa t42723 l17218 ls98">of </span><span class="pp-class-236 pa t42723 l16331 ls541">enterprises </span><span class="pp-class-236 pa t42723 l53658 ls651">and </span><span class="pp-class-236 pa t42723 l44563 ls1404">activities </span><span class="pp-class-236 pa t42723 l53659 ls651">and </span><span class="pp-class-236 pa t42723 l33295 ls98">of </span><span class="pp-class-236 pa t42723 l53660 ls548">non-current </span><span class="pp-class-236 pa t42723 l53661 ls541">intangible </span><span class="pp-class-236 pa t42723 l53662 ls546">assets, </span><span class="pp-class-236 pa t42723 l53663 ls949">tangible </span><span class="pp-class-236 pa t42723 l53664 ls179">assets </span><span class="pp-class-236 pa t42723 l53665 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls2889">investments. </span><span class="pp-class-236 pa t42738 l53666 ls731">Furthermore, </span><span class="pp-class-236 pa t42738 l53667 ls2222">cash </span><span class="pp-class-236 pa t42738 l18007 ls706">flows </span><span class="pp-class-236 pa t42738 l53668 ls877">from </span><span class="pp-class-236 pa t42738 l53669 ls9435">investing </span><span class="pp-class-236 pa t42738 l53670 ls1404">activities </span><span class="pp-class-236 pa t42738 l53671 ls2222">also </span><span class="pp-class-236 pa t42738 l53672 ls179">includes </span><span class="pp-class-236 pa t42738 l53584 ls630">compensation </span><span class="pp-class-236 pa t42738 l53673 ls706">received </span><span class="pp-class-236 pa t42755 l3 ls877">from </span><span class="pp-class-236 pa t42755 l44380 ls551">ferries </span><span class="pp-class-236 pa t42755 l53674 ls3855">declared </span><span class="pp-class-236 pa t42755 l53675 ls758">total </span><span class="pp-class-236 pa t42755 l53676 ls538">loss. </span><span class="pp-class-236 pa t42755 l14106 ls2222">Cash </span><span class="pp-class-236 pa t42755 l53677 ls706">flows </span><span class="pp-class-236 pa t42755 l17528 ls877">from </span><span class="pp-class-236 pa t42755 l53678 ls995">financing </span><span class="pp-class-236 pa t42755 l53679 ls1404">activities </span><span class="pp-class-236 pa t42755 l53680 ls179">includes </span><span class="pp-class-236 pa t42755 l53681 ls2036">changes </span><span class="pp-class-236 pa t42755 l53682 ls811">in </span><span class="pp-class-236 pa t42755 l53683 ls651">the </span><span class="pp-class-236 pa t42755 l53684 ls546">size </span><span class="pp-class-236 pa t42755 l53685 ls1547">or </span><span class="pp-class-236 pa t42768 l3 ls625">composition </span><span class="pp-class-236 pa t42768 l53686 ls98">of </span><span class="pp-class-236 pa t42768 l13446 ls651">the </span><span class="pp-class-236 pa t42768 l37236 ls2848">Group’s </span><span class="pp-class-236 pa t42768 l14411 ls706">share </span><span class="pp-class-236 pa t42768 l53687 ls949">capital, </span><span class="pp-class-236 pa t42768 l18413 ls3855">payment </span><span class="pp-class-236 pa t42768 l53688 ls98">of </span><span class="pp-class-236 pa t42768 l53689 ls995">dividends </span><span class="pp-class-236 pa t42768 l53690 ls538">to </span><span class="pp-class-236 pa t42768 l53691 ls758">shareholders, </span><span class="pp-class-236 pa t42768 l53692 ls3855">purchase </span><span class="pp-class-236 pa t42768 l53693 ls197">of </span><span class="pp-class-236 pa t42786 l3 ls168">treasury </span><span class="pp-class-236 pa t42786 l49197 ls556">shares, </span><span class="pp-class-236 pa t42786 l11232 ls2222">cash </span><span class="pp-class-236 pa t42786 l17925 ls2245">received </span><span class="pp-class-236 pa t42786 l53694 ls877">from </span><span class="pp-class-236 pa t42786 l52628 ls11592">exercise </span><span class="pp-class-236 pa t42786 l53695 ls98">of </span><span class="pp-class-236 pa t42786 l53696 ls706">share </span><span class="pp-class-236 pa t42786 l17938 ls546">options </span><span class="pp-class-236 pa t42786 l53697 ls572">and </span><span class="pp-class-236 pa t42786 l53698 ls572">the </span><span class="pp-class-236 pa t42786 l53699 ls553">obtaining </span><span class="pp-class-236 pa t42786 l53700 ls572">and </span><span class="pp-class-236 pa t42786 l53701 ls2808">repayment </span><span class="pp-class-236 pa t42786 l53702 ls197">of </span><span class="pp-class-236 pa t42800 l3 ls2222">bank </span><span class="pp-class-236 pa t42800 l48191 ls538">loans </span><span class="pp-class-236 pa t42800 l19679 ls651">and </span><span class="pp-class-236 pa t42800 l13308 ls562">mortgage </span><span class="pp-class-236 pa t42800 l53703 ls538">loans </span><span class="pp-class-236 pa t42800 l53704 ls651">and </span><span class="pp-class-236 pa t42800 l53705 ls949">other </span><span class="pp-class-236 pa t42800 l53706 ls696">long-term </span><span class="pp-class-236 pa t42800 l53707 ls572">and </span><span class="pp-class-236 pa t42800 l53708 ls558">short-term </span><span class="pp-class-236 pa t42800 l38892 ls538">debt. </span><span class="pp-class-236 pa t42800 l53709 ls877">Payment </span><span class="pp-class-236 pa t42800 l53710 ls98">of </span><span class="pp-class-236 pa t42800 l53711 ls811">lease </span><span class="pp-class-236 pa t48923 l3 ls625">liabilities </span><span class="pp-class-236 pa t48923 l39089 ls811">is </span><span class="pp-class-236 pa t48923 l53712 ls179">included </span><span class="pp-class-236 pa t48923 l53713 ls538">under </span><span class="pp-class-236 pa t48923 l53714 ls995">financing </span><span class="pp-class-236 pa t48923 l53715 ls1404">activities </span><span class="pp-class-236 pa t48923 l53716 ls651">and </span><span class="pp-class-236 pa t48923 l53717 ls572">the </span><span class="pp-class-236 pa t48923 l53718 ls3681">related </span><span class="pp-class-236 pa t48923 l53719 ls706">interest </span><span class="pp-class-236 pa t48923 l53720 ls811">is </span><span class="pp-class-236 pa t48923 l53721 ls179">included </span><span class="pp-class-236 pa t48923 l53722 ls811">as </span><span class="pp-class-236 pa t48923 l53723 ls184">a </span><span class="pp-class-236 pa t48923 l53724 ls995">financial </span><span class="pp-class-236 pa t48923 l53725 ls98">item </span><span class="pp-class-236 pa t42816 l3 ls538">under </span><span class="pp-class-236 pa t42816 l51969 ls1775">operating </span><span class="pp-class-236 pa t42816 l53726 ls1404">activities. </span><span class="pp-class-236 pa t42816 l53727 ls2222">Cash </span><span class="pp-class-236 pa t42816 l53728 ls651">and </span><span class="pp-class-236 pa t42816 l53729 ls2222">cash </span><span class="pp-class-236 pa t42816 l53730 ls731">equivalents </span><span class="pp-class-236 pa t42816 l53731 ls1751">comprise </span><span class="pp-class-236 pa t42816 l53732 ls2222">cash </span><span class="pp-class-236 pa t42816 l53733 ls2197">at </span><span class="pp-class-236 pa t42816 l53734 ls667">banks </span><span class="pp-class-236 pa t42816 l53735 ls572">and </span><span class="pp-class-236 pa t42816 l53736 ls811">on </span><span class="pp-class-236 pa t42816 l53737 ls2222">hand.</span></p></div></div></div></div></div> <div class="pp-class-10" id="pp-id-5436" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h43489 pa t2 l3 wtro4 xx19657 tro6 xx19658"><div id="pp-id-5439"><div class="pp-class-227 pp-class-256" id="pp-id-5438"><div class="w40752 h53516 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227">Accounting </span><span class="pp-class-248 pa t860 l27421">policies</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40754 l3 ls651">The </span><span class="pp-class-236 pa t40754 l38379 ls556">statement </span><span class="pp-class-236 pa t40754 l21262 ls98">of </span><span class="pp-class-236 pa t40754 l6171 ls2222">cash </span><span class="pp-class-236 pa t40754 l53517 ls706">flows </span><span class="pp-class-236 pa t40754 l53518 ls651">has </span><span class="pp-class-236 pa t40754 l53519 ls2222">been </span><span class="pp-class-236 pa t40754 l53520 ls11713">prepared </span><span class="pp-class-236 pa t40754 l53521 ls538">using </span><span class="pp-class-236 pa t40754 l53522 ls651">the </span><span class="pp-class-236 pa t40754 l53523 ls691">indirect </span><span class="pp-class-236 pa t40754 l53524 ls546">method, </span><span class="pp-class-236 pa t40754 l53525 ls572">and </span><span class="pp-class-236 pa t40754 l53526 ls706">shows </span><span class="pp-class-236 pa t40754 l53527 ls184">the </span><span class="pp-class-236 pa t40763 l3 ls731">consolidated </span><span class="pp-class-236 pa t40763 l44362 ls2222">cash </span><span class="pp-class-236 pa t40763 l28518 ls706">flows </span><span class="pp-class-236 pa t40763 l53528 ls877">from </span><span class="pp-class-236 pa t40763 l53529 ls2270">operating, </span><span class="pp-class-236 pa t40763 l45523 ls2889">investing, </span><span class="pp-class-236 pa t40763 l53530 ls651">and </span><span class="pp-class-236 pa t40763 l53531 ls995">financing </span><span class="pp-class-236 pa t40763 l53532 ls1404">activities </span><span class="pp-class-236 pa t40763 l53533 ls553">for </span><span class="pp-class-236 pa t40763 l53534 ls572">the </span><span class="pp-class-236 pa t40763 l53535 ls853">year, </span><span class="pp-class-236 pa t40763 l44271 ls572">and </span><span class="pp-class-236 pa t40763 l53536 ls184">the </span><span class="pp-class-236 pa t40775 l3 ls731">consolidated </span><span class="pp-class-236 pa t40775 l44362 ls2222">cash </span><span class="pp-class-236 pa t40775 l28518 ls651">and </span><span class="pp-class-236 pa t40775 l53537 ls2222">cash </span><span class="pp-class-236 pa t40775 l53538 ls731">equivalents </span><span class="pp-class-236 pa t40775 l53539 ls2197">at </span><span class="pp-class-236 pa t40775 l13276 ls572">the </span><span class="pp-class-236 pa t40775 l26314 ls995">beginning </span><span class="pp-class-236 pa t40775 l53540 ls572">and </span><span class="pp-class-236 pa t40775 l53541 ls572">end </span><span class="pp-class-236 pa t40775 l53542 ls98">of </span><span class="pp-class-236 pa t40775 l53543 ls572">the </span><span class="pp-class-236 pa t40775 l53544 ls3139">year.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40783 l3 ls651">The </span><span class="pp-class-236 pa t40783 l38379 ls2222">cash </span><span class="pp-class-236 pa t40783 l7751 ls8048">flow </span><span class="pp-class-236 pa t40783 l53545 ls838">effect </span><span class="pp-class-236 pa t40783 l40666 ls98">of </span><span class="pp-class-236 pa t40783 l53546 ls544">acquisition </span><span class="pp-class-236 pa t40783 l53547 ls572">and </span><span class="pp-class-236 pa t40783 l53548 ls1751">disposal </span><span class="pp-class-236 pa t40783 l45495 ls98">of </span><span class="pp-class-236 pa t40783 l39114 ls541">enterprises </span><span class="pp-class-236 pa t40783 l53549 ls811">is </span><span class="pp-class-236 pa t40783 l53550 ls838">shown </span><span class="pp-class-236 pa t40783 l53551 ls2848">separately </span><span class="pp-class-236 pa t40783 l53552 ls811">in </span><span class="pp-class-236 pa t40783 l53553 ls2222">cash </span><span class="pp-class-236 pa t40783 l53554 ls706">flows </span><span class="pp-class-236 pa t40783 l53555 ls538">to/</span><span class="pp-class-236 pa t40793 l3 ls877">from </span><span class="pp-class-236 pa t40793 l44380 ls9435">investing </span><span class="pp-class-236 pa t40793 l42406 ls1404">activities. </span><span class="pp-class-236 pa t40793 l53556 ls2222">Cash </span><span class="pp-class-236 pa t40793 l31188 ls706">flows </span><span class="pp-class-236 pa t40793 l53557 ls877">from </span><span class="pp-class-236 pa t40793 l10828 ls544">acquisitions </span><span class="pp-class-236 pa t40793 l53558 ls98">of </span><span class="pp-class-236 pa t40793 l53559 ls541">enterprises </span><span class="pp-class-236 pa t40793 l53560 ls2808">are </span><span class="pp-class-236 pa t40793 l53561 ls667">recognised </span><span class="pp-class-236 pa t40793 l48187 ls811">in </span><span class="pp-class-236 pa t40793 l53562 ls572">the </span><span class="pp-class-236 pa t40793 l53563 ls2222">Cash </span><span class="pp-class-236 pa t40793 l53564 ls546">flow </span><span class="pp-class-236 pa t40806 l3 ls556">statement </span><span class="pp-class-236 pa t40806 l1995 ls877">from </span><span class="pp-class-236 pa t40806 l53565 ls651">the </span><span class="pp-class-236 pa t40806 l10802 ls7086">date </span><span class="pp-class-236 pa t40806 l53566 ls98">of </span><span class="pp-class-236 pa t40806 l53567 ls544">acquisition. </span><span class="pp-class-236 pa t40806 l53568 ls2222">Cash </span><span class="pp-class-236 pa t40806 l53569 ls706">flows </span><span class="pp-class-236 pa t40806 l53570 ls877">from </span><span class="pp-class-236 pa t40806 l53571 ls1780">divestment </span><span class="pp-class-236 pa t40806 l53572 ls98">of </span><span class="pp-class-236 pa t40806 l53573 ls541">enterprises </span><span class="pp-class-236 pa t40806 l53574 ls2808">are </span><span class="pp-class-236 pa t40806 l53575 ls667">recognised </span><span class="pp-class-236 pa t40806 l53576 ls1547">up </span><span class="pp-class-236 pa t40818 l3 ls536">until </span><span class="pp-class-236 pa t40818 l53577 ls651">the </span><span class="pp-class-236 pa t40818 l53578 ls7086">date </span><span class="pp-class-236 pa t40818 l10695 ls98">of </span><span class="pp-class-236 pa t40818 l53579 ls995">disposal. </span><span class="pp-class-236 pa t40818 l53580 ls2222">Cash </span><span class="pp-class-236 pa t40818 l29316 ls706">flows </span><span class="pp-class-236 pa t40818 l9573 ls877">from </span><span class="pp-class-236 pa t40818 l27606 ls1775">operating </span><span class="pp-class-236 pa t40818 l53581 ls1404">activities </span><span class="pp-class-236 pa t40818 l53582 ls811">is </span><span class="pp-class-236 pa t40818 l53583 ls560">calculated </span><span class="pp-class-236 pa t40818 l53584 ls811">on </span><span class="pp-class-236 pa t40818 l53585 ls651">the </span><span class="pp-class-236 pa t40818 l53552 ls538">basis </span><span class="pp-class-236 pa t40818 l53586 ls98">of </span><span class="pp-class-236 pa t40818 l53587 ls572">the </span><span class="pp-class-236 pa t40818 l53588 ls681">profit/</span><span class="pp-class-236 pa t42636 l3 ls2222">loss </span><span class="pp-class-236 pa t42636 l53589 ls2808">before </span><span class="pp-class-236 pa t42636 l12586 ls691">depreciation </span><span class="pp-class-236 pa t42636 l53590 ls651">and </span><span class="pp-class-236 pa t42636 l53591 ls179">amortisation </span><span class="pp-class-236 pa t42636 l53592 ls560">(EBITDA) </span><span class="pp-class-236 pa t42636 l53593 ls630">adjusted </span><span class="pp-class-236 pa t42636 l53594 ls553">for </span><span class="pp-class-236 pa t42636 l21709 ls651">the </span><span class="pp-class-236 pa t42636 l53595 ls2222">cash </span><span class="pp-class-236 pa t42636 l53596 ls8048">flow </span><span class="pp-class-236 pa t42636 l53597 ls838">effect </span><span class="pp-class-236 pa t42636 l53598 ls98">of </span><span class="pp-class-236 pa t42636 l53599 ls811">non-cash </span><span class="pp-class-236 pa t42651 l3 ls1775">operating </span><span class="pp-class-236 pa t42651 l46591 ls747">items, </span><span class="pp-class-236 pa t42651 l17080 ls625">items </span><span class="pp-class-236 pa t42651 l53600 ls7086">presented </span><span class="pp-class-236 pa t42651 l39584 ls811">as </span><span class="pp-class-236 pa t42651 l53601 ls875">part </span><span class="pp-class-236 pa t42651 l17874 ls98">of </span><span class="pp-class-236 pa t42651 l53602 ls667">EBITDA </span><span class="pp-class-236 pa t42651 l33427 ls651">but </span><span class="pp-class-236 pa t42651 l53603 ls538">to </span><span class="pp-class-236 pa t42651 l3297 ls811">be </span><span class="pp-class-236 pa t42651 l53604 ls7086">presented </span><span class="pp-class-236 pa t42651 l53605 ls538">under </span><span class="pp-class-236 pa t42651 l53606 ls9435">investing </span><span class="pp-class-236 pa t42651 l53607 ls1404">activities </span><span class="pp-class-236 pa t42651 l53608 ls1547">or </span><span class="pp-class-236 pa t42666 l3 ls995">financing </span><span class="pp-class-236 pa t42666 l53609 ls1404">activities </span><span class="pp-class-236 pa t42666 l53610 ls811">in </span><span class="pp-class-236 pa t42666 l53611 ls651">the </span><span class="pp-class-236 pa t42666 l53612 ls556">statement </span><span class="pp-class-236 pa t42666 l53613 ls98">of </span><span class="pp-class-236 pa t42666 l53614 ls2222">cash </span><span class="pp-class-236 pa t42666 l53615 ls2197">flows, </span><span class="pp-class-236 pa t42666 l53616 ls2036">changes </span><span class="pp-class-236 pa t42666 l53617 ls811">in </span><span class="pp-class-236 pa t42666 l53618 ls1780">working </span><span class="pp-class-236 pa t42666 l53619 ls524">capital </span><span class="pp-class-236 pa t42666 l53620 ls541">(such </span><span class="pp-class-236 pa t42666 l53621 ls811">as </span><span class="pp-class-236 pa t42666 l53622 ls706">trade </span><span class="pp-class-236 pa t42678 l3 ls4276">payables, </span><span class="pp-class-236 pa t42678 l53623 ls5781">deferred </span><span class="pp-class-236 pa t42678 l53624 ls541">income, </span><span class="pp-class-236 pa t42678 l53625 ls1780">ETS </span><span class="pp-class-236 pa t42678 l53626 ls1751">emission </span><span class="pp-class-236 pa t42678 l53627 ls5781">provision, </span><span class="pp-class-236 pa t42678 l53628 ls7086">current </span><span class="pp-class-236 pa t42678 l53629 ls558">account </span><span class="pp-class-236 pa t42678 l53630 ls877">payables </span><span class="pp-class-236 pa t42678 l53631 ls538">to </span><span class="pp-class-236 pa t42678 l53632 ls536">joint </span><span class="pp-class-236 pa t42678 l53633 ls1131">ventures, </span><span class="pp-class-236 pa t42678 l53634 ls706">trade </span><span class="pp-class-236 pa t47449 l3 ls1463">receivables, </span><span class="pp-class-236 pa t47449 l53635 ls556">prepaid </span><span class="pp-class-236 pa t47449 l53636 ls1764">costs, </span><span class="pp-class-236 pa t47449 l53637 ls4630">etc.), </span><span class="pp-class-236 pa t47449 l51698 ls4630">payments </span><span class="pp-class-236 pa t47449 l53638 ls3681">related </span><span class="pp-class-236 pa t47449 l53639 ls538">to </span><span class="pp-class-236 pa t47449 l53640 ls1751">pensions </span><span class="pp-class-236 pa t47449 l53641 ls651">and </span><span class="pp-class-236 pa t47449 l53642 ls949">other </span><span class="pp-class-236 pa t47449 l53643 ls603">provisions, </span><span class="pp-class-236 pa t47449 l53644 ls168">payments </span><span class="pp-class-236 pa t42680 l3 ls1131">relating </span><span class="pp-class-236 pa t42680 l10801 ls538">to </span><span class="pp-class-236 pa t42680 l51866 ls995">financial </span><span class="pp-class-236 pa t42680 l21204 ls625">items </span><span class="pp-class-236 pa t42680 l53645 ls651">and </span><span class="pp-class-236 pa t42680 l53646 ls2969">corporation </span><span class="pp-class-236 pa t42680 l53647 ls2036">tax </span><span class="pp-class-236 pa t42680 l53648 ls2222">paid.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t42711 l3 ls2222">Cash </span><span class="pp-class-236 pa t42711 l53649 ls706">flows </span><span class="pp-class-236 pa t42711 l53650 ls877">from </span><span class="pp-class-236 pa t42711 l14108 ls9435">investing </span><span class="pp-class-236 pa t42711 l53651 ls1404">activities </span><span class="pp-class-236 pa t42711 l53652 ls179">includes </span><span class="pp-class-236 pa t42711 l53653 ls4630">payments </span><span class="pp-class-236 pa t42711 l53654 ls811">in </span><span class="pp-class-236 pa t42711 l2946 ls278">connection </span><span class="pp-class-236 pa t42711 l51667 ls2222">with </span><span class="pp-class-236 pa t42711 l53655 ls572">the </span><span class="pp-class-236 pa t42711 l53656 ls544">acquisition </span><span class="pp-class-236 pa t42711 l53657 ls184">and </span><span class="pp-class-236 pa t42723 l3 ls1780">divestment </span><span class="pp-class-236 pa t42723 l17218 ls98">of </span><span class="pp-class-236 pa t42723 l16331 ls541">enterprises </span><span class="pp-class-236 pa t42723 l53658 ls651">and </span><span class="pp-class-236 pa t42723 l44563 ls1404">activities </span><span class="pp-class-236 pa t42723 l53659 ls651">and </span><span class="pp-class-236 pa t42723 l33295 ls98">of </span><span class="pp-class-236 pa t42723 l53660 ls548">non-current </span><span class="pp-class-236 pa t42723 l53661 ls541">intangible </span><span class="pp-class-236 pa t42723 l53662 ls546">assets, </span><span class="pp-class-236 pa t42723 l53663 ls949">tangible </span><span class="pp-class-236 pa t42723 l53664 ls179">assets </span><span class="pp-class-236 pa t42723 l53665 ls184">and </span><span class="pp-class-236 pa t42738 l3 ls2889">investments. </span><span class="pp-class-236 pa t42738 l53666 ls731">Furthermore, </span><span class="pp-class-236 pa t42738 l53667 ls2222">cash </span><span class="pp-class-236 pa t42738 l18007 ls706">flows </span><span class="pp-class-236 pa t42738 l53668 ls877">from </span><span class="pp-class-236 pa t42738 l53669 ls9435">investing </span><span class="pp-class-236 pa t42738 l53670 ls1404">activities </span><span class="pp-class-236 pa t42738 l53671 ls2222">also </span><span class="pp-class-236 pa t42738 l53672 ls179">includes </span><span class="pp-class-236 pa t42738 l53584 ls630">compensation </span><span class="pp-class-236 pa t42738 l53673 ls706">received </span><span class="pp-class-236 pa t42755 l3 ls877">from </span><span class="pp-class-236 pa t42755 l44380 ls551">ferries </span><span class="pp-class-236 pa t42755 l53674 ls3855">declared </span><span class="pp-class-236 pa t42755 l53675 ls758">total </span><span class="pp-class-236 pa t42755 l53676 ls538">loss. </span><span class="pp-class-236 pa t42755 l14106 ls2222">Cash </span><span class="pp-class-236 pa t42755 l53677 ls706">flows </span><span class="pp-class-236 pa t42755 l17528 ls877">from </span><span class="pp-class-236 pa t42755 l53678 ls995">financing </span><span class="pp-class-236 pa t42755 l53679 ls1404">activities </span><span class="pp-class-236 pa t42755 l53680 ls179">includes </span><span class="pp-class-236 pa t42755 l53681 ls2036">changes </span><span class="pp-class-236 pa t42755 l53682 ls811">in </span><span class="pp-class-236 pa t42755 l53683 ls651">the </span><span class="pp-class-236 pa t42755 l53684 ls546">size </span><span class="pp-class-236 pa t42755 l53685 ls1547">or </span><span class="pp-class-236 pa t42768 l3 ls625">composition </span><span class="pp-class-236 pa t42768 l53686 ls98">of </span><span class="pp-class-236 pa t42768 l13446 ls651">the </span><span class="pp-class-236 pa t42768 l37236 ls2848">Group’s </span><span class="pp-class-236 pa t42768 l14411 ls706">share </span><span class="pp-class-236 pa t42768 l53687 ls949">capital, </span><span class="pp-class-236 pa t42768 l18413 ls3855">payment </span><span class="pp-class-236 pa t42768 l53688 ls98">of </span><span class="pp-class-236 pa t42768 l53689 ls995">dividends </span><span class="pp-class-236 pa t42768 l53690 ls538">to </span><span class="pp-class-236 pa t42768 l53691 ls758">shareholders, </span><span class="pp-class-236 pa t42768 l53692 ls3855">purchase </span><span class="pp-class-236 pa t42768 l53693 ls197">of </span><span class="pp-class-236 pa t42786 l3 ls168">treasury </span><span class="pp-class-236 pa t42786 l49197 ls556">shares, </span><span class="pp-class-236 pa t42786 l11232 ls2222">cash </span><span class="pp-class-236 pa t42786 l17925 ls2245">received </span><span class="pp-class-236 pa t42786 l53694 ls877">from </span><span class="pp-class-236 pa t42786 l52628 ls11592">exercise </span><span class="pp-class-236 pa t42786 l53695 ls98">of </span><span class="pp-class-236 pa t42786 l53696 ls706">share </span><span class="pp-class-236 pa t42786 l17938 ls546">options </span><span class="pp-class-236 pa t42786 l53697 ls572">and </span><span class="pp-class-236 pa t42786 l53698 ls572">the </span><span class="pp-class-236 pa t42786 l53699 ls553">obtaining </span><span class="pp-class-236 pa t42786 l53700 ls572">and </span><span class="pp-class-236 pa t42786 l53701 ls2808">repayment </span><span class="pp-class-236 pa t42786 l53702 ls197">of </span><span class="pp-class-236 pa t42800 l3 ls2222">bank </span><span class="pp-class-236 pa t42800 l48191 ls538">loans </span><span class="pp-class-236 pa t42800 l19679 ls651">and </span><span class="pp-class-236 pa t42800 l13308 ls562">mortgage </span><span class="pp-class-236 pa t42800 l53703 ls538">loans </span><span class="pp-class-236 pa t42800 l53704 ls651">and </span><span class="pp-class-236 pa t42800 l53705 ls949">other </span><span class="pp-class-236 pa t42800 l53706 ls696">long-term </span><span class="pp-class-236 pa t42800 l53707 ls572">and </span><span class="pp-class-236 pa t42800 l53708 ls558">short-term </span><span class="pp-class-236 pa t42800 l38892 ls538">debt. </span><span class="pp-class-236 pa t42800 l53709 ls877">Payment </span><span class="pp-class-236 pa t42800 l53710 ls98">of </span><span class="pp-class-236 pa t42800 l53711 ls811">lease </span><span class="pp-class-236 pa t48923 l3 ls625">liabilities </span><span class="pp-class-236 pa t48923 l39089 ls811">is </span><span class="pp-class-236 pa t48923 l53712 ls179">included </span><span class="pp-class-236 pa t48923 l53713 ls538">under </span><span class="pp-class-236 pa t48923 l53714 ls995">financing </span><span class="pp-class-236 pa t48923 l53715 ls1404">activities </span><span class="pp-class-236 pa t48923 l53716 ls651">and </span><span class="pp-class-236 pa t48923 l53717 ls572">the </span><span class="pp-class-236 pa t48923 l53718 ls3681">related </span><span class="pp-class-236 pa t48923 l53719 ls706">interest </span><span class="pp-class-236 pa t48923 l53720 ls811">is </span><span class="pp-class-236 pa t48923 l53721 ls179">included </span><span class="pp-class-236 pa t48923 l53722 ls811">as </span><span class="pp-class-236 pa t48923 l53723 ls184">a </span><span class="pp-class-236 pa t48923 l53724 ls995">financial </span><span class="pp-class-236 pa t48923 l53725 ls98">item </span><span class="pp-class-236 pa t42816 l3 ls538">under </span><span class="pp-class-236 pa t42816 l51969 ls1775">operating </span><span class="pp-class-236 pa t42816 l53726 ls1404">activities. </span><span class="pp-class-236 pa t42816 l53727 ls2222">Cash </span><span class="pp-class-236 pa t42816 l53728 ls651">and </span><span class="pp-class-236 pa t42816 l53729 ls2222">cash </span><span class="pp-class-236 pa t42816 l53730 ls731">equivalents </span><span class="pp-class-236 pa t42816 l53731 ls1751">comprise </span><span class="pp-class-236 pa t42816 l53732 ls2222">cash </span><span class="pp-class-236 pa t42816 l53733 ls2197">at </span><span class="pp-class-236 pa t42816 l53734 ls667">banks </span><span class="pp-class-236 pa t42816 l53735 ls572">and </span><span class="pp-class-236 pa t42816 l53736 ls811">on </span><span class="pp-class-236 pa t42816 l53737 ls2222">hand.</span></p></div></div></div></div></div> <div id="pp-id-5440" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h53762 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls13386">5.5 </span><span class="pp-class-234 pa t1122 l38307 ls1707">Acquisitions </span><span class="pp-class-234 pa t1122 l53763">and </span><span class="pp-class-234 pa t1122 l1353 ls138">non-controlling </span><span class="pp-class-234 pa t1122 l53764 ls73">interests</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls560">Acquisitions </span><span class="pp-class-237 pa t40114 l53765 ls1764">during </span><span class="pp-class-237 pa t40114 l53766 ls572">2025</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40125 l3 ls811">No </span><span class="pp-class-236 pa t40125 l40356 ls544">acquisitions </span><span class="pp-class-236 pa t40125 l53767 ls995">took </span><span class="pp-class-236 pa t40125 l17889 ls544">place </span><span class="pp-class-236 pa t40125 l53768 ls1764">during </span><span class="pp-class-236 pa t40125 l53769 ls3292">2025.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40150 l3 ls560">Acquisitions </span><span class="pp-class-237 pa t40150 l53765 ls1764">during </span><span class="pp-class-237 pa t40150 l53766 ls544">2024</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t53770 l3 ls4787">Ekol </span><span class="pp-class-239 pa t53770 l43965 ls749">Transport </span><span class="pp-class-239 pa t53770 l41791 ls1780">Group </span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53771 l3 ls5523">On </span><span class="pp-class-236 pa t53771 l20351 ls5523">15 </span><span class="pp-class-236 pa t53771 l53772 ls1905">November </span><span class="pp-class-236 pa t53771 l53773 ls291">2024, </span><span class="pp-class-236 pa t53771 l34701 ls7507">DFDS </span><span class="pp-class-236 pa t53771 l53774 ls1583">Group </span><span class="pp-class-236 pa t53771 l53775 ls5523">completed </span><span class="pp-class-236 pa t53771 l53776 ls4873">the </span><span class="pp-class-236 pa t53771 l53777 ls4873">acquisition </span><span class="pp-class-236 pa t53771 l53778 ls4886">of </span><span class="pp-class-236 pa t53771 l53779 ls2441">Ekol </span><span class="pp-class-236 pa t53771 l53780 ls532">Transport </span><span class="pp-class-236 pa t53771 l33388 ls162">Group, </span><span class="pp-class-236 pa t53771 l53781 ls7591">headquartered </span><span class="pp-class-236 pa t53771 l53782 ls3289">in </span><span class="pp-class-236 pa t53783 l3 ls7507">Istanbul, </span><span class="pp-class-236 pa t53783 l4252 ls2036">Türkiye, </span><span class="pp-class-236 pa t53783 l15694 ls4873">and </span><span class="pp-class-236 pa t53783 l51139 ls6715">obtained </span><span class="pp-class-236 pa t53783 l53784 ls270">control </span><span class="pp-class-236 pa t53783 l43876 ls21">from </span><span class="pp-class-236 pa t53783 l53785 ls6510">that </span><span class="pp-class-236 pa t53783 l53786 ls781">date. </span><span class="pp-class-236 pa t53783 l53787 ls4873">The </span><span class="pp-class-236 pa t53783 l53788 ls4873">acquisition </span><span class="pp-class-236 pa t53783 l53789 ls5523">is </span><span class="pp-class-236 pa t53783 l53790 ls2599">part </span><span class="pp-class-236 pa t53783 l53791 ls4886">of </span><span class="pp-class-236 pa t53783 l53792 ls4873">the </span><span class="pp-class-236 pa t53783 l53793 ls7497">Logistics </span><span class="pp-class-236 pa t53783 l53794 ls5659">Division. </span><span class="pp-class-236 pa t53783 l53795 ls9249">The </span><span class="pp-class-236 pa t53796 l3 ls5523">addition </span><span class="pp-class-236 pa t53796 l17201 ls4886">of </span><span class="pp-class-236 pa t53796 l28190 ls949">Ekol’s </span><span class="pp-class-236 pa t53796 l48779 ls4177">international </span><span class="pp-class-236 pa t53796 l53797 ls1892">transport </span><span class="pp-class-236 pa t53796 l51223 ls2385">network </span><span class="pp-class-236 pa t53796 l53798 ls5550">enables </span><span class="pp-class-236 pa t53796 l53799 ls7507">DFDS </span><span class="pp-class-236 pa t53796 l52210 ls3289">to </span><span class="pp-class-236 pa t53796 l53800 ls5358">offer </span><span class="pp-class-236 pa t53796 l53801 ls174">end-to-end </span><span class="pp-class-236 pa t53796 l53802 ls7497">logistics </span><span class="pp-class-236 pa t53796 l46082 ls4390">solutions </span><span class="pp-class-236 pa t53803 l3 ls2385">between </span><span class="pp-class-236 pa t53803 l53804 ls524">Türkiye </span><span class="pp-class-236 pa t53803 l40681 ls4873">and </span><span class="pp-class-236 pa t53803 l53805 ls26">Europe, </span><span class="pp-class-236 pa t53803 l39378 ls10312">including </span><span class="pp-class-236 pa t53803 l53806 ls4410">distribution </span><span class="pp-class-236 pa t53803 l53807 ls5662">services </span><span class="pp-class-236 pa t53803 l53808 ls4873">and </span><span class="pp-class-236 pa t53803 l53809 ls4480">warehousing </span><span class="pp-class-236 pa t53803 l53810 ls5523">in </span><span class="pp-class-236 pa t53803 l53811 ls2036">Türkiye. </span><span class="pp-class-236 pa t53803 l635 ls5523">In </span><span class="pp-class-236 pa t53803 l27685 ls5523">Q4 </span><span class="pp-class-236 pa t53803 l53812 ls1547">2025, </span><span class="pp-class-236 pa t53803 l53813 ls9249">the </span><span class="pp-class-236 pa t53814 l3 ls787">purchase </span><span class="pp-class-236 pa t53814 l53815 ls11600">price </span><span class="pp-class-236 pa t53814 l1686 ls4886">allocation </span><span class="pp-class-236 pa t53814 l53816 ls3544">for </span><span class="pp-class-236 pa t53814 l53817 ls2441">Ekol </span><span class="pp-class-236 pa t53814 l53818 ls532">Transport </span><span class="pp-class-236 pa t53814 l53819 ls1583">Group </span><span class="pp-class-236 pa t53814 l53820 ls7497">disclosed </span><span class="pp-class-236 pa t53814 l53821 ls5523">in </span><span class="pp-class-236 pa t53814 l53822 ls4873">the </span><span class="pp-class-236 pa t53814 l53823 ls5523">table </span><span class="pp-class-236 pa t53814 l53824 ls4873">has </span><span class="pp-class-236 pa t53814 l53825 ls7507">been </span><span class="pp-class-236 pa t53814 l53826 ls5659">finalised, </span><span class="pp-class-236 pa t53814 l53827 ls787">reducing </span><span class="pp-class-236 pa t53814 l53828 ls270">net </span><span class="pp-class-236 pa t53829 l3 ls5523">assets </span><span class="pp-class-236 pa t53829 l53830 ls4873">and </span><span class="pp-class-236 pa t53829 l44534 ls5358">increasing </span><span class="pp-class-236 pa t53829 l53831 ls7497">goodwill </span><span class="pp-class-236 pa t53829 l53832 ls1790">by </span><span class="pp-class-236 pa t53829 l53833 ls4873">DKK </span><span class="pp-class-236 pa t53829 l31246 ls1098">149 </span><span class="pp-class-236 pa t53829 l32228 ls5550">million </span><span class="pp-class-236 pa t53829 l53834 ls787">compared </span><span class="pp-class-236 pa t53829 l53835 ls3289">to </span><span class="pp-class-236 pa t53829 l53836 ls4873">the </span><span class="pp-class-236 pa t53829 l53837 ls4390">preliminary </span><span class="pp-class-236 pa t53829 l53838 ls26">2024 </span><span class="pp-class-236 pa t53829 l53839 ls7497">numbers. </span><span class="pp-class-236 pa t53829 l53840 ls4873">The </span><span class="pp-class-236 pa t53829 l53841 ls5434">change </span><span class="pp-class-236 pa t53842 l3 ls4867">reflects </span><span class="pp-class-236 pa t53842 l50132 ls1427">updated </span><span class="pp-class-236 pa t53842 l53843 ls5454">assessments </span><span class="pp-class-236 pa t53842 l53844 ls4886">of </span><span class="pp-class-236 pa t53842 l17246 ls1905">employee </span><span class="pp-class-236 pa t53842 l53845 ls5550">bonuses </span><span class="pp-class-236 pa t53842 l53846 ls7497">liability </span><span class="pp-class-236 pa t53842 l53847 ls4886">of </span><span class="pp-class-236 pa t53842 l53848 ls4873">DKK </span><span class="pp-class-236 pa t53842 l53849 ls7507">39m, </span><span class="pp-class-236 pa t53842 l53850 ls1511">fair </span><span class="pp-class-236 pa t53842 l53851 ls1675">value </span><span class="pp-class-236 pa t53842 l53852 ls7497">uplift </span><span class="pp-class-236 pa t53842 l46888 ls4886">of </span><span class="pp-class-236 pa t53842 l53853 ls276">trucks, </span><span class="pp-class-236 pa t53842 l53854 ls3544">trailers </span><span class="pp-class-236 pa t53855 l3 ls4873">and </span><span class="pp-class-236 pa t53855 l46275 ls2004">containers </span><span class="pp-class-236 pa t53855 l53856 ls4886">of </span><span class="pp-class-236 pa t53855 l53857 ls4873">DKK </span><span class="pp-class-236 pa t53855 l16968 ls11600">112m, </span><span class="pp-class-236 pa t53855 l53858 ls11600">loss-making </span><span class="pp-class-236 pa t53855 l53859 ls3337">contracts </span><span class="pp-class-236 pa t53855 l53860 ls4886">of </span><span class="pp-class-236 pa t53855 l53861 ls4873">DKK </span><span class="pp-class-236 pa t53855 l53862 ls11600">139m, </span><span class="pp-class-236 pa t53855 l53863 ls1511">fair </span><span class="pp-class-236 pa t53855 l53864 ls1675">value </span><span class="pp-class-236 pa t53855 l53865 ls4390">adjustment </span><span class="pp-class-236 pa t53855 l53866 ls4886">of </span><span class="pp-class-236 pa t53855 l53867 ls1790">trade </span><span class="pp-class-236 pa t53868 l3 ls4480">receivables </span><span class="pp-class-236 pa t53868 l17097 ls4886">of </span><span class="pp-class-236 pa t53868 l47950 ls4873">DKK </span><span class="pp-class-236 pa t53868 l53869 ls5523">-11m, </span><span class="pp-class-236 pa t53868 l53870 ls4886">other </span><span class="pp-class-236 pa t53868 l44363 ls4410">liabilities </span><span class="pp-class-236 pa t53868 l53871 ls4886">of </span><span class="pp-class-236 pa t53868 l4828 ls4873">DKK </span><span class="pp-class-236 pa t53868 l53872 ls4873">35m </span><span class="pp-class-236 pa t53868 l53873 ls4873">and </span><span class="pp-class-236 pa t53868 l53874 ls835">deferred </span><span class="pp-class-236 pa t53868 l53875 ls9249">tax </span><span class="pp-class-236 pa t53868 l53876 ls4410">liabilities </span><span class="pp-class-236 pa t53868 l53877 ls4886">of </span><span class="pp-class-236 pa t53868 l53598 ls4873">DKK </span><span class="pp-class-236 pa t53868 l40080 ls3544">37m.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53878 l3 ls7507">DFDS </span><span class="pp-class-236 pa t53878 l53879 ls7507">paid </span><span class="pp-class-236 pa t53878 l53880 ls4873">DKK </span><span class="pp-class-236 pa t53878 l53881 ls2315">1,678m </span><span class="pp-class-236 pa t53878 l53882 ls3544">for </span><span class="pp-class-236 pa t53878 l53883 ls4873">the </span><span class="pp-class-236 pa t53878 l53884 ls1905">acquired </span><span class="pp-class-236 pa t53878 l53885 ls106">company. </span><span class="pp-class-236 pa t53878 l48651 ls7507">Cash </span><span class="pp-class-236 pa t53878 l53886 ls5523">in </span><span class="pp-class-236 pa t53878 l53887 ls4873">the </span><span class="pp-class-236 pa t53878 l53888 ls1905">acquired </span><span class="pp-class-236 pa t53878 l53889 ls4886">company </span><span class="pp-class-236 pa t53878 l53890 ls5434">amounted </span><span class="pp-class-236 pa t53878 l53891 ls3289">to </span><span class="pp-class-236 pa t53878 l53892 ls4873">DKK </span><span class="pp-class-236 pa t53878 l53893 ls26">241m, </span><span class="pp-class-236 pa t53894 l3 ls203">consequently, </span><span class="pp-class-236 pa t53894 l53895 ls4873">the </span><span class="pp-class-236 pa t53894 l53896 ls5659">liquidity </span><span class="pp-class-236 pa t53894 l31601 ls787">effect </span><span class="pp-class-236 pa t53894 l9939 ls1535">was </span><span class="pp-class-236 pa t53894 l53897 ls4873">DKK </span><span class="pp-class-236 pa t53894 l53898 ls1675">1,438m. </span><span class="pp-class-236 pa t53894 l53899 ls1957">Trade </span><span class="pp-class-236 pa t53894 l53900 ls4480">receivables </span><span class="pp-class-236 pa t53894 l53901 ls428">have </span><span class="pp-class-236 pa t53894 l53902 ls7507">been </span><span class="pp-class-236 pa t53894 l53903 ls5358">recognised </span><span class="pp-class-236 pa t53894 l53904 ls814">at </span><span class="pp-class-236 pa t53894 l53905 ls4399">the </span><span class="pp-class-236 pa t53906 l3 ls4873">acquisition </span><span class="pp-class-236 pa t53906 l53907 ls101">date </span><span class="pp-class-236 pa t53906 l50094 ls814">at </span><span class="pp-class-236 pa t53906 l53908 ls9249">a </span><span class="pp-class-236 pa t53906 l53909 ls1511">fair </span><span class="pp-class-236 pa t53906 l36498 ls1675">value </span><span class="pp-class-236 pa t53906 l28354 ls4886">of </span><span class="pp-class-236 pa t53906 l53910 ls4873">DKK </span><span class="pp-class-236 pa t53906 l53911 ls7507">555m </span><span class="pp-class-236 pa t53906 l2003 ls11600">which </span><span class="pp-class-236 pa t53906 l53393 ls5523">is </span><span class="pp-class-236 pa t53906 l53912 ls4873">DKK </span><span class="pp-class-236 pa t53906 l53913 ls4873">15m </span><span class="pp-class-236 pa t53906 l53914 ls1465">below </span><span class="pp-class-236 pa t53906 l53915 ls11600">their </span><span class="pp-class-236 pa t53906 l53916 ls1583">gross </span><span class="pp-class-236 pa t53906 l53917 ls177">value.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53918 l3 ls5523">In </span><span class="pp-class-236 pa t53918 l53919 ls10312">connection </span><span class="pp-class-236 pa t53918 l47712 ls7507">with </span><span class="pp-class-236 pa t53918 l53920 ls4873">the </span><span class="pp-class-236 pa t53918 l53921 ls2004">acquisition, </span><span class="pp-class-236 pa t53918 l44976 ls7507">DFDS </span><span class="pp-class-236 pa t53918 l53922 ls4873">has </span><span class="pp-class-236 pa t53918 l53923 ls787">measured </span><span class="pp-class-236 pa t53918 l53924 ls5550">identifiable </span><span class="pp-class-236 pa t53918 l53925 ls2004">intangible </span><span class="pp-class-236 pa t53918 l39085 ls5434">assets, </span><span class="pp-class-236 pa t53918 l53926 ls11600">which </span><span class="pp-class-236 pa t53918 l53927 ls19">are </span><span class="pp-class-236 pa t53918 l53928 ls3289">recognised </span><span class="pp-class-236 pa t53929 l3 ls5523">in </span><span class="pp-class-236 pa t53929 l53930 ls4873">the </span><span class="pp-class-236 pa t53929 l53931 ls4873">acquisition </span><span class="pp-class-236 pa t53929 l53932 ls5550">balance </span><span class="pp-class-236 pa t53929 l53933 ls4886">sheet </span><span class="pp-class-236 pa t53929 l53934 ls814">at </span><span class="pp-class-236 pa t53929 l53935 ls11600">their </span><span class="pp-class-236 pa t53929 l53936 ls1511">fair </span><span class="pp-class-236 pa t53929 l53937 ls1098">value. </span><span class="pp-class-236 pa t53929 l53938 ls9249">A </span><span class="pp-class-236 pa t53929 l53939 ls6870">provision </span><span class="pp-class-236 pa t53929 l53940 ls3544">for </span><span class="pp-class-236 pa t53929 l53941 ls1465">onerous </span><span class="pp-class-236 pa t53929 l53942 ls10312">customer </span><span class="pp-class-236 pa t53929 l53943 ls3337">contracts </span><span class="pp-class-236 pa t53929 l53944 ls5523">is </span><span class="pp-class-236 pa t53929 l53945 ls3289">recognised </span><span class="pp-class-236 pa t53946 l3 ls5523">in </span><span class="pp-class-236 pa t53946 l53947 ls4873">the </span><span class="pp-class-236 pa t53946 l53948 ls4873">acquisition </span><span class="pp-class-236 pa t53946 l53949 ls5550">balance </span><span class="pp-class-236 pa t53946 l53950 ls4886">sheet </span><span class="pp-class-236 pa t53946 l17554 ls7507">with </span><span class="pp-class-236 pa t53946 l53951 ls9249">a </span><span class="pp-class-236 pa t53946 l53952 ls1675">value </span><span class="pp-class-236 pa t53946 l47519 ls4886">of </span><span class="pp-class-236 pa t53946 l48596 ls4873">DKK </span><span class="pp-class-236 pa t53946 l53953 ls4873">138m</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53954 l3 ls3289">Following </span><span class="pp-class-236 pa t53954 l46052 ls4873">the </span><span class="pp-class-236 pa t53954 l53955 ls5565">recognition </span><span class="pp-class-236 pa t53954 l53956 ls4886">of </span><span class="pp-class-236 pa t53954 l53957 ls1905">acquired </span><span class="pp-class-236 pa t53954 l53958 ls5550">identifiable </span><span class="pp-class-236 pa t53954 l53959 ls5523">assets </span><span class="pp-class-236 pa t53954 l53960 ls4873">and </span><span class="pp-class-236 pa t53954 l53961 ls4410">liabilities </span><span class="pp-class-236 pa t53954 l53962 ls814">at </span><span class="pp-class-236 pa t53954 l53963 ls11600">their </span><span class="pp-class-236 pa t53954 l53964 ls1511">fair </span><span class="pp-class-236 pa t53954 l53965 ls1098">value, </span><span class="pp-class-236 pa t53954 l53966 ls7497">goodwill </span><span class="pp-class-236 pa t53954 l53967 ls4873">arising </span><span class="pp-class-236 pa t53968 l3 ls21">from </span><span class="pp-class-236 pa t53968 l28964 ls4873">the </span><span class="pp-class-236 pa t53968 l49242 ls4873">acquisition </span><span class="pp-class-236 pa t53968 l37278 ls1535">was </span><span class="pp-class-236 pa t53968 l53969 ls787">measured </span><span class="pp-class-236 pa t53968 l53970 ls814">at </span><span class="pp-class-236 pa t53968 l53971 ls4873">DKK </span><span class="pp-class-236 pa t53968 l47300 ls1078">1,910m. </span><span class="pp-class-236 pa t53968 l17266 ls4873">The </span><span class="pp-class-236 pa t53968 l53972 ls7497">goodwill </span><span class="pp-class-236 pa t53968 l53973 ls1098">represents </span><span class="pp-class-236 pa t53968 l53974 ls4873">the </span><span class="pp-class-236 pa t53968 l53975 ls814">know-how </span><span class="pp-class-236 pa t53968 l53976 ls1583">taken </span><span class="pp-class-236 pa t53968 l53977 ls1661">over </span><span class="pp-class-236 pa t53968 l53978 ls9249">and </span><span class="pp-class-236 pa t53979 l3 ls4873">the </span><span class="pp-class-236 pa t53979 l53980 ls1675">value </span><span class="pp-class-236 pa t53979 l43966 ls4886">of </span><span class="pp-class-236 pa t53979 l46675 ls7497">combining </span><span class="pp-class-236 pa t53979 l53981 ls7507">this </span><span class="pp-class-236 pa t53979 l53982 ls7507">with </span><span class="pp-class-236 pa t53979 l53983 ls4873">the </span><span class="pp-class-236 pa t53979 l53984 ls787">existing </span><span class="pp-class-236 pa t53979 l5647 ls7507">DFDS </span><span class="pp-class-236 pa t53979 l49346 ls2385">network.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t53985 l3 ls4873">The </span><span class="pp-class-236 pa t53985 l53986 ls4873">acquisition </span><span class="pp-class-236 pa t53985 l35037 ls5449">significantly </span><span class="pp-class-236 pa t53985 l53987 ls1465">expands </span><span class="pp-class-236 pa t53985 l53988 ls781">DFDS’s </span><span class="pp-class-236 pa t53985 l53989 ls5659">logistics </span><span class="pp-class-236 pa t53985 l53990 ls5565">footprint </span><span class="pp-class-236 pa t53985 l53991 ls13">across </span><span class="pp-class-236 pa t53985 l53992 ls4326">Europe </span><span class="pp-class-236 pa t53985 l53993 ls4873">and </span><span class="pp-class-236 pa t53985 l45926 ls5565">strengthens </span><span class="pp-class-236 pa t53985 l53994 ls9249">its </span><span class="pp-class-236 pa t53995 l3 ls5467">connectivity </span><span class="pp-class-236 pa t53995 l13768 ls7507">with </span><span class="pp-class-236 pa t53995 l53996 ls2036">Türkiye, </span><span class="pp-class-236 pa t53995 l53997 ls7497">enabling </span><span class="pp-class-236 pa t53995 l53998 ls4873">the </span><span class="pp-class-236 pa t53995 l53999 ls1583">Group </span><span class="pp-class-236 pa t53995 l54000 ls3289">to </span><span class="pp-class-236 pa t53995 l54001 ls5358">offer </span><span class="pp-class-236 pa t53995 l45549 ls174">end-to-end </span><span class="pp-class-236 pa t53995 l54002 ls1892">transport </span><span class="pp-class-236 pa t53995 l54003 ls4873">and </span><span class="pp-class-236 pa t53995 l39134 ls7497">logistics </span><span class="pp-class-236 pa t53995 l54004 ls10312">solutions </span><span class="pp-class-236 pa t53995 l54005 ls197">directly </span><span class="pp-class-236 pa t54006 l3 ls3289">to </span><span class="pp-class-236 pa t54006 l54007 ls7507">customers </span><span class="pp-class-236 pa t54006 l54008 ls11161">engaged </span><span class="pp-class-236 pa t54006 l54009 ls5523">in </span><span class="pp-class-236 pa t54006 l54010 ls1467">trade </span><span class="pp-class-236 pa t54006 l31325 ls2385">between </span><span class="pp-class-236 pa t54006 l54011 ls4873">the </span><span class="pp-class-236 pa t54006 l54012 ls1535">two </span><span class="pp-class-236 pa t54006 l18696 ls1465">regions.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t54013 l3 ls7497">Goodwill </span><span class="pp-class-236 pa t54013 l54014 ls4873">has </span><span class="pp-class-236 pa t54013 l39251 ls7507">been </span><span class="pp-class-236 pa t54013 l41408 ls1963">allocated </span><span class="pp-class-236 pa t54013 l54015 ls3289">to </span><span class="pp-class-236 pa t54013 l40116 ls4873">the </span><span class="pp-class-236 pa t54013 l52405 ls7497">Logistics </span><span class="pp-class-236 pa t54013 l54016 ls7497">Division </span><span class="pp-class-236 pa t54013 l54017 ls7507">(DKK </span><span class="pp-class-236 pa t54013 l54018 ls11600">829m) </span><span class="pp-class-236 pa t54013 l54019 ls4873">and </span><span class="pp-class-236 pa t54013 l4299 ls5659">Ferry </span><span class="pp-class-236 pa t54013 l54020 ls7497">Division </span><span class="pp-class-236 pa t54013 l50349 ls7507">(DKK </span><span class="pp-class-236 pa t54013 l54021 ls1444">1,081m). </span><span class="pp-class-236 pa t54013 l54022 ls9249">The </span><span class="pp-class-236 pa t54023 l3 ls1675">value </span><span class="pp-class-236 pa t54023 l54024 ls1963">allocated </span><span class="pp-class-236 pa t54023 l54025 ls3289">to </span><span class="pp-class-236 pa t54023 l13559 ls7497">Ferry </span><span class="pp-class-236 pa t54023 l54026 ls7497">Division </span><span class="pp-class-236 pa t54023 l54027 ls5523">is </span><span class="pp-class-236 pa t54023 l18465 ls11600">based </span><span class="pp-class-236 pa t54023 l26508 ls5523">on </span><span class="pp-class-236 pa t54023 l47819 ls2118">synergies </span><span class="pp-class-236 pa t54023 l54028 ls297">related </span><span class="pp-class-236 pa t54023 l54029 ls3289">to </span><span class="pp-class-236 pa t54023 l54030 ls7507">diverting </span><span class="pp-class-236 pa t54023 l54031 ls1928">additional </span><span class="pp-class-236 pa t54023 l54032 ls26">traffic </span><span class="pp-class-236 pa t54023 l54033 ls21">from </span><span class="pp-class-236 pa t54023 l54034 ls7507">land </span><span class="pp-class-236 pa t54023 l54035 ls26">to </span><span class="pp-class-236 pa t54036 l3 ls4873">sea </span><span class="pp-class-236 pa t54036 l54037 ls1892">transport </span><span class="pp-class-236 pa t54036 l54038 ls5523">as </span><span class="pp-class-236 pa t54036 l34086 ls2118">well </span><span class="pp-class-236 pa t54036 l54039 ls5523">as </span><span class="pp-class-236 pa t54036 l54040 ls4326">secure </span><span class="pp-class-236 pa t54036 l46688 ls787">existing </span><span class="pp-class-236 pa t54036 l31157 ls1511">volumes. </span><span class="pp-class-236 pa t54036 l54041 ls4873">The </span><span class="pp-class-236 pa t54036 l54042 ls7497">goodwill </span><span class="pp-class-236 pa t54036 l54043 ls5523">is </span><span class="pp-class-236 pa t54036 l54044 ls276">not </span><span class="pp-class-236 pa t54036 l54045 ls10312">deductible </span><span class="pp-class-236 pa t54036 l54046 ls3544">for </span><span class="pp-class-236 pa t54036 l54047 ls9249">tax </span><span class="pp-class-236 pa t54036 l54048 ls7497">purposes.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t54049 l3 ls2222">FRS </span><span class="pp-class-239 pa t54049 l54050 ls995">Iberia/Maroc</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t54051 l3 ls651">The </span><span class="pp-class-236 pa t54051 l38379 ls3855">purchase </span><span class="pp-class-236 pa t54051 l18315 ls538">price </span><span class="pp-class-236 pa t54051 l54052 ls1404">allocation </span><span class="pp-class-236 pa t54051 l54053 ls553">for </span><span class="pp-class-236 pa t54051 l54054 ls2222">FRS </span><span class="pp-class-236 pa t54051 l54055 ls562">Iberia/Maroc </span><span class="pp-class-236 pa t54051 l24270 ls811">is </span><span class="pp-class-236 pa t54051 l54056 ls995">unchanged </span><span class="pp-class-236 pa t54051 l54057 ls651">and </span><span class="pp-class-236 pa t54051 l54058 ls667">considered </span><span class="pp-class-236 pa t54051 l54059 ls1764">final. </span><span class="pp-class-236 pa t54051 l54060 ls544">For </span><span class="pp-class-236 pa t54051 l54061 ls1792">further </span><span class="pp-class-236 pa t54051 l54062 ls553">details </span><span class="pp-class-236 pa t54051 l54063 ls197">of </span><span class="pp-class-236 pa t54064 l3 ls2222">this </span><span class="pp-class-236 pa t54064 l54065 ls544">acquisition, </span><span class="pp-class-236 pa t54064 l54066 ls11713">refer </span><span class="pp-class-236 pa t54064 l54067 ls538">to </span><span class="pp-class-236 pa t54064 l54068 ls651">the </span><span class="pp-class-236 pa t54064 l26605 ls556">2024 </span><span class="pp-class-236 pa t54064 l54069 ls1764">Annual </span><span class="pp-class-236 pa t54064 l54070 ls2368">Report.</span></p></div></div><div id="pp-id-5441" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54071 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54072 l3">DKK </span><span class="pp-class-236 pa t54072 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l54073 ls4248">Ekol</span></a><span class="pp-class-237 pa t283 l44822"/><span class="pp-class-237 pa t54074 l54075 ls1725">Transport </span><span class="pp-class-237 pa t54072 l54076 ls227">Group</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54077 l3 ls1629">Non-current </span><span class="pp-class-236 pa t54077 l42998 ls162">intangible </span><span class="pp-class-236 pa t54077 l42999 ls67">assets</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54077 l43248">13</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54078 l3">Land </span><span class="pp-class-236 pa t54078 l10823">and </span><span class="pp-class-236 pa t54078 l26211">buildings</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54078 l54079">208</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54080 l3 ls21">Equipment </span><span class="pp-class-236 pa t54080 l4081 ls181">etc.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54080 l54081 ls1780">709</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54082 l3 ls76">Inventories</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54082 l52472">15</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54083 l3 ls6255">Trade </span><span class="pp-class-236 pa t54083 l37509 ls129">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54083 l54084">555</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54085 l3">Other </span><span class="pp-class-236 pa t54085 l8396 ls129">receivables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54085 l43163">196</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54086 l3">Cash </span><span class="pp-class-236 pa t54086 l3028 ls2368">at </span><span class="pp-class-236 pa t54086 l54087">hand </span><span class="pp-class-236 pa t54086 l54088">and </span><span class="pp-class-236 pa t54086 l54089">in </span><span class="pp-class-236 pa t54086 l54090">bank</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54086 l54091 ls811">241</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54092 l3 ls570">Deferred </span><span class="pp-class-236 pa t54092 l37403 ls21">tax </span><span class="pp-class-236 pa t54092 l41905">liability</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54092 l54093 ls4381">-17</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54094 l3 ls428">Interest </span><span class="pp-class-236 pa t54094 l26038">bearing </span><span class="pp-class-236 pa t54094 l54095 ls113">debt</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54094 l54096 ls1078">-790</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54097 l3 ls6255">Trade </span><span class="pp-class-236 pa t54097 l37509 ls252">payables</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54097 l54098">-805</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54099 l3">Other </span><span class="pp-class-236 pa t54099 l8396 ls833">current </span><span class="pp-class-236 pa t54099 l54100">liabilities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54099 l54101">-558</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t54102 l3 ls1535">Net </span><span class="pp-class-237 pa t54102 l37985 ls1098">assets </span><span class="pp-class-237 pa t54102 l54103 ls685">acquired</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t54102 l54104">-233</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54105 l3">Goodwill </span><span class="pp-class-236 pa t54105 l2773 ls2368">at </span><span class="pp-class-236 pa t54105 l39286 ls217">acquisition</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54105 l54106 ls1780">1,910</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t54107 l3 ls6824">Total </span><span class="pp-class-237 pa t54107 l20253 ls1011">purchase </span><span class="pp-class-237 pa t54107 l54108">price</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t54107 l54109 ls7086">1,678</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54110 l3">Cash </span><span class="pp-class-236 pa t54110 l3028">and </span><span class="pp-class-236 pa t54110 l37435">bank </span><span class="pp-class-236 pa t54110 l54111">balances </span><span class="pp-class-236 pa t54110 l54112 ls1133">acquired</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t54110 l54113 ls184">-241</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t54114 l3 ls1535">Fair </span><span class="pp-class-237 pa t54114 l54115 ls106">value </span><span class="pp-class-237 pa t54114 l54116">of </span><span class="pp-class-237 pa t54114 l54117">the </span><span class="pp-class-237 pa t54114 l54118 ls1011">purchase </span><span class="pp-class-237 pa t54114 l54119">price</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t54114 l54120 ls76">1,438</span></a></p></td></tr></table></div></div><div id="pp-id-5444" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54122 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls13386">5.5 </span><span class="pp-class-234 pa t1122 l38307 ls1707">Acquisitions </span><span class="pp-class-234 pa t1122 l53763">and </span><span class="pp-class-234 pa t1122 l1353 ls138">non-controlling </span><span class="pp-class-234 pa t1122 l53764 ls73">interests</span><span class="pp-class-235 pa t1122 l54123"/><span class="pp-class-235 pa t1122 l54124 ls938">(continued)</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40114 l3 ls758">Acquisition </span><span class="pp-class-237 pa t40114 l53907 ls811">of </span><span class="pp-class-237 pa t40114 l2356 ls530">non-controlling </span><span class="pp-class-237 pa t40114 l54125 ls546">interests </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40125 l3 ls1764">During </span><span class="pp-class-236 pa t40125 l52172 ls2565">2025, </span><span class="pp-class-236 pa t40125 l54126 ls2222">DFDS </span><span class="pp-class-236 pa t40125 l39172 ls4787">A/S </span><span class="pp-class-236 pa t40125 l54127 ls651">did </span><span class="pp-class-236 pa t40125 l40251 ls4248">not </span><span class="pp-class-236 pa t40125 l51896 ls877">acquire </span><span class="pp-class-236 pa t40125 l54128 ls553">any </span><span class="pp-class-236 pa t40125 l54129 ls544">additional </span><span class="pp-class-236 pa t40125 l48652 ls2197">shares </span><span class="pp-class-236 pa t40125 l54130 ls811">in </span><span class="pp-class-236 pa t40125 l40354 ls811">AB </span><span class="pp-class-236 pa t40125 l46237 ls2222">DFDS </span><span class="pp-class-236 pa t40125 l54131 ls4284">Seaways </span><span class="pp-class-236 pa t40125 l54132 ls667">(2024: </span><span class="pp-class-236 pa t40125 l54133 ls572">DKK </span><span class="pp-class-236 pa t40125 l54134 ls184">7m, </span><span class="pp-class-236 pa t40137 l3 ls758">corresponding </span><span class="pp-class-236 pa t40137 l34149 ls538">to </span><span class="pp-class-236 pa t40137 l51027 ls811">an </span><span class="pp-class-236 pa t40137 l54135 ls548">ownership </span><span class="pp-class-236 pa t40137 l27546 ls3855">increase </span><span class="pp-class-236 pa t40137 l54136 ls98">of </span><span class="pp-class-236 pa t40137 l39422 ls11050">0.43%). </span><span class="pp-class-236 pa t40137 l54137 ls1882">Consequently, </span><span class="pp-class-236 pa t40137 l54138 ls651">the </span><span class="pp-class-236 pa t40137 l45461 ls548">ownership </span><span class="pp-class-236 pa t40137 l54139 ls706">interest </span><span class="pp-class-236 pa t40137 l54140 ls556">remains </span><span class="pp-class-236 pa t40137 l54141 ls2222">unchanged </span><span class="pp-class-236 pa t40150 l3 ls2197">at </span><span class="pp-class-236 pa t40150 l38900 ls4284">99.27%. </span><span class="pp-class-236 pa t40150 l54142 ls811">No </span><span class="pp-class-236 pa t40150 l54143 ls544">badwill </span><span class="pp-class-236 pa t40150 l41142 ls556">was </span><span class="pp-class-236 pa t40150 l54144 ls667">recognised </span><span class="pp-class-236 pa t40150 l29840 ls811">in </span><span class="pp-class-236 pa t40150 l54145 ls2222">2025 </span><span class="pp-class-236 pa t40150 l54146 ls667">(2024: </span><span class="pp-class-236 pa t40150 l54147 ls544">badwill </span><span class="pp-class-236 pa t40150 l54148 ls98">of </span><span class="pp-class-236 pa t40150 l48846 ls651">DKK </span><span class="pp-class-236 pa t40150 l34204 ls572">13m </span><span class="pp-class-236 pa t40150 l54149 ls667">recognised </span><span class="pp-class-236 pa t40150 l38474 ls3084">directly </span><span class="pp-class-236 pa t40150 l54150 ls811">in </span><span class="pp-class-236 pa t40150 l54151 ls2036">equity).</span></p><div id="pp-id-5443"><div class="pp-class-228 pp-class-256" id="pp-id-5442"><div class="w40752 h54152 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-246 pa t42502 l3">!</span><span class="pp-class-248 pa t42503 l43788"/><span class="pp-class-248 pa t42503 l43789 ls4867" xmlns="http://www.w3.org/1999/xhtml">Significant </span><span class="pp-class-248 pa t42503 l43790 ls177" xmlns="http://www.w3.org/1999/xhtml">accounting </span><span class="pp-class-248 pa t42503 l43791 ls685" xmlns="http://www.w3.org/1999/xhtml">estimates</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43846 l3 ls811">In </span><span class="pp-class-236 pa t43846 l38573 ls2969">applying </span><span class="pp-class-236 pa t43846 l54153 ls651">the </span><span class="pp-class-236 pa t43846 l54154 ls544">acquisition </span><span class="pp-class-236 pa t43846 l53727 ls179">method </span><span class="pp-class-236 pa t43846 l17144 ls98">of </span><span class="pp-class-236 pa t43846 l54155 ls553">accounting, </span><span class="pp-class-236 pa t43846 l54156 ls2207">estimates </span><span class="pp-class-236 pa t43846 l54157 ls2808">are </span><span class="pp-class-236 pa t43846 l54158 ls811">an </span><span class="pp-class-236 pa t43846 l54159 ls7468">integrated </span><span class="pp-class-236 pa t43846 l54160 ls875">part </span><span class="pp-class-236 pa t43846 l54161 ls98">of </span><span class="pp-class-236 pa t43846 l54162 ls995">assessing </span><span class="pp-class-236 pa t43846 l46299 ls670">fair </span><span class="pp-class-236 pa t43857 l3 ls556">values </span><span class="pp-class-236 pa t43857 l16343 ls98">of </span><span class="pp-class-236 pa t43857 l54163 ls3084">several </span><span class="pp-class-236 pa t43857 l54164 ls949">identifiable </span><span class="pp-class-236 pa t43857 l16509 ls179">assets </span><span class="pp-class-236 pa t43857 l54165 ls4276">acquired </span><span class="pp-class-236 pa t43857 l54166 ls572">and </span><span class="pp-class-236 pa t43857 l54167 ls625">liabilities </span><span class="pp-class-236 pa t43857 l54168 ls1751">assumed, </span><span class="pp-class-236 pa t43857 l54169 ls811">as </span><span class="pp-class-236 pa t43857 l54170 ls546">observable </span><span class="pp-class-236 pa t43857 l54171 ls691">market </span><span class="pp-class-236 pa t43857 l54172 ls1792">prices </span><span class="pp-class-236 pa t43870 l3 ls2808">are </span><span class="pp-class-236 pa t43870 l38371 ls681">typically </span><span class="pp-class-236 pa t43870 l38022 ls4248">not </span><span class="pp-class-236 pa t43870 l54173 ls2245">available.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t43900 l3 ls5202">Valuation </span><span class="pp-class-236 pa t43900 l54174 ls179">techniques </span><span class="pp-class-236 pa t43900 l54175 ls706">where </span><span class="pp-class-236 pa t43900 l16759 ls2207">estimates </span><span class="pp-class-236 pa t43900 l42442 ls2808">are </span><span class="pp-class-236 pa t43900 l54176 ls2036">applied </span><span class="pp-class-236 pa t43900 l47681 ls681">typically </span><span class="pp-class-236 pa t43900 l54177 ls1796">relate </span><span class="pp-class-236 pa t43900 l54178 ls538">to </span><span class="pp-class-236 pa t43900 l54179 ls551">determining </span><span class="pp-class-236 pa t43900 l54180 ls651">the </span><span class="pp-class-236 pa t43900 l54181 ls7086">present </span><span class="pp-class-236 pa t43900 l54182 ls2197">value </span><span class="pp-class-236 pa t43900 l54183 ls197">of </span><span class="pp-class-236 pa t43914 l3 ls2197">future </span><span class="pp-class-236 pa t43914 l49642 ls670">uncertain </span><span class="pp-class-236 pa t43914 l54184 ls2222">cash </span><span class="pp-class-236 pa t43914 l54185 ls706">flows </span><span class="pp-class-236 pa t43914 l39202 ls811">or </span><span class="pp-class-236 pa t43914 l13191 ls995">assessing </span><span class="pp-class-236 pa t43914 l12333 ls949">other </span><span class="pp-class-236 pa t43914 l54186 ls7468">events </span><span class="pp-class-236 pa t43914 l54187 ls811">in </span><span class="pp-class-236 pa t43914 l54188 ls538">which </span><span class="pp-class-236 pa t43914 l54189 ls651">the </span><span class="pp-class-236 pa t43914 l54190 ls524">outcome </span><span class="pp-class-236 pa t43914 l54191 ls811">is </span><span class="pp-class-236 pa t43914 l54192 ls670">uncertain </span><span class="pp-class-236 pa t43914 l54193 ls2197">at </span><span class="pp-class-236 pa t43914 l43726 ls651">the </span><span class="pp-class-236 pa t43914 l54194 ls7086">date </span><span class="pp-class-236 pa t43914 l54195 ls197">of </span><span class="pp-class-236 pa t43926 l3 ls544">acquisition. </span><span class="pp-class-236 pa t43926 l39154 ls524">Significant </span><span class="pp-class-236 pa t43926 l54196 ls2207">estimates </span><span class="pp-class-236 pa t43926 l54197 ls2808">are </span><span class="pp-class-236 pa t43926 l54198 ls681">typically </span><span class="pp-class-236 pa t43926 l28258 ls2036">applied </span><span class="pp-class-236 pa t43926 l54199 ls811">in </span><span class="pp-class-236 pa t43926 l54200 ls30">accounting </span><span class="pp-class-236 pa t43926 l54201 ls553">for </span><span class="pp-class-236 pa t43926 l24311 ls6092">property, </span><span class="pp-class-236 pa t43926 l54202 ls536">plant </span><span class="pp-class-236 pa t43926 l54203 ls184">and </span><span class="pp-class-236 pa t43939 l3 ls747">equipment </span><span class="pp-class-236 pa t43939 l54204 ls651">and </span><span class="pp-class-236 pa t43939 l54205 ls949">customer </span><span class="pp-class-236 pa t43939 l54206 ls4787">relationships. </span><span class="pp-class-236 pa t43939 l7344 ls811">As </span><span class="pp-class-236 pa t43939 l17414 ls184">a </span><span class="pp-class-236 pa t43939 l54207 ls2808">result </span><span class="pp-class-236 pa t43939 l54208 ls98">of </span><span class="pp-class-236 pa t43939 l54209 ls651">the </span><span class="pp-class-236 pa t43939 l49491 ls1751">uncertainties </span><span class="pp-class-236 pa t43939 l54210 ls811">in </span><span class="pp-class-236 pa t43939 l54211 ls553">fair </span><span class="pp-class-236 pa t43939 l54212 ls2197">value </span><span class="pp-class-236 pa t43939 l54213 ls530">estimation, </span><span class="pp-class-236 pa t43956 l3 ls8048">measurement </span><span class="pp-class-236 pa t43956 l25042 ls1764">period </span><span class="pp-class-236 pa t43956 l4054 ls553">adjustments </span><span class="pp-class-236 pa t43956 l41994 ls2969">may </span><span class="pp-class-236 pa t43956 l4490 ls811">be </span><span class="pp-class-236 pa t43956 l54214 ls2036">applied.</span></p></div></div></div></div></div><div class="pp-class-10" id="pp-id-5447" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54215 pa t2 l3 wtro4 xx54216 tro6 xx54217"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t283 l50496"/></p><div id="pp-id-5446"><div class="pp-class-227 pp-class-256" id="pp-id-5445"><div class="w40752 h54218 pa t2 l3 wtro4 xx27418 tro6 xx27419"><p class="pp-class-229 pp-area-text"><span class="pp-class-248 pa t860 l3">§ </span><span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54219 l3 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54219 l2325 ls3022 wtro3142 wtr23376 tro3144 tr23377">acquired </span><span class="pp-class-236 pa t54219 l54220 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54219 l54221 ls8200 wtro3142 wtr23376 tro3144 tr23377">formed </span><span class="pp-class-236 pa t54219 l54222 ls9737 wtro3142 wtr23376 tro3144 tr23377">during </span><span class="pp-class-236 pa t54219 l54223 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54224 ls3351 wtro3142 wtr23376 tro3144 tr23377">year </span><span class="pp-class-236 pa t54219 l54225 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54219 l53696 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54219 l54226 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54219 l54227 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54228 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54219 l54229 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54219 l54230 ls30681 wtro3142 wtr23376 tro3144 tr23377">statements </span><span class="pp-class-236 pa t54219 l54231 ls645 wtro3142 wtr23376 tro3144 tr23377">from </span><span class="pp-class-236 pa t54232 l3 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54233 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54232 l54234 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54232 l54235 ls1075 wtro3142 wtr23376 tro3144 tr23377">acquisition </span><span class="pp-class-236 pa t54232 l54236 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54232 l54237 ls2838 wtro3142 wtr23376 tro3144 tr23377">formation. </span><span class="pp-class-236 pa t54232 l54238 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54232 l54239 ls11050 wtro3142 wtr23376 tro3144 tr23377">disposed </span><span class="pp-class-236 pa t54232 l24493 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54232 l54240 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54232 l54241 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54232 l42355 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54242 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54232 l54243 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54232 l54244 ls17577 wtro3142 wtr23376 tro3144 tr23377">state-</span><span class="pp-class-236 pa t54245 l3 ls9737 wtro3142 wtr23376 tro3144 tr23377">ments </span><span class="pp-class-236 pa t54245 l54246 ls9737 wtro3142 wtr23376 tro3144 tr23377">until </span><span class="pp-class-236 pa t54245 l54247 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54245 l19701 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54245 l54248 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54245 l54249 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposal. </span><span class="pp-class-236 pa t54245 l42820 ls4284 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t54245 l54250 ls43360 wtro3142 wtr23376 tro3144 tr23377">comparative </span><span class="pp-class-236 pa t54245 l54251 ls3147 wtro3142 wtr23376 tro3144 tr23377">figures </span><span class="pp-class-236 pa t54245 l54252 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54245 l54253 ls645 wtro3142 wtr23376 tro3144 tr23377">not </span><span class="pp-class-236 pa t54245 l54254 ls25295 wtro3142 wtr23376 tro3144 tr23377">adjusted </span><span class="pp-class-236 pa t54245 l54255 ls2846 wtro3142 wtr23376 tro3144 tr23377">for </span><span class="pp-class-236 pa t54245 l54256 ls3351 wtro3142 wtr23376 tro3144 tr23377">acquisitions </span><span class="pp-class-236 pa t54245 l54257 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54245 l54258 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposals.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54259 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">Business </span><span class="pp-class-236 pa t54259 l54260 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54259 l54261 ls706 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t54259 l54262 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54259 l54263 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54259 l54264 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained </span><span class="pp-class-236 pa t54259 l44294 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t54259 l54265 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54266 ls706 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54259 l54267 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54259 l54268 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54259 l54269 ls538 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t54259 l54270 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54271 ls625 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54272 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">method. </span><span class="pp-class-236 pa t54272 l54273 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54272 l54274 ls949 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54272 l54275 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54272 l54276 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54272 l54277 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54272 l54278 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54272 l54279 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54272 l54280 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54272 l54281 ls13284 wtro3142 wtr3143 tro3144 tr3145">newly </span><span class="pp-class-236 pa t54272 l54282 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54272 l54283 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprises </span><span class="pp-class-236 pa t54272 l54284 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">assessed </span><span class="pp-class-236 pa t54285 l54286 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54285 l54287 ls538 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54285 l54288 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54285 l54289 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54285 l54290 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54285 l54291 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54285 l54292 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54285 l54293 ls1815 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t54285 l54294 ls949 wtro3142 wtr3143 tro3144 tr3145">Identifiable </span><span class="pp-class-236 pa t54285 l54295 ls541 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54285 l54296 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54285 l54297 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l54298 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54285 l54299 ls811 wtro3142 wtr3143 tro3144 tr3145">if </span><span class="pp-class-236 pa t54285 l54300 ls546 wtro3142 wtr3143 tro3144 tr3145">they </span><span class="pp-class-236 pa t54301 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54301 l54302 ls8048 wtro3142 wtr3143 tro3144 tr3145">separable </span><span class="pp-class-236 pa t54301 l54303 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54301 l54304 ls538 wtro3142 wtr3143 tro3144 tr3145">arise </span><span class="pp-class-236 pa t54301 l54305 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54301 l54306 ls184 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54301 l33178 ls2270 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t54301 l44054 ls2222 wtro3142 wtr3143 tro3144 tr3145">right. </span><span class="pp-class-236 pa t54301 l54307 ls5781 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t54301 l54308 ls2036 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t54301 l54309 ls3681 wtro3142 wtr3143 tro3144 tr3145">related </span><span class="pp-class-236 pa t54301 l54310 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54301 l54311 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54301 l54312 ls110 wtro3142 wtr3143 tro3144 tr3145">revaluations </span><span class="pp-class-236 pa t54301 l54313 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54301 l54314 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54315 l3 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54315 l54316 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54315 l54317 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54318 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54315 l54319 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54320 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54321 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54315 l17554 ls691 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54315 l54322 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54323 ls1882 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54315 l54324 ls1118 wtro3142 wtr3143 tro3144 tr3145">obtains </span><span class="pp-class-236 pa t54315 l54325 ls6824 wtro3142 wtr3143 tro3144 tr3145">actual </span><span class="pp-class-236 pa t54315 l54326 ls2258 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54315 l54327 ls17548 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t54315 l54328 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54329 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54315 l54330 ls4775 wtro3142 wtr3143 tro3144 tr3145">enterprise. </span><span class="pp-class-236 pa t54331 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Positive </span><span class="pp-class-236 pa t54331 l54332 ls1882 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t54331 l35108 ls3292 wtro3142 wtr3143 tro3144 tr3145">(goodwill) </span><span class="pp-class-236 pa t54331 l54333 ls11072 wtro3142 wtr3143 tro3144 tr3145">between, </span><span class="pp-class-236 pa t54331 l54334 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54331 l54335 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54336 ls2207 wtro3142 wtr3143 tro3144 tr3145">one </span><span class="pp-class-236 pa t54331 l54337 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54331 l54338 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54339 ls12546 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54331 l54340 ls7468 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54331 l54341 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54342 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54331 l54343 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54331 l54344 ls1775 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54331 l54345 ls11726 wtro3142 wtr3143 tro3144 tr3145">inter-</span><span class="pp-class-236 pa t54346 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">ests </span><span class="pp-class-236 pa t54346 l54347 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54346 l54348 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54349 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l17977 ls6270 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54346 l54350 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54346 l54351 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54352 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54346 l54353 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54346 l45079 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54346 l54354 ls2808 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t54346 l54355 ls11722 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54346 l54356 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l54357 ls110 wtro3142 wtr3143 tro3144 tr3145">shareholdings, </span><span class="pp-class-236 pa t54346 l54358 ls556 wtro3142 wtr3143 tro3144 tr3145">and, </span><span class="pp-class-236 pa t54346 l39196 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54346 l54359 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">other </span><span class="pp-class-236 pa t54360 l54361 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54360 l54362 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54363 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54360 l54364 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54360 l54365 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54360 l54366 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54367 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54360 l54368 ls299 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54360 l54369 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54360 l24371 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54370 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54360 l54371 ls7468 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54360 l54372 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54373 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54360 l54374 ls877 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54375 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54375 l54376 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54375 l54377 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54375 l54378 ls681 wtro3142 wtr3143 tro3144 tr3145">under </span><span class="pp-class-236 pa t54375 l54379 ls12490 wtro3142 wtr3143 tro3144 tr3145">non-current </span><span class="pp-class-236 pa t54375 l54380 ls6270 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54375 l54381 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets. </span><span class="pp-class-236 pa t54375 l36603 ls1775 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54375 l43896 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54382 ls2270 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54375 l54383 ls4787 wtro3142 wtr3143 tro3144 tr3145">amortised </span><span class="pp-class-236 pa t54375 l54384 ls2207 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t54375 l54385 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54386 ls849 wtro3142 wtr3143 tro3144 tr3145">tested </span><span class="pp-class-236 pa t54375 l54387 ls11077 wtro3142 wtr3143 tro3144 tr3145">annually </span><span class="pp-class-236 pa t54388 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54388 l54389 ls4558 wtro3142 wtr3143 tro3144 tr3145">impairment. </span><span class="pp-class-236 pa t54388 l54390 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54388 l54391 ls681 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54388 l54392 ls4775 wtro3142 wtr3143 tro3144 tr3145">impairment </span><span class="pp-class-236 pa t54388 l54393 ls2270 wtro3142 wtr3143 tro3144 tr3145">test </span><span class="pp-class-236 pa t54388 l54394 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54388 l54395 ls1118 wtro3142 wtr3143 tro3144 tr3145">performed </span><span class="pp-class-236 pa t54388 l54396 ls7832 wtro3142 wtr3143 tro3144 tr3145">before </span><span class="pp-class-236 pa t54388 l54397 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54398 ls2207 wtro3142 wtr3143 tro3144 tr3145">end </span><span class="pp-class-236 pa t54388 l54399 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54388 l54400 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54401 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54388 l54402 ls44099 wtro3142 wtr3143 tro3144 tr3145">year. </span><span class="pp-class-236 pa t54388 l54403 ls556 wtro3142 wtr3143 tro3144 tr3145">Upon </span><span class="pp-class-236 pa t54388 l54404 ls7468 wtro3142 wtr3143 tro3144 tr3145">acqui-</span><span class="pp-class-236 pa t54405 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">sition, </span><span class="pp-class-236 pa t54405 l54406 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54405 l54407 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54405 l54408 ls5202 wtro3142 wtr3143 tro3144 tr3145">allocated </span><span class="pp-class-236 pa t54405 l54409 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54405 l30237 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54410 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54405 l54411 ls603 wtro3142 wtr3143 tro3144 tr3145">units, </span><span class="pp-class-236 pa t54405 l54412 ls681 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54405 l54413 ls2258 wtro3142 wtr3143 tro3144 tr3145">subsequently </span><span class="pp-class-236 pa t54405 l54414 ls4017 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54405 l54415 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54416 ls681 wtro3142 wtr3143 tro3144 tr3145">basis </span><span class="pp-class-236 pa t54405 l54417 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54405 l54418 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54419 ls544 wtro3142 wtr3143 tro3144 tr3145">im-</span><span class="pp-class-236 pa t54420 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">pairment </span><span class="pp-class-236 pa t54420 l54421 ls621 wtro3142 wtr3143 tro3144 tr3145">test. </span><span class="pp-class-236 pa t54420 l54422 ls15034 wtro3142 wtr3143 tro3144 tr3145">Allocation </span><span class="pp-class-236 pa t54420 l54423 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54420 l54424 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54420 l43945 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54420 l54425 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54420 l54426 ls681 wtro3142 wtr3143 tro3144 tr3145">units </span><span class="pp-class-236 pa t54420 l54427 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54420 l54428 ls4807 wtro3142 wtr3143 tro3144 tr3145">described </span><span class="pp-class-236 pa t54420 l54429 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54420 l54430 ls6270 wtro3142 wtr3143 tro3144 tr3145">note </span><span class="pp-class-236 pa t54420 l54431 ls3298 wtro3142 wtr3143 tro3144 tr3145">3.1.4.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54432 l3 ls1133 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54432 l54433 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54432 l54434 ls10 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54432 l54435 ls608 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54432 l54436 ls2368 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54432 l54437 ls1547 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54432 l54438 ls234 wtro3142 wtr3143 tro3144 tr3145">connection </span><span class="pp-class-236 pa t54432 l54439 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l45750 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54432 l54440 ls875 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54432 l54441 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54432 l54429 ls1078 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l24349 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54432 l8544 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54432 l54442 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l54443 ls71 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l54444 ls3855 wtro3142 wtr3143 tro3144 tr3145">dif-</span><span class="pp-class-236 pa t54445 l3 ls544 wtro3142 wtr3143 tro3144 tr3145">ferent </span><span class="pp-class-236 pa t54445 l54446 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54445 l54447 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54448 ls129 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t54445 l7483 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54445 l54449 ls4787 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54445 l8265 ls1764 wtro3142 wtr3143 tro3144 tr3145">presentation </span><span class="pp-class-236 pa t54445 l54450 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54451 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54445 l54452 ls558 wtro3142 wtr3143 tro3144 tr3145">treated </span><span class="pp-class-236 pa t54445 l54453 ls1547 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54445 l54454 ls2315 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54445 l54455 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54445 l54456 ls15 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54457 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54457 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54457 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54457 l54460 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54461 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54457 l54462 ls1751 wtro3142 wtr3143 tro3144 tr3145">translated </span><span class="pp-class-236 pa t54457 l21339 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54463 ls3852 wtro3142 wtr3143 tro3144 tr3145">converted </span><span class="pp-class-236 pa t54457 l54464 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54457 l54465 ls15 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54457 l54466 ls532 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54457 l54467 ls184 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54457 l15277 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54468 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54457 l54469 ls2036 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54470 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54470 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54470 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54470 l54460 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54470 l54471 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54472 ls553 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54470 l54473 ls4793 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54470 l54474 ls1547 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54470 l54475 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54476 ls608 wtro3142 wtr3143 tro3144 tr3145">transaction </span><span class="pp-class-236 pa t54470 l54477 ls553 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54478 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54478 l18690 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54478 l54479 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54478 l54480 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54481 ls811 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t54478 l38495 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54478 l9071 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54478 l54482 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54483 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54478 l54484 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54478 l54485 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54486 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54487 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54478 l54488 ls3855 wtro3142 wtr3143 tro3144 tr3145">payment </span><span class="pp-class-236 pa t54478 l54489 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54478 l54490 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54491 ls553 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54478 l54492 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54493 ls608 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54494 l3 ls299 wtro3142 wtr3143 tro3144 tr3145">transferred, </span><span class="pp-class-236 pa t54494 l54495 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54494 l54496 ls1751 wtro3142 wtr3143 tro3144 tr3145">assumed, </span><span class="pp-class-236 pa t54494 l54497 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54494 l54498 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54494 l54499 ls524 wtro3142 wtr3143 tro3144 tr3145">instruments </span><span class="pp-class-236 pa t54494 l54500 ls1764 wtro3142 wtr3143 tro3144 tr3145">issued </span><span class="pp-class-236 pa t54494 l54501 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54494 l54502 ls3170 wtro3142 wtr3143 tro3144 tr3145">seller. </span><span class="pp-class-236 pa t54494 l54503 ls811 wtro3142 wtr3143 tro3144 tr3145">If </span><span class="pp-class-236 pa t54494 l54504 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54494 l54505 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54494 l54506 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54494 l54507 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54494 l54508 ls1547 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54509 l54510 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54509 l54511 ls2197 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t54509 l54512 ls7468 wtro3142 wtr3143 tro3144 tr3145">events </span><span class="pp-class-236 pa t54509 l54513 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54509 l54514 ls630 wtro3142 wtr3143 tro3144 tr3145">fulfilment </span><span class="pp-class-236 pa t54509 l54515 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54516 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54509 l54517 ls625 wtro3142 wtr3143 tro3144 tr3145">conditions, </span><span class="pp-class-236 pa t54509 l54518 ls2222 wtro3142 wtr3143 tro3144 tr3145">this </span><span class="pp-class-236 pa t54509 l54519 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54509 l54520 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54521 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54509 l54522 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54509 l54523 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l54524 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54525 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54525 l54526 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54527 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54525 l54528 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54525 l42613 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54529 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54525 l54530 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54525 l54531 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54525 l31296 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition. </span><span class="pp-class-236 pa t54525 l54532 ls538 wtro3142 wtr3143 tro3144 tr3145">Costs </span><span class="pp-class-236 pa t54525 l54533 ls621 wtro3142 wtr3143 tro3144 tr3145">attributable </span><span class="pp-class-236 pa t54525 l54534 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54525 l54535 ls1751 wtro3142 wtr3143 tro3144 tr3145">business </span><span class="pp-class-236 pa t54525 l54536 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54525 l54537 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54525 l54538 ls630 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54539 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54539 l9932 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54539 l54540 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54539 l54541 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54539 l11081 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54539 l54542 ls2222 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t54539 l54543 ls8048 wtro3142 wtr3143 tro3144 tr3145">incurred. </span><span class="pp-class-236 pa t54539 l54544 ls17592 wtro3142 wtr3143 tro3144 tr3145">If, </span><span class="pp-class-236 pa t54539 l2166 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54539 l54545 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54539 l54546 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54539 l54547 ls2036 wtro3142 wtr3143 tro3144 tr3145">uncertainty </span><span class="pp-class-236 pa t54539 l54548 ls706 wtro3142 wtr3143 tro3144 tr3145">exist </span><span class="pp-class-236 pa t54539 l54549 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54539 l54550 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54551 l3 ls614 wtro3142 wtr3143 tro3144 tr3145">identification </span><span class="pp-class-236 pa t54551 l54552 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54551 l51027 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54551 l54553 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54551 l54554 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54551 l54555 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54551 l54556 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54551 l54557 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54558 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54551 l54559 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54551 l54560 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54561 ls1404 wtro3142 wtr3143 tro3144 tr3145">determination </span><span class="pp-class-236 pa t54562 l3 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54562 l54563 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54562 l54564 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54562 l54565 ls541 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54562 l54566 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54562 l54567 ls838 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54562 l45760 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54562 l54568 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54562 l54569 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54562 l54570 ls2222 wtro3142 wtr3143 tro3144 tr3145">done </span><span class="pp-class-236 pa t54562 l54571 ls538 wtro3142 wtr3143 tro3144 tr3145">based </span><span class="pp-class-236 pa t54562 l54572 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54562 l54573 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54562 l54574 ls3855 wtro3142 wtr3143 tro3144 tr3145">values. </span><span class="pp-class-236 pa t54562 l54575 ls184 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54576 l3 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54576 l7240 ls556 wtro3142 wtr3143 tro3144 tr3145">values </span><span class="pp-class-236 pa t54576 l54577 ls2969 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t54576 l54578 ls811 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t54576 l54579 ls630 wtro3142 wtr3143 tro3144 tr3145">adjusted </span><span class="pp-class-236 pa t54576 l54580 ls536 wtro3142 wtr3143 tro3144 tr3145">until </span><span class="pp-class-236 pa t54576 l54581 ls811 wtro3142 wtr3143 tro3144 tr3145">12 </span><span class="pp-class-236 pa t54576 l54582 ls995 wtro3142 wtr3143 tro3144 tr3145">months </span><span class="pp-class-236 pa t54576 l54583 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54576 l54584 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54585 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54576 l54586 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54576 l54587 ls2245 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t54576 l54588 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54589 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54576 l54590 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54591 l3 ls1764 wtro3142 wtr3143 tro3144 tr3145">nition </span><span class="pp-class-236 pa t54591 l54592 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54591 l54593 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54591 l54594 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54591 l54595 ls667 wtro3142 wtr3143 tro3144 tr3145">incorrect. </span><span class="pp-class-236 pa t54591 l54596 ls2036 wtro3142 wtr3143 tro3144 tr3145">Changes </span><span class="pp-class-236 pa t54591 l54597 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54591 l54598 ls2207 wtro3142 wtr3143 tro3144 tr3145">estimates </span><span class="pp-class-236 pa t54591 l54599 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54591 l54600 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54591 l54601 ls4787 wtro3142 wtr3143 tro3144 tr3145">considerations </span><span class="pp-class-236 pa t54591 l54602 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54591 l8430 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54603 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54603 l54604 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54603 l54605 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54603 l54606 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54603 l54607 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54603 l54608 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54603 l54609 ls995 wtro3142 wtr3143 tro3144 tr3145">financial </span><span class="pp-class-236 pa t54603 l54610 ls35 wtro3142 wtr3143 tro3144 tr3145">items. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54611 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">Incremental </span><span class="pp-class-236 pa t54611 l54612 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisitions </span><span class="pp-class-236 pa t54611 l54613 ls168 wtro3142 wtr3143 tro3144 tr3145">after </span><span class="pp-class-236 pa t54611 l54614 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54611 l46634 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t54611 l54615 ls2222 wtro3142 wtr3143 tro3144 tr3145">been </span><span class="pp-class-236 pa t54611 l54616 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained, </span><span class="pp-class-236 pa t54611 l54617 ls838 wtro3142 wtr3143 tro3144 tr3145">i.e., </span><span class="pp-class-236 pa t54611 l54618 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54611 l54619 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54611 l39096 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54611 l54620 ls621 wtro3142 wtr3143 tro3144 tr3145">interests, </span><span class="pp-class-236 pa t54611 l54621 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54611 l42557 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54622 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54622 l54604 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54622 l54623 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54624 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54622 l54625 ls1751 wtro3142 wtr3143 tro3144 tr3145">Disposal </span><span class="pp-class-236 pa t54622 l54626 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54627 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54622 l54628 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54622 l54629 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54622 l54630 ls2969 wtro3142 wtr3143 tro3144 tr3145">resulting </span><span class="pp-class-236 pa t54622 l54631 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54632 ls2222 wtro3142 wtr3143 tro3144 tr3145">loss </span><span class="pp-class-236 pa t54622 l54633 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54634 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54622 l54635 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54622 l54636 ls877 wtro3142 wtr3143 tro3144 tr3145">likewise </span><span class="pp-class-236 pa t54622 l54637 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54638 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54638 l2389 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54638 l54639 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54638 l54640 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54638 l54641 ls538 wtro3142 wtr3143 tro3144 tr3145">Gains </span><span class="pp-class-236 pa t54638 l54642 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54638 l54643 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54638 l54644 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54638 l54645 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54638 l54646 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54638 l54647 ls747 wtro3142 wtr3143 tro3144 tr3145">subsidiaries, </span><span class="pp-class-236 pa t54638 l54648 ls560 wtro3142 wtr3143 tro3144 tr3145">associates </span><span class="pp-class-236 pa t54638 l54649 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54638 l54650 ls536 wtro3142 wtr3143 tro3144 tr3145">joint </span><span class="pp-class-236 pa t54638 l54651 ls299 wtro3142 wtr3143 tro3144 tr3145">ventures </span><span class="pp-class-236 pa t54638 l54652 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54653 l3 ls560 wtro3142 wtr3143 tro3144 tr3145">calculated </span><span class="pp-class-236 pa t54653 l54654 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54653 l54655 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54656 ls681 wtro3142 wtr3143 tro3144 tr3145">difference </span><span class="pp-class-236 pa t54653 l54657 ls713 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t54653 l54658 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54659 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54653 l54660 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54653 l54661 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54653 l54662 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54663 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54653 l54664 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54653 l54665 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54653 l54666 ls4248 wtro3142 wtr3143 tro3144 tr3145">net </span><span class="pp-class-236 pa t54653 l54667 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54653 l54668 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54653 l54669 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l3 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54670 l54671 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54672 ls995 wtro3142 wtr3143 tro3144 tr3145">disposal, </span><span class="pp-class-236 pa t54670 l54673 ls546 wtro3142 wtr3143 tro3144 tr3145">including </span><span class="pp-class-236 pa t54670 l54674 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l54675 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54670 l54676 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54670 l54677 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54678 ls995 wtro3142 wtr3143 tro3144 tr3145">goodwill, </span><span class="pp-class-236 pa t54670 l54679 ls713 wtro3142 wtr3143 tro3144 tr3145">accumulated </span><span class="pp-class-236 pa t54670 l54680 ls11713 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54670 l54681 ls538 wtro3142 wtr3143 tro3144 tr3145">gains </span><span class="pp-class-236 pa t54670 l54682 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54670 l54683 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54670 l54684 ls5202 wtro3142 wtr3143 tro3144 tr3145">previ-</span><span class="pp-class-236 pa t54685 l3 ls7468 wtro3142 wtr3143 tro3144 tr3145">ously </span><span class="pp-class-236 pa t54685 l54686 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54685 l54687 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54685 l54688 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54685 l54689 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54685 l54690 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54691 ls8048 wtro3142 wtr3143 tro3144 tr3145">well </span><span class="pp-class-236 pa t54685 l54692 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54693 ls2207 wtro3142 wtr3143 tro3144 tr3145">anticipated </span><span class="pp-class-236 pa t54685 l54694 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54685 l54695 ls1764 wtro3142 wtr3143 tro3144 tr3145">costs. </span><span class="pp-class-236 pa t54685 l54696 ls3855 wtro3142 wtr3143 tro3144 tr3145">Exchange </span><span class="pp-class-236 pa t54685 l54697 ls8384 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54685 l54698 ls553 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54685 l54699 ls614 wtro3142 wtr3143 tro3144 tr3145">attrib-</span><span class="pp-class-236 pa t54700 l3 ls747 wtro3142 wtr3143 tro3144 tr3145">utable </span><span class="pp-class-236 pa t54700 l54701 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54700 l54702 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54700 l54703 ls2848 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54700 l54704 ls548 wtro3142 wtr3143 tro3144 tr3145">ownership </span><span class="pp-class-236 pa t54700 l54705 ls2889 wtro3142 wtr3143 tro3144 tr3145">interest, </span><span class="pp-class-236 pa t54700 l54706 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54700 l54707 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54700 l54708 ls2816 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54700 l54709 ls2258 wtro3142 wtr3143 tro3144 tr3145">were </span><span class="pp-class-236 pa t54700 l54710 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54700 l54711 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54700 l48541 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54700 l54712 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity, </span><span class="pp-class-236 pa t54700 l54713 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l3 ls179 wtro3142 wtr3143 tro3144 tr3145">included </span><span class="pp-class-236 pa t54714 l54715 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54714 l9529 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54716 ls1404 wtro3142 wtr3143 tro3144 tr3145">calculation </span><span class="pp-class-236 pa t54714 l54717 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54714 l38739 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54718 ls538 wtro3142 wtr3143 tro3144 tr3145">gain/ </span><span class="pp-class-236 pa t54714 l54719 ls538 wtro3142 wtr3143 tro3144 tr3145">loss. </span><span class="pp-class-236 pa t54714 l54720 ls553 wtro3142 wtr3143 tro3144 tr3145">Any </span><span class="pp-class-236 pa t54714 l54721 ls5781 wtro3142 wtr3143 tro3144 tr3145">retained </span><span class="pp-class-236 pa t54714 l54722 ls179 wtro3142 wtr3143 tro3144 tr3145">participating </span><span class="pp-class-236 pa t54714 l54723 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54714 l54724 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l54725 ls3855 wtro3142 wtr3143 tro3144 tr3145">measured </span><span class="pp-class-236 pa t54714 l54726 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54714 l54727 ls811 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54728 l3 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54728 l54729 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54728 l54730 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54731 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l7463 ls2222 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t54728 l54732 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54733 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54728 l54734 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l32754 ls8048 wtro3142 wtr3143 tro3144 tr3145">controlling </span><span class="pp-class-236 pa t54728 l54735 ls558 wtro3142 wtr3143 tro3144 tr3145">influence </span><span class="pp-class-236 pa t54728 l54736 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54728 l54737 ls3852 wtro3142 wtr3143 tro3144 tr3145">lost.</span></p></div></div></div></div></div> <p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-237 pa t40114 l3 ls758">Acquisition </span><span class="pp-class-237 pa t40114 l53907 ls811">of </span><span class="pp-class-237 pa t40114 l2356 ls530">non-controlling </span><span class="pp-class-237 pa t40114 l54125 ls546">interests </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t40125 l3 ls1764">During </span><span class="pp-class-236 pa t40125 l52172 ls2565">2025, </span><span class="pp-class-236 pa t40125 l54126 ls2222">DFDS </span><span class="pp-class-236 pa t40125 l39172 ls4787">A/S </span><span class="pp-class-236 pa t40125 l54127 ls651">did </span><span class="pp-class-236 pa t40125 l40251 ls4248">not </span><span class="pp-class-236 pa t40125 l51896 ls877">acquire </span><span class="pp-class-236 pa t40125 l54128 ls553">any </span><span class="pp-class-236 pa t40125 l54129 ls544">additional </span><span class="pp-class-236 pa t40125 l48652 ls2197">shares </span><span class="pp-class-236 pa t40125 l54130 ls811">in </span><span class="pp-class-236 pa t40125 l40354 ls811">AB </span><span class="pp-class-236 pa t40125 l46237 ls2222">DFDS </span><span class="pp-class-236 pa t40125 l54131 ls4284">Seaways </span><span class="pp-class-236 pa t40125 l54132 ls667">(2024: </span><span class="pp-class-236 pa t40125 l54133 ls572">DKK </span><span class="pp-class-236 pa t40125 l54134 ls184">7m, </span><span class="pp-class-236 pa t40137 l3 ls758">corresponding </span><span class="pp-class-236 pa t40137 l34149 ls538">to </span><span class="pp-class-236 pa t40137 l51027 ls811">an </span><span class="pp-class-236 pa t40137 l54135 ls548">ownership </span><span class="pp-class-236 pa t40137 l27546 ls3855">increase </span><span class="pp-class-236 pa t40137 l54136 ls98">of </span><span class="pp-class-236 pa t40137 l39422 ls11050">0.43%). </span><span class="pp-class-236 pa t40137 l54137 ls1882">Consequently, </span><span class="pp-class-236 pa t40137 l54138 ls651">the </span><span class="pp-class-236 pa t40137 l45461 ls548">ownership </span><span class="pp-class-236 pa t40137 l54139 ls706">interest </span><span class="pp-class-236 pa t40137 l54140 ls556">remains </span><span class="pp-class-236 pa t40137 l54141 ls2222">unchanged </span><span class="pp-class-236 pa t40150 l3 ls2197">at </span><span class="pp-class-236 pa t40150 l38900 ls4284">99.27%. </span><span class="pp-class-236 pa t40150 l54142 ls811">No </span><span class="pp-class-236 pa t40150 l54143 ls544">badwill </span><span class="pp-class-236 pa t40150 l41142 ls556">was </span><span class="pp-class-236 pa t40150 l54144 ls667">recognised </span><span class="pp-class-236 pa t40150 l29840 ls811">in </span><span class="pp-class-236 pa t40150 l54145 ls2222">2025 </span><span class="pp-class-236 pa t40150 l54146 ls667">(2024: </span><span class="pp-class-236 pa t40150 l54147 ls544">badwill </span><span class="pp-class-236 pa t40150 l54148 ls98">of </span><span class="pp-class-236 pa t40150 l48846 ls651">DKK </span><span class="pp-class-236 pa t40150 l34204 ls572">13m </span><span class="pp-class-236 pa t40150 l54149 ls667">recognised </span><span class="pp-class-236 pa t40150 l38474 ls3084">directly </span><span class="pp-class-236 pa t40150 l54150 ls811">in </span><span class="pp-class-236 pa t40150 l54151 ls2036">equity).</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54219 l3 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54219 l2325 ls3022 wtro3142 wtr23376 tro3144 tr23377">acquired </span><span class="pp-class-236 pa t54219 l54220 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54219 l54221 ls8200 wtro3142 wtr23376 tro3144 tr23377">formed </span><span class="pp-class-236 pa t54219 l54222 ls9737 wtro3142 wtr23376 tro3144 tr23377">during </span><span class="pp-class-236 pa t54219 l54223 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54224 ls3351 wtro3142 wtr23376 tro3144 tr23377">year </span><span class="pp-class-236 pa t54219 l54225 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54219 l53696 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54219 l54226 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54219 l54227 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54228 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54219 l54229 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54219 l54230 ls30681 wtro3142 wtr23376 tro3144 tr23377">statements </span><span class="pp-class-236 pa t54219 l54231 ls645 wtro3142 wtr23376 tro3144 tr23377">from </span><span class="pp-class-236 pa t54232 l3 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54233 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54232 l54234 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54232 l54235 ls1075 wtro3142 wtr23376 tro3144 tr23377">acquisition </span><span class="pp-class-236 pa t54232 l54236 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54232 l54237 ls2838 wtro3142 wtr23376 tro3144 tr23377">formation. </span><span class="pp-class-236 pa t54232 l54238 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54232 l54239 ls11050 wtro3142 wtr23376 tro3144 tr23377">disposed </span><span class="pp-class-236 pa t54232 l24493 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54232 l54240 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54232 l54241 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54232 l42355 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54242 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54232 l54243 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54232 l54244 ls17577 wtro3142 wtr23376 tro3144 tr23377">state-</span><span class="pp-class-236 pa t54245 l3 ls9737 wtro3142 wtr23376 tro3144 tr23377">ments </span><span class="pp-class-236 pa t54245 l54246 ls9737 wtro3142 wtr23376 tro3144 tr23377">until </span><span class="pp-class-236 pa t54245 l54247 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54245 l19701 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54245 l54248 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54245 l54249 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposal. </span><span class="pp-class-236 pa t54245 l42820 ls4284 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t54245 l54250 ls43360 wtro3142 wtr23376 tro3144 tr23377">comparative </span><span class="pp-class-236 pa t54245 l54251 ls3147 wtro3142 wtr23376 tro3144 tr23377">figures </span><span class="pp-class-236 pa t54245 l54252 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54245 l54253 ls645 wtro3142 wtr23376 tro3144 tr23377">not </span><span class="pp-class-236 pa t54245 l54254 ls25295 wtro3142 wtr23376 tro3144 tr23377">adjusted </span><span class="pp-class-236 pa t54245 l54255 ls2846 wtro3142 wtr23376 tro3144 tr23377">for </span><span class="pp-class-236 pa t54245 l54256 ls3351 wtro3142 wtr23376 tro3144 tr23377">acquisitions </span><span class="pp-class-236 pa t54245 l54257 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54245 l54258 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposals.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54259 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">Business </span><span class="pp-class-236 pa t54259 l54260 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54259 l54261 ls706 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t54259 l54262 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54259 l54263 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54259 l54264 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained </span><span class="pp-class-236 pa t54259 l44294 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t54259 l54265 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54266 ls706 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54259 l54267 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54259 l54268 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54259 l54269 ls538 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t54259 l54270 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54271 ls625 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54272 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">method. </span><span class="pp-class-236 pa t54272 l54273 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54272 l54274 ls949 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54272 l54275 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54272 l54276 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54272 l54277 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54272 l54278 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54272 l54279 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54272 l54280 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54272 l54281 ls13284 wtro3142 wtr3143 tro3144 tr3145">newly </span><span class="pp-class-236 pa t54272 l54282 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54272 l54283 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprises </span><span class="pp-class-236 pa t54272 l54284 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">assessed </span><span class="pp-class-236 pa t54285 l54286 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54285 l54287 ls538 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54285 l54288 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54285 l54289 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54285 l54290 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54285 l54291 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54285 l54292 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54285 l54293 ls1815 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t54285 l54294 ls949 wtro3142 wtr3143 tro3144 tr3145">Identifiable </span><span class="pp-class-236 pa t54285 l54295 ls541 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54285 l54296 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54285 l54297 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l54298 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54285 l54299 ls811 wtro3142 wtr3143 tro3144 tr3145">if </span><span class="pp-class-236 pa t54285 l54300 ls546 wtro3142 wtr3143 tro3144 tr3145">they </span><span class="pp-class-236 pa t54301 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54301 l54302 ls8048 wtro3142 wtr3143 tro3144 tr3145">separable </span><span class="pp-class-236 pa t54301 l54303 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54301 l54304 ls538 wtro3142 wtr3143 tro3144 tr3145">arise </span><span class="pp-class-236 pa t54301 l54305 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54301 l54306 ls184 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54301 l33178 ls2270 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t54301 l44054 ls2222 wtro3142 wtr3143 tro3144 tr3145">right. </span><span class="pp-class-236 pa t54301 l54307 ls5781 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t54301 l54308 ls2036 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t54301 l54309 ls3681 wtro3142 wtr3143 tro3144 tr3145">related </span><span class="pp-class-236 pa t54301 l54310 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54301 l54311 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54301 l54312 ls110 wtro3142 wtr3143 tro3144 tr3145">revaluations </span><span class="pp-class-236 pa t54301 l54313 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54301 l54314 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54315 l3 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54315 l54316 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54315 l54317 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54318 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54315 l54319 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54320 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54321 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54315 l17554 ls691 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54315 l54322 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54323 ls1882 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54315 l54324 ls1118 wtro3142 wtr3143 tro3144 tr3145">obtains </span><span class="pp-class-236 pa t54315 l54325 ls6824 wtro3142 wtr3143 tro3144 tr3145">actual </span><span class="pp-class-236 pa t54315 l54326 ls2258 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54315 l54327 ls17548 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t54315 l54328 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54329 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54315 l54330 ls4775 wtro3142 wtr3143 tro3144 tr3145">enterprise. </span><span class="pp-class-236 pa t54331 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Positive </span><span class="pp-class-236 pa t54331 l54332 ls1882 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t54331 l35108 ls3292 wtro3142 wtr3143 tro3144 tr3145">(goodwill) </span><span class="pp-class-236 pa t54331 l54333 ls11072 wtro3142 wtr3143 tro3144 tr3145">between, </span><span class="pp-class-236 pa t54331 l54334 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54331 l54335 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54336 ls2207 wtro3142 wtr3143 tro3144 tr3145">one </span><span class="pp-class-236 pa t54331 l54337 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54331 l54338 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54339 ls12546 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54331 l54340 ls7468 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54331 l54341 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54342 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54331 l54343 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54331 l54344 ls1775 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54331 l54345 ls11726 wtro3142 wtr3143 tro3144 tr3145">inter-</span><span class="pp-class-236 pa t54346 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">ests </span><span class="pp-class-236 pa t54346 l54347 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54346 l54348 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54349 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l17977 ls6270 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54346 l54350 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54346 l54351 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54352 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54346 l54353 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54346 l45079 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54346 l54354 ls2808 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t54346 l54355 ls11722 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54346 l54356 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l54357 ls110 wtro3142 wtr3143 tro3144 tr3145">shareholdings, </span><span class="pp-class-236 pa t54346 l54358 ls556 wtro3142 wtr3143 tro3144 tr3145">and, </span><span class="pp-class-236 pa t54346 l39196 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54346 l54359 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">other </span><span class="pp-class-236 pa t54360 l54361 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54360 l54362 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54363 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54360 l54364 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54360 l54365 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54360 l54366 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54367 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54360 l54368 ls299 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54360 l54369 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54360 l24371 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54370 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54360 l54371 ls7468 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54360 l54372 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54373 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54360 l54374 ls877 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54375 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54375 l54376 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54375 l54377 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54375 l54378 ls681 wtro3142 wtr3143 tro3144 tr3145">under </span><span class="pp-class-236 pa t54375 l54379 ls12490 wtro3142 wtr3143 tro3144 tr3145">non-current </span><span class="pp-class-236 pa t54375 l54380 ls6270 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54375 l54381 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets. </span><span class="pp-class-236 pa t54375 l36603 ls1775 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54375 l43896 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54382 ls2270 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54375 l54383 ls4787 wtro3142 wtr3143 tro3144 tr3145">amortised </span><span class="pp-class-236 pa t54375 l54384 ls2207 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t54375 l54385 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54386 ls849 wtro3142 wtr3143 tro3144 tr3145">tested </span><span class="pp-class-236 pa t54375 l54387 ls11077 wtro3142 wtr3143 tro3144 tr3145">annually </span><span class="pp-class-236 pa t54388 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54388 l54389 ls4558 wtro3142 wtr3143 tro3144 tr3145">impairment. </span><span class="pp-class-236 pa t54388 l54390 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54388 l54391 ls681 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54388 l54392 ls4775 wtro3142 wtr3143 tro3144 tr3145">impairment </span><span class="pp-class-236 pa t54388 l54393 ls2270 wtro3142 wtr3143 tro3144 tr3145">test </span><span class="pp-class-236 pa t54388 l54394 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54388 l54395 ls1118 wtro3142 wtr3143 tro3144 tr3145">performed </span><span class="pp-class-236 pa t54388 l54396 ls7832 wtro3142 wtr3143 tro3144 tr3145">before </span><span class="pp-class-236 pa t54388 l54397 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54398 ls2207 wtro3142 wtr3143 tro3144 tr3145">end </span><span class="pp-class-236 pa t54388 l54399 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54388 l54400 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54401 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54388 l54402 ls44099 wtro3142 wtr3143 tro3144 tr3145">year. </span><span class="pp-class-236 pa t54388 l54403 ls556 wtro3142 wtr3143 tro3144 tr3145">Upon </span><span class="pp-class-236 pa t54388 l54404 ls7468 wtro3142 wtr3143 tro3144 tr3145">acqui-</span><span class="pp-class-236 pa t54405 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">sition, </span><span class="pp-class-236 pa t54405 l54406 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54405 l54407 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54405 l54408 ls5202 wtro3142 wtr3143 tro3144 tr3145">allocated </span><span class="pp-class-236 pa t54405 l54409 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54405 l30237 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54410 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54405 l54411 ls603 wtro3142 wtr3143 tro3144 tr3145">units, </span><span class="pp-class-236 pa t54405 l54412 ls681 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54405 l54413 ls2258 wtro3142 wtr3143 tro3144 tr3145">subsequently </span><span class="pp-class-236 pa t54405 l54414 ls4017 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54405 l54415 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54416 ls681 wtro3142 wtr3143 tro3144 tr3145">basis </span><span class="pp-class-236 pa t54405 l54417 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54405 l54418 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54419 ls544 wtro3142 wtr3143 tro3144 tr3145">im-</span><span class="pp-class-236 pa t54420 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">pairment </span><span class="pp-class-236 pa t54420 l54421 ls621 wtro3142 wtr3143 tro3144 tr3145">test. </span><span class="pp-class-236 pa t54420 l54422 ls15034 wtro3142 wtr3143 tro3144 tr3145">Allocation </span><span class="pp-class-236 pa t54420 l54423 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54420 l54424 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54420 l43945 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54420 l54425 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54420 l54426 ls681 wtro3142 wtr3143 tro3144 tr3145">units </span><span class="pp-class-236 pa t54420 l54427 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54420 l54428 ls4807 wtro3142 wtr3143 tro3144 tr3145">described </span><span class="pp-class-236 pa t54420 l54429 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54420 l54430 ls6270 wtro3142 wtr3143 tro3144 tr3145">note </span><span class="pp-class-236 pa t54420 l54431 ls3298 wtro3142 wtr3143 tro3144 tr3145">3.1.4.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54432 l3 ls1133 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54432 l54433 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54432 l54434 ls10 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54432 l54435 ls608 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54432 l54436 ls2368 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54432 l54437 ls1547 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54432 l54438 ls234 wtro3142 wtr3143 tro3144 tr3145">connection </span><span class="pp-class-236 pa t54432 l54439 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l45750 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54432 l54440 ls875 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54432 l54441 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54432 l54429 ls1078 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l24349 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54432 l8544 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54432 l54442 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l54443 ls71 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l54444 ls3855 wtro3142 wtr3143 tro3144 tr3145">dif-</span><span class="pp-class-236 pa t54445 l3 ls544 wtro3142 wtr3143 tro3144 tr3145">ferent </span><span class="pp-class-236 pa t54445 l54446 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54445 l54447 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54448 ls129 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t54445 l7483 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54445 l54449 ls4787 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54445 l8265 ls1764 wtro3142 wtr3143 tro3144 tr3145">presentation </span><span class="pp-class-236 pa t54445 l54450 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54451 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54445 l54452 ls558 wtro3142 wtr3143 tro3144 tr3145">treated </span><span class="pp-class-236 pa t54445 l54453 ls1547 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54445 l54454 ls2315 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54445 l54455 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54445 l54456 ls15 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54457 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54457 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54457 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54457 l54460 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54461 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54457 l54462 ls1751 wtro3142 wtr3143 tro3144 tr3145">translated </span><span class="pp-class-236 pa t54457 l21339 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54463 ls3852 wtro3142 wtr3143 tro3144 tr3145">converted </span><span class="pp-class-236 pa t54457 l54464 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54457 l54465 ls15 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54457 l54466 ls532 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54457 l54467 ls184 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54457 l15277 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54468 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54457 l54469 ls2036 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54470 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54470 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54470 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54470 l54460 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54470 l54471 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54472 ls553 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54470 l54473 ls4793 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54470 l54474 ls1547 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54470 l54475 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54476 ls608 wtro3142 wtr3143 tro3144 tr3145">transaction </span><span class="pp-class-236 pa t54470 l54477 ls553 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54478 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54478 l18690 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54478 l54479 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54478 l54480 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54481 ls811 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t54478 l38495 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54478 l9071 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54478 l54482 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54483 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54478 l54484 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54478 l54485 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54486 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54487 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54478 l54488 ls3855 wtro3142 wtr3143 tro3144 tr3145">payment </span><span class="pp-class-236 pa t54478 l54489 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54478 l54490 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54491 ls553 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54478 l54492 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54493 ls608 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54494 l3 ls299 wtro3142 wtr3143 tro3144 tr3145">transferred, </span><span class="pp-class-236 pa t54494 l54495 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54494 l54496 ls1751 wtro3142 wtr3143 tro3144 tr3145">assumed, </span><span class="pp-class-236 pa t54494 l54497 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54494 l54498 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54494 l54499 ls524 wtro3142 wtr3143 tro3144 tr3145">instruments </span><span class="pp-class-236 pa t54494 l54500 ls1764 wtro3142 wtr3143 tro3144 tr3145">issued </span><span class="pp-class-236 pa t54494 l54501 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54494 l54502 ls3170 wtro3142 wtr3143 tro3144 tr3145">seller. </span><span class="pp-class-236 pa t54494 l54503 ls811 wtro3142 wtr3143 tro3144 tr3145">If </span><span class="pp-class-236 pa t54494 l54504 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54494 l54505 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54494 l54506 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54494 l54507 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54494 l54508 ls1547 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54509 l54510 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54509 l54511 ls2197 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t54509 l54512 ls7468 wtro3142 wtr3143 tro3144 tr3145">events </span><span class="pp-class-236 pa t54509 l54513 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54509 l54514 ls630 wtro3142 wtr3143 tro3144 tr3145">fulfilment </span><span class="pp-class-236 pa t54509 l54515 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54516 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54509 l54517 ls625 wtro3142 wtr3143 tro3144 tr3145">conditions, </span><span class="pp-class-236 pa t54509 l54518 ls2222 wtro3142 wtr3143 tro3144 tr3145">this </span><span class="pp-class-236 pa t54509 l54519 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54509 l54520 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54521 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54509 l54522 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54509 l54523 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l54524 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54525 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54525 l54526 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54527 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54525 l54528 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54525 l42613 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54529 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54525 l54530 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54525 l54531 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54525 l31296 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition. </span><span class="pp-class-236 pa t54525 l54532 ls538 wtro3142 wtr3143 tro3144 tr3145">Costs </span><span class="pp-class-236 pa t54525 l54533 ls621 wtro3142 wtr3143 tro3144 tr3145">attributable </span><span class="pp-class-236 pa t54525 l54534 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54525 l54535 ls1751 wtro3142 wtr3143 tro3144 tr3145">business </span><span class="pp-class-236 pa t54525 l54536 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54525 l54537 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54525 l54538 ls630 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54539 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54539 l9932 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54539 l54540 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54539 l54541 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54539 l11081 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54539 l54542 ls2222 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t54539 l54543 ls8048 wtro3142 wtr3143 tro3144 tr3145">incurred. </span><span class="pp-class-236 pa t54539 l54544 ls17592 wtro3142 wtr3143 tro3144 tr3145">If, </span><span class="pp-class-236 pa t54539 l2166 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54539 l54545 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54539 l54546 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54539 l54547 ls2036 wtro3142 wtr3143 tro3144 tr3145">uncertainty </span><span class="pp-class-236 pa t54539 l54548 ls706 wtro3142 wtr3143 tro3144 tr3145">exist </span><span class="pp-class-236 pa t54539 l54549 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54539 l54550 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54551 l3 ls614 wtro3142 wtr3143 tro3144 tr3145">identification </span><span class="pp-class-236 pa t54551 l54552 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54551 l51027 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54551 l54553 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54551 l54554 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54551 l54555 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54551 l54556 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54551 l54557 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54558 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54551 l54559 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54551 l54560 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54561 ls1404 wtro3142 wtr3143 tro3144 tr3145">determination </span><span class="pp-class-236 pa t54562 l3 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54562 l54563 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54562 l54564 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54562 l54565 ls541 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54562 l54566 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54562 l54567 ls838 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54562 l45760 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54562 l54568 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54562 l54569 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54562 l54570 ls2222 wtro3142 wtr3143 tro3144 tr3145">done </span><span class="pp-class-236 pa t54562 l54571 ls538 wtro3142 wtr3143 tro3144 tr3145">based </span><span class="pp-class-236 pa t54562 l54572 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54562 l54573 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54562 l54574 ls3855 wtro3142 wtr3143 tro3144 tr3145">values. </span><span class="pp-class-236 pa t54562 l54575 ls184 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54576 l3 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54576 l7240 ls556 wtro3142 wtr3143 tro3144 tr3145">values </span><span class="pp-class-236 pa t54576 l54577 ls2969 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t54576 l54578 ls811 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t54576 l54579 ls630 wtro3142 wtr3143 tro3144 tr3145">adjusted </span><span class="pp-class-236 pa t54576 l54580 ls536 wtro3142 wtr3143 tro3144 tr3145">until </span><span class="pp-class-236 pa t54576 l54581 ls811 wtro3142 wtr3143 tro3144 tr3145">12 </span><span class="pp-class-236 pa t54576 l54582 ls995 wtro3142 wtr3143 tro3144 tr3145">months </span><span class="pp-class-236 pa t54576 l54583 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54576 l54584 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54585 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54576 l54586 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54576 l54587 ls2245 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t54576 l54588 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54589 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54576 l54590 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54591 l3 ls1764 wtro3142 wtr3143 tro3144 tr3145">nition </span><span class="pp-class-236 pa t54591 l54592 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54591 l54593 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54591 l54594 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54591 l54595 ls667 wtro3142 wtr3143 tro3144 tr3145">incorrect. </span><span class="pp-class-236 pa t54591 l54596 ls2036 wtro3142 wtr3143 tro3144 tr3145">Changes </span><span class="pp-class-236 pa t54591 l54597 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54591 l54598 ls2207 wtro3142 wtr3143 tro3144 tr3145">estimates </span><span class="pp-class-236 pa t54591 l54599 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54591 l54600 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54591 l54601 ls4787 wtro3142 wtr3143 tro3144 tr3145">considerations </span><span class="pp-class-236 pa t54591 l54602 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54591 l8430 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54603 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54603 l54604 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54603 l54605 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54603 l54606 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54603 l54607 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54603 l54608 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54603 l54609 ls995 wtro3142 wtr3143 tro3144 tr3145">financial </span><span class="pp-class-236 pa t54603 l54610 ls35 wtro3142 wtr3143 tro3144 tr3145">items. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54611 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">Incremental </span><span class="pp-class-236 pa t54611 l54612 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisitions </span><span class="pp-class-236 pa t54611 l54613 ls168 wtro3142 wtr3143 tro3144 tr3145">after </span><span class="pp-class-236 pa t54611 l54614 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54611 l46634 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t54611 l54615 ls2222 wtro3142 wtr3143 tro3144 tr3145">been </span><span class="pp-class-236 pa t54611 l54616 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained, </span><span class="pp-class-236 pa t54611 l54617 ls838 wtro3142 wtr3143 tro3144 tr3145">i.e., </span><span class="pp-class-236 pa t54611 l54618 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54611 l54619 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54611 l39096 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54611 l54620 ls621 wtro3142 wtr3143 tro3144 tr3145">interests, </span><span class="pp-class-236 pa t54611 l54621 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54611 l42557 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54622 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54622 l54604 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54622 l54623 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54624 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54622 l54625 ls1751 wtro3142 wtr3143 tro3144 tr3145">Disposal </span><span class="pp-class-236 pa t54622 l54626 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54627 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54622 l54628 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54622 l54629 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54622 l54630 ls2969 wtro3142 wtr3143 tro3144 tr3145">resulting </span><span class="pp-class-236 pa t54622 l54631 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54632 ls2222 wtro3142 wtr3143 tro3144 tr3145">loss </span><span class="pp-class-236 pa t54622 l54633 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54634 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54622 l54635 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54622 l54636 ls877 wtro3142 wtr3143 tro3144 tr3145">likewise </span><span class="pp-class-236 pa t54622 l54637 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54638 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54638 l2389 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54638 l54639 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54638 l54640 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54638 l54641 ls538 wtro3142 wtr3143 tro3144 tr3145">Gains </span><span class="pp-class-236 pa t54638 l54642 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54638 l54643 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54638 l54644 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54638 l54645 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54638 l54646 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54638 l54647 ls747 wtro3142 wtr3143 tro3144 tr3145">subsidiaries, </span><span class="pp-class-236 pa t54638 l54648 ls560 wtro3142 wtr3143 tro3144 tr3145">associates </span><span class="pp-class-236 pa t54638 l54649 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54638 l54650 ls536 wtro3142 wtr3143 tro3144 tr3145">joint </span><span class="pp-class-236 pa t54638 l54651 ls299 wtro3142 wtr3143 tro3144 tr3145">ventures </span><span class="pp-class-236 pa t54638 l54652 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54653 l3 ls560 wtro3142 wtr3143 tro3144 tr3145">calculated </span><span class="pp-class-236 pa t54653 l54654 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54653 l54655 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54656 ls681 wtro3142 wtr3143 tro3144 tr3145">difference </span><span class="pp-class-236 pa t54653 l54657 ls713 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t54653 l54658 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54659 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54653 l54660 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54653 l54661 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54653 l54662 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54663 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54653 l54664 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54653 l54665 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54653 l54666 ls4248 wtro3142 wtr3143 tro3144 tr3145">net </span><span class="pp-class-236 pa t54653 l54667 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54653 l54668 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54653 l54669 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l3 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54670 l54671 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54672 ls995 wtro3142 wtr3143 tro3144 tr3145">disposal, </span><span class="pp-class-236 pa t54670 l54673 ls546 wtro3142 wtr3143 tro3144 tr3145">including </span><span class="pp-class-236 pa t54670 l54674 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l54675 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54670 l54676 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54670 l54677 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54678 ls995 wtro3142 wtr3143 tro3144 tr3145">goodwill, </span><span class="pp-class-236 pa t54670 l54679 ls713 wtro3142 wtr3143 tro3144 tr3145">accumulated </span><span class="pp-class-236 pa t54670 l54680 ls11713 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54670 l54681 ls538 wtro3142 wtr3143 tro3144 tr3145">gains </span><span class="pp-class-236 pa t54670 l54682 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54670 l54683 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54670 l54684 ls5202 wtro3142 wtr3143 tro3144 tr3145">previ-</span><span class="pp-class-236 pa t54685 l3 ls7468 wtro3142 wtr3143 tro3144 tr3145">ously </span><span class="pp-class-236 pa t54685 l54686 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54685 l54687 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54685 l54688 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54685 l54689 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54685 l54690 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54691 ls8048 wtro3142 wtr3143 tro3144 tr3145">well </span><span class="pp-class-236 pa t54685 l54692 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54693 ls2207 wtro3142 wtr3143 tro3144 tr3145">anticipated </span><span class="pp-class-236 pa t54685 l54694 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54685 l54695 ls1764 wtro3142 wtr3143 tro3144 tr3145">costs. </span><span class="pp-class-236 pa t54685 l54696 ls3855 wtro3142 wtr3143 tro3144 tr3145">Exchange </span><span class="pp-class-236 pa t54685 l54697 ls8384 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54685 l54698 ls553 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54685 l54699 ls614 wtro3142 wtr3143 tro3144 tr3145">attrib-</span><span class="pp-class-236 pa t54700 l3 ls747 wtro3142 wtr3143 tro3144 tr3145">utable </span><span class="pp-class-236 pa t54700 l54701 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54700 l54702 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54700 l54703 ls2848 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54700 l54704 ls548 wtro3142 wtr3143 tro3144 tr3145">ownership </span><span class="pp-class-236 pa t54700 l54705 ls2889 wtro3142 wtr3143 tro3144 tr3145">interest, </span><span class="pp-class-236 pa t54700 l54706 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54700 l54707 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54700 l54708 ls2816 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54700 l54709 ls2258 wtro3142 wtr3143 tro3144 tr3145">were </span><span class="pp-class-236 pa t54700 l54710 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54700 l54711 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54700 l48541 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54700 l54712 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity, </span><span class="pp-class-236 pa t54700 l54713 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l3 ls179 wtro3142 wtr3143 tro3144 tr3145">included </span><span class="pp-class-236 pa t54714 l54715 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54714 l9529 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54716 ls1404 wtro3142 wtr3143 tro3144 tr3145">calculation </span><span class="pp-class-236 pa t54714 l54717 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54714 l38739 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54718 ls538 wtro3142 wtr3143 tro3144 tr3145">gain/ </span><span class="pp-class-236 pa t54714 l54719 ls538 wtro3142 wtr3143 tro3144 tr3145">loss. </span><span class="pp-class-236 pa t54714 l54720 ls553 wtro3142 wtr3143 tro3144 tr3145">Any </span><span class="pp-class-236 pa t54714 l54721 ls5781 wtro3142 wtr3143 tro3144 tr3145">retained </span><span class="pp-class-236 pa t54714 l54722 ls179 wtro3142 wtr3143 tro3144 tr3145">participating </span><span class="pp-class-236 pa t54714 l54723 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54714 l54724 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l54725 ls3855 wtro3142 wtr3143 tro3144 tr3145">measured </span><span class="pp-class-236 pa t54714 l54726 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54714 l54727 ls811 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54728 l3 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54728 l54729 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54728 l54730 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54731 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l7463 ls2222 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t54728 l54732 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54733 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54728 l54734 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l32754 ls8048 wtro3142 wtr3143 tro3144 tr3145">controlling </span><span class="pp-class-236 pa t54728 l54735 ls558 wtro3142 wtr3143 tro3144 tr3145">influence </span><span class="pp-class-236 pa t54728 l54736 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54728 l54737 ls3852 wtro3142 wtr3143 tro3144 tr3145">lost.</span></p> <span class="pp-class-248 pa t860 l27420 ls227" xmlns="http://www.w3.org/1999/xhtml">Accounting </span><span class="pp-class-248 pa t860 l27421" xmlns="http://www.w3.org/1999/xhtml">policies</span><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54219 l3 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54219 l2325 ls3022 wtro3142 wtr23376 tro3144 tr23377">acquired </span><span class="pp-class-236 pa t54219 l54220 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54219 l54221 ls8200 wtro3142 wtr23376 tro3144 tr23377">formed </span><span class="pp-class-236 pa t54219 l54222 ls9737 wtro3142 wtr23376 tro3144 tr23377">during </span><span class="pp-class-236 pa t54219 l54223 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54224 ls3351 wtro3142 wtr23376 tro3144 tr23377">year </span><span class="pp-class-236 pa t54219 l54225 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54219 l53696 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54219 l54226 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54219 l54227 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54219 l54228 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54219 l54229 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54219 l54230 ls30681 wtro3142 wtr23376 tro3144 tr23377">statements </span><span class="pp-class-236 pa t54219 l54231 ls645 wtro3142 wtr23376 tro3144 tr23377">from </span><span class="pp-class-236 pa t54232 l3 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54233 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54232 l54234 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54232 l54235 ls1075 wtro3142 wtr23376 tro3144 tr23377">acquisition </span><span class="pp-class-236 pa t54232 l54236 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54232 l54237 ls2838 wtro3142 wtr23376 tro3144 tr23377">formation. </span><span class="pp-class-236 pa t54232 l54238 ls2924 wtro3142 wtr23376 tro3144 tr23377">Enterprises </span><span class="pp-class-236 pa t54232 l54239 ls11050 wtro3142 wtr23376 tro3144 tr23377">disposed </span><span class="pp-class-236 pa t54232 l24493 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54232 l54240 ls3181 wtro3142 wtr23376 tro3144 tr23377">recognised </span><span class="pp-class-236 pa t54232 l54241 ls6824 wtro3142 wtr23376 tro3144 tr23377">in </span><span class="pp-class-236 pa t54232 l42355 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54232 l54242 ls29281 wtro3142 wtr23376 tro3144 tr23377">consolidated </span><span class="pp-class-236 pa t54232 l54243 ls17577 wtro3142 wtr23376 tro3144 tr23377">financial </span><span class="pp-class-236 pa t54232 l54244 ls17577 wtro3142 wtr23376 tro3144 tr23377">state-</span><span class="pp-class-236 pa t54245 l3 ls9737 wtro3142 wtr23376 tro3144 tr23377">ments </span><span class="pp-class-236 pa t54245 l54246 ls9737 wtro3142 wtr23376 tro3144 tr23377">until </span><span class="pp-class-236 pa t54245 l54247 ls4284 wtro3142 wtr23376 tro3144 tr23377">the </span><span class="pp-class-236 pa t54245 l19701 ls28063 wtro3142 wtr23376 tro3144 tr23377">date </span><span class="pp-class-236 pa t54245 l54248 ls5202 wtro3142 wtr23376 tro3144 tr23377">of </span><span class="pp-class-236 pa t54245 l54249 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposal. </span><span class="pp-class-236 pa t54245 l42820 ls4284 wtro3142 wtr23376 tro3144 tr23377">The </span><span class="pp-class-236 pa t54245 l54250 ls43360 wtro3142 wtr23376 tro3144 tr23377">comparative </span><span class="pp-class-236 pa t54245 l54251 ls3147 wtro3142 wtr23376 tro3144 tr23377">figures </span><span class="pp-class-236 pa t54245 l54252 ls17592 wtro3142 wtr23376 tro3144 tr23377">are </span><span class="pp-class-236 pa t54245 l54253 ls645 wtro3142 wtr23376 tro3144 tr23377">not </span><span class="pp-class-236 pa t54245 l54254 ls25295 wtro3142 wtr23376 tro3144 tr23377">adjusted </span><span class="pp-class-236 pa t54245 l54255 ls2846 wtro3142 wtr23376 tro3144 tr23377">for </span><span class="pp-class-236 pa t54245 l54256 ls3351 wtro3142 wtr23376 tro3144 tr23377">acquisitions </span><span class="pp-class-236 pa t54245 l54257 ls6824 wtro3142 wtr23376 tro3144 tr23377">or </span><span class="pp-class-236 pa t54245 l54258 ls17577 wtro3142 wtr23376 tro3144 tr23377">disposals.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54259 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">Business </span><span class="pp-class-236 pa t54259 l54260 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54259 l54261 ls706 wtro3142 wtr3143 tro3144 tr3145">where </span><span class="pp-class-236 pa t54259 l54262 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54259 l54263 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54259 l54264 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained </span><span class="pp-class-236 pa t54259 l44294 ls706 wtro3142 wtr3143 tro3144 tr3145">by </span><span class="pp-class-236 pa t54259 l54265 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54266 ls706 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54259 l54267 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54259 l54268 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54259 l54269 ls538 wtro3142 wtr3143 tro3144 tr3145">using </span><span class="pp-class-236 pa t54259 l54270 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54259 l54271 ls625 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54272 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">method. </span><span class="pp-class-236 pa t54272 l54273 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54272 l54274 ls949 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54272 l54275 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54272 l54276 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54272 l54277 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54272 l54278 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54272 l54279 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54272 l54280 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54272 l54281 ls13284 wtro3142 wtr3143 tro3144 tr3145">newly </span><span class="pp-class-236 pa t54272 l54282 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54272 l54283 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprises </span><span class="pp-class-236 pa t54272 l54284 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l3 ls1751 wtro3142 wtr3143 tro3144 tr3145">assessed </span><span class="pp-class-236 pa t54285 l54286 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54285 l54287 ls538 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54285 l54288 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54285 l54289 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54285 l54290 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54285 l54291 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54285 l54292 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54285 l54293 ls1815 wtro3142 wtr3143 tro3144 tr3145">date. </span><span class="pp-class-236 pa t54285 l54294 ls949 wtro3142 wtr3143 tro3144 tr3145">Identifiable </span><span class="pp-class-236 pa t54285 l54295 ls541 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54285 l54296 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54285 l54297 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54285 l54298 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54285 l54299 ls811 wtro3142 wtr3143 tro3144 tr3145">if </span><span class="pp-class-236 pa t54285 l54300 ls546 wtro3142 wtr3143 tro3144 tr3145">they </span><span class="pp-class-236 pa t54301 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54301 l54302 ls8048 wtro3142 wtr3143 tro3144 tr3145">separable </span><span class="pp-class-236 pa t54301 l54303 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54301 l54304 ls538 wtro3142 wtr3143 tro3144 tr3145">arise </span><span class="pp-class-236 pa t54301 l54305 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54301 l54306 ls184 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54301 l33178 ls2270 wtro3142 wtr3143 tro3144 tr3145">contractual </span><span class="pp-class-236 pa t54301 l44054 ls2222 wtro3142 wtr3143 tro3144 tr3145">right. </span><span class="pp-class-236 pa t54301 l54307 ls5781 wtro3142 wtr3143 tro3144 tr3145">Deferred </span><span class="pp-class-236 pa t54301 l54308 ls2036 wtro3142 wtr3143 tro3144 tr3145">tax </span><span class="pp-class-236 pa t54301 l54309 ls3681 wtro3142 wtr3143 tro3144 tr3145">related </span><span class="pp-class-236 pa t54301 l54310 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54301 l54311 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54301 l54312 ls110 wtro3142 wtr3143 tro3144 tr3145">revaluations </span><span class="pp-class-236 pa t54301 l54313 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54301 l54314 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54315 l3 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54315 l54316 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54315 l54317 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54318 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54315 l54319 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54320 ls2629 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54315 l54321 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54315 l17554 ls691 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54315 l54322 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54323 ls1882 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t54315 l54324 ls1118 wtro3142 wtr3143 tro3144 tr3145">obtains </span><span class="pp-class-236 pa t54315 l54325 ls6824 wtro3142 wtr3143 tro3144 tr3145">actual </span><span class="pp-class-236 pa t54315 l54326 ls2258 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54315 l54327 ls17548 wtro3142 wtr3143 tro3144 tr3145">over </span><span class="pp-class-236 pa t54315 l54328 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54315 l54329 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54315 l54330 ls4775 wtro3142 wtr3143 tro3144 tr3145">enterprise. </span><span class="pp-class-236 pa t54331 l3 ls8367 wtro3142 wtr3143 tro3144 tr3145">Positive </span><span class="pp-class-236 pa t54331 l54332 ls1882 wtro3142 wtr3143 tro3144 tr3145">differences </span><span class="pp-class-236 pa t54331 l35108 ls3292 wtro3142 wtr3143 tro3144 tr3145">(goodwill) </span><span class="pp-class-236 pa t54331 l54333 ls11072 wtro3142 wtr3143 tro3144 tr3145">between, </span><span class="pp-class-236 pa t54331 l54334 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54331 l54335 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54336 ls2207 wtro3142 wtr3143 tro3144 tr3145">one </span><span class="pp-class-236 pa t54331 l54337 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54331 l54338 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54339 ls12546 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54331 l54340 ls7468 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54331 l54341 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54331 l54342 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54331 l54343 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54331 l54344 ls1775 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54331 l54345 ls11726 wtro3142 wtr3143 tro3144 tr3145">inter-</span><span class="pp-class-236 pa t54346 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">ests </span><span class="pp-class-236 pa t54346 l54347 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54346 l54348 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54349 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l17977 ls6270 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54346 l54350 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54346 l54351 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54346 l54352 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54346 l54353 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54346 l45079 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54346 l54354 ls2808 wtro3142 wtr3143 tro3144 tr3145">any </span><span class="pp-class-236 pa t54346 l54355 ls11722 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54346 l54356 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54346 l54357 ls110 wtro3142 wtr3143 tro3144 tr3145">shareholdings, </span><span class="pp-class-236 pa t54346 l54358 ls556 wtro3142 wtr3143 tro3144 tr3145">and, </span><span class="pp-class-236 pa t54346 l39196 ls544 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54346 l54359 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">other </span><span class="pp-class-236 pa t54360 l54361 ls691 wtro3142 wtr3143 tro3144 tr3145">hand, </span><span class="pp-class-236 pa t54360 l54362 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54363 ls4017 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54360 l54364 ls3084 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54360 l54365 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54360 l54366 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54360 l54367 ls773 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54360 l54368 ls299 wtro3142 wtr3143 tro3144 tr3145">identifiable </span><span class="pp-class-236 pa t54360 l54369 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54360 l24371 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54370 ls2207 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54360 l54371 ls7468 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54360 l54372 ls2245 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54360 l54373 ls4149 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54360 l54374 ls877 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54375 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54375 l54376 ls544 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54375 l54377 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54375 l54378 ls681 wtro3142 wtr3143 tro3144 tr3145">under </span><span class="pp-class-236 pa t54375 l54379 ls12490 wtro3142 wtr3143 tro3144 tr3145">non-current </span><span class="pp-class-236 pa t54375 l54380 ls6270 wtro3142 wtr3143 tro3144 tr3145">intangible </span><span class="pp-class-236 pa t54375 l54381 ls2808 wtro3142 wtr3143 tro3144 tr3145">assets. </span><span class="pp-class-236 pa t54375 l36603 ls1775 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54375 l43896 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54382 ls2270 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54375 l54383 ls4787 wtro3142 wtr3143 tro3144 tr3145">amortised </span><span class="pp-class-236 pa t54375 l54384 ls2207 wtro3142 wtr3143 tro3144 tr3145">but </span><span class="pp-class-236 pa t54375 l54385 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54375 l54386 ls849 wtro3142 wtr3143 tro3144 tr3145">tested </span><span class="pp-class-236 pa t54375 l54387 ls11077 wtro3142 wtr3143 tro3144 tr3145">annually </span><span class="pp-class-236 pa t54388 l3 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54388 l54389 ls4558 wtro3142 wtr3143 tro3144 tr3145">impairment. </span><span class="pp-class-236 pa t54388 l54390 ls2207 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54388 l54391 ls681 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54388 l54392 ls4775 wtro3142 wtr3143 tro3144 tr3145">impairment </span><span class="pp-class-236 pa t54388 l54393 ls2270 wtro3142 wtr3143 tro3144 tr3145">test </span><span class="pp-class-236 pa t54388 l54394 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54388 l54395 ls1118 wtro3142 wtr3143 tro3144 tr3145">performed </span><span class="pp-class-236 pa t54388 l54396 ls7832 wtro3142 wtr3143 tro3144 tr3145">before </span><span class="pp-class-236 pa t54388 l54397 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54398 ls2207 wtro3142 wtr3143 tro3144 tr3145">end </span><span class="pp-class-236 pa t54388 l54399 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54388 l54400 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54388 l54401 ls1118 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54388 l54402 ls44099 wtro3142 wtr3143 tro3144 tr3145">year. </span><span class="pp-class-236 pa t54388 l54403 ls556 wtro3142 wtr3143 tro3144 tr3145">Upon </span><span class="pp-class-236 pa t54388 l54404 ls7468 wtro3142 wtr3143 tro3144 tr3145">acqui-</span><span class="pp-class-236 pa t54405 l3 ls1687 wtro3142 wtr3143 tro3144 tr3145">sition, </span><span class="pp-class-236 pa t54405 l54406 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54405 l54407 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54405 l54408 ls5202 wtro3142 wtr3143 tro3144 tr3145">allocated </span><span class="pp-class-236 pa t54405 l54409 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54405 l30237 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54410 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54405 l54411 ls603 wtro3142 wtr3143 tro3144 tr3145">units, </span><span class="pp-class-236 pa t54405 l54412 ls681 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54405 l54413 ls2258 wtro3142 wtr3143 tro3144 tr3145">subsequently </span><span class="pp-class-236 pa t54405 l54414 ls4017 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54405 l54415 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54416 ls681 wtro3142 wtr3143 tro3144 tr3145">basis </span><span class="pp-class-236 pa t54405 l54417 ls2808 wtro3142 wtr3143 tro3144 tr3145">for </span><span class="pp-class-236 pa t54405 l54418 ls2207 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54405 l54419 ls544 wtro3142 wtr3143 tro3144 tr3145">im-</span><span class="pp-class-236 pa t54420 l3 ls1131 wtro3142 wtr3143 tro3144 tr3145">pairment </span><span class="pp-class-236 pa t54420 l54421 ls621 wtro3142 wtr3143 tro3144 tr3145">test. </span><span class="pp-class-236 pa t54420 l54422 ls15034 wtro3142 wtr3143 tro3144 tr3145">Allocation </span><span class="pp-class-236 pa t54420 l54423 ls30 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54420 l54424 ls1775 wtro3142 wtr3143 tro3144 tr3145">goodwill </span><span class="pp-class-236 pa t54420 l43945 ls2889 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54420 l54425 ls2565 wtro3142 wtr3143 tro3144 tr3145">cash-generating </span><span class="pp-class-236 pa t54420 l54426 ls681 wtro3142 wtr3143 tro3144 tr3145">units </span><span class="pp-class-236 pa t54420 l54427 ls544 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54420 l54428 ls4807 wtro3142 wtr3143 tro3144 tr3145">described </span><span class="pp-class-236 pa t54420 l54429 ls544 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54420 l54430 ls6270 wtro3142 wtr3143 tro3144 tr3145">note </span><span class="pp-class-236 pa t54420 l54431 ls3298 wtro3142 wtr3143 tro3144 tr3145">3.1.4.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54432 l3 ls1133 wtro3142 wtr3143 tro3144 tr3145">Goodwill </span><span class="pp-class-236 pa t54432 l54433 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54432 l54434 ls10 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54432 l54435 ls608 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54432 l54436 ls2368 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54432 l54437 ls1547 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54432 l54438 ls234 wtro3142 wtr3143 tro3144 tr3145">connection </span><span class="pp-class-236 pa t54432 l54439 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l45750 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54432 l54440 ls875 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54432 l54441 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54432 l54429 ls1078 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l24349 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54432 l8544 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54432 l54442 ls129 wtro3142 wtr3143 tro3144 tr3145">with </span><span class="pp-class-236 pa t54432 l54443 ls71 wtro3142 wtr3143 tro3144 tr3145">a </span><span class="pp-class-236 pa t54432 l54444 ls3855 wtro3142 wtr3143 tro3144 tr3145">dif-</span><span class="pp-class-236 pa t54445 l3 ls544 wtro3142 wtr3143 tro3144 tr3145">ferent </span><span class="pp-class-236 pa t54445 l54446 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54445 l54447 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54448 ls129 wtro3142 wtr3143 tro3144 tr3145">than </span><span class="pp-class-236 pa t54445 l7483 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54445 l54449 ls4787 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54445 l8265 ls1764 wtro3142 wtr3143 tro3144 tr3145">presentation </span><span class="pp-class-236 pa t54445 l54450 ls747 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54445 l54451 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54445 l54452 ls558 wtro3142 wtr3143 tro3144 tr3145">treated </span><span class="pp-class-236 pa t54445 l54453 ls1547 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54445 l54454 ls2315 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54445 l54455 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54445 l54456 ls15 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54457 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54457 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54457 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54457 l54460 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54461 ls553 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54457 l54462 ls1751 wtro3142 wtr3143 tro3144 tr3145">translated </span><span class="pp-class-236 pa t54457 l21339 ls428 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54457 l54463 ls3852 wtro3142 wtr3143 tro3144 tr3145">converted </span><span class="pp-class-236 pa t54457 l54464 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54457 l54465 ls15 wtro3142 wtr3143 tro3144 tr3145">first </span><span class="pp-class-236 pa t54457 l54466 ls532 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54457 l54467 ls184 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54457 l15277 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54457 l54468 ls234 wtro3142 wtr3143 tro3144 tr3145">functional </span><span class="pp-class-236 pa t54457 l54469 ls2036 wtro3142 wtr3143 tro3144 tr3145">currency </span><span class="pp-class-236 pa t54470 l3 ls197 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54470 l42739 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54458 ls995 wtro3142 wtr3143 tro3144 tr3145">foreign </span><span class="pp-class-236 pa t54470 l54459 ls2315 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54470 l54460 ls995 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54470 l54471 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54472 ls553 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54470 l54473 ls4793 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54470 l54474 ls1547 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54470 l54475 ls428 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54470 l54476 ls608 wtro3142 wtr3143 tro3144 tr3145">transaction </span><span class="pp-class-236 pa t54470 l54477 ls553 wtro3142 wtr3143 tro3144 tr3145">date.</span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54478 l3 ls651 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54478 l18690 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54478 l54479 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54478 l54480 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54481 ls811 wtro3142 wtr3143 tro3144 tr3145">an </span><span class="pp-class-236 pa t54478 l38495 ls541 wtro3142 wtr3143 tro3144 tr3145">enterprise </span><span class="pp-class-236 pa t54478 l9071 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54478 l54482 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54483 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54478 l54484 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54478 l54485 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54486 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54487 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54478 l54488 ls3855 wtro3142 wtr3143 tro3144 tr3145">payment </span><span class="pp-class-236 pa t54478 l54489 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54478 l54490 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54478 l54491 ls553 wtro3142 wtr3143 tro3144 tr3145">form </span><span class="pp-class-236 pa t54478 l54492 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54478 l54493 ls608 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54494 l3 ls299 wtro3142 wtr3143 tro3144 tr3145">transferred, </span><span class="pp-class-236 pa t54494 l54495 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54494 l54496 ls1751 wtro3142 wtr3143 tro3144 tr3145">assumed, </span><span class="pp-class-236 pa t54494 l54497 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54494 l54498 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54494 l54499 ls524 wtro3142 wtr3143 tro3144 tr3145">instruments </span><span class="pp-class-236 pa t54494 l54500 ls1764 wtro3142 wtr3143 tro3144 tr3145">issued </span><span class="pp-class-236 pa t54494 l54501 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54494 l54502 ls3170 wtro3142 wtr3143 tro3144 tr3145">seller. </span><span class="pp-class-236 pa t54494 l54503 ls811 wtro3142 wtr3143 tro3144 tr3145">If </span><span class="pp-class-236 pa t54494 l54504 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54494 l54505 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54494 l54506 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54494 l54507 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54494 l54508 ls1547 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l3 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54509 l54510 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54509 l54511 ls2197 wtro3142 wtr3143 tro3144 tr3145">future </span><span class="pp-class-236 pa t54509 l54512 ls7468 wtro3142 wtr3143 tro3144 tr3145">events </span><span class="pp-class-236 pa t54509 l54513 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54509 l54514 ls630 wtro3142 wtr3143 tro3144 tr3145">fulfilment </span><span class="pp-class-236 pa t54509 l54515 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54516 ls1131 wtro3142 wtr3143 tro3144 tr3145">agreed </span><span class="pp-class-236 pa t54509 l54517 ls625 wtro3142 wtr3143 tro3144 tr3145">conditions, </span><span class="pp-class-236 pa t54509 l54518 ls2222 wtro3142 wtr3143 tro3144 tr3145">this </span><span class="pp-class-236 pa t54509 l54519 ls875 wtro3142 wtr3143 tro3144 tr3145">part </span><span class="pp-class-236 pa t54509 l54520 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54509 l54521 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54509 l54522 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54509 l54523 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54509 l54524 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54525 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54525 l54526 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54527 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54525 l54528 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54525 l42613 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54525 l54529 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54525 l54530 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54525 l54531 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54525 l31296 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition. </span><span class="pp-class-236 pa t54525 l54532 ls538 wtro3142 wtr3143 tro3144 tr3145">Costs </span><span class="pp-class-236 pa t54525 l54533 ls621 wtro3142 wtr3143 tro3144 tr3145">attributable </span><span class="pp-class-236 pa t54525 l54534 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54525 l54535 ls1751 wtro3142 wtr3143 tro3144 tr3145">business </span><span class="pp-class-236 pa t54525 l54536 ls630 wtro3142 wtr3143 tro3144 tr3145">combinations </span><span class="pp-class-236 pa t54525 l54537 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54525 l54538 ls630 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54539 l3 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54539 l9932 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54539 l54540 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54539 l54541 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54539 l11081 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54539 l54542 ls2222 wtro3142 wtr3143 tro3144 tr3145">when </span><span class="pp-class-236 pa t54539 l54543 ls8048 wtro3142 wtr3143 tro3144 tr3145">incurred. </span><span class="pp-class-236 pa t54539 l54544 ls17592 wtro3142 wtr3143 tro3144 tr3145">If, </span><span class="pp-class-236 pa t54539 l2166 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54539 l54545 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54539 l54546 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54539 l54547 ls2036 wtro3142 wtr3143 tro3144 tr3145">uncertainty </span><span class="pp-class-236 pa t54539 l54548 ls706 wtro3142 wtr3143 tro3144 tr3145">exist </span><span class="pp-class-236 pa t54539 l54549 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54539 l54550 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54551 l3 ls614 wtro3142 wtr3143 tro3144 tr3145">identification </span><span class="pp-class-236 pa t54551 l54552 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54551 l51027 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54551 l54553 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54551 l54554 ls4276 wtro3142 wtr3143 tro3144 tr3145">acquired </span><span class="pp-class-236 pa t54551 l54555 ls546 wtro3142 wtr3143 tro3144 tr3145">assets, </span><span class="pp-class-236 pa t54551 l54556 ls625 wtro3142 wtr3143 tro3144 tr3145">liabilities </span><span class="pp-class-236 pa t54551 l54557 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54558 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54551 l54559 ls4248 wtro3142 wtr3143 tro3144 tr3145">liabilities, </span><span class="pp-class-236 pa t54551 l54560 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54551 l54561 ls1404 wtro3142 wtr3143 tro3144 tr3145">determination </span><span class="pp-class-236 pa t54562 l3 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54562 l54563 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54562 l54564 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54562 l54565 ls541 wtro3142 wtr3143 tro3144 tr3145">price, </span><span class="pp-class-236 pa t54562 l54566 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54562 l54567 ls838 wtro3142 wtr3143 tro3144 tr3145">recognition </span><span class="pp-class-236 pa t54562 l45760 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54562 l54568 ls8048 wtro3142 wtr3143 tro3144 tr3145">measurement </span><span class="pp-class-236 pa t54562 l54569 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54562 l54570 ls2222 wtro3142 wtr3143 tro3144 tr3145">done </span><span class="pp-class-236 pa t54562 l54571 ls538 wtro3142 wtr3143 tro3144 tr3145">based </span><span class="pp-class-236 pa t54562 l54572 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54562 l54573 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54562 l54574 ls3855 wtro3142 wtr3143 tro3144 tr3145">values. </span><span class="pp-class-236 pa t54562 l54575 ls184 wtro3142 wtr3143 tro3144 tr3145">The </span><span class="pp-class-236 pa t54576 l3 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54576 l7240 ls556 wtro3142 wtr3143 tro3144 tr3145">values </span><span class="pp-class-236 pa t54576 l54577 ls2969 wtro3142 wtr3143 tro3144 tr3145">may </span><span class="pp-class-236 pa t54576 l54578 ls811 wtro3142 wtr3143 tro3144 tr3145">be </span><span class="pp-class-236 pa t54576 l54579 ls630 wtro3142 wtr3143 tro3144 tr3145">adjusted </span><span class="pp-class-236 pa t54576 l54580 ls536 wtro3142 wtr3143 tro3144 tr3145">until </span><span class="pp-class-236 pa t54576 l54581 ls811 wtro3142 wtr3143 tro3144 tr3145">12 </span><span class="pp-class-236 pa t54576 l54582 ls995 wtro3142 wtr3143 tro3144 tr3145">months </span><span class="pp-class-236 pa t54576 l54583 ls877 wtro3142 wtr3143 tro3144 tr3145">from </span><span class="pp-class-236 pa t54576 l54584 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54585 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisition </span><span class="pp-class-236 pa t54576 l54586 ls1815 wtro3142 wtr3143 tro3144 tr3145">date, </span><span class="pp-class-236 pa t54576 l54587 ls2245 wtro3142 wtr3143 tro3144 tr3145">provided </span><span class="pp-class-236 pa t54576 l54588 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54576 l54589 ls2036 wtro3142 wtr3143 tro3144 tr3145">initial </span><span class="pp-class-236 pa t54576 l54590 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54591 l3 ls1764 wtro3142 wtr3143 tro3144 tr3145">nition </span><span class="pp-class-236 pa t54591 l54592 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54591 l54593 ls30 wtro3142 wtr3143 tro3144 tr3145">preliminary </span><span class="pp-class-236 pa t54591 l54594 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54591 l54595 ls667 wtro3142 wtr3143 tro3144 tr3145">incorrect. </span><span class="pp-class-236 pa t54591 l54596 ls2036 wtro3142 wtr3143 tro3144 tr3145">Changes </span><span class="pp-class-236 pa t54591 l54597 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54591 l54598 ls2207 wtro3142 wtr3143 tro3144 tr3145">estimates </span><span class="pp-class-236 pa t54591 l54599 ls4017 wtro3142 wtr3143 tro3144 tr3145">regarding </span><span class="pp-class-236 pa t54591 l54600 ls546 wtro3142 wtr3143 tro3144 tr3145">contingent </span><span class="pp-class-236 pa t54591 l54601 ls4787 wtro3142 wtr3143 tro3144 tr3145">considerations </span><span class="pp-class-236 pa t54591 l54602 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54591 l8430 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54603 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54603 l54604 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54603 l54605 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54603 l54606 ls1764 wtro3142 wtr3143 tro3144 tr3145">income </span><span class="pp-class-236 pa t54603 l54607 ls556 wtro3142 wtr3143 tro3144 tr3145">statement </span><span class="pp-class-236 pa t54603 l54608 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54603 l54609 ls995 wtro3142 wtr3143 tro3144 tr3145">financial </span><span class="pp-class-236 pa t54603 l54610 ls35 wtro3142 wtr3143 tro3144 tr3145">items. </span></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t54611 l3 ls556 wtro3142 wtr3143 tro3144 tr3145">Incremental </span><span class="pp-class-236 pa t54611 l54612 ls544 wtro3142 wtr3143 tro3144 tr3145">acquisitions </span><span class="pp-class-236 pa t54611 l54613 ls168 wtro3142 wtr3143 tro3144 tr3145">after </span><span class="pp-class-236 pa t54611 l54614 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54611 l46634 ls110 wtro3142 wtr3143 tro3144 tr3145">have </span><span class="pp-class-236 pa t54611 l54615 ls2222 wtro3142 wtr3143 tro3144 tr3145">been </span><span class="pp-class-236 pa t54611 l54616 ls553 wtro3142 wtr3143 tro3144 tr3145">obtained, </span><span class="pp-class-236 pa t54611 l54617 ls838 wtro3142 wtr3143 tro3144 tr3145">i.e., </span><span class="pp-class-236 pa t54611 l54618 ls3855 wtro3142 wtr3143 tro3144 tr3145">purchase </span><span class="pp-class-236 pa t54611 l54619 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54611 l39096 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54611 l54620 ls621 wtro3142 wtr3143 tro3144 tr3145">interests, </span><span class="pp-class-236 pa t54611 l54621 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54611 l42557 ls949 wtro3142 wtr3143 tro3144 tr3145">rec-</span><span class="pp-class-236 pa t54622 l3 ls2036 wtro3142 wtr3143 tro3144 tr3145">ognised </span><span class="pp-class-236 pa t54622 l54604 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54622 l54623 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54624 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54622 l54625 ls1751 wtro3142 wtr3143 tro3144 tr3145">Disposal </span><span class="pp-class-236 pa t54622 l54626 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54627 ls1751 wtro3142 wtr3143 tro3144 tr3145">minority </span><span class="pp-class-236 pa t54622 l54628 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54622 l54629 ls4248 wtro3142 wtr3143 tro3144 tr3145">not </span><span class="pp-class-236 pa t54622 l54630 ls2969 wtro3142 wtr3143 tro3144 tr3145">resulting </span><span class="pp-class-236 pa t54622 l54631 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54622 l54632 ls2222 wtro3142 wtr3143 tro3144 tr3145">loss </span><span class="pp-class-236 pa t54622 l54633 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54622 l54634 ls7086 wtro3142 wtr3143 tro3144 tr3145">control </span><span class="pp-class-236 pa t54622 l54635 ls811 wtro3142 wtr3143 tro3144 tr3145">is </span><span class="pp-class-236 pa t54622 l54636 ls877 wtro3142 wtr3143 tro3144 tr3145">likewise </span><span class="pp-class-236 pa t54622 l54637 ls706 wtro3142 wtr3143 tro3144 tr3145">recog-</span><span class="pp-class-236 pa t54638 l3 ls538 wtro3142 wtr3143 tro3144 tr3145">nised </span><span class="pp-class-236 pa t54638 l2389 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54638 l54639 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54638 l54640 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity. </span><span class="pp-class-236 pa t54638 l54641 ls538 wtro3142 wtr3143 tro3144 tr3145">Gains </span><span class="pp-class-236 pa t54638 l54642 ls811 wtro3142 wtr3143 tro3144 tr3145">or </span><span class="pp-class-236 pa t54638 l54643 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54638 l54644 ls811 wtro3142 wtr3143 tro3144 tr3145">on </span><span class="pp-class-236 pa t54638 l54645 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54638 l54646 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54638 l54647 ls747 wtro3142 wtr3143 tro3144 tr3145">subsidiaries, </span><span class="pp-class-236 pa t54638 l54648 ls560 wtro3142 wtr3143 tro3144 tr3145">associates </span><span class="pp-class-236 pa t54638 l54649 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54638 l54650 ls536 wtro3142 wtr3143 tro3144 tr3145">joint </span><span class="pp-class-236 pa t54638 l54651 ls299 wtro3142 wtr3143 tro3144 tr3145">ventures </span><span class="pp-class-236 pa t54638 l54652 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54653 l3 ls560 wtro3142 wtr3143 tro3144 tr3145">calculated </span><span class="pp-class-236 pa t54653 l54654 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54653 l54655 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54656 ls681 wtro3142 wtr3143 tro3144 tr3145">difference </span><span class="pp-class-236 pa t54653 l54657 ls713 wtro3142 wtr3143 tro3144 tr3145">between </span><span class="pp-class-236 pa t54653 l54658 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54659 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54653 l54660 ls7086 wtro3142 wtr3143 tro3144 tr3145">consideration </span><span class="pp-class-236 pa t54653 l54661 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54653 l54662 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54653 l54663 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54653 l54664 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54653 l54665 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54653 l54666 ls4248 wtro3142 wtr3143 tro3144 tr3145">net </span><span class="pp-class-236 pa t54653 l54667 ls179 wtro3142 wtr3143 tro3144 tr3145">assets </span><span class="pp-class-236 pa t54653 l54668 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54653 l54669 ls184 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l3 ls7086 wtro3142 wtr3143 tro3144 tr3145">date </span><span class="pp-class-236 pa t54670 l54671 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54672 ls995 wtro3142 wtr3143 tro3144 tr3145">disposal, </span><span class="pp-class-236 pa t54670 l54673 ls546 wtro3142 wtr3143 tro3144 tr3145">including </span><span class="pp-class-236 pa t54670 l54674 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54670 l54675 ls2222 wtro3142 wtr3143 tro3144 tr3145">book </span><span class="pp-class-236 pa t54670 l54676 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54670 l54677 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54670 l54678 ls995 wtro3142 wtr3143 tro3144 tr3145">goodwill, </span><span class="pp-class-236 pa t54670 l54679 ls713 wtro3142 wtr3143 tro3144 tr3145">accumulated </span><span class="pp-class-236 pa t54670 l54680 ls11713 wtro3142 wtr3143 tro3144 tr3145">exchange </span><span class="pp-class-236 pa t54670 l54681 ls538 wtro3142 wtr3143 tro3144 tr3145">gains </span><span class="pp-class-236 pa t54670 l54682 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54670 l54683 ls1764 wtro3142 wtr3143 tro3144 tr3145">losses </span><span class="pp-class-236 pa t54670 l54684 ls5202 wtro3142 wtr3143 tro3144 tr3145">previ-</span><span class="pp-class-236 pa t54685 l3 ls7468 wtro3142 wtr3143 tro3144 tr3145">ously </span><span class="pp-class-236 pa t54685 l54686 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54685 l54687 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54685 l54688 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54685 l54689 ls1764 wtro3142 wtr3143 tro3144 tr3145">equity </span><span class="pp-class-236 pa t54685 l54690 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54691 ls8048 wtro3142 wtr3143 tro3144 tr3145">well </span><span class="pp-class-236 pa t54685 l54692 ls811 wtro3142 wtr3143 tro3144 tr3145">as </span><span class="pp-class-236 pa t54685 l54693 ls2207 wtro3142 wtr3143 tro3144 tr3145">anticipated </span><span class="pp-class-236 pa t54685 l54694 ls1751 wtro3142 wtr3143 tro3144 tr3145">disposal </span><span class="pp-class-236 pa t54685 l54695 ls1764 wtro3142 wtr3143 tro3144 tr3145">costs. </span><span class="pp-class-236 pa t54685 l54696 ls3855 wtro3142 wtr3143 tro3144 tr3145">Exchange </span><span class="pp-class-236 pa t54685 l54697 ls8384 wtro3142 wtr3143 tro3144 tr3145">rate </span><span class="pp-class-236 pa t54685 l54698 ls553 wtro3142 wtr3143 tro3144 tr3145">adjustments </span><span class="pp-class-236 pa t54685 l54699 ls614 wtro3142 wtr3143 tro3144 tr3145">attrib-</span><span class="pp-class-236 pa t54700 l3 ls747 wtro3142 wtr3143 tro3144 tr3145">utable </span><span class="pp-class-236 pa t54700 l54701 ls538 wtro3142 wtr3143 tro3144 tr3145">to </span><span class="pp-class-236 pa t54700 l54702 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54700 l54703 ls2848 wtro3142 wtr3143 tro3144 tr3145">Group’s </span><span class="pp-class-236 pa t54700 l54704 ls548 wtro3142 wtr3143 tro3144 tr3145">ownership </span><span class="pp-class-236 pa t54700 l54705 ls2889 wtro3142 wtr3143 tro3144 tr3145">interest, </span><span class="pp-class-236 pa t54700 l54706 ls651 wtro3142 wtr3143 tro3144 tr3145">and </span><span class="pp-class-236 pa t54700 l54707 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54700 l54708 ls2816 wtro3142 wtr3143 tro3144 tr3145">previously </span><span class="pp-class-236 pa t54700 l54709 ls2258 wtro3142 wtr3143 tro3144 tr3145">were </span><span class="pp-class-236 pa t54700 l54710 ls667 wtro3142 wtr3143 tro3144 tr3145">recognised </span><span class="pp-class-236 pa t54700 l54711 ls3084 wtro3142 wtr3143 tro3144 tr3145">directly </span><span class="pp-class-236 pa t54700 l48541 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54700 l54712 ls4284 wtro3142 wtr3143 tro3144 tr3145">equity, </span><span class="pp-class-236 pa t54700 l54713 ls667 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l3 ls179 wtro3142 wtr3143 tro3144 tr3145">included </span><span class="pp-class-236 pa t54714 l54715 ls811 wtro3142 wtr3143 tro3144 tr3145">in </span><span class="pp-class-236 pa t54714 l9529 ls572 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54716 ls1404 wtro3142 wtr3143 tro3144 tr3145">calculation </span><span class="pp-class-236 pa t54714 l54717 ls98 wtro3142 wtr3143 tro3144 tr3145">of </span><span class="pp-class-236 pa t54714 l38739 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54714 l54718 ls538 wtro3142 wtr3143 tro3144 tr3145">gain/ </span><span class="pp-class-236 pa t54714 l54719 ls538 wtro3142 wtr3143 tro3144 tr3145">loss. </span><span class="pp-class-236 pa t54714 l54720 ls553 wtro3142 wtr3143 tro3144 tr3145">Any </span><span class="pp-class-236 pa t54714 l54721 ls5781 wtro3142 wtr3143 tro3144 tr3145">retained </span><span class="pp-class-236 pa t54714 l54722 ls179 wtro3142 wtr3143 tro3144 tr3145">participating </span><span class="pp-class-236 pa t54714 l54723 ls7086 wtro3142 wtr3143 tro3144 tr3145">interests </span><span class="pp-class-236 pa t54714 l54724 ls2808 wtro3142 wtr3143 tro3144 tr3145">are </span><span class="pp-class-236 pa t54714 l54725 ls3855 wtro3142 wtr3143 tro3144 tr3145">measured </span><span class="pp-class-236 pa t54714 l54726 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54714 l54727 ls811 wtro3142 wtr3143 tro3144 tr3145">their </span><span class="pp-class-236 pa t54728 l3 ls553 wtro3142 wtr3143 tro3144 tr3145">fair </span><span class="pp-class-236 pa t54728 l54729 ls2197 wtro3142 wtr3143 tro3144 tr3145">value </span><span class="pp-class-236 pa t54728 l54730 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54731 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l7463 ls2222 wtro3142 wtr3143 tro3144 tr3145">time </span><span class="pp-class-236 pa t54728 l54732 ls2197 wtro3142 wtr3143 tro3144 tr3145">at </span><span class="pp-class-236 pa t54728 l54733 ls538 wtro3142 wtr3143 tro3144 tr3145">which </span><span class="pp-class-236 pa t54728 l54734 ls651 wtro3142 wtr3143 tro3144 tr3145">the </span><span class="pp-class-236 pa t54728 l32754 ls8048 wtro3142 wtr3143 tro3144 tr3145">controlling </span><span class="pp-class-236 pa t54728 l54735 ls558 wtro3142 wtr3143 tro3144 tr3145">influence </span><span class="pp-class-236 pa t54728 l54736 ls556 wtro3142 wtr3143 tro3144 tr3145">was </span><span class="pp-class-236 pa t54728 l54737 ls3852 wtro3142 wtr3143 tro3144 tr3145">lost.</span></p> <div id="pp-id-5449" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54739 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls18385">5.6 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Guarantees, </span><span class="pp-class-234 pa t1122 l54740 ls3852">collateral </span><span class="pp-class-234 pa t1122 l54741">and </span><span class="pp-class-234 pa t1122 l54742 ls217">contingent </span><span class="pp-class-234 pa t1122 l54743 ls26">liabilities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls8200">Guarantees </span><span class="pp-class-236 pa t40114 l54744 ls13284">issued </span><span class="pp-class-236 pa t40114 l53191 ls17626">by </span><span class="pp-class-236 pa t40114 l47694 ls8391">banks </span><span class="pp-class-236 pa t40114 l54745 ls1775">on </span><span class="pp-class-236 pa t40114 l54746 ls645">behalf </span><span class="pp-class-236 pa t40114 l54747 ls1131">of </span><span class="pp-class-236 pa t40114 l54748 ls847">the </span><span class="pp-class-236 pa t40114 l54749 ls1017">Group </span><span class="pp-class-236 pa t40114 l54750 ls11592">amount </span><span class="pp-class-236 pa t40114 l54751 ls847">to </span><span class="pp-class-236 pa t40114 l18400 ls847">DKK </span><span class="pp-class-236 pa t40114 l54752 ls2081">448m </span><span class="pp-class-236 pa t40114 l54753 ls2846">(2024: </span><span class="pp-class-236 pa t40114 l54754 ls847">DKK </span><span class="pp-class-236 pa t40114 l54755 ls13284">359m). </span><span class="pp-class-236 pa t40114 l54756 ls1775">In </span><span class="pp-class-236 pa t40114 l54757 ls645">addition, </span><span class="pp-class-236 pa t40114 l54758 ls544">the </span><span class="pp-class-236 pa t40125 l3 ls1017">Group </span><span class="pp-class-236 pa t40125 l54759 ls847">has </span><span class="pp-class-236 pa t40125 l16866 ls13284">issued </span><span class="pp-class-236 pa t40125 l54760 ls556">two </span><span class="pp-class-236 pa t40125 l54761 ls621">guarantees </span><span class="pp-class-236 pa t40125 l18464 ls811">in </span><span class="pp-class-236 pa t40125 l48661 ls1131">relation </span><span class="pp-class-236 pa t40125 l54762 ls538">to </span><span class="pp-class-236 pa t40125 l54763 ls536">defined </span><span class="pp-class-236 pa t40125 l47520 ls536">benefit </span><span class="pp-class-236 pa t40125 l54764 ls2036">pension </span><span class="pp-class-236 pa t40125 l50086 ls2036">schemes </span><span class="pp-class-236 pa t40125 l54765 ls811">in </span><span class="pp-class-236 pa t40125 l54766 ls572">the </span><span class="pp-class-236 pa t40125 l54767 ls811">UK </span><span class="pp-class-236 pa t40125 l54768 ls98">of </span><span class="pp-class-236 pa t40125 l54769 ls811">an </span><span class="pp-class-236 pa t40125 l54770 ls995">amount </span><span class="pp-class-236 pa t40125 l54771 ls811">up </span><span class="pp-class-236 pa t40125 l54772 ls184">to </span><span class="pp-class-236 pa t40137 l3 ls651">DKK </span><span class="pp-class-236 pa t40137 l52094 ls811">0m </span><span class="pp-class-236 pa t40137 l54773 ls667">(2024: </span><span class="pp-class-236 pa t40137 l47513 ls651">DKK </span><span class="pp-class-236 pa t40137 l54774 ls2222">28m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40161 l3 ls847">The </span><span class="pp-class-236 pa t40161 l39487 ls1017">Group </span><span class="pp-class-236 pa t40161 l39510 ls1775">is </span><span class="pp-class-236 pa t40161 l13314 ls1775">in </span><span class="pp-class-236 pa t40161 l54775 ls2081">2025 </span><span class="pp-class-236 pa t40161 l54776 ls1775">as </span><span class="pp-class-236 pa t40161 l23489 ls1848">well </span><span class="pp-class-236 pa t40161 l54777 ls1775">as </span><span class="pp-class-236 pa t40161 l54778 ls1775">in </span><span class="pp-class-236 pa t40161 l54779 ls2846">2024 </span><span class="pp-class-236 pa t40161 l40190 ls4558">part </span><span class="pp-class-236 pa t40161 l54780 ls1775">in </span><span class="pp-class-236 pa t40161 l54781 ls1592">various </span><span class="pp-class-236 pa t40161 l54782 ls8367">legal </span><span class="pp-class-236 pa t40161 l54783 ls1957">disputes. </span><span class="pp-class-236 pa t40161 l54784 ls847">The </span><span class="pp-class-236 pa t40161 l54785 ls2894">outcome </span><span class="pp-class-236 pa t40161 l54786 ls1131">of </span><span class="pp-class-236 pa t40161 l54787 ls8367">these </span><span class="pp-class-236 pa t40161 l54788 ls7832">disputes </span><span class="pp-class-236 pa t40161 l54789 ls1775">is </span><span class="pp-class-236 pa t40161 l39478 ls3855">not </span><span class="pp-class-236 pa t47589 l3 ls10811">considered </span><span class="pp-class-236 pa t47589 l54790 ls30818">likely </span><span class="pp-class-236 pa t47589 l54791 ls847">to </span><span class="pp-class-236 pa t47589 l54792 ls3267">influence </span><span class="pp-class-236 pa t47589 l29752 ls8367">DFDS’ </span><span class="pp-class-236 pa t47589 l54793 ls3200">financial </span><span class="pp-class-236 pa t47589 l54794 ls4149">position </span><span class="pp-class-236 pa t47589 l54795 ls19396">significantly, </span><span class="pp-class-236 pa t47589 l38969 ls11592">besides </span><span class="pp-class-236 pa t47589 l54796 ls3267">what </span><span class="pp-class-236 pa t47589 l54797 ls1775">is </span><span class="pp-class-236 pa t47589 l54798 ls3351">already </span><span class="pp-class-236 pa t47589 l54799 ls10811">recognised </span><span class="pp-class-236 pa t47589 l54800 ls1775">in </span><span class="pp-class-236 pa t47589 l54801 ls544">the </span><span class="pp-class-236 pa t40167 l3 ls2855">balance </span><span class="pp-class-236 pa t40167 l54802 ls8367">sheet.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40187 l3 ls94">Certain </span><span class="pp-class-236 pa t40187 l44549 ls551">ferries </span><span class="pp-class-236 pa t40187 l39418 ls2222">with </span><span class="pp-class-236 pa t40187 l54803 ls184">a </span><span class="pp-class-236 pa t40187 l16284 ls758">total </span><span class="pp-class-236 pa t40187 l54804 ls572">carrying </span><span class="pp-class-236 pa t40187 l41602 ls995">amount </span><span class="pp-class-236 pa t40187 l54805 ls98">of </span><span class="pp-class-236 pa t40187 l54806 ls572">DKK </span><span class="pp-class-236 pa t40187 l54807 ls8391">5,425m </span><span class="pp-class-236 pa t40187 l54808 ls667">(2024: </span><span class="pp-class-236 pa t40187 l54809 ls572">DKK </span><span class="pp-class-236 pa t40187 l54810 ls49226">5,785m) </span><span class="pp-class-236 pa t40187 l54811 ls110">have </span><span class="pp-class-236 pa t40187 l47431 ls2222">been </span><span class="pp-class-236 pa t40187 l54812 ls2036">pledged </span><span class="pp-class-236 pa t40187 l54813 ls811">as </span><span class="pp-class-236 pa t40187 l54814 ls94">security </span><span class="pp-class-236 pa t40199 l3 ls553">for </span><span class="pp-class-236 pa t40199 l43533 ls562">mortgage </span><span class="pp-class-236 pa t40199 l50287 ls811">on </span><span class="pp-class-236 pa t40199 l54815 ls551">ferries </span><span class="pp-class-236 pa t40199 l54816 ls651">and </span><span class="pp-class-236 pa t40199 l9636 ls2222">bank </span><span class="pp-class-236 pa t40199 l45877 ls538">loans </span><span class="pp-class-236 pa t40199 l42576 ls2222">with </span><span class="pp-class-236 pa t40199 l54817 ls184">a </span><span class="pp-class-236 pa t40199 l54818 ls758">total </span><span class="pp-class-236 pa t40199 l54819 ls572">carrying </span><span class="pp-class-236 pa t40199 l54820 ls995">amount </span><span class="pp-class-236 pa t40199 l54821 ls98">of </span><span class="pp-class-236 pa t40199 l54822 ls651">DKK </span><span class="pp-class-236 pa t40199 l54823 ls4807">3,253m </span><span class="pp-class-236 pa t40199 l54824 ls667">(2024: </span><span class="pp-class-236 pa t40199 l54825 ls572">DKK </span><span class="pp-class-236 pa t40199 l54826 ls7433">3,681m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls4823">At </span><span class="pp-class-236 pa t47935 l45009 ls1775">year-end </span><span class="pp-class-236 pa t47935 l54827 ls2222">2025 </span><span class="pp-class-236 pa t47935 l18389 ls572">DKK </span><span class="pp-class-236 pa t47935 l54828 ls530">18m </span><span class="pp-class-236 pa t47935 l16886 ls667">(2024: </span><span class="pp-class-236 pa t47935 l54829 ls651">DKK </span><span class="pp-class-236 pa t47935 l26165 ls2222">11m) </span><span class="pp-class-236 pa t47935 l54830 ls98">of </span><span class="pp-class-236 pa t47935 l28531 ls651">the </span><span class="pp-class-236 pa t47935 l54831 ls2222">cash </span><span class="pp-class-236 pa t47935 l40633 ls556">was </span><span class="pp-class-236 pa t47935 l54832 ls949">deposited </span><span class="pp-class-236 pa t47935 l54833 ls811">on </span><span class="pp-class-236 pa t47935 l52163 ls691">restricted </span><span class="pp-class-236 pa t47935 l54834 ls2222">bank </span><span class="pp-class-236 pa t47935 l54835 ls30">accounts.</span></p></div></div><div id="pp-id-5450" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54836 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls54837">5.7 </span><span class="pp-class-234 pa t1122 l38307 ls1741">Contractual </span><span class="pp-class-234 pa t1122 l54838 ls1098">commitments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls244">Contractual </span><span class="pp-class-236 pa t37088 l51191 ls2441">commitments </span><span class="pp-class-236 pa t37088 l49686 ls205">property, </span><span class="pp-class-236 pa t37088 l54839 ls1098">plant </span><span class="pp-class-236 pa t37088 l54840">and </span><span class="pp-class-236 pa t37088 l54841 ls2118">equipment, </span><span class="pp-class-236 pa t37088 l54842 ls781">term </span><span class="pp-class-236 pa t37088 l54843">0-1 </span><span class="pp-class-236 pa t37088 l54844 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l53486">82</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l43130">95</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls244">Contractual </span><span class="pp-class-236 pa t41562 l51191 ls2441">commitments </span><span class="pp-class-236 pa t41562 l49686">financial </span><span class="pp-class-236 pa t41562 l54845 ls88">instrument, </span><span class="pp-class-236 pa t41562 l54846 ls781">term </span><span class="pp-class-236 pa t41562 l54847">0-1 </span><span class="pp-class-236 pa t41562 l54848 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l54849">696</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l54081 ls197">387</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls244">Contractual </span><span class="pp-class-236 pa t41566 l51191 ls2441">commitments </span><span class="pp-class-236 pa t41566 l49686 ls205">property, </span><span class="pp-class-236 pa t41566 l54839 ls1098">plant </span><span class="pp-class-236 pa t41566 l54840">and </span><span class="pp-class-236 pa t41566 l54841 ls2118">equipment, </span><span class="pp-class-236 pa t41566 l54842 ls781">term </span><span class="pp-class-236 pa t41566 l54843 ls12546">1-5 </span><span class="pp-class-236 pa t41566 l54850 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3 ls244">Contractual </span><span class="pp-class-236 pa t41570 l51191 ls2441">commitments </span><span class="pp-class-236 pa t41570 l49686">financial </span><span class="pp-class-236 pa t41570 l54845 ls118">instrument </span><span class="pp-class-236 pa t41570 l54851 ls781">term </span><span class="pp-class-236 pa t41570 l54852 ls12546">1-5 </span><span class="pp-class-236 pa t41570 l54853 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l54854">26</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l41696">28</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l3 ls1629">Contractual </span><span class="pp-class-237 pa t51513 l54855 ls2441">commitments </span><span class="pp-class-237 pa t51513 l54856 ls2441">(undiscounted)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l43252">804</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l54857">511</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t54858 l3 ls651">The </span><span class="pp-class-236 pa t54858 l38379 ls2848">Group’s </span><span class="pp-class-236 pa t54858 l29180 ls2270">contractual </span><span class="pp-class-236 pa t54858 l54859 ls524">commitments </span><span class="pp-class-236 pa t54858 l54860 ls811">in </span><span class="pp-class-236 pa t54858 l54861 ls2222">2025 </span><span class="pp-class-236 pa t54858 l54862 ls949">include </span><span class="pp-class-236 pa t54858 l54863 ls651">the </span><span class="pp-class-236 pa t54858 l54864 ls3855">purchase </span><span class="pp-class-236 pa t54858 l54865 ls98">of </span><span class="pp-class-236 pa t54858 l54866 ls811">EU </span><span class="pp-class-236 pa t54858 l54867 ls7086">Allowances </span><span class="pp-class-236 pa t54858 l54868 ls3681">related </span><span class="pp-class-236 pa t54858 l54869 ls538">to </span><span class="pp-class-236 pa t54858 l54870 ls572">the </span><span class="pp-class-236 pa t54858 l54871 ls1547">EU </span><span class="pp-class-236 pa t54872 l3 ls995">Emissions </span><span class="pp-class-236 pa t54872 l3269 ls19396">Trading </span><span class="pp-class-236 pa t54872 l54873 ls168">System </span><span class="pp-class-236 pa t54872 l28719 ls614">(ETS) </span><span class="pp-class-236 pa t54872 l54874 ls691">regulations. </span><span class="pp-class-236 pa t54872 l39763 ls651">The </span><span class="pp-class-236 pa t54872 l54875 ls3855">purchase </span><span class="pp-class-236 pa t54872 l54751 ls98">of </span><span class="pp-class-236 pa t54872 l54876 ls1780">ETS </span><span class="pp-class-236 pa t54872 l54877 ls7086">allowances </span><span class="pp-class-236 pa t54872 l47438 ls572">has </span><span class="pp-class-236 pa t54872 l54878 ls2222">been </span><span class="pp-class-236 pa t54872 l54879 ls2222">done </span><span class="pp-class-236 pa t54872 l54880 ls651">via </span><span class="pp-class-236 pa t54872 l54881 ls603">forward </span><span class="pp-class-236 pa t54882 l3 ls524">instruments </span><span class="pp-class-236 pa t54882 l39959 ls2222">with </span><span class="pp-class-236 pa t54882 l7397 ls1780">physical </span><span class="pp-class-236 pa t54882 l49788 ls2629">delivery. </span><span class="pp-class-236 pa t54882 l54883 ls538">These </span><span class="pp-class-236 pa t54882 l54884 ls524">instruments </span><span class="pp-class-236 pa t54882 l54885 ls2808">are </span><span class="pp-class-236 pa t54882 l54886 ls3681">treated </span><span class="pp-class-236 pa t54882 l740 ls811">as </span><span class="pp-class-236 pa t54882 l54887 ls560">off-balance </span><span class="pp-class-236 pa t54882 l39309 ls949">sheet </span><span class="pp-class-236 pa t54882 l54888 ls625">items </span><span class="pp-class-236 pa t54882 l49845 ls811">as </span><span class="pp-class-236 pa t54882 l54889 ls572">the </span><span class="pp-class-236 pa t54882 l54890 ls696">own-use </span><span class="pp-class-236 pa t54891 l3 ls12490">exemption </span><span class="pp-class-236 pa t54891 l45544 ls538">under </span><span class="pp-class-236 pa t54891 l54892 ls1369">IFRS </span><span class="pp-class-236 pa t54891 l54893 ls184">9 </span><span class="pp-class-236 pa t54891 l21828 ls811">is </span><span class="pp-class-236 pa t54891 l12321 ls94">applied. </span></p></div></div> <div id="pp-id-5449" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54739 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls18385">5.6 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Guarantees, </span><span class="pp-class-234 pa t1122 l54740 ls3852">collateral </span><span class="pp-class-234 pa t1122 l54741">and </span><span class="pp-class-234 pa t1122 l54742 ls217">contingent </span><span class="pp-class-234 pa t1122 l54743 ls26">liabilities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls8200">Guarantees </span><span class="pp-class-236 pa t40114 l54744 ls13284">issued </span><span class="pp-class-236 pa t40114 l53191 ls17626">by </span><span class="pp-class-236 pa t40114 l47694 ls8391">banks </span><span class="pp-class-236 pa t40114 l54745 ls1775">on </span><span class="pp-class-236 pa t40114 l54746 ls645">behalf </span><span class="pp-class-236 pa t40114 l54747 ls1131">of </span><span class="pp-class-236 pa t40114 l54748 ls847">the </span><span class="pp-class-236 pa t40114 l54749 ls1017">Group </span><span class="pp-class-236 pa t40114 l54750 ls11592">amount </span><span class="pp-class-236 pa t40114 l54751 ls847">to </span><span class="pp-class-236 pa t40114 l18400 ls847">DKK </span><span class="pp-class-236 pa t40114 l54752 ls2081">448m </span><span class="pp-class-236 pa t40114 l54753 ls2846">(2024: </span><span class="pp-class-236 pa t40114 l54754 ls847">DKK </span><span class="pp-class-236 pa t40114 l54755 ls13284">359m). </span><span class="pp-class-236 pa t40114 l54756 ls1775">In </span><span class="pp-class-236 pa t40114 l54757 ls645">addition, </span><span class="pp-class-236 pa t40114 l54758 ls544">the </span><span class="pp-class-236 pa t40125 l3 ls1017">Group </span><span class="pp-class-236 pa t40125 l54759 ls847">has </span><span class="pp-class-236 pa t40125 l16866 ls13284">issued </span><span class="pp-class-236 pa t40125 l54760 ls556">two </span><span class="pp-class-236 pa t40125 l54761 ls621">guarantees </span><span class="pp-class-236 pa t40125 l18464 ls811">in </span><span class="pp-class-236 pa t40125 l48661 ls1131">relation </span><span class="pp-class-236 pa t40125 l54762 ls538">to </span><span class="pp-class-236 pa t40125 l54763 ls536">defined </span><span class="pp-class-236 pa t40125 l47520 ls536">benefit </span><span class="pp-class-236 pa t40125 l54764 ls2036">pension </span><span class="pp-class-236 pa t40125 l50086 ls2036">schemes </span><span class="pp-class-236 pa t40125 l54765 ls811">in </span><span class="pp-class-236 pa t40125 l54766 ls572">the </span><span class="pp-class-236 pa t40125 l54767 ls811">UK </span><span class="pp-class-236 pa t40125 l54768 ls98">of </span><span class="pp-class-236 pa t40125 l54769 ls811">an </span><span class="pp-class-236 pa t40125 l54770 ls995">amount </span><span class="pp-class-236 pa t40125 l54771 ls811">up </span><span class="pp-class-236 pa t40125 l54772 ls184">to </span><span class="pp-class-236 pa t40137 l3 ls651">DKK </span><span class="pp-class-236 pa t40137 l52094 ls811">0m </span><span class="pp-class-236 pa t40137 l54773 ls667">(2024: </span><span class="pp-class-236 pa t40137 l47513 ls651">DKK </span><span class="pp-class-236 pa t40137 l54774 ls2222">28m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40161 l3 ls847">The </span><span class="pp-class-236 pa t40161 l39487 ls1017">Group </span><span class="pp-class-236 pa t40161 l39510 ls1775">is </span><span class="pp-class-236 pa t40161 l13314 ls1775">in </span><span class="pp-class-236 pa t40161 l54775 ls2081">2025 </span><span class="pp-class-236 pa t40161 l54776 ls1775">as </span><span class="pp-class-236 pa t40161 l23489 ls1848">well </span><span class="pp-class-236 pa t40161 l54777 ls1775">as </span><span class="pp-class-236 pa t40161 l54778 ls1775">in </span><span class="pp-class-236 pa t40161 l54779 ls2846">2024 </span><span class="pp-class-236 pa t40161 l40190 ls4558">part </span><span class="pp-class-236 pa t40161 l54780 ls1775">in </span><span class="pp-class-236 pa t40161 l54781 ls1592">various </span><span class="pp-class-236 pa t40161 l54782 ls8367">legal </span><span class="pp-class-236 pa t40161 l54783 ls1957">disputes. </span><span class="pp-class-236 pa t40161 l54784 ls847">The </span><span class="pp-class-236 pa t40161 l54785 ls2894">outcome </span><span class="pp-class-236 pa t40161 l54786 ls1131">of </span><span class="pp-class-236 pa t40161 l54787 ls8367">these </span><span class="pp-class-236 pa t40161 l54788 ls7832">disputes </span><span class="pp-class-236 pa t40161 l54789 ls1775">is </span><span class="pp-class-236 pa t40161 l39478 ls3855">not </span><span class="pp-class-236 pa t47589 l3 ls10811">considered </span><span class="pp-class-236 pa t47589 l54790 ls30818">likely </span><span class="pp-class-236 pa t47589 l54791 ls847">to </span><span class="pp-class-236 pa t47589 l54792 ls3267">influence </span><span class="pp-class-236 pa t47589 l29752 ls8367">DFDS’ </span><span class="pp-class-236 pa t47589 l54793 ls3200">financial </span><span class="pp-class-236 pa t47589 l54794 ls4149">position </span><span class="pp-class-236 pa t47589 l54795 ls19396">significantly, </span><span class="pp-class-236 pa t47589 l38969 ls11592">besides </span><span class="pp-class-236 pa t47589 l54796 ls3267">what </span><span class="pp-class-236 pa t47589 l54797 ls1775">is </span><span class="pp-class-236 pa t47589 l54798 ls3351">already </span><span class="pp-class-236 pa t47589 l54799 ls10811">recognised </span><span class="pp-class-236 pa t47589 l54800 ls1775">in </span><span class="pp-class-236 pa t47589 l54801 ls544">the </span><span class="pp-class-236 pa t40167 l3 ls2855">balance </span><span class="pp-class-236 pa t40167 l54802 ls8367">sheet.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40187 l3 ls94">Certain </span><span class="pp-class-236 pa t40187 l44549 ls551">ferries </span><span class="pp-class-236 pa t40187 l39418 ls2222">with </span><span class="pp-class-236 pa t40187 l54803 ls184">a </span><span class="pp-class-236 pa t40187 l16284 ls758">total </span><span class="pp-class-236 pa t40187 l54804 ls572">carrying </span><span class="pp-class-236 pa t40187 l41602 ls995">amount </span><span class="pp-class-236 pa t40187 l54805 ls98">of </span><span class="pp-class-236 pa t40187 l54806 ls572">DKK </span><span class="pp-class-236 pa t40187 l54807 ls8391">5,425m </span><span class="pp-class-236 pa t40187 l54808 ls667">(2024: </span><span class="pp-class-236 pa t40187 l54809 ls572">DKK </span><span class="pp-class-236 pa t40187 l54810 ls49226">5,785m) </span><span class="pp-class-236 pa t40187 l54811 ls110">have </span><span class="pp-class-236 pa t40187 l47431 ls2222">been </span><span class="pp-class-236 pa t40187 l54812 ls2036">pledged </span><span class="pp-class-236 pa t40187 l54813 ls811">as </span><span class="pp-class-236 pa t40187 l54814 ls94">security </span><span class="pp-class-236 pa t40199 l3 ls553">for </span><span class="pp-class-236 pa t40199 l43533 ls562">mortgage </span><span class="pp-class-236 pa t40199 l50287 ls811">on </span><span class="pp-class-236 pa t40199 l54815 ls551">ferries </span><span class="pp-class-236 pa t40199 l54816 ls651">and </span><span class="pp-class-236 pa t40199 l9636 ls2222">bank </span><span class="pp-class-236 pa t40199 l45877 ls538">loans </span><span class="pp-class-236 pa t40199 l42576 ls2222">with </span><span class="pp-class-236 pa t40199 l54817 ls184">a </span><span class="pp-class-236 pa t40199 l54818 ls758">total </span><span class="pp-class-236 pa t40199 l54819 ls572">carrying </span><span class="pp-class-236 pa t40199 l54820 ls995">amount </span><span class="pp-class-236 pa t40199 l54821 ls98">of </span><span class="pp-class-236 pa t40199 l54822 ls651">DKK </span><span class="pp-class-236 pa t40199 l54823 ls4807">3,253m </span><span class="pp-class-236 pa t40199 l54824 ls667">(2024: </span><span class="pp-class-236 pa t40199 l54825 ls572">DKK </span><span class="pp-class-236 pa t40199 l54826 ls7433">3,681m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls4823">At </span><span class="pp-class-236 pa t47935 l45009 ls1775">year-end </span><span class="pp-class-236 pa t47935 l54827 ls2222">2025 </span><span class="pp-class-236 pa t47935 l18389 ls572">DKK </span><span class="pp-class-236 pa t47935 l54828 ls530">18m </span><span class="pp-class-236 pa t47935 l16886 ls667">(2024: </span><span class="pp-class-236 pa t47935 l54829 ls651">DKK </span><span class="pp-class-236 pa t47935 l26165 ls2222">11m) </span><span class="pp-class-236 pa t47935 l54830 ls98">of </span><span class="pp-class-236 pa t47935 l28531 ls651">the </span><span class="pp-class-236 pa t47935 l54831 ls2222">cash </span><span class="pp-class-236 pa t47935 l40633 ls556">was </span><span class="pp-class-236 pa t47935 l54832 ls949">deposited </span><span class="pp-class-236 pa t47935 l54833 ls811">on </span><span class="pp-class-236 pa t47935 l52163 ls691">restricted </span><span class="pp-class-236 pa t47935 l54834 ls2222">bank </span><span class="pp-class-236 pa t47935 l54835 ls30">accounts.</span></p></div></div> <div id="pp-id-5449" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54739 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls18385">5.6 </span><span class="pp-class-234 pa t1122 l38307 ls1031">Guarantees, </span><span class="pp-class-234 pa t1122 l54740 ls3852">collateral </span><span class="pp-class-234 pa t1122 l54741">and </span><span class="pp-class-234 pa t1122 l54742 ls217">contingent </span><span class="pp-class-234 pa t1122 l54743 ls26">liabilities</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40114 l3 ls8200">Guarantees </span><span class="pp-class-236 pa t40114 l54744 ls13284">issued </span><span class="pp-class-236 pa t40114 l53191 ls17626">by </span><span class="pp-class-236 pa t40114 l47694 ls8391">banks </span><span class="pp-class-236 pa t40114 l54745 ls1775">on </span><span class="pp-class-236 pa t40114 l54746 ls645">behalf </span><span class="pp-class-236 pa t40114 l54747 ls1131">of </span><span class="pp-class-236 pa t40114 l54748 ls847">the </span><span class="pp-class-236 pa t40114 l54749 ls1017">Group </span><span class="pp-class-236 pa t40114 l54750 ls11592">amount </span><span class="pp-class-236 pa t40114 l54751 ls847">to </span><span class="pp-class-236 pa t40114 l18400 ls847">DKK </span><span class="pp-class-236 pa t40114 l54752 ls2081">448m </span><span class="pp-class-236 pa t40114 l54753 ls2846">(2024: </span><span class="pp-class-236 pa t40114 l54754 ls847">DKK </span><span class="pp-class-236 pa t40114 l54755 ls13284">359m). </span><span class="pp-class-236 pa t40114 l54756 ls1775">In </span><span class="pp-class-236 pa t40114 l54757 ls645">addition, </span><span class="pp-class-236 pa t40114 l54758 ls544">the </span><span class="pp-class-236 pa t40125 l3 ls1017">Group </span><span class="pp-class-236 pa t40125 l54759 ls847">has </span><span class="pp-class-236 pa t40125 l16866 ls13284">issued </span><span class="pp-class-236 pa t40125 l54760 ls556">two </span><span class="pp-class-236 pa t40125 l54761 ls621">guarantees </span><span class="pp-class-236 pa t40125 l18464 ls811">in </span><span class="pp-class-236 pa t40125 l48661 ls1131">relation </span><span class="pp-class-236 pa t40125 l54762 ls538">to </span><span class="pp-class-236 pa t40125 l54763 ls536">defined </span><span class="pp-class-236 pa t40125 l47520 ls536">benefit </span><span class="pp-class-236 pa t40125 l54764 ls2036">pension </span><span class="pp-class-236 pa t40125 l50086 ls2036">schemes </span><span class="pp-class-236 pa t40125 l54765 ls811">in </span><span class="pp-class-236 pa t40125 l54766 ls572">the </span><span class="pp-class-236 pa t40125 l54767 ls811">UK </span><span class="pp-class-236 pa t40125 l54768 ls98">of </span><span class="pp-class-236 pa t40125 l54769 ls811">an </span><span class="pp-class-236 pa t40125 l54770 ls995">amount </span><span class="pp-class-236 pa t40125 l54771 ls811">up </span><span class="pp-class-236 pa t40125 l54772 ls184">to </span><span class="pp-class-236 pa t40137 l3 ls651">DKK </span><span class="pp-class-236 pa t40137 l52094 ls811">0m </span><span class="pp-class-236 pa t40137 l54773 ls667">(2024: </span><span class="pp-class-236 pa t40137 l47513 ls651">DKK </span><span class="pp-class-236 pa t40137 l54774 ls2222">28m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40161 l3 ls847">The </span><span class="pp-class-236 pa t40161 l39487 ls1017">Group </span><span class="pp-class-236 pa t40161 l39510 ls1775">is </span><span class="pp-class-236 pa t40161 l13314 ls1775">in </span><span class="pp-class-236 pa t40161 l54775 ls2081">2025 </span><span class="pp-class-236 pa t40161 l54776 ls1775">as </span><span class="pp-class-236 pa t40161 l23489 ls1848">well </span><span class="pp-class-236 pa t40161 l54777 ls1775">as </span><span class="pp-class-236 pa t40161 l54778 ls1775">in </span><span class="pp-class-236 pa t40161 l54779 ls2846">2024 </span><span class="pp-class-236 pa t40161 l40190 ls4558">part </span><span class="pp-class-236 pa t40161 l54780 ls1775">in </span><span class="pp-class-236 pa t40161 l54781 ls1592">various </span><span class="pp-class-236 pa t40161 l54782 ls8367">legal </span><span class="pp-class-236 pa t40161 l54783 ls1957">disputes. </span><span class="pp-class-236 pa t40161 l54784 ls847">The </span><span class="pp-class-236 pa t40161 l54785 ls2894">outcome </span><span class="pp-class-236 pa t40161 l54786 ls1131">of </span><span class="pp-class-236 pa t40161 l54787 ls8367">these </span><span class="pp-class-236 pa t40161 l54788 ls7832">disputes </span><span class="pp-class-236 pa t40161 l54789 ls1775">is </span><span class="pp-class-236 pa t40161 l39478 ls3855">not </span><span class="pp-class-236 pa t47589 l3 ls10811">considered </span><span class="pp-class-236 pa t47589 l54790 ls30818">likely </span><span class="pp-class-236 pa t47589 l54791 ls847">to </span><span class="pp-class-236 pa t47589 l54792 ls3267">influence </span><span class="pp-class-236 pa t47589 l29752 ls8367">DFDS’ </span><span class="pp-class-236 pa t47589 l54793 ls3200">financial </span><span class="pp-class-236 pa t47589 l54794 ls4149">position </span><span class="pp-class-236 pa t47589 l54795 ls19396">significantly, </span><span class="pp-class-236 pa t47589 l38969 ls11592">besides </span><span class="pp-class-236 pa t47589 l54796 ls3267">what </span><span class="pp-class-236 pa t47589 l54797 ls1775">is </span><span class="pp-class-236 pa t47589 l54798 ls3351">already </span><span class="pp-class-236 pa t47589 l54799 ls10811">recognised </span><span class="pp-class-236 pa t47589 l54800 ls1775">in </span><span class="pp-class-236 pa t47589 l54801 ls544">the </span><span class="pp-class-236 pa t40167 l3 ls2855">balance </span><span class="pp-class-236 pa t40167 l54802 ls8367">sheet.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t40187 l3 ls94">Certain </span><span class="pp-class-236 pa t40187 l44549 ls551">ferries </span><span class="pp-class-236 pa t40187 l39418 ls2222">with </span><span class="pp-class-236 pa t40187 l54803 ls184">a </span><span class="pp-class-236 pa t40187 l16284 ls758">total </span><span class="pp-class-236 pa t40187 l54804 ls572">carrying </span><span class="pp-class-236 pa t40187 l41602 ls995">amount </span><span class="pp-class-236 pa t40187 l54805 ls98">of </span><span class="pp-class-236 pa t40187 l54806 ls572">DKK </span><span class="pp-class-236 pa t40187 l54807 ls8391">5,425m </span><span class="pp-class-236 pa t40187 l54808 ls667">(2024: </span><span class="pp-class-236 pa t40187 l54809 ls572">DKK </span><span class="pp-class-236 pa t40187 l54810 ls49226">5,785m) </span><span class="pp-class-236 pa t40187 l54811 ls110">have </span><span class="pp-class-236 pa t40187 l47431 ls2222">been </span><span class="pp-class-236 pa t40187 l54812 ls2036">pledged </span><span class="pp-class-236 pa t40187 l54813 ls811">as </span><span class="pp-class-236 pa t40187 l54814 ls94">security </span><span class="pp-class-236 pa t40199 l3 ls553">for </span><span class="pp-class-236 pa t40199 l43533 ls562">mortgage </span><span class="pp-class-236 pa t40199 l50287 ls811">on </span><span class="pp-class-236 pa t40199 l54815 ls551">ferries </span><span class="pp-class-236 pa t40199 l54816 ls651">and </span><span class="pp-class-236 pa t40199 l9636 ls2222">bank </span><span class="pp-class-236 pa t40199 l45877 ls538">loans </span><span class="pp-class-236 pa t40199 l42576 ls2222">with </span><span class="pp-class-236 pa t40199 l54817 ls184">a </span><span class="pp-class-236 pa t40199 l54818 ls758">total </span><span class="pp-class-236 pa t40199 l54819 ls572">carrying </span><span class="pp-class-236 pa t40199 l54820 ls995">amount </span><span class="pp-class-236 pa t40199 l54821 ls98">of </span><span class="pp-class-236 pa t40199 l54822 ls651">DKK </span><span class="pp-class-236 pa t40199 l54823 ls4807">3,253m </span><span class="pp-class-236 pa t40199 l54824 ls667">(2024: </span><span class="pp-class-236 pa t40199 l54825 ls572">DKK </span><span class="pp-class-236 pa t40199 l54826 ls7433">3,681m).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t47935 l3 ls4823">At </span><span class="pp-class-236 pa t47935 l45009 ls1775">year-end </span><span class="pp-class-236 pa t47935 l54827 ls2222">2025 </span><span class="pp-class-236 pa t47935 l18389 ls572">DKK </span><span class="pp-class-236 pa t47935 l54828 ls530">18m </span><span class="pp-class-236 pa t47935 l16886 ls667">(2024: </span><span class="pp-class-236 pa t47935 l54829 ls651">DKK </span><span class="pp-class-236 pa t47935 l26165 ls2222">11m) </span><span class="pp-class-236 pa t47935 l54830 ls98">of </span><span class="pp-class-236 pa t47935 l28531 ls651">the </span><span class="pp-class-236 pa t47935 l54831 ls2222">cash </span><span class="pp-class-236 pa t47935 l40633 ls556">was </span><span class="pp-class-236 pa t47935 l54832 ls949">deposited </span><span class="pp-class-236 pa t47935 l54833 ls811">on </span><span class="pp-class-236 pa t47935 l52163 ls691">restricted </span><span class="pp-class-236 pa t47935 l54834 ls2222">bank </span><span class="pp-class-236 pa t47935 l54835 ls30">accounts.</span></p></div></div> <div id="pp-id-5450" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h54836 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls54837">5.7 </span><span class="pp-class-234 pa t1122 l38307 ls1741">Contractual </span><span class="pp-class-234 pa t1122 l54838 ls1098">commitments</span></p><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l3">DKK </span><span class="pp-class-236 pa t37084 l2784">million </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t37084 l44793">202</span></a><span class="pp-class-237 pa t37084 l44794">5</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37084 l40478 ls129">2024 </span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l3 ls244">Contractual </span><span class="pp-class-236 pa t37088 l51191 ls2441">commitments </span><span class="pp-class-236 pa t37088 l49686 ls205">property, </span><span class="pp-class-236 pa t37088 l54839 ls1098">plant </span><span class="pp-class-236 pa t37088 l54840">and </span><span class="pp-class-236 pa t37088 l54841 ls2118">equipment, </span><span class="pp-class-236 pa t37088 l54842 ls781">term </span><span class="pp-class-236 pa t37088 l54843">0-1 </span><span class="pp-class-236 pa t37088 l54844 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l53486">82</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t37088 l43130">95</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l3 ls244">Contractual </span><span class="pp-class-236 pa t41562 l51191 ls2441">commitments </span><span class="pp-class-236 pa t41562 l49686">financial </span><span class="pp-class-236 pa t41562 l54845 ls88">instrument, </span><span class="pp-class-236 pa t41562 l54846 ls781">term </span><span class="pp-class-236 pa t41562 l54847">0-1 </span><span class="pp-class-236 pa t41562 l54848 ls1133">year</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l54849">696</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41562 l54081 ls197">387</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l3 ls244">Contractual </span><span class="pp-class-236 pa t41566 l51191 ls2441">commitments </span><span class="pp-class-236 pa t41566 l49686 ls205">property, </span><span class="pp-class-236 pa t41566 l54839 ls1098">plant </span><span class="pp-class-236 pa t41566 l54840">and </span><span class="pp-class-236 pa t41566 l54841 ls2118">equipment, </span><span class="pp-class-236 pa t41566 l54842 ls781">term </span><span class="pp-class-236 pa t41566 l54843 ls12546">1-5 </span><span class="pp-class-236 pa t41566 l54850 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l40423">0</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41566 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l3 ls244">Contractual </span><span class="pp-class-236 pa t41570 l51191 ls2441">commitments </span><span class="pp-class-236 pa t41570 l49686">financial </span><span class="pp-class-236 pa t41570 l54845 ls118">instrument </span><span class="pp-class-236 pa t41570 l54851 ls781">term </span><span class="pp-class-236 pa t41570 l54852 ls12546">1-5 </span><span class="pp-class-236 pa t41570 l54853 ls833">years</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l54854">26</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t41570 l41696">28</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l3 ls1629">Contractual </span><span class="pp-class-237 pa t51513 l54855 ls2441">commitments </span><span class="pp-class-237 pa t51513 l54856 ls2441">(undiscounted)</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l43252">804</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t51513 l54857">511</span></a></p></td></tr></table><p class="pp-class-229 pp-area-text"><span class="pp-class-236 pa t54858 l3 ls651">The </span><span class="pp-class-236 pa t54858 l38379 ls2848">Group’s </span><span class="pp-class-236 pa t54858 l29180 ls2270">contractual </span><span class="pp-class-236 pa t54858 l54859 ls524">commitments </span><span class="pp-class-236 pa t54858 l54860 ls811">in </span><span class="pp-class-236 pa t54858 l54861 ls2222">2025 </span><span class="pp-class-236 pa t54858 l54862 ls949">include </span><span class="pp-class-236 pa t54858 l54863 ls651">the </span><span class="pp-class-236 pa t54858 l54864 ls3855">purchase </span><span class="pp-class-236 pa t54858 l54865 ls98">of </span><span class="pp-class-236 pa t54858 l54866 ls811">EU </span><span class="pp-class-236 pa t54858 l54867 ls7086">Allowances </span><span class="pp-class-236 pa t54858 l54868 ls3681">related </span><span class="pp-class-236 pa t54858 l54869 ls538">to </span><span class="pp-class-236 pa t54858 l54870 ls572">the </span><span class="pp-class-236 pa t54858 l54871 ls1547">EU </span><span class="pp-class-236 pa t54872 l3 ls995">Emissions </span><span class="pp-class-236 pa t54872 l3269 ls19396">Trading </span><span class="pp-class-236 pa t54872 l54873 ls168">System </span><span class="pp-class-236 pa t54872 l28719 ls614">(ETS) </span><span class="pp-class-236 pa t54872 l54874 ls691">regulations. </span><span class="pp-class-236 pa t54872 l39763 ls651">The </span><span class="pp-class-236 pa t54872 l54875 ls3855">purchase </span><span class="pp-class-236 pa t54872 l54751 ls98">of </span><span class="pp-class-236 pa t54872 l54876 ls1780">ETS </span><span class="pp-class-236 pa t54872 l54877 ls7086">allowances </span><span class="pp-class-236 pa t54872 l47438 ls572">has </span><span class="pp-class-236 pa t54872 l54878 ls2222">been </span><span class="pp-class-236 pa t54872 l54879 ls2222">done </span><span class="pp-class-236 pa t54872 l54880 ls651">via </span><span class="pp-class-236 pa t54872 l54881 ls603">forward </span><span class="pp-class-236 pa t54882 l3 ls524">instruments </span><span class="pp-class-236 pa t54882 l39959 ls2222">with </span><span class="pp-class-236 pa t54882 l7397 ls1780">physical </span><span class="pp-class-236 pa t54882 l49788 ls2629">delivery. </span><span class="pp-class-236 pa t54882 l54883 ls538">These </span><span class="pp-class-236 pa t54882 l54884 ls524">instruments </span><span class="pp-class-236 pa t54882 l54885 ls2808">are </span><span class="pp-class-236 pa t54882 l54886 ls3681">treated </span><span class="pp-class-236 pa t54882 l740 ls811">as </span><span class="pp-class-236 pa t54882 l54887 ls560">off-balance </span><span class="pp-class-236 pa t54882 l39309 ls949">sheet </span><span class="pp-class-236 pa t54882 l54888 ls625">items </span><span class="pp-class-236 pa t54882 l49845 ls811">as </span><span class="pp-class-236 pa t54882 l54889 ls572">the </span><span class="pp-class-236 pa t54882 l54890 ls696">own-use </span><span class="pp-class-236 pa t54891 l3 ls12490">exemption </span><span class="pp-class-236 pa t54891 l45544 ls538">under </span><span class="pp-class-236 pa t54891 l54892 ls1369">IFRS </span><span class="pp-class-236 pa t54891 l54893 ls184">9 </span><span class="pp-class-236 pa t54891 l21828 ls811">is </span><span class="pp-class-236 pa t54891 l12321 ls94">applied. </span></p></div></div> <div id="pp-id-5453" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55052 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls17859">5.9 </span><span class="pp-class-234 pa t1122 l38307 ls2222">Events </span><span class="pp-class-234 pa t1122 l55053 ls143">after </span><span class="pp-class-234 pa t1122 l55054">the </span><span class="pp-class-234 pa t1122 l55055 ls21">balance </span><span class="pp-class-234 pa t1122 l55056 ls13">sheet </span><span class="pp-class-234 pa t1122 l55057 ls551">date</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-237 pa t40114 l3 ls1775">Appointment </span><span class="pp-class-237 pa t40114 l55058 ls747">of </span><span class="pp-class-237 pa t40114 l48119 ls3084">new </span><span class="pp-class-237 pa t40114 l55059 ls838">CEO</span><span class="pp-class-236 pa t40125 l3 ls747">On </span><span class="pp-class-236 pa t40125 l16991 ls747">12 </span><span class="pp-class-236 pa t40125 l54024 ls548">January </span><span class="pp-class-236 pa t40125 l55060 ls2207">2026 </span><span class="pp-class-236 pa t40125 l55061 ls1815">Michael </span><span class="pp-class-236 pa t40125 l55062 ls556">Hansen </span><span class="pp-class-236 pa t40125 l55063 ls847">was </span><span class="pp-class-236 pa t40125 l55064 ls4558">appointed </span><span class="pp-class-236 pa t40125 l55065 ls747">as </span><span class="pp-class-236 pa t40125 l55066 ls1796">President </span><span class="pp-class-236 pa t40125 l55067 ls98">&amp; </span><span class="pp-class-236 pa t40125 l55068 ls168">CEO </span><span class="pp-class-236 pa t40125 l55069 ls877">for </span><span class="pp-class-236 pa t40125 l55070 ls2207">DFDS </span><span class="pp-class-236 pa t40125 l1171 ls2816">effective </span><span class="pp-class-236 pa t40125 l55071 ls2629">from </span><span class="pp-class-236 pa t40125 l55072 ls15034">latest </span><span class="pp-class-236 pa t40125 l55073 ls98">1 </span><span class="pp-class-236 pa t40125 l55074 ls6146">July </span><span class="pp-class-236 pa t40137 l3 ls2207">2026 </span><span class="pp-class-236 pa t40137 l55075 ls2081">where </span><span class="pp-class-236 pa t40137 l14112 ls747">he </span><span class="pp-class-236 pa t40137 l55076 ls2207">will </span><span class="pp-class-236 pa t40137 l37187 ls2258">replace </span><span class="pp-class-236 pa t40137 l55077 ls15306">Torben </span><span class="pp-class-236 pa t40137 l55078 ls4787">Carlsen </span><span class="pp-class-236 pa t40137 l32177 ls168">who </span><span class="pp-class-236 pa t40137 l55079 ls747">is </span><span class="pp-class-236 pa t40137 l55080 ls8367">expected </span><span class="pp-class-236 pa t40137 l55081 ls1780">to </span><span class="pp-class-236 pa t40137 l55082 ls4787">step </span><span class="pp-class-236 pa t40137 l42632 ls3681">down </span><span class="pp-class-236 pa t40137 l55083 ls747">as </span><span class="pp-class-236 pa t40137 l55084 ls1796">President </span><span class="pp-class-236 pa t40137 l55085 ls98">&amp; </span><span class="pp-class-236 pa t40137 l55086 ls630">CEO </span><span class="pp-class-236 pa t40137 l55087 ls747">on </span><span class="pp-class-236 pa t40137 l55088 ls2808">the</span><span class="pp-class-237 pa t40137 l55089"/><span class="pp-class-236 pa t40137 l48032 ls2207">same </span><span class="pp-class-236 pa t40137 l54035 ls2687">date. </span><span class="pp-class-236 pa t40150 l3 ls747">No </span><span class="pp-class-236 pa t40150 l55090 ls4775">adjustments </span><span class="pp-class-236 pa t40150 l55091 ls645">have </span><span class="pp-class-236 pa t40150 l55092 ls2207">been </span><span class="pp-class-236 pa t40150 l53463 ls877">made </span><span class="pp-class-236 pa t40150 l55093 ls1780">to </span><span class="pp-class-236 pa t40150 l55094 ls630">the </span><span class="pp-class-236 pa t40150 l55095 ls1463">financial </span><span class="pp-class-236 pa t40150 l55096 ls1796">statements </span><span class="pp-class-236 pa t40150 l55097 ls877">for </span><span class="pp-class-236 pa t40150 l55098 ls168">the </span><span class="pp-class-236 pa t40150 l55099 ls3681">year </span><span class="pp-class-236 pa t40150 l55100 ls2889">ended </span><span class="pp-class-236 pa t40150 l55101 ls747">31 </span><span class="pp-class-236 pa t40150 l55102 ls681">December </span><span class="pp-class-236 pa t40150 l55103 ls2207">2025 </span><span class="pp-class-236 pa t40150 l55104 ls747">as </span><span class="pp-class-236 pa t40150 l55105 ls98">a </span><span class="pp-class-236 pa t40150 l55106 ls1796">result </span><span class="pp-class-236 pa t40161 l3 ls278">of </span><span class="pp-class-236 pa t40161 l55107 ls2207">this </span><span class="pp-class-236 pa t40161 l55108 ls2969">appointment.</span></p></div></div> <div class="pp-class-10" id="pp-id-5454" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38756 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4807">5.10 </span><span class="pp-class-234 pa t1122 l38307 ls76">Company </span><span class="pp-class-234 pa t1122 l55110 ls5781">overview</span></p></div></div><div id="pp-id-5455" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55111 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l3 ls814">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55112 ls162">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55113 ls108">share </span><span class="pp-class-237 pa t1332 l55114">2025</span><span class="pp-class-251 pa t1332 l55115">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l22309 ls3544">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55116">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55117 ls1757">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55118 ls108">Share </span><span class="pp-class-237 pa t1332 l55119">capital</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43198 l3 ls685">Parent </span><span class="pp-class-237 pa t43198 l25957 ls814">company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55121"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l3">DFDS </span><span class="pp-class-236 pa t48254 l12035 ls587">A/S</span><span class="pp-class-240 pa t55122 l14111">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l22309" xmlns="http://www.w3.org/1999/xhtml">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55124 ls2816">1,124,310,</span></a><span class="pp-class-236 pa t48254 l55125">980</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l3">Subsidiaries:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55126"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55127"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l3">DFDS </span><span class="pp-class-236 pa t48266 l12035">Belgium </span><span class="pp-class-236 pa t48266 l28248 ls3468">N.V.</span><span class="pp-class-240 pa t55128 l55129">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l22309">Belgium</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55116 ls1535">Gent</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55131 ls7433">2,355,976</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l3">N&amp;K </span><span class="pp-class-236 pa t48268 l19167">Cold </span><span class="pp-class-236 pa t48268 l28801">Chain </span><span class="pp-class-236 pa t48268 l16590">Logistics </span><span class="pp-class-236 pa t55132 l3 ls5454">(Shanghai) </span><span class="pp-class-236 pa t55132 l55133 ls113">Co., </span><span class="pp-class-236 pa t55132 l6805 ls10">Ltd.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l22309">China</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55116">Shanghai</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55134">CNY</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55135 ls2036">2,901,420</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l3">DFDS </span><span class="pp-class-236 pa t55136 l12035">Logistics </span><span class="pp-class-236 pa t55136 l55137 ls7832">s.r.o.</span><span class="pp-class-240 pa t55138 l55139">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l22309 ls3200 wtro3142 wtr526 tro3144 tr528">Czech </span><span class="pp-class-236 pa t55136 l55140 ls2855 wtro3142 wtr526 tro3144 tr528">Republic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55116 ls967">Prague</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55141 ls771">CZK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55142 ls2969">1,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l3">DFDS </span><span class="pp-class-236 pa t55143 l12035">Logistics </span><span class="pp-class-236 pa t55143 l55137 ls587">A/S</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55116 ls197">Esbjerg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55144 ls847">600,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l3 ls2081">DFDS </span><span class="pp-class-236 pa t55145 l55146 ls3200">Logistics </span><span class="pp-class-236 pa t55145 l34138 ls2855">Denmark </span><span class="pp-class-236 pa t55145 l55147 ls23067">A/S</span><span class="pp-class-240 pa t55148 l17823">2</span><span class="pp-class-236 pa t55145 l55149"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55116">Herning</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l3">DFDS </span><span class="pp-class-236 pa t55151 l12035 ls19">Køletransport </span><span class="pp-class-236 pa t55151 l28789 ls587">A/S</span><span class="pp-class-240 pa t55152 l30724">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55116 ls197">Esbjerg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l3 ls108">Dronningens </span><span class="pp-class-236 pa t55153 l55154 ls608">Kvarter </span><span class="pp-class-236 pa t55153 l55155">1 </span><span class="pp-class-236 pa t55153 l18846">Aps</span><span class="pp-class-240 pa t55156 l55157">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l3 ls1031">Lundvej </span><span class="pp-class-236 pa t55158 l55159">15 </span><span class="pp-class-236 pa t55158 l48559">ApS</span><span class="pp-class-240 pa t55160 l55161">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55162 ls3084">100.000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l3">DFDS </span><span class="pp-class-236 pa t55163 l12035">Logistics </span><span class="pp-class-236 pa t55163 l55137">OÜ</span><span class="pp-class-240 pa t55164 l55165">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l22309 ls162">Estonia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55116 ls847">Tallinn</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l3">DFDS </span><span class="pp-class-236 pa t55167 l12035">Logistics </span><span class="pp-class-236 pa t55167 l55137 ls2972">OY</span><span class="pp-class-240 pa t55168 l55169">2</span><span class="pp-class-252 pa t55168 l55170"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l22309">Finland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55116 ls15952">Turku</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55171 ls664">2,520</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l3">DFDS </span><span class="pp-class-236 pa t55172 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55172 l41900 ls3548">S.A.S.</span><span class="pp-class-240 pa t55173 l55174">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l22309 ls106">France</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55116">Dieppe</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55175 ls13001">37,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55176 l3">DFDS</span><a><span class="pp-class-236 pa t55176 l55177"/><span class="pp-class-236 pa t55176 l12035">Logistics </span><span class="pp-class-236 pa t55176 l55137 ls197">France </span><span class="pp-class-236 pa t55176 l34102 ls1031">SARL</span><span class="pp-class-240 pa t55178 l55179"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l22309 ls106">France</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55116 ls73">Sète</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55180 ls847">2,045,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l3 ls17589 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55181 l19412 ls4371 wtro3142 wtr3143 tro3144 tr3145">Germany </span><span class="pp-class-236 pa t55181 l55182 ls11992 wtro3142 wtr3143 tro3144 tr3145">ApS </span><span class="pp-class-236 pa t55181 l55183 ls2270 wtro3142 wtr3143 tro3144 tr3145">&amp; </span><span class="pp-class-236 pa t55181 l55184 ls2924 wtro3142 wtr3143 tro3144 tr3145">Co. </span><span class="pp-class-236 pa t55181 l55185 ls55186 wtro3142 wtr3143 tro3144 tr3145">KG</span><span class="pp-class-240 pa t55187 l55188 wtro26332 wtr3143 tro26333 tr3145"/><span class="pp-class-240 pa t55187 l55189 ls724 wtro26332 wtr3143 tro26333 tr3145">2, </span><span class="pp-class-240 pa t55187 l55190 ls26 wtro26332 wtr3143 tro26333 tr3145">3</span><span class="pp-class-253 pa t55187 l55191 wtro26332 wtr3143 tro26333 tr3145"/><span class="pp-class-251 pa t55181 l55192 wtro3142 wtr3143 tro3144 tr3145"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55116 ls197">Hamburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55194 l3">DFDS </span><span class="pp-class-236 pa t55194 l12035">Logistics </span><span class="pp-class-236 pa t55194 l55137 ls115">Germany</span><a><span class="pp-class-236 pa t55194 l55195"/><span class="pp-class-236 pa t55196 l3">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55116">Gernsheim</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55197 ls603">435,621</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l3">EU </span><span class="pp-class-236 pa t55198 l31302 ls560">Trucking </span><span class="pp-class-236 pa t55198 l55199 ls1448">Service </span><span class="pp-class-236 pa t55198 l55200">GmbH</span><span class="pp-class-253 pa t55201 l55202"/><span class="pp-class-251 pa t55198 l55203"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55116 ls1700">Lingenfeld</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55205 l3">DFDS </span><span class="pp-class-236 pa t55205 l12035 ls106">Grundstücksverwal-</span><span class="pp-class-236 pa t55206 l3">tungs </span><span class="pp-class-236 pa t55206 l55207">GmbH </span><span class="pp-class-236 pa t55206 l5491">&amp; </span><span class="pp-class-236 pa t55206 l55208">Co </span><span class="pp-class-236 pa t55206 l55209 ls3139">KG.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l3">DFDS </span><span class="pp-class-236 pa t55211 l12035">Logistics </span><span class="pp-class-236 pa t55211 l55137">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55212 l3">DFDS </span><span class="pp-class-236 pa t55212 l12035">Logistics </span><span class="pp-class-236 pa t55213 l3">Deutschland </span><span class="pp-class-236 pa t55213 l55214">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l3 ls570">Ekol </span><span class="pp-class-236 pa t55215 l43491">Logistics </span><span class="pp-class-236 pa t55215 l47712 ls556">Kft</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l22309 ls3289">Hungary</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55116">Budapest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55216">HUF</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55217 ls6593">720,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55218 l3 ls1790">Alphatrans-Szállítás </span><span class="pp-class-236 pa t55219 l3 ls143">Szolgáltató </span><span class="pp-class-236 pa t55219 l55220 ls534">Kft.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l22309 ls3289">Hungary</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55116 ls2118">Gyula</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55216">HUF</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55221 ls10811">3,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l3">Bond </span><span class="pp-class-236 pa t55222 l50584 ls162">Delivery </span><span class="pp-class-236 pa t55222 l55223 ls1661">Ireland </span><span class="pp-class-236 pa t55222 l55224 ls10">Ltd.</span></a><span class="pp-class-240 pa t55225 l55226">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l51410">20</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5456" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55227 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l37899 ls814 wtro3142 wtr55229 tro3144 tr55230">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55231 l55232 ls162 wtro3142 wtr55229 tro3144 tr55230">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55233 ls108 wtro3142 wtr55229 tro3144 tr55230">share </span><span class="pp-class-237 pa t55228 l55234 wtro3142 wtr55229 tro3144 tr55230">2025</span><span class="pp-class-251 pa t55228 l55235 wtro3142 wtr55229 tro3144 tr55230">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55236 ls3544 wtro3142 wtr55229 tro3144 tr55230">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55237 wtro3142 wtr55229 tro3144 tr55230">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55238 ls1757 wtro3142 wtr55229 tro3144 tr55230">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55239 ls108 wtro3142 wtr55229 tro3144 tr55230">Share </span><span class="pp-class-237 pa t55228 l55240 wtro3142 wtr55229 tro3144 tr55230">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3">DFDS </span><span class="pp-class-236 pa t55241 l12035">Logistics </span><span class="pp-class-236 pa t55241 l55137 ls1757">Contracts </span><span class="pp-class-236 pa t55242 l3 ls227">(Ireland) </span><span class="pp-class-236 pa t55242 l30657 ls10">Ltd.</span><span class="pp-class-240 pa t55243 l55244">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55245">200</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l3">DFDS </span><span class="pp-class-236 pa t55246 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55246 l41900 ls1661">Ireland </span><span class="pp-class-236 pa t55246 l55247 ls10">Ltd.</span><span class="pp-class-251 pa t55246 l55248">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55249 ls1547">100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l3 ls17612 wtro3142 wtr526 tro3144 tr528">Lucey </span><span class="pp-class-236 pa t55250 l55251 ls13324 wtro3142 wtr526 tro3144 tr528">Transport </span><span class="pp-class-236 pa t55250 l23466 ls1039 wtro3142 wtr526 tro3144 tr528">Logistics </span><span class="pp-class-236 pa t55250 l55252 ls23386 wtro3142 wtr526 tro3144 tr528">Ltd.</span><span class="pp-class-240 pa t55253 l55254 wtro26332 wtr526 tro26333 tr528">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l3 ls135">McBurney </span><span class="pp-class-236 pa t55255 l4092 ls1707">Refrigeration </span><span class="pp-class-236 pa t55256 l3 ls227">(Ireland) </span><span class="pp-class-236 pa t55256 l30657 ls10">Ltd.</span><span class="pp-class-240 pa t55257 l55244">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55249 ls1547">100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l3">DFDS </span><span class="pp-class-236 pa t55258 l12035">Logistics </span><span class="pp-class-236 pa t55258 l55137 ls811">Italy </span><span class="pp-class-236 pa t55258 l19449">Srl.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l22309 ls2222">Italy</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55116 ls30">Novara</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55259 ls847">400,001</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55260 l3">Samer </span><span class="pp-class-236 pa t55260 l16983 ls1448">Seaports </span><span class="pp-class-236 pa t55260 l55261">&amp; </span><span class="pp-class-236 pa t55262 l3 ls168">Terminals </span><span class="pp-class-236 pa t55262 l4069 ls5629">S.R.L</span></a><span class="pp-class-236 pa t55262 l55263">.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55264 ls556">59.28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l22309 ls2222">Italy</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55116 ls847">Trieste</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55265 ls11077">2,800,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l3">DFDS </span><span class="pp-class-236 pa t55266 l12035">SIA</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l22309 ls685">Latvia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55116">Liepaja</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55267 ls544">113,886</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l3">AB </span><span class="pp-class-236 pa t55268 l55269">DFDS </span><span class="pp-class-236 pa t55268 l18314 ls278">Seaways</span><span class="pp-class-240 pa t55270 l55271">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l10070 ls2846">99.</span></a><span class="pp-class-236 pa t55268 l55272 ls129">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l22309">Lithuania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55116">Klaipeda</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55273 ls8367">95,251,735</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l3 ls63">UAB </span><span class="pp-class-236 pa t55274 l55275">DFDS </span><span class="pp-class-236 pa t55274 l39006 ls681">Trucking</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l22309">Lithuania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55116">Klaipeda</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55276 ls18118">89,782</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l3">DFDS </span><span class="pp-class-236 pa t55277 l12035 ls106">Maroc </span><span class="pp-class-236 pa t55277 l55278 ls1922">S.A.R.L.A.U.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l22309 ls197">Morocco</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55116 ls847">Tangier</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55279">MAD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55280 ls651">24,162,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l3">Red </span><span class="pp-class-236 pa t55281 l40642">fish </span><span class="pp-class-236 pa t55281 l55282">Speedlines </span><span class="pp-class-236 pa t55281 l55283 ls1031">SARL</span><span class="pp-class-240 pa t55284 l18172">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l22309 ls197">Morocco</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55116 ls847">Tangier</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55279">MAD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55285 ls6721">6,600,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55286 l3 ls143">Alphatrans </span><span class="pp-class-236 pa t55286 l18999 ls113">International </span><span class="pp-class-236 pa t55287 l3 ls560">Trucking </span><span class="pp-class-236 pa t55287 l55288 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55116">Brielle</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l3">EU </span><span class="pp-class-236 pa t55291 l31302 ls560">Trucking </span><span class="pp-class-236 pa t55291 l55199 ls1448">Service </span><span class="pp-class-236 pa t55291 l55200 ls55289">B.V.</span></a><span class="pp-class-240 pa t55292 l18341">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55116 ls129">Eindhoven</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55293 ls11722">270,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l3 ls556">DFDS </span><span class="pp-class-236 pa t55294 l55295 ls4807">Logistics </span><span class="pp-class-236 pa t55294 l55296 ls1775">Nijmegen </span><span class="pp-class-236 pa t55294 l55297 ls55298">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55116">Nijmegen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55299 ls771">18,151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55300 l3">DFDS </span><span class="pp-class-236 pa t55300 l12035 ls1574">Warehousing </span><span class="pp-class-236 pa t55301 l3 ls875">Rotterdam </span><span class="pp-class-236 pa t55301 l55302 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55116 ls967">Rotterdam</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l3">DFDS </span><span class="pp-class-236 pa t55303 l12035">Holding </span><span class="pp-class-236 pa t55303 l55304 ls55289">B.V.</span><span class="pp-class-251 pa t55303 l55305">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55306 ls1017">40,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l3">DFDS </span><span class="pp-class-236 pa t55307 l12035">Logistics </span><span class="pp-class-236 pa t55307 l55137 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55308 ls603">455,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l3">DFDS </span><span class="pp-class-236 pa t55309 l12035 ls73">NewCo </span><span class="pp-class-236 pa t55309 l55310 ls55289">B.V.</span></a><span class="pp-class-251 pa t55309 l7191">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l3">DFDS </span><span class="pp-class-236 pa t55311 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55311 l41900 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55312 ls2270">18,400</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l3">DFDS </span><span class="pp-class-236 pa t55313 l12035">Logistics </span><span class="pp-class-236 pa t55313 l55137">Wijchen </span><span class="pp-class-236 pa t55313 l55314 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l3">DFDS </span><span class="pp-class-236 pa t55315 l12035 ls560">Trucking </span><span class="pp-class-236 pa t55315 l55316">Wijchen </span><span class="pp-class-236 pa t55315 l55317 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55318 ls771">18,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l3 ls17679 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55319 l53649 ls10518 wtro3142 wtr3143 tro3144 tr3145">Warehousing </span><span class="pp-class-236 pa t55319 l55320 ls657 wtro3142 wtr3143 tro3144 tr3145">Wijchen </span><span class="pp-class-236 pa t55319 l55321 ls55322 wtro3142 wtr3143 tro3144 tr3145">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55318 ls771">18,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l3">DFDS </span><span class="pp-class-236 pa t55323 l12035">Distri </span><span class="pp-class-236 pa t55323 l36221">Holding </span><span class="pp-class-236 pa t55323 l55324 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l3 ls4793 wtro3142 wtr526 tro3144 tr528">DFDS </span><span class="pp-class-236 pa t55325 l55326 ls6824 wtro3142 wtr526 tro3144 tr528">Logistics </span><span class="pp-class-236 pa t55325 l55327 ls2855 wtro3142 wtr526 tro3144 tr528">Winterswijk </span><span class="pp-class-236 pa t55325 l55328 ls55329 wtro3142 wtr526 tro3144 tr528">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55299 ls771">18,151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l3">DFDS </span><span class="pp-class-236 pa t55330 l12035 ls1011">Property </span><span class="pp-class-236 pa t55330 l55331">and </span><span class="pp-class-236 pa t55332 l3 ls21">Equipment </span><span class="pp-class-236 pa t55332 l4081 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55333 l28172 ls30">Property </span><span class="pp-class-236 pa t55333 l55334 ls1751">Nijmegen </span><span class="pp-class-236 pa t55333 l14704 ls55335">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55290 ls1186">18,000</span></a></p></td></tr></table></div></div><div id="pp-id-5348" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">Unless </span><span class="pp-class-239 pa t1332 l55336 ls4326">otherwise </span><span class="pp-class-239 pa t1335 l3 ls135">indicated, </span><span class="pp-class-239 pa t1335 l55337">the </span><span class="pp-class-239 pa t1339 l3">companies </span><span class="pp-class-239 pa t1339 l55338 ls80">are </span><span class="pp-class-239 pa t1339 l55339 ls135">100% </span><span class="pp-class-239 pa t3352 l3 ls73">owned </span><span class="pp-class-239 pa t3352 l26929 ls967">by </span><span class="pp-class-239 pa t3352 l55340">the </span><span class="pp-class-239 pa t3352 l43600">DFDS </span><span class="pp-class-239 pa t3355 l3 ls1574">Group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3493 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3497 l3">The </span><span class="pp-class-239 pa t3497 l7349 ls85">Company </span><span class="pp-class-239 pa t3497 l41738">is </span><span class="pp-class-239 pa t3497 l13178 ls572">directly </span><span class="pp-class-239 pa t45156 l3 ls73">owned </span><span class="pp-class-239 pa t45156 l26929 ls967">by </span><span class="pp-class-239 pa t45156 l55340">the </span><span class="pp-class-239 pa t45156 l43600 ls1574">Parent </span><span class="pp-class-239 pa t45157 l3 ls85">company </span><span class="pp-class-239 pa t45157 l13299">DFDS </span><span class="pp-class-239 pa t45157 l27798 ls428">A/S.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t44769 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3512 l3 ls1583">Relief </span><span class="pp-class-239 pa t3512 l23099">in </span><span class="pp-class-239 pa t3512 l55341 ls1547">accordance </span><span class="pp-class-239 pa t3467 l3">with </span><span class="pp-class-239 pa t3467 l21858 ls113">Sec. </span><span class="pp-class-239 pa t3467 l1330">264b </span><span class="pp-class-239 pa t3467 l55161">German </span><span class="pp-class-239 pa t3472 l3 ls7468">Commercial </span><span class="pp-class-239 pa t3472 l55342 ls558">Code </span><span class="pp-class-239 pa t3472 l55343 ls565">(HGB).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55344 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55345 l3">Due </span><span class="pp-class-239 pa t55345 l33797 ls138">to </span><span class="pp-class-239 pa t55345 l7057">minority </span><span class="pp-class-239 pa t55346 l3 ls1741">protection </span><span class="pp-class-239 pa t55346 l55347">in </span><span class="pp-class-239 pa t55346 l55348">the </span><span class="pp-class-239 pa t55349 l3 ls138">shareholders’ </span><span class="pp-class-239 pa t55350 l3 ls236">agreements </span><span class="pp-class-239 pa t55350 l55351">the </span><span class="pp-class-239 pa t55350 l11631">DFDS </span><span class="pp-class-239 pa t45176 l3 ls106">Group </span><span class="pp-class-239 pa t45176 l28692">does </span><span class="pp-class-239 pa t45176 l55352 ls113">not </span><span class="pp-class-239 pa t45176 l55353 ls94">have </span><span class="pp-class-239 pa t45176 l15132">a </span><span class="pp-class-239 pa t45177 l3 ls1629">controlling </span><span class="pp-class-239 pa t45177 l17386 ls73">interest.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55354 l3">5</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55355 l3 ls162">Includes </span><span class="pp-class-239 pa t55355 l55356 ls13">Dutch </span><span class="pp-class-239 pa t55355 l55357 ls1661">branch, </span><span class="pp-class-239 pa t55358 l3 ls1444">Estonian </span><span class="pp-class-239 pa t55358 l39089 ls1661">branch, </span><span class="pp-class-239 pa t55358 l55359 ls197">French </span><span class="pp-class-239 pa t55360 l3 ls1661">branch, </span><span class="pp-class-239 pa t55360 l29733">Lithuanian </span><span class="pp-class-239 pa t55361 l3 ls1661">branch, </span><span class="pp-class-239 pa t55361 l29733 ls91">Norwegian </span><span class="pp-class-239 pa t55362 l3 ls1661">branch, </span><span class="pp-class-239 pa t55362 l29272 ls1031">Swedish </span><span class="pp-class-239 pa t55362 l55363 ls1661">branch, </span><span class="pp-class-239 pa t55364 l3 ls71">Jersey </span><span class="pp-class-239 pa t55364 l55365 ls197">branch </span><span class="pp-class-239 pa t55364 l55366">and </span><span class="pp-class-239 pa t55364 l55367">UK </span><span class="pp-class-239 pa t55368 l3 ls197">branch </span><span class="pp-class-239 pa t55368 l55369 ls118">of </span><span class="pp-class-239 pa t55368 l55370">DFDS </span><span class="pp-class-239 pa t55368 l33782 ls63">A/S.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55371 l3">6</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55372 l3 ls162">Includes </span><span class="pp-class-239 pa t55372 l55356">Belgian </span><span class="pp-class-239 pa t55373 l3 ls197">branch.</span></p></div></div><div class="pp-class-10" id="pp-id-5457" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38756 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4807">5.10 </span><span class="pp-class-234 pa t1122 l38307 ls76">Company </span><span class="pp-class-234 pa t1122 l55110 ls5781">overview</span><span class="pp-class-235 pa t1122 l55375"/><span class="pp-class-235 pa t1122 l55376 ls938">(continued)</span></p></div></div><div class="pp-class-10" id="pp-id-5458" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55377 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l3 ls814">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55112 ls162">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55113 ls108">share </span><span class="pp-class-237 pa t1332 l55114">2025</span><span class="pp-class-251 pa t1332 l55115">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l22309 ls3544">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55116">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55117 ls1757">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55118 ls108">Share </span><span class="pp-class-237 pa t1332 l55119">capital</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3 ls1448">NorthSea </span><span class="pp-class-236 pa t55241 l40954 ls2889">Terminal </span><span class="pp-class-236 pa t55241 l48477 ls1133">AS</span></a><span class="pp-class-251 pa t55241 l55378">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55116 ls771">Brevik</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55380 ls8367">1,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l3">DFDS </span><span class="pp-class-236 pa t55381 l12035">Logistics </span><span class="pp-class-236 pa t55381 l55137 ls1133">AS</span><span class="pp-class-240 pa t55382 l24540">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55116 ls551">Lysaker</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55383 ls2972">25,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l3">DFDS </span><span class="pp-class-236 pa t55384 l12035">Logistics </span><span class="pp-class-236 pa t55384 l55137">Cold </span><span class="pp-class-236 pa t55384 l55385 ls1133">AS</span><span class="pp-class-240 pa t55386 l55387">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55116">Oslo</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55388 ls847">12,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55389 l3">DFDS</span><a><span class="pp-class-236 pa t55389 l55177"/><span class="pp-class-236 pa t55389 l12035">Logistics </span><span class="pp-class-236 pa t55389 l55137 ls3422">Services </span><span class="pp-class-236 pa t55389 l55390 ls1031">Sp. </span><span class="pp-class-236 pa t55255 l3">z </span><span class="pp-class-236 pa t55255 l55391 ls532">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55116 ls538">Koninko</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l3">DFDS </span><span class="pp-class-236 pa t55393 l12035 ls131">Polska </span><span class="pp-class-236 pa t55393 l55394 ls1031">Sp. </span><span class="pp-class-236 pa t55393 l55395">z </span><span class="pp-class-236 pa t55393 l55396 ls532">o.o.</span><span class="pp-class-240 pa t55397 l55398">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55116 ls197">Poznan</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55399 ls11050">10,005,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l3">DFDS </span><span class="pp-class-236 pa t55400 l12035 ls1790">Investments </span><span class="pp-class-236 pa t55400 l55401 ls1031">Sp. </span><span class="pp-class-236 pa t55400 l55402">z </span><span class="pp-class-236 pa t55400 l55403 ls532">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55404 ls1017">80.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55116">Szubin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l52980 ls3200">5,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l3 ls17548 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55405 l55406 ls15952 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t55405 l55407 ls3452 wtro3142 wtr3143 tro3144 tr3145">Polska </span><span class="pp-class-236 pa t55405 l55408 ls3170 wtro3142 wtr3143 tro3144 tr3145">Sp. </span><span class="pp-class-236 pa t55405 l55409 ls556 wtro3142 wtr3143 tro3144 tr3145">z </span><span class="pp-class-236 pa t55405 l55410 ls3160 wtro3142 wtr3143 tro3144 tr3145">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55404 ls1017">80.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55116">Szubin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l3 ls3267 wtro3142 wtr3143 tro3144 tr3145">Ekol </span><span class="pp-class-236 pa t55411 l55412 ls2972 wtro3142 wtr3143 tro3144 tr3145">International </span><span class="pp-class-236 pa t55411 l55413 ls6092 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t55411 l55414 ls706 wtro3142 wtr3143 tro3144 tr3145">SRL</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l22309">Romania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55116 ls203">Bucharest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55415 ls1790">RON</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55416 ls847">65,060</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55417 l3 ls17551 wtro3142 wtr526 tro3144 tr528">Romania </span><span class="pp-class-236 pa t55417 l55418 ls13324 wtro3142 wtr526 tro3144 tr528">Transport </span><span class="pp-class-236 pa t55417 l55419 ls1017 wtro3142 wtr526 tro3144 tr528">Group </span><span class="pp-class-236 pa t55420 l3 ls3292 wtro3142 wtr526 tro3144 tr528">S.R.L</span></a><span class="pp-class-236 pa t55420 l55421 ls26 wtro3142 wtr526 tro3144 tr528">.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l22309">Romania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55116">Tibod</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55415 ls1790">RON</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55422 ls995">1,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l3">DFDS </span><span class="pp-class-236 pa t55423 l12035">Logistics </span><span class="pp-class-236 pa t55423 l55137">Iberia </span><span class="pp-class-236 pa t55423 l55424 ls1914">S.L.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55116 ls203">Barcelona</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55425 ls544">1,603,100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l3">DFDS </span><span class="pp-class-236 pa t55426 l12035">Iberia </span><span class="pp-class-236 pa t55426 l55427 ls73">S.L.U.</span><span class="pp-class-251 pa t55426 l55428">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55116 ls17626">Tarifa</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55429 ls37533">8,700,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55430 l3">DFDS </span><span class="pp-class-236 pa t55430 l12035">Logistics</span><a><span class="pp-class-236 pa t55430 l55431"/><span class="pp-class-236 pa t55430 l55137">Spain </span><span class="pp-class-236 pa t55430 l55432 ls1914">S.L.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55116 ls5202">Tarragona</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55433 ls2855">60,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55434 l28172 ls4284">Seaways </span><span class="pp-class-236 pa t55434 l28693 ls1751">Hispania </span><span class="pp-class-236 pa t55434 l55435 ls184">S.L.</span></a><span class="pp-class-251 pa t55434 l21952">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55116 ls1747">Valencia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l3">DFDS </span><span class="pp-class-236 pa t55436 l12035">AB</span></a><span class="pp-class-251 pa t55436 l55437">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55439 l28172 ls995">Logistics </span><span class="pp-class-236 pa t55439 l51104 ls4793">Contracts </span><span class="pp-class-236 pa t55439 l55440 ls184">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l3">DFDS </span><span class="pp-class-236 pa t55441 l12035">Logistics </span><span class="pp-class-236 pa t55441 l55137 ls6870">Partners </span><span class="pp-class-236 pa t55441 l9382">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55442 ls3200">85.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55380 ls8367">1,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l3 ls297">DFDS </span><span class="pp-class-236 pa t55443 l55444 ls113">Logistics </span><span class="pp-class-236 pa t55443 l55445 ls1098">Services </span><span class="pp-class-236 pa t55443 l5727 ls781">AB</span><span class="pp-class-240 pa t55446 l48601"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55142 ls2969">1,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l3">DFDS </span><span class="pp-class-236 pa t55447 l12035 ls1790">Professionals </span><span class="pp-class-236 pa t55447 l55448">AB</span><span class="pp-class-240 pa t55449 l55450">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55451 ls44689">87.50</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55452 l3 ls5629">DFDS </span><span class="pp-class-236 pa t55452 l55453 ls5648">Denizcilik </span><span class="pp-class-236 pa t55452 l55454 ls1790">ve </span><span class="pp-class-236 pa t55455 l3 ls101">Tasimacilik </span><span class="pp-class-236 pa t55455 l4421 ls9253">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55456 ls2808">98.80</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55457 ls11050">369,967,159</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55458 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55458 l28172 ls15022">Turkey </span><span class="pp-class-236 pa t55458 l55459 ls541">Denizcilik </span><span class="pp-class-236 pa t55458 l45584 ls747">ve </span><span class="pp-class-236 pa t55460 l3 ls1054">Tasi </span><span class="pp-class-236 pa t55460 l55461 ls40492">Yati </span><span class="pp-class-236 pa t55460 l8451 ls71">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55462 ls3305">565,640,176</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55463 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55463 l28172 ls7433">Taşımacılık </span><span class="pp-class-236 pa t55463 l55464 ls536">Hizmetleri </span><span class="pp-class-236 pa t55465 l3 ls2245">Ltd.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55466 ls15138">42,872,747</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55467 l28172 ls1751">Lojistik </span><span class="pp-class-236 pa t55467 l55468 ls71">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55469 ls6721">150,210,796</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l3 ls2036">LLC </span><span class="pp-class-236 pa t55470 l47991">DFDS</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l22309 ls197">Ukraine</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55116 ls1133">Kiev</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55134 ls587">UAH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55471 ls2363">357,644</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l3 ls1098">Bondelivery </span><span class="pp-class-236 pa t55325 l50730">NI </span><span class="pp-class-236 pa t55325 l55472 ls10">Ltd.</span><span class="pp-class-240 pa t55473 l48629">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55325 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55116 ls143">Ballymena</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55475 ls544">260,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l3 ls3124 wtro3142 wtr3143 tro3144 tr3145">McBurney </span><span class="pp-class-236 pa t55330 l55476 ls33959 wtro3142 wtr3143 tro3144 tr3145">Transport </span><span class="pp-class-236 pa t55330 l55477 ls40267 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t55330 l55478 ls24054 wtro3142 wtr3143 tro3144 tr3145">Ltd.</span><span class="pp-class-240 pa t55479 l55480 wtro26332 wtr3143 tro26333 tr3145">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55330 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55116 ls143">Ballymena</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55481 ls12110">947,934</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l3">DFDS </span><span class="pp-class-236 pa t55482 l12035">Logistics </span><span class="pp-class-236 pa t55482 l55137 ls10">Ltd.</span><span class="pp-class-240 pa t55483 l55484">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55482 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55485 ls847">15,150,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55486 l28172 ls995">Logistics </span><span class="pp-class-236 pa t55486 l51104 ls572">Services </span><span class="pp-class-236 pa t55486 l55487 ls12546">Ltd.</span><span class="pp-class-240 pa t55488 l53350">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55486 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55249 ls1547">100</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5459" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55489 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l37899 ls814 wtro3142 wtr55490 tro3144 tr55491">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55232 ls162 wtro3142 wtr55490 tro3144 tr55491">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55233 ls108 wtro3142 wtr55490 tro3144 tr55491">share </span><span class="pp-class-237 pa t1332 l55234 wtro3142 wtr55490 tro3144 tr55491">2025</span><span class="pp-class-251 pa t1332 l55235 wtro3142 wtr55490 tro3144 tr55491">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55236 ls3544 wtro3142 wtr55490 tro3144 tr55491">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55237 wtro3142 wtr55490 tro3144 tr55491">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55238 ls1757 wtro3142 wtr55490 tro3144 tr55491">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55239 ls108 wtro3142 wtr55490 tro3144 tr55491">Share </span><span class="pp-class-237 pa t1332 l55240 wtro3142 wtr55490 tro3144 tr55491">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3 ls129">DFDS </span><span class="pp-class-236 pa t55241 l49461 ls603">Seaways </span><span class="pp-class-236 pa t55241 l55445 ls807">Holding </span><span class="pp-class-236 pa t55241 l55492 ls2207">Ltd.</span><span class="pp-class-240 pa t55493 l31835">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55241 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55494 ls847">250,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l3">DFDS </span><span class="pp-class-236 pa t55381 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55381 l41900 ls1031">Plc.</span><span class="pp-class-240 pa t55382 l55495">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55381 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55496 ls847">45,250,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55497 l3 ls227">Associates </span><span class="pp-class-237 pa t55497 l55498">and </span><span class="pp-class-237 pa t55497 l33782 ls1098">joint </span><span class="pp-class-237 pa t55499 l3 ls1133">ventures:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55121"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l3 ls181">Euro </span><span class="pp-class-236 pa t55500 l29796">Asia </span><span class="pp-class-236 pa t55500 l55501">cold </span><span class="pp-class-236 pa t55500 l55502">Chain </span><span class="pp-class-236 pa t55500 l21931">Logistic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55503 ls995">52.04</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l22309">China</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55116">Shanghai</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55134">CNY</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55504 ls667">22,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l3">DeaL </span><span class="pp-class-236 pa t55505 l55506 ls197">Energy </span><span class="pp-class-236 pa t55505 l55507 ls587">A/S</span><span class="pp-class-240 pa t55508 l40681 wtro26332 wtr3143 tro26333 tr3145">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55509 ls1017">50.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55116">Hellerup</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l3">Bohus </span><span class="pp-class-236 pa t55510 l7498 ls2889">Terminal </span><span class="pp-class-236 pa t55510 l55511">Holding </span><span class="pp-class-236 pa t55510 l55512">AB</span><span class="pp-class-240 pa t55513 l55514 wtro26332 wtr3143 tro26333 tr3145">4</span><span class="pp-class-240 pa t55513 l55515"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55516 ls3200">65.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l3 ls41127 wtro3142 wtr23376 tro3144 tr23377">Gothenburg </span><span class="pp-class-236 pa t55517 l55518 ls10394 wtro3142 wtr23376 tro3144 tr23377">RO/RO </span><span class="pp-class-236 pa t55517 l19754 ls44689 wtro3142 wtr23376 tro3144 tr23377">Terminal </span><span class="pp-class-236 pa t55517 l55519 ls2270 wtro3142 wtr23376 tro3144 tr23377">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55516 ls3200">65.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55520 ls6721">5,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55521 l3">25 </span><span class="pp-class-237 pa t55521 l55522 ls101">Dormant </span><span class="pp-class-237 pa t55521 l51816 ls101">entities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table></div></div> <div class="pp-class-10" id="pp-id-5454" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38756 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4807">5.10 </span><span class="pp-class-234 pa t1122 l38307 ls76">Company </span><span class="pp-class-234 pa t1122 l55110 ls5781">overview</span></p></div></div><div id="pp-id-5455" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55111 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l3 ls814">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55112 ls162">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55113 ls108">share </span><span class="pp-class-237 pa t1332 l55114">2025</span><span class="pp-class-251 pa t1332 l55115">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l22309 ls3544">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55116">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55117 ls1757">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55118 ls108">Share </span><span class="pp-class-237 pa t1332 l55119">capital</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43198 l3 ls685">Parent </span><span class="pp-class-237 pa t43198 l25957 ls814">company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55121"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l3">DFDS </span><span class="pp-class-236 pa t48254 l12035 ls587">A/S</span><span class="pp-class-240 pa t55122 l14111">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l22309" xmlns="http://www.w3.org/1999/xhtml">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55124 ls2816">1,124,310,</span></a><span class="pp-class-236 pa t48254 l55125">980</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l3">Subsidiaries:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55126"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55127"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l3">DFDS </span><span class="pp-class-236 pa t48266 l12035">Belgium </span><span class="pp-class-236 pa t48266 l28248 ls3468">N.V.</span><span class="pp-class-240 pa t55128 l55129">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l22309">Belgium</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55116 ls1535">Gent</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55131 ls7433">2,355,976</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l3">N&amp;K </span><span class="pp-class-236 pa t48268 l19167">Cold </span><span class="pp-class-236 pa t48268 l28801">Chain </span><span class="pp-class-236 pa t48268 l16590">Logistics </span><span class="pp-class-236 pa t55132 l3 ls5454">(Shanghai) </span><span class="pp-class-236 pa t55132 l55133 ls113">Co., </span><span class="pp-class-236 pa t55132 l6805 ls10">Ltd.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l22309">China</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55116">Shanghai</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55134">CNY</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55135 ls2036">2,901,420</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l3">DFDS </span><span class="pp-class-236 pa t55136 l12035">Logistics </span><span class="pp-class-236 pa t55136 l55137 ls7832">s.r.o.</span><span class="pp-class-240 pa t55138 l55139">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l22309 ls3200 wtro3142 wtr526 tro3144 tr528">Czech </span><span class="pp-class-236 pa t55136 l55140 ls2855 wtro3142 wtr526 tro3144 tr528">Republic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55116 ls967">Prague</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55141 ls771">CZK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55142 ls2969">1,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l3">DFDS </span><span class="pp-class-236 pa t55143 l12035">Logistics </span><span class="pp-class-236 pa t55143 l55137 ls587">A/S</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55116 ls197">Esbjerg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55144 ls847">600,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l3 ls2081">DFDS </span><span class="pp-class-236 pa t55145 l55146 ls3200">Logistics </span><span class="pp-class-236 pa t55145 l34138 ls2855">Denmark </span><span class="pp-class-236 pa t55145 l55147 ls23067">A/S</span><span class="pp-class-240 pa t55148 l17823">2</span><span class="pp-class-236 pa t55145 l55149"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55116">Herning</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l3">DFDS </span><span class="pp-class-236 pa t55151 l12035 ls19">Køletransport </span><span class="pp-class-236 pa t55151 l28789 ls587">A/S</span><span class="pp-class-240 pa t55152 l30724">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55116 ls197">Esbjerg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l3 ls108">Dronningens </span><span class="pp-class-236 pa t55153 l55154 ls608">Kvarter </span><span class="pp-class-236 pa t55153 l55155">1 </span><span class="pp-class-236 pa t55153 l18846">Aps</span><span class="pp-class-240 pa t55156 l55157">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l3 ls1031">Lundvej </span><span class="pp-class-236 pa t55158 l55159">15 </span><span class="pp-class-236 pa t55158 l48559">ApS</span><span class="pp-class-240 pa t55160 l55161">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55162 ls3084">100.000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l3">DFDS </span><span class="pp-class-236 pa t55163 l12035">Logistics </span><span class="pp-class-236 pa t55163 l55137">OÜ</span><span class="pp-class-240 pa t55164 l55165">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l22309 ls162">Estonia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55116 ls847">Tallinn</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l3">DFDS </span><span class="pp-class-236 pa t55167 l12035">Logistics </span><span class="pp-class-236 pa t55167 l55137 ls2972">OY</span><span class="pp-class-240 pa t55168 l55169">2</span><span class="pp-class-252 pa t55168 l55170"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l22309">Finland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55116 ls15952">Turku</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55171 ls664">2,520</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l3">DFDS </span><span class="pp-class-236 pa t55172 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55172 l41900 ls3548">S.A.S.</span><span class="pp-class-240 pa t55173 l55174">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l22309 ls106">France</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55116">Dieppe</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55175 ls13001">37,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55176 l3">DFDS</span><a><span class="pp-class-236 pa t55176 l55177"/><span class="pp-class-236 pa t55176 l12035">Logistics </span><span class="pp-class-236 pa t55176 l55137 ls197">France </span><span class="pp-class-236 pa t55176 l34102 ls1031">SARL</span><span class="pp-class-240 pa t55178 l55179"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l22309 ls106">France</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55116 ls73">Sète</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55180 ls847">2,045,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l3 ls17589 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55181 l19412 ls4371 wtro3142 wtr3143 tro3144 tr3145">Germany </span><span class="pp-class-236 pa t55181 l55182 ls11992 wtro3142 wtr3143 tro3144 tr3145">ApS </span><span class="pp-class-236 pa t55181 l55183 ls2270 wtro3142 wtr3143 tro3144 tr3145">&amp; </span><span class="pp-class-236 pa t55181 l55184 ls2924 wtro3142 wtr3143 tro3144 tr3145">Co. </span><span class="pp-class-236 pa t55181 l55185 ls55186 wtro3142 wtr3143 tro3144 tr3145">KG</span><span class="pp-class-240 pa t55187 l55188 wtro26332 wtr3143 tro26333 tr3145"/><span class="pp-class-240 pa t55187 l55189 ls724 wtro26332 wtr3143 tro26333 tr3145">2, </span><span class="pp-class-240 pa t55187 l55190 ls26 wtro26332 wtr3143 tro26333 tr3145">3</span><span class="pp-class-253 pa t55187 l55191 wtro26332 wtr3143 tro26333 tr3145"/><span class="pp-class-251 pa t55181 l55192 wtro3142 wtr3143 tro3144 tr3145"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55116 ls197">Hamburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55194 l3">DFDS </span><span class="pp-class-236 pa t55194 l12035">Logistics </span><span class="pp-class-236 pa t55194 l55137 ls115">Germany</span><a><span class="pp-class-236 pa t55194 l55195"/><span class="pp-class-236 pa t55196 l3">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55116">Gernsheim</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55197 ls603">435,621</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l3">EU </span><span class="pp-class-236 pa t55198 l31302 ls560">Trucking </span><span class="pp-class-236 pa t55198 l55199 ls1448">Service </span><span class="pp-class-236 pa t55198 l55200">GmbH</span><span class="pp-class-253 pa t55201 l55202"/><span class="pp-class-251 pa t55198 l55203"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55116 ls1700">Lingenfeld</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55205 l3">DFDS </span><span class="pp-class-236 pa t55205 l12035 ls106">Grundstücksverwal-</span><span class="pp-class-236 pa t55206 l3">tungs </span><span class="pp-class-236 pa t55206 l55207">GmbH </span><span class="pp-class-236 pa t55206 l5491">&amp; </span><span class="pp-class-236 pa t55206 l55208">Co </span><span class="pp-class-236 pa t55206 l55209 ls3139">KG.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l3">DFDS </span><span class="pp-class-236 pa t55211 l12035">Logistics </span><span class="pp-class-236 pa t55211 l55137">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55212 l3">DFDS </span><span class="pp-class-236 pa t55212 l12035">Logistics </span><span class="pp-class-236 pa t55213 l3">Deutschland </span><span class="pp-class-236 pa t55213 l55214">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l3 ls570">Ekol </span><span class="pp-class-236 pa t55215 l43491">Logistics </span><span class="pp-class-236 pa t55215 l47712 ls556">Kft</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l22309 ls3289">Hungary</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55116">Budapest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55216">HUF</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55217 ls6593">720,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55218 l3 ls1790">Alphatrans-Szállítás </span><span class="pp-class-236 pa t55219 l3 ls143">Szolgáltató </span><span class="pp-class-236 pa t55219 l55220 ls534">Kft.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l22309 ls3289">Hungary</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55116 ls2118">Gyula</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55216">HUF</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55221 ls10811">3,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l3">Bond </span><span class="pp-class-236 pa t55222 l50584 ls162">Delivery </span><span class="pp-class-236 pa t55222 l55223 ls1661">Ireland </span><span class="pp-class-236 pa t55222 l55224 ls10">Ltd.</span></a><span class="pp-class-240 pa t55225 l55226">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l51410">20</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5456" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55227 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l37899 ls814 wtro3142 wtr55229 tro3144 tr55230">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55231 l55232 ls162 wtro3142 wtr55229 tro3144 tr55230">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55233 ls108 wtro3142 wtr55229 tro3144 tr55230">share </span><span class="pp-class-237 pa t55228 l55234 wtro3142 wtr55229 tro3144 tr55230">2025</span><span class="pp-class-251 pa t55228 l55235 wtro3142 wtr55229 tro3144 tr55230">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55236 ls3544 wtro3142 wtr55229 tro3144 tr55230">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55237 wtro3142 wtr55229 tro3144 tr55230">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55238 ls1757 wtro3142 wtr55229 tro3144 tr55230">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55239 ls108 wtro3142 wtr55229 tro3144 tr55230">Share </span><span class="pp-class-237 pa t55228 l55240 wtro3142 wtr55229 tro3144 tr55230">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3">DFDS </span><span class="pp-class-236 pa t55241 l12035">Logistics </span><span class="pp-class-236 pa t55241 l55137 ls1757">Contracts </span><span class="pp-class-236 pa t55242 l3 ls227">(Ireland) </span><span class="pp-class-236 pa t55242 l30657 ls10">Ltd.</span><span class="pp-class-240 pa t55243 l55244">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55245">200</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l3">DFDS </span><span class="pp-class-236 pa t55246 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55246 l41900 ls1661">Ireland </span><span class="pp-class-236 pa t55246 l55247 ls10">Ltd.</span><span class="pp-class-251 pa t55246 l55248">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55249 ls1547">100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l3 ls17612 wtro3142 wtr526 tro3144 tr528">Lucey </span><span class="pp-class-236 pa t55250 l55251 ls13324 wtro3142 wtr526 tro3144 tr528">Transport </span><span class="pp-class-236 pa t55250 l23466 ls1039 wtro3142 wtr526 tro3144 tr528">Logistics </span><span class="pp-class-236 pa t55250 l55252 ls23386 wtro3142 wtr526 tro3144 tr528">Ltd.</span><span class="pp-class-240 pa t55253 l55254 wtro26332 wtr526 tro26333 tr528">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l3 ls135">McBurney </span><span class="pp-class-236 pa t55255 l4092 ls1707">Refrigeration </span><span class="pp-class-236 pa t55256 l3 ls227">(Ireland) </span><span class="pp-class-236 pa t55256 l30657 ls10">Ltd.</span><span class="pp-class-240 pa t55257 l55244">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55249 ls1547">100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l3">DFDS </span><span class="pp-class-236 pa t55258 l12035">Logistics </span><span class="pp-class-236 pa t55258 l55137 ls811">Italy </span><span class="pp-class-236 pa t55258 l19449">Srl.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l22309 ls2222">Italy</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55116 ls30">Novara</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55259 ls847">400,001</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55260 l3">Samer </span><span class="pp-class-236 pa t55260 l16983 ls1448">Seaports </span><span class="pp-class-236 pa t55260 l55261">&amp; </span><span class="pp-class-236 pa t55262 l3 ls168">Terminals </span><span class="pp-class-236 pa t55262 l4069 ls5629">S.R.L</span></a><span class="pp-class-236 pa t55262 l55263">.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55264 ls556">59.28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l22309 ls2222">Italy</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55116 ls847">Trieste</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55265 ls11077">2,800,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l3">DFDS </span><span class="pp-class-236 pa t55266 l12035">SIA</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l22309 ls685">Latvia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55116">Liepaja</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55267 ls544">113,886</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l3">AB </span><span class="pp-class-236 pa t55268 l55269">DFDS </span><span class="pp-class-236 pa t55268 l18314 ls278">Seaways</span><span class="pp-class-240 pa t55270 l55271">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l10070 ls2846">99.</span></a><span class="pp-class-236 pa t55268 l55272 ls129">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l22309">Lithuania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55116">Klaipeda</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55273 ls8367">95,251,735</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l3 ls63">UAB </span><span class="pp-class-236 pa t55274 l55275">DFDS </span><span class="pp-class-236 pa t55274 l39006 ls681">Trucking</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l22309">Lithuania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55116">Klaipeda</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55276 ls18118">89,782</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l3">DFDS </span><span class="pp-class-236 pa t55277 l12035 ls106">Maroc </span><span class="pp-class-236 pa t55277 l55278 ls1922">S.A.R.L.A.U.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l22309 ls197">Morocco</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55116 ls847">Tangier</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55279">MAD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55280 ls651">24,162,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l3">Red </span><span class="pp-class-236 pa t55281 l40642">fish </span><span class="pp-class-236 pa t55281 l55282">Speedlines </span><span class="pp-class-236 pa t55281 l55283 ls1031">SARL</span><span class="pp-class-240 pa t55284 l18172">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l22309 ls197">Morocco</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55116 ls847">Tangier</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55279">MAD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55285 ls6721">6,600,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55286 l3 ls143">Alphatrans </span><span class="pp-class-236 pa t55286 l18999 ls113">International </span><span class="pp-class-236 pa t55287 l3 ls560">Trucking </span><span class="pp-class-236 pa t55287 l55288 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55116">Brielle</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l3">EU </span><span class="pp-class-236 pa t55291 l31302 ls560">Trucking </span><span class="pp-class-236 pa t55291 l55199 ls1448">Service </span><span class="pp-class-236 pa t55291 l55200 ls55289">B.V.</span></a><span class="pp-class-240 pa t55292 l18341">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55116 ls129">Eindhoven</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55293 ls11722">270,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l3 ls556">DFDS </span><span class="pp-class-236 pa t55294 l55295 ls4807">Logistics </span><span class="pp-class-236 pa t55294 l55296 ls1775">Nijmegen </span><span class="pp-class-236 pa t55294 l55297 ls55298">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55116">Nijmegen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55299 ls771">18,151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55300 l3">DFDS </span><span class="pp-class-236 pa t55300 l12035 ls1574">Warehousing </span><span class="pp-class-236 pa t55301 l3 ls875">Rotterdam </span><span class="pp-class-236 pa t55301 l55302 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55116 ls967">Rotterdam</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l3">DFDS </span><span class="pp-class-236 pa t55303 l12035">Holding </span><span class="pp-class-236 pa t55303 l55304 ls55289">B.V.</span><span class="pp-class-251 pa t55303 l55305">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55306 ls1017">40,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l3">DFDS </span><span class="pp-class-236 pa t55307 l12035">Logistics </span><span class="pp-class-236 pa t55307 l55137 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55308 ls603">455,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l3">DFDS </span><span class="pp-class-236 pa t55309 l12035 ls73">NewCo </span><span class="pp-class-236 pa t55309 l55310 ls55289">B.V.</span></a><span class="pp-class-251 pa t55309 l7191">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l3">DFDS </span><span class="pp-class-236 pa t55311 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55311 l41900 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55312 ls2270">18,400</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l3">DFDS </span><span class="pp-class-236 pa t55313 l12035">Logistics </span><span class="pp-class-236 pa t55313 l55137">Wijchen </span><span class="pp-class-236 pa t55313 l55314 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l3">DFDS </span><span class="pp-class-236 pa t55315 l12035 ls560">Trucking </span><span class="pp-class-236 pa t55315 l55316">Wijchen </span><span class="pp-class-236 pa t55315 l55317 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55318 ls771">18,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l3 ls17679 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55319 l53649 ls10518 wtro3142 wtr3143 tro3144 tr3145">Warehousing </span><span class="pp-class-236 pa t55319 l55320 ls657 wtro3142 wtr3143 tro3144 tr3145">Wijchen </span><span class="pp-class-236 pa t55319 l55321 ls55322 wtro3142 wtr3143 tro3144 tr3145">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55318 ls771">18,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l3">DFDS </span><span class="pp-class-236 pa t55323 l12035">Distri </span><span class="pp-class-236 pa t55323 l36221">Holding </span><span class="pp-class-236 pa t55323 l55324 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l3 ls4793 wtro3142 wtr526 tro3144 tr528">DFDS </span><span class="pp-class-236 pa t55325 l55326 ls6824 wtro3142 wtr526 tro3144 tr528">Logistics </span><span class="pp-class-236 pa t55325 l55327 ls2855 wtro3142 wtr526 tro3144 tr528">Winterswijk </span><span class="pp-class-236 pa t55325 l55328 ls55329 wtro3142 wtr526 tro3144 tr528">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55299 ls771">18,151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l3">DFDS </span><span class="pp-class-236 pa t55330 l12035 ls1011">Property </span><span class="pp-class-236 pa t55330 l55331">and </span><span class="pp-class-236 pa t55332 l3 ls21">Equipment </span><span class="pp-class-236 pa t55332 l4081 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55333 l28172 ls30">Property </span><span class="pp-class-236 pa t55333 l55334 ls1751">Nijmegen </span><span class="pp-class-236 pa t55333 l14704 ls55335">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55290 ls1186">18,000</span></a></p></td></tr></table></div></div><div id="pp-id-5348" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">Unless </span><span class="pp-class-239 pa t1332 l55336 ls4326">otherwise </span><span class="pp-class-239 pa t1335 l3 ls135">indicated, </span><span class="pp-class-239 pa t1335 l55337">the </span><span class="pp-class-239 pa t1339 l3">companies </span><span class="pp-class-239 pa t1339 l55338 ls80">are </span><span class="pp-class-239 pa t1339 l55339 ls135">100% </span><span class="pp-class-239 pa t3352 l3 ls73">owned </span><span class="pp-class-239 pa t3352 l26929 ls967">by </span><span class="pp-class-239 pa t3352 l55340">the </span><span class="pp-class-239 pa t3352 l43600">DFDS </span><span class="pp-class-239 pa t3355 l3 ls1574">Group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3493 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3497 l3">The </span><span class="pp-class-239 pa t3497 l7349 ls85">Company </span><span class="pp-class-239 pa t3497 l41738">is </span><span class="pp-class-239 pa t3497 l13178 ls572">directly </span><span class="pp-class-239 pa t45156 l3 ls73">owned </span><span class="pp-class-239 pa t45156 l26929 ls967">by </span><span class="pp-class-239 pa t45156 l55340">the </span><span class="pp-class-239 pa t45156 l43600 ls1574">Parent </span><span class="pp-class-239 pa t45157 l3 ls85">company </span><span class="pp-class-239 pa t45157 l13299">DFDS </span><span class="pp-class-239 pa t45157 l27798 ls428">A/S.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t44769 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3512 l3 ls1583">Relief </span><span class="pp-class-239 pa t3512 l23099">in </span><span class="pp-class-239 pa t3512 l55341 ls1547">accordance </span><span class="pp-class-239 pa t3467 l3">with </span><span class="pp-class-239 pa t3467 l21858 ls113">Sec. </span><span class="pp-class-239 pa t3467 l1330">264b </span><span class="pp-class-239 pa t3467 l55161">German </span><span class="pp-class-239 pa t3472 l3 ls7468">Commercial </span><span class="pp-class-239 pa t3472 l55342 ls558">Code </span><span class="pp-class-239 pa t3472 l55343 ls565">(HGB).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55344 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55345 l3">Due </span><span class="pp-class-239 pa t55345 l33797 ls138">to </span><span class="pp-class-239 pa t55345 l7057">minority </span><span class="pp-class-239 pa t55346 l3 ls1741">protection </span><span class="pp-class-239 pa t55346 l55347">in </span><span class="pp-class-239 pa t55346 l55348">the </span><span class="pp-class-239 pa t55349 l3 ls138">shareholders’ </span><span class="pp-class-239 pa t55350 l3 ls236">agreements </span><span class="pp-class-239 pa t55350 l55351">the </span><span class="pp-class-239 pa t55350 l11631">DFDS </span><span class="pp-class-239 pa t45176 l3 ls106">Group </span><span class="pp-class-239 pa t45176 l28692">does </span><span class="pp-class-239 pa t45176 l55352 ls113">not </span><span class="pp-class-239 pa t45176 l55353 ls94">have </span><span class="pp-class-239 pa t45176 l15132">a </span><span class="pp-class-239 pa t45177 l3 ls1629">controlling </span><span class="pp-class-239 pa t45177 l17386 ls73">interest.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55354 l3">5</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55355 l3 ls162">Includes </span><span class="pp-class-239 pa t55355 l55356 ls13">Dutch </span><span class="pp-class-239 pa t55355 l55357 ls1661">branch, </span><span class="pp-class-239 pa t55358 l3 ls1444">Estonian </span><span class="pp-class-239 pa t55358 l39089 ls1661">branch, </span><span class="pp-class-239 pa t55358 l55359 ls197">French </span><span class="pp-class-239 pa t55360 l3 ls1661">branch, </span><span class="pp-class-239 pa t55360 l29733">Lithuanian </span><span class="pp-class-239 pa t55361 l3 ls1661">branch, </span><span class="pp-class-239 pa t55361 l29733 ls91">Norwegian </span><span class="pp-class-239 pa t55362 l3 ls1661">branch, </span><span class="pp-class-239 pa t55362 l29272 ls1031">Swedish </span><span class="pp-class-239 pa t55362 l55363 ls1661">branch, </span><span class="pp-class-239 pa t55364 l3 ls71">Jersey </span><span class="pp-class-239 pa t55364 l55365 ls197">branch </span><span class="pp-class-239 pa t55364 l55366">and </span><span class="pp-class-239 pa t55364 l55367">UK </span><span class="pp-class-239 pa t55368 l3 ls197">branch </span><span class="pp-class-239 pa t55368 l55369 ls118">of </span><span class="pp-class-239 pa t55368 l55370">DFDS </span><span class="pp-class-239 pa t55368 l33782 ls63">A/S.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55371 l3">6</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55372 l3 ls162">Includes </span><span class="pp-class-239 pa t55372 l55356">Belgian </span><span class="pp-class-239 pa t55373 l3 ls197">branch.</span></p></div></div><div class="pp-class-10" id="pp-id-5457" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38756 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4807">5.10 </span><span class="pp-class-234 pa t1122 l38307 ls76">Company </span><span class="pp-class-234 pa t1122 l55110 ls5781">overview</span><span class="pp-class-235 pa t1122 l55375"/><span class="pp-class-235 pa t1122 l55376 ls938">(continued)</span></p></div></div><div class="pp-class-10" id="pp-id-5458" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55377 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l3 ls814">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55112 ls162">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55113 ls108">share </span><span class="pp-class-237 pa t1332 l55114">2025</span><span class="pp-class-251 pa t1332 l55115">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l22309 ls3544">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55116">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55117 ls1757">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55118 ls108">Share </span><span class="pp-class-237 pa t1332 l55119">capital</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3 ls1448">NorthSea </span><span class="pp-class-236 pa t55241 l40954 ls2889">Terminal </span><span class="pp-class-236 pa t55241 l48477 ls1133">AS</span></a><span class="pp-class-251 pa t55241 l55378">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55116 ls771">Brevik</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55380 ls8367">1,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l3">DFDS </span><span class="pp-class-236 pa t55381 l12035">Logistics </span><span class="pp-class-236 pa t55381 l55137 ls1133">AS</span><span class="pp-class-240 pa t55382 l24540">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55116 ls551">Lysaker</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55383 ls2972">25,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l3">DFDS </span><span class="pp-class-236 pa t55384 l12035">Logistics </span><span class="pp-class-236 pa t55384 l55137">Cold </span><span class="pp-class-236 pa t55384 l55385 ls1133">AS</span><span class="pp-class-240 pa t55386 l55387">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55116">Oslo</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55388 ls847">12,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55389 l3">DFDS</span><a><span class="pp-class-236 pa t55389 l55177"/><span class="pp-class-236 pa t55389 l12035">Logistics </span><span class="pp-class-236 pa t55389 l55137 ls3422">Services </span><span class="pp-class-236 pa t55389 l55390 ls1031">Sp. </span><span class="pp-class-236 pa t55255 l3">z </span><span class="pp-class-236 pa t55255 l55391 ls532">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55116 ls538">Koninko</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l3">DFDS </span><span class="pp-class-236 pa t55393 l12035 ls131">Polska </span><span class="pp-class-236 pa t55393 l55394 ls1031">Sp. </span><span class="pp-class-236 pa t55393 l55395">z </span><span class="pp-class-236 pa t55393 l55396 ls532">o.o.</span><span class="pp-class-240 pa t55397 l55398">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55116 ls197">Poznan</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55399 ls11050">10,005,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l3">DFDS </span><span class="pp-class-236 pa t55400 l12035 ls1790">Investments </span><span class="pp-class-236 pa t55400 l55401 ls1031">Sp. </span><span class="pp-class-236 pa t55400 l55402">z </span><span class="pp-class-236 pa t55400 l55403 ls532">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55404 ls1017">80.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55116">Szubin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l52980 ls3200">5,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l3 ls17548 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55405 l55406 ls15952 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t55405 l55407 ls3452 wtro3142 wtr3143 tro3144 tr3145">Polska </span><span class="pp-class-236 pa t55405 l55408 ls3170 wtro3142 wtr3143 tro3144 tr3145">Sp. </span><span class="pp-class-236 pa t55405 l55409 ls556 wtro3142 wtr3143 tro3144 tr3145">z </span><span class="pp-class-236 pa t55405 l55410 ls3160 wtro3142 wtr3143 tro3144 tr3145">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55404 ls1017">80.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55116">Szubin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l3 ls3267 wtro3142 wtr3143 tro3144 tr3145">Ekol </span><span class="pp-class-236 pa t55411 l55412 ls2972 wtro3142 wtr3143 tro3144 tr3145">International </span><span class="pp-class-236 pa t55411 l55413 ls6092 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t55411 l55414 ls706 wtro3142 wtr3143 tro3144 tr3145">SRL</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l22309">Romania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55116 ls203">Bucharest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55415 ls1790">RON</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55416 ls847">65,060</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55417 l3 ls17551 wtro3142 wtr526 tro3144 tr528">Romania </span><span class="pp-class-236 pa t55417 l55418 ls13324 wtro3142 wtr526 tro3144 tr528">Transport </span><span class="pp-class-236 pa t55417 l55419 ls1017 wtro3142 wtr526 tro3144 tr528">Group </span><span class="pp-class-236 pa t55420 l3 ls3292 wtro3142 wtr526 tro3144 tr528">S.R.L</span></a><span class="pp-class-236 pa t55420 l55421 ls26 wtro3142 wtr526 tro3144 tr528">.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l22309">Romania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55116">Tibod</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55415 ls1790">RON</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55422 ls995">1,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l3">DFDS </span><span class="pp-class-236 pa t55423 l12035">Logistics </span><span class="pp-class-236 pa t55423 l55137">Iberia </span><span class="pp-class-236 pa t55423 l55424 ls1914">S.L.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55116 ls203">Barcelona</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55425 ls544">1,603,100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l3">DFDS </span><span class="pp-class-236 pa t55426 l12035">Iberia </span><span class="pp-class-236 pa t55426 l55427 ls73">S.L.U.</span><span class="pp-class-251 pa t55426 l55428">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55116 ls17626">Tarifa</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55429 ls37533">8,700,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55430 l3">DFDS </span><span class="pp-class-236 pa t55430 l12035">Logistics</span><a><span class="pp-class-236 pa t55430 l55431"/><span class="pp-class-236 pa t55430 l55137">Spain </span><span class="pp-class-236 pa t55430 l55432 ls1914">S.L.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55116 ls5202">Tarragona</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55433 ls2855">60,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55434 l28172 ls4284">Seaways </span><span class="pp-class-236 pa t55434 l28693 ls1751">Hispania </span><span class="pp-class-236 pa t55434 l55435 ls184">S.L.</span></a><span class="pp-class-251 pa t55434 l21952">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55116 ls1747">Valencia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l3">DFDS </span><span class="pp-class-236 pa t55436 l12035">AB</span></a><span class="pp-class-251 pa t55436 l55437">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55439 l28172 ls995">Logistics </span><span class="pp-class-236 pa t55439 l51104 ls4793">Contracts </span><span class="pp-class-236 pa t55439 l55440 ls184">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l3">DFDS </span><span class="pp-class-236 pa t55441 l12035">Logistics </span><span class="pp-class-236 pa t55441 l55137 ls6870">Partners </span><span class="pp-class-236 pa t55441 l9382">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55442 ls3200">85.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55380 ls8367">1,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l3 ls297">DFDS </span><span class="pp-class-236 pa t55443 l55444 ls113">Logistics </span><span class="pp-class-236 pa t55443 l55445 ls1098">Services </span><span class="pp-class-236 pa t55443 l5727 ls781">AB</span><span class="pp-class-240 pa t55446 l48601"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55142 ls2969">1,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l3">DFDS </span><span class="pp-class-236 pa t55447 l12035 ls1790">Professionals </span><span class="pp-class-236 pa t55447 l55448">AB</span><span class="pp-class-240 pa t55449 l55450">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55451 ls44689">87.50</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55452 l3 ls5629">DFDS </span><span class="pp-class-236 pa t55452 l55453 ls5648">Denizcilik </span><span class="pp-class-236 pa t55452 l55454 ls1790">ve </span><span class="pp-class-236 pa t55455 l3 ls101">Tasimacilik </span><span class="pp-class-236 pa t55455 l4421 ls9253">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55456 ls2808">98.80</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55457 ls11050">369,967,159</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55458 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55458 l28172 ls15022">Turkey </span><span class="pp-class-236 pa t55458 l55459 ls541">Denizcilik </span><span class="pp-class-236 pa t55458 l45584 ls747">ve </span><span class="pp-class-236 pa t55460 l3 ls1054">Tasi </span><span class="pp-class-236 pa t55460 l55461 ls40492">Yati </span><span class="pp-class-236 pa t55460 l8451 ls71">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55462 ls3305">565,640,176</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55463 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55463 l28172 ls7433">Taşımacılık </span><span class="pp-class-236 pa t55463 l55464 ls536">Hizmetleri </span><span class="pp-class-236 pa t55465 l3 ls2245">Ltd.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55466 ls15138">42,872,747</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55467 l28172 ls1751">Lojistik </span><span class="pp-class-236 pa t55467 l55468 ls71">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55469 ls6721">150,210,796</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l3 ls2036">LLC </span><span class="pp-class-236 pa t55470 l47991">DFDS</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l22309 ls197">Ukraine</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55116 ls1133">Kiev</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55134 ls587">UAH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55471 ls2363">357,644</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l3 ls1098">Bondelivery </span><span class="pp-class-236 pa t55325 l50730">NI </span><span class="pp-class-236 pa t55325 l55472 ls10">Ltd.</span><span class="pp-class-240 pa t55473 l48629">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55325 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55116 ls143">Ballymena</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55475 ls544">260,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l3 ls3124 wtro3142 wtr3143 tro3144 tr3145">McBurney </span><span class="pp-class-236 pa t55330 l55476 ls33959 wtro3142 wtr3143 tro3144 tr3145">Transport </span><span class="pp-class-236 pa t55330 l55477 ls40267 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t55330 l55478 ls24054 wtro3142 wtr3143 tro3144 tr3145">Ltd.</span><span class="pp-class-240 pa t55479 l55480 wtro26332 wtr3143 tro26333 tr3145">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55330 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55116 ls143">Ballymena</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55481 ls12110">947,934</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l3">DFDS </span><span class="pp-class-236 pa t55482 l12035">Logistics </span><span class="pp-class-236 pa t55482 l55137 ls10">Ltd.</span><span class="pp-class-240 pa t55483 l55484">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55482 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55485 ls847">15,150,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55486 l28172 ls995">Logistics </span><span class="pp-class-236 pa t55486 l51104 ls572">Services </span><span class="pp-class-236 pa t55486 l55487 ls12546">Ltd.</span><span class="pp-class-240 pa t55488 l53350">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55486 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55249 ls1547">100</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5459" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55489 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l37899 ls814 wtro3142 wtr55490 tro3144 tr55491">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55232 ls162 wtro3142 wtr55490 tro3144 tr55491">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55233 ls108 wtro3142 wtr55490 tro3144 tr55491">share </span><span class="pp-class-237 pa t1332 l55234 wtro3142 wtr55490 tro3144 tr55491">2025</span><span class="pp-class-251 pa t1332 l55235 wtro3142 wtr55490 tro3144 tr55491">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55236 ls3544 wtro3142 wtr55490 tro3144 tr55491">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55237 wtro3142 wtr55490 tro3144 tr55491">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55238 ls1757 wtro3142 wtr55490 tro3144 tr55491">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55239 ls108 wtro3142 wtr55490 tro3144 tr55491">Share </span><span class="pp-class-237 pa t1332 l55240 wtro3142 wtr55490 tro3144 tr55491">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3 ls129">DFDS </span><span class="pp-class-236 pa t55241 l49461 ls603">Seaways </span><span class="pp-class-236 pa t55241 l55445 ls807">Holding </span><span class="pp-class-236 pa t55241 l55492 ls2207">Ltd.</span><span class="pp-class-240 pa t55493 l31835">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55241 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55494 ls847">250,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l3">DFDS </span><span class="pp-class-236 pa t55381 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55381 l41900 ls1031">Plc.</span><span class="pp-class-240 pa t55382 l55495">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55381 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55496 ls847">45,250,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55497 l3 ls227">Associates </span><span class="pp-class-237 pa t55497 l55498">and </span><span class="pp-class-237 pa t55497 l33782 ls1098">joint </span><span class="pp-class-237 pa t55499 l3 ls1133">ventures:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55121"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l3 ls181">Euro </span><span class="pp-class-236 pa t55500 l29796">Asia </span><span class="pp-class-236 pa t55500 l55501">cold </span><span class="pp-class-236 pa t55500 l55502">Chain </span><span class="pp-class-236 pa t55500 l21931">Logistic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55503 ls995">52.04</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l22309">China</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55116">Shanghai</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55134">CNY</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55504 ls667">22,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l3">DeaL </span><span class="pp-class-236 pa t55505 l55506 ls197">Energy </span><span class="pp-class-236 pa t55505 l55507 ls587">A/S</span><span class="pp-class-240 pa t55508 l40681 wtro26332 wtr3143 tro26333 tr3145">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55509 ls1017">50.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55116">Hellerup</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l3">Bohus </span><span class="pp-class-236 pa t55510 l7498 ls2889">Terminal </span><span class="pp-class-236 pa t55510 l55511">Holding </span><span class="pp-class-236 pa t55510 l55512">AB</span><span class="pp-class-240 pa t55513 l55514 wtro26332 wtr3143 tro26333 tr3145">4</span><span class="pp-class-240 pa t55513 l55515"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55516 ls3200">65.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l3 ls41127 wtro3142 wtr23376 tro3144 tr23377">Gothenburg </span><span class="pp-class-236 pa t55517 l55518 ls10394 wtro3142 wtr23376 tro3144 tr23377">RO/RO </span><span class="pp-class-236 pa t55517 l19754 ls44689 wtro3142 wtr23376 tro3144 tr23377">Terminal </span><span class="pp-class-236 pa t55517 l55519 ls2270 wtro3142 wtr23376 tro3144 tr23377">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55516 ls3200">65.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55520 ls6721">5,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55521 l3">25 </span><span class="pp-class-237 pa t55521 l55522 ls101">Dormant </span><span class="pp-class-237 pa t55521 l51816 ls101">entities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table></div></div> <div class="pp-class-10" id="pp-id-5454" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38756 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4807">5.10 </span><span class="pp-class-234 pa t1122 l38307 ls76">Company </span><span class="pp-class-234 pa t1122 l55110 ls5781">overview</span></p></div></div><div id="pp-id-5455" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55111 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l3 ls814">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55112 ls162">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55113 ls108">share </span><span class="pp-class-237 pa t1332 l55114">2025</span><span class="pp-class-251 pa t1332 l55115">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l22309 ls3544">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55116">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55117 ls1757">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55118 ls108">Share </span><span class="pp-class-237 pa t1332 l55119">capital</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t43198 l3 ls685">Parent </span><span class="pp-class-237 pa t43198 l25957 ls814">company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l55121"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t43198 l44871"/></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l3">DFDS </span><span class="pp-class-236 pa t48254 l12035 ls587">A/S</span><span class="pp-class-240 pa t55122 l14111">5</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l22309" xmlns="http://www.w3.org/1999/xhtml">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48254 l55124 ls2816">1,124,310,</span></a><span class="pp-class-236 pa t48254 l55125">980</span></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l3">Subsidiaries:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55126"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t48264 l55127"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l3">DFDS </span><span class="pp-class-236 pa t48266 l12035">Belgium </span><span class="pp-class-236 pa t48266 l28248 ls3468">N.V.</span><span class="pp-class-240 pa t55128 l55129">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l22309">Belgium</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55116 ls1535">Gent</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48266 l55131 ls7433">2,355,976</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t48268 l3">N&amp;K </span><span class="pp-class-236 pa t48268 l19167">Cold </span><span class="pp-class-236 pa t48268 l28801">Chain </span><span class="pp-class-236 pa t48268 l16590">Logistics </span><span class="pp-class-236 pa t55132 l3 ls5454">(Shanghai) </span><span class="pp-class-236 pa t55132 l55133 ls113">Co., </span><span class="pp-class-236 pa t55132 l6805 ls10">Ltd.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l22309">China</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55116">Shanghai</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55134">CNY</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55132 l55135 ls2036">2,901,420</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l3">DFDS </span><span class="pp-class-236 pa t55136 l12035">Logistics </span><span class="pp-class-236 pa t55136 l55137 ls7832">s.r.o.</span><span class="pp-class-240 pa t55138 l55139">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l22309 ls3200 wtro3142 wtr526 tro3144 tr528">Czech </span><span class="pp-class-236 pa t55136 l55140 ls2855 wtro3142 wtr526 tro3144 tr528">Republic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55116 ls967">Prague</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55141 ls771">CZK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55136 l55142 ls2969">1,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l3">DFDS </span><span class="pp-class-236 pa t55143 l12035">Logistics </span><span class="pp-class-236 pa t55143 l55137 ls587">A/S</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55116 ls197">Esbjerg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55143 l55144 ls847">600,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l3 ls2081">DFDS </span><span class="pp-class-236 pa t55145 l55146 ls3200">Logistics </span><span class="pp-class-236 pa t55145 l34138 ls2855">Denmark </span><span class="pp-class-236 pa t55145 l55147 ls23067">A/S</span><span class="pp-class-240 pa t55148 l17823">2</span><span class="pp-class-236 pa t55145 l55149"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55116">Herning</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55145 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l3">DFDS </span><span class="pp-class-236 pa t55151 l12035 ls19">Køletransport </span><span class="pp-class-236 pa t55151 l28789 ls587">A/S</span><span class="pp-class-240 pa t55152 l30724">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55116 ls197">Esbjerg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55151 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l3 ls108">Dronningens </span><span class="pp-class-236 pa t55153 l55154 ls608">Kvarter </span><span class="pp-class-236 pa t55153 l55155">1 </span><span class="pp-class-236 pa t55153 l18846">Aps</span><span class="pp-class-240 pa t55156 l55157">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55153 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l3 ls1031">Lundvej </span><span class="pp-class-236 pa t55158 l55159">15 </span><span class="pp-class-236 pa t55158 l48559">ApS</span><span class="pp-class-240 pa t55160 l55161">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55116 ls781">Copenhagen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55158 l55162 ls3084">100.000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l3">DFDS </span><span class="pp-class-236 pa t55163 l12035">Logistics </span><span class="pp-class-236 pa t55163 l55137">OÜ</span><span class="pp-class-240 pa t55164 l55165">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l22309 ls162">Estonia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55116 ls847">Tallinn</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55163 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l3">DFDS </span><span class="pp-class-236 pa t55167 l12035">Logistics </span><span class="pp-class-236 pa t55167 l55137 ls2972">OY</span><span class="pp-class-240 pa t55168 l55169">2</span><span class="pp-class-252 pa t55168 l55170"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l22309">Finland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55116 ls15952">Turku</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55167 l55171 ls664">2,520</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l3">DFDS </span><span class="pp-class-236 pa t55172 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55172 l41900 ls3548">S.A.S.</span><span class="pp-class-240 pa t55173 l55174">2 </span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l22309 ls106">France</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55116">Dieppe</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55172 l55175 ls13001">37,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55176 l3">DFDS</span><a><span class="pp-class-236 pa t55176 l55177"/><span class="pp-class-236 pa t55176 l12035">Logistics </span><span class="pp-class-236 pa t55176 l55137 ls197">France </span><span class="pp-class-236 pa t55176 l34102 ls1031">SARL</span><span class="pp-class-240 pa t55178 l55179"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l22309 ls106">France</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55116 ls73">Sète</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55176 l55180 ls847">2,045,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l3 ls17589 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55181 l19412 ls4371 wtro3142 wtr3143 tro3144 tr3145">Germany </span><span class="pp-class-236 pa t55181 l55182 ls11992 wtro3142 wtr3143 tro3144 tr3145">ApS </span><span class="pp-class-236 pa t55181 l55183 ls2270 wtro3142 wtr3143 tro3144 tr3145">&amp; </span><span class="pp-class-236 pa t55181 l55184 ls2924 wtro3142 wtr3143 tro3144 tr3145">Co. </span><span class="pp-class-236 pa t55181 l55185 ls55186 wtro3142 wtr3143 tro3144 tr3145">KG</span><span class="pp-class-240 pa t55187 l55188 wtro26332 wtr3143 tro26333 tr3145"/><span class="pp-class-240 pa t55187 l55189 ls724 wtro26332 wtr3143 tro26333 tr3145">2, </span><span class="pp-class-240 pa t55187 l55190 ls26 wtro26332 wtr3143 tro26333 tr3145">3</span><span class="pp-class-253 pa t55187 l55191 wtro26332 wtr3143 tro26333 tr3145"/><span class="pp-class-251 pa t55181 l55192 wtro3142 wtr3143 tro3144 tr3145"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55116 ls197">Hamburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55181 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55194 l3">DFDS </span><span class="pp-class-236 pa t55194 l12035">Logistics </span><span class="pp-class-236 pa t55194 l55137 ls115">Germany</span><a><span class="pp-class-236 pa t55194 l55195"/><span class="pp-class-236 pa t55196 l3">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55116">Gernsheim</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55196 l55197 ls603">435,621</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l3">EU </span><span class="pp-class-236 pa t55198 l31302 ls560">Trucking </span><span class="pp-class-236 pa t55198 l55199 ls1448">Service </span><span class="pp-class-236 pa t55198 l55200">GmbH</span><span class="pp-class-253 pa t55201 l55202"/><span class="pp-class-251 pa t55198 l55203"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55116 ls1700">Lingenfeld</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55198 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55205 l3">DFDS </span><span class="pp-class-236 pa t55205 l12035 ls106">Grundstücksverwal-</span><span class="pp-class-236 pa t55206 l3">tungs </span><span class="pp-class-236 pa t55206 l55207">GmbH </span><span class="pp-class-236 pa t55206 l5491">&amp; </span><span class="pp-class-236 pa t55206 l55208">Co </span><span class="pp-class-236 pa t55206 l55209 ls3139">KG.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55206 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l3">DFDS </span><span class="pp-class-236 pa t55211 l12035">Logistics </span><span class="pp-class-236 pa t55211 l55137">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55211 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55212 l3">DFDS </span><span class="pp-class-236 pa t55212 l12035">Logistics </span><span class="pp-class-236 pa t55213 l3">Deutschland </span><span class="pp-class-236 pa t55213 l55214">GmbH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l22309 ls115">Germany</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55116 ls1957 wtro3142 wtr3143 tro3144 tr3145">Neuenkirchen-Vörden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55213 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l3 ls570">Ekol </span><span class="pp-class-236 pa t55215 l43491">Logistics </span><span class="pp-class-236 pa t55215 l47712 ls556">Kft</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l22309 ls3289">Hungary</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55116">Budapest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55216">HUF</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55215 l55217 ls6593">720,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55218 l3 ls1790">Alphatrans-Szállítás </span><span class="pp-class-236 pa t55219 l3 ls143">Szolgáltató </span><span class="pp-class-236 pa t55219 l55220 ls534">Kft.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l22309 ls3289">Hungary</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55116 ls2118">Gyula</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55216">HUF</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55219 l55221 ls10811">3,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l3">Bond </span><span class="pp-class-236 pa t55222 l50584 ls162">Delivery </span><span class="pp-class-236 pa t55222 l55223 ls1661">Ireland </span><span class="pp-class-236 pa t55222 l55224 ls10">Ltd.</span></a><span class="pp-class-240 pa t55225 l55226">2</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55222 l51410">20</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5456" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55227 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l37899 ls814 wtro3142 wtr55229 tro3144 tr55230">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55231 l55232 ls162 wtro3142 wtr55229 tro3144 tr55230">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55233 ls108 wtro3142 wtr55229 tro3144 tr55230">share </span><span class="pp-class-237 pa t55228 l55234 wtro3142 wtr55229 tro3144 tr55230">2025</span><span class="pp-class-251 pa t55228 l55235 wtro3142 wtr55229 tro3144 tr55230">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55236 ls3544 wtro3142 wtr55229 tro3144 tr55230">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55237 wtro3142 wtr55229 tro3144 tr55230">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55238 ls1757 wtro3142 wtr55229 tro3144 tr55230">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55228 l55239 ls108 wtro3142 wtr55229 tro3144 tr55230">Share </span><span class="pp-class-237 pa t55228 l55240 wtro3142 wtr55229 tro3144 tr55230">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3">DFDS </span><span class="pp-class-236 pa t55241 l12035">Logistics </span><span class="pp-class-236 pa t55241 l55137 ls1757">Contracts </span><span class="pp-class-236 pa t55242 l3 ls227">(Ireland) </span><span class="pp-class-236 pa t55242 l30657 ls10">Ltd.</span><span class="pp-class-240 pa t55243 l55244">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55242 l55245">200</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l3">DFDS </span><span class="pp-class-236 pa t55246 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55246 l41900 ls1661">Ireland </span><span class="pp-class-236 pa t55246 l55247 ls10">Ltd.</span><span class="pp-class-251 pa t55246 l55248">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55246 l55249 ls1547">100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l3 ls17612 wtro3142 wtr526 tro3144 tr528">Lucey </span><span class="pp-class-236 pa t55250 l55251 ls13324 wtro3142 wtr526 tro3144 tr528">Transport </span><span class="pp-class-236 pa t55250 l23466 ls1039 wtro3142 wtr526 tro3144 tr528">Logistics </span><span class="pp-class-236 pa t55250 l55252 ls23386 wtro3142 wtr526 tro3144 tr528">Ltd.</span><span class="pp-class-240 pa t55253 l55254 wtro26332 wtr526 tro26333 tr528">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55250 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l3 ls135">McBurney </span><span class="pp-class-236 pa t55255 l4092 ls1707">Refrigeration </span><span class="pp-class-236 pa t55256 l3 ls227">(Ireland) </span><span class="pp-class-236 pa t55256 l30657 ls10">Ltd.</span><span class="pp-class-240 pa t55257 l55244">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l22309 ls197">Ireland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55116">Dublin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55256 l55249 ls1547">100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l3">DFDS </span><span class="pp-class-236 pa t55258 l12035">Logistics </span><span class="pp-class-236 pa t55258 l55137 ls811">Italy </span><span class="pp-class-236 pa t55258 l19449">Srl.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l22309 ls2222">Italy</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55116 ls30">Novara</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55258 l55259 ls847">400,001</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55260 l3">Samer </span><span class="pp-class-236 pa t55260 l16983 ls1448">Seaports </span><span class="pp-class-236 pa t55260 l55261">&amp; </span><span class="pp-class-236 pa t55262 l3 ls168">Terminals </span><span class="pp-class-236 pa t55262 l4069 ls5629">S.R.L</span></a><span class="pp-class-236 pa t55262 l55263">.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55264 ls556">59.28</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l22309 ls2222">Italy</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55116 ls847">Trieste</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55262 l55265 ls11077">2,800,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l3">DFDS </span><span class="pp-class-236 pa t55266 l12035">SIA</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l22309 ls685">Latvia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55116">Liepaja</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55266 l55267 ls544">113,886</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l3">AB </span><span class="pp-class-236 pa t55268 l55269">DFDS </span><span class="pp-class-236 pa t55268 l18314 ls278">Seaways</span><span class="pp-class-240 pa t55270 l55271">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l10070 ls2846">99.</span></a><span class="pp-class-236 pa t55268 l55272 ls129">27</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l22309">Lithuania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55116">Klaipeda</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55268 l55273 ls8367">95,251,735</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l3 ls63">UAB </span><span class="pp-class-236 pa t55274 l55275">DFDS </span><span class="pp-class-236 pa t55274 l39006 ls681">Trucking</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l22309">Lithuania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55116">Klaipeda</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55274 l55276 ls18118">89,782</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l3">DFDS </span><span class="pp-class-236 pa t55277 l12035 ls106">Maroc </span><span class="pp-class-236 pa t55277 l55278 ls1922">S.A.R.L.A.U.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l22309 ls197">Morocco</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55116 ls847">Tangier</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55279">MAD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55277 l55280 ls651">24,162,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l3">Red </span><span class="pp-class-236 pa t55281 l40642">fish </span><span class="pp-class-236 pa t55281 l55282">Speedlines </span><span class="pp-class-236 pa t55281 l55283 ls1031">SARL</span><span class="pp-class-240 pa t55284 l18172">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l22309 ls197">Morocco</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55116 ls847">Tangier</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55279">MAD</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55281 l55285 ls6721">6,600,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55286 l3 ls143">Alphatrans </span><span class="pp-class-236 pa t55286 l18999 ls113">International </span><span class="pp-class-236 pa t55287 l3 ls560">Trucking </span><span class="pp-class-236 pa t55287 l55288 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55116">Brielle</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55287 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l3">EU </span><span class="pp-class-236 pa t55291 l31302 ls560">Trucking </span><span class="pp-class-236 pa t55291 l55199 ls1448">Service </span><span class="pp-class-236 pa t55291 l55200 ls55289">B.V.</span></a><span class="pp-class-240 pa t55292 l18341">6</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55116 ls129">Eindhoven</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55291 l55293 ls11722">270,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l3 ls556">DFDS </span><span class="pp-class-236 pa t55294 l55295 ls4807">Logistics </span><span class="pp-class-236 pa t55294 l55296 ls1775">Nijmegen </span><span class="pp-class-236 pa t55294 l55297 ls55298">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55116">Nijmegen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55294 l55299 ls771">18,151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55300 l3">DFDS </span><span class="pp-class-236 pa t55300 l12035 ls1574">Warehousing </span><span class="pp-class-236 pa t55301 l3 ls875">Rotterdam </span><span class="pp-class-236 pa t55301 l55302 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55116 ls967">Rotterdam</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55301 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l3">DFDS </span><span class="pp-class-236 pa t55303 l12035">Holding </span><span class="pp-class-236 pa t55303 l55304 ls55289">B.V.</span><span class="pp-class-251 pa t55303 l55305">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55303 l55306 ls1017">40,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l3">DFDS </span><span class="pp-class-236 pa t55307 l12035">Logistics </span><span class="pp-class-236 pa t55307 l55137 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55307 l55308 ls603">455,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l3">DFDS </span><span class="pp-class-236 pa t55309 l12035 ls73">NewCo </span><span class="pp-class-236 pa t55309 l55310 ls55289">B.V.</span></a><span class="pp-class-251 pa t55309 l7191">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55309 l47209">1</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l3">DFDS </span><span class="pp-class-236 pa t55311 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55311 l41900 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55116 ls1547">Vlaardingen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55311 l55312 ls2270">18,400</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l3">DFDS </span><span class="pp-class-236 pa t55313 l12035">Logistics </span><span class="pp-class-236 pa t55313 l55137">Wijchen </span><span class="pp-class-236 pa t55313 l55314 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55313 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l3">DFDS </span><span class="pp-class-236 pa t55315 l12035 ls560">Trucking </span><span class="pp-class-236 pa t55315 l55316">Wijchen </span><span class="pp-class-236 pa t55315 l55317 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55315 l55318 ls771">18,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l3 ls17679 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55319 l53649 ls10518 wtro3142 wtr3143 tro3144 tr3145">Warehousing </span><span class="pp-class-236 pa t55319 l55320 ls657 wtro3142 wtr3143 tro3144 tr3145">Wijchen </span><span class="pp-class-236 pa t55319 l55321 ls55322 wtro3142 wtr3143 tro3144 tr3145">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55116">Wijchen</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55319 l55318 ls771">18,152</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l3">DFDS </span><span class="pp-class-236 pa t55323 l12035">Distri </span><span class="pp-class-236 pa t55323 l36221">Holding </span><span class="pp-class-236 pa t55323 l55324 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55323 l55290 ls1186">18,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l3 ls4793 wtro3142 wtr526 tro3144 tr528">DFDS </span><span class="pp-class-236 pa t55325 l55326 ls6824 wtro3142 wtr526 tro3144 tr528">Logistics </span><span class="pp-class-236 pa t55325 l55327 ls2855 wtro3142 wtr526 tro3144 tr528">Winterswijk </span><span class="pp-class-236 pa t55325 l55328 ls55329 wtro3142 wtr526 tro3144 tr528">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55299 ls771">18,151</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l3">DFDS </span><span class="pp-class-236 pa t55330 l12035 ls1011">Property </span><span class="pp-class-236 pa t55330 l55331">and </span><span class="pp-class-236 pa t55332 l3 ls21">Equipment </span><span class="pp-class-236 pa t55332 l4081 ls55289">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55332 l55210 ls2855">20,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55333 l28172 ls30">Property </span><span class="pp-class-236 pa t55333 l55334 ls1751">Nijmegen </span><span class="pp-class-236 pa t55333 l14704 ls55335">B.V.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l22309 ls91">Netherlands</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55116 ls793">Winterswijk</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55333 l55290 ls1186">18,000</span></a></p></td></tr></table></div></div><div id="pp-id-5348" xmlns="http://www.w3.org/1999/xhtml"><div class="w3341 h43489 pa t2 l3 wtro4 xx49 tro6 xx50"><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t283 l3">1</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t1332 l3">Unless </span><span class="pp-class-239 pa t1332 l55336 ls4326">otherwise </span><span class="pp-class-239 pa t1335 l3 ls135">indicated, </span><span class="pp-class-239 pa t1335 l55337">the </span><span class="pp-class-239 pa t1339 l3">companies </span><span class="pp-class-239 pa t1339 l55338 ls80">are </span><span class="pp-class-239 pa t1339 l55339 ls135">100% </span><span class="pp-class-239 pa t3352 l3 ls73">owned </span><span class="pp-class-239 pa t3352 l26929 ls967">by </span><span class="pp-class-239 pa t3352 l55340">the </span><span class="pp-class-239 pa t3352 l43600">DFDS </span><span class="pp-class-239 pa t3355 l3 ls1574">Group.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t3493 l3">2</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3497 l3">The </span><span class="pp-class-239 pa t3497 l7349 ls85">Company </span><span class="pp-class-239 pa t3497 l41738">is </span><span class="pp-class-239 pa t3497 l13178 ls572">directly </span><span class="pp-class-239 pa t45156 l3 ls73">owned </span><span class="pp-class-239 pa t45156 l26929 ls967">by </span><span class="pp-class-239 pa t45156 l55340">the </span><span class="pp-class-239 pa t45156 l43600 ls1574">Parent </span><span class="pp-class-239 pa t45157 l3 ls85">company </span><span class="pp-class-239 pa t45157 l13299">DFDS </span><span class="pp-class-239 pa t45157 l27798 ls428">A/S.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t44769 l3">3</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t3512 l3 ls1583">Relief </span><span class="pp-class-239 pa t3512 l23099">in </span><span class="pp-class-239 pa t3512 l55341 ls1547">accordance </span><span class="pp-class-239 pa t3467 l3">with </span><span class="pp-class-239 pa t3467 l21858 ls113">Sec. </span><span class="pp-class-239 pa t3467 l1330">264b </span><span class="pp-class-239 pa t3467 l55161">German </span><span class="pp-class-239 pa t3472 l3 ls7468">Commercial </span><span class="pp-class-239 pa t3472 l55342 ls558">Code </span><span class="pp-class-239 pa t3472 l55343 ls565">(HGB).</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55344 l3">4</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55345 l3">Due </span><span class="pp-class-239 pa t55345 l33797 ls138">to </span><span class="pp-class-239 pa t55345 l7057">minority </span><span class="pp-class-239 pa t55346 l3 ls1741">protection </span><span class="pp-class-239 pa t55346 l55347">in </span><span class="pp-class-239 pa t55346 l55348">the </span><span class="pp-class-239 pa t55349 l3 ls138">shareholders’ </span><span class="pp-class-239 pa t55350 l3 ls236">agreements </span><span class="pp-class-239 pa t55350 l55351">the </span><span class="pp-class-239 pa t55350 l11631">DFDS </span><span class="pp-class-239 pa t45176 l3 ls106">Group </span><span class="pp-class-239 pa t45176 l28692">does </span><span class="pp-class-239 pa t45176 l55352 ls113">not </span><span class="pp-class-239 pa t45176 l55353 ls94">have </span><span class="pp-class-239 pa t45176 l15132">a </span><span class="pp-class-239 pa t45177 l3 ls1629">controlling </span><span class="pp-class-239 pa t45177 l17386 ls73">interest.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55354 l3">5</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55355 l3 ls162">Includes </span><span class="pp-class-239 pa t55355 l55356 ls13">Dutch </span><span class="pp-class-239 pa t55355 l55357 ls1661">branch, </span><span class="pp-class-239 pa t55358 l3 ls1444">Estonian </span><span class="pp-class-239 pa t55358 l39089 ls1661">branch, </span><span class="pp-class-239 pa t55358 l55359 ls197">French </span><span class="pp-class-239 pa t55360 l3 ls1661">branch, </span><span class="pp-class-239 pa t55360 l29733">Lithuanian </span><span class="pp-class-239 pa t55361 l3 ls1661">branch, </span><span class="pp-class-239 pa t55361 l29733 ls91">Norwegian </span><span class="pp-class-239 pa t55362 l3 ls1661">branch, </span><span class="pp-class-239 pa t55362 l29272 ls1031">Swedish </span><span class="pp-class-239 pa t55362 l55363 ls1661">branch, </span><span class="pp-class-239 pa t55364 l3 ls71">Jersey </span><span class="pp-class-239 pa t55364 l55365 ls197">branch </span><span class="pp-class-239 pa t55364 l55366">and </span><span class="pp-class-239 pa t55364 l55367">UK </span><span class="pp-class-239 pa t55368 l3 ls197">branch </span><span class="pp-class-239 pa t55368 l55369 ls118">of </span><span class="pp-class-239 pa t55368 l55370">DFDS </span><span class="pp-class-239 pa t55368 l33782 ls63">A/S.</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-238 pa t55371 l3">6</span></p><p class="pp-class-229 pp-area-text"><span class="pp-class-239 pa t55372 l3 ls162">Includes </span><span class="pp-class-239 pa t55372 l55356">Belgian </span><span class="pp-class-239 pa t55373 l3 ls197">branch.</span></p></div></div><div class="pp-class-10" id="pp-id-5457" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h38756 pa t2 l3 wtro4 xx5 tro6 xx7"><p class="pp-class-229 pp-area-text"><span class="pp-class-234 pa t1122 l3 ls4807">5.10 </span><span class="pp-class-234 pa t1122 l38307 ls76">Company </span><span class="pp-class-234 pa t1122 l55110 ls5781">overview</span><span class="pp-class-235 pa t1122 l55375"/><span class="pp-class-235 pa t1122 l55376 ls938">(continued)</span></p></div></div><div class="pp-class-10" id="pp-id-5458" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55377 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l3 ls814">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55112 ls162">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55113 ls108">share </span><span class="pp-class-237 pa t1332 l55114">2025</span><span class="pp-class-251 pa t1332 l55115">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l22309 ls3544">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55116">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55117 ls1757">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55118 ls108">Share </span><span class="pp-class-237 pa t1332 l55119">capital</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3 ls1448">NorthSea </span><span class="pp-class-236 pa t55241 l40954 ls2889">Terminal </span><span class="pp-class-236 pa t55241 l48477 ls1133">AS</span></a><span class="pp-class-251 pa t55241 l55378">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55116 ls771">Brevik</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55380 ls8367">1,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l3">DFDS </span><span class="pp-class-236 pa t55381 l12035">Logistics </span><span class="pp-class-236 pa t55381 l55137 ls1133">AS</span><span class="pp-class-240 pa t55382 l24540">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55116 ls551">Lysaker</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55383 ls2972">25,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l3">DFDS </span><span class="pp-class-236 pa t55384 l12035">Logistics </span><span class="pp-class-236 pa t55384 l55137">Cold </span><span class="pp-class-236 pa t55384 l55385 ls1133">AS</span><span class="pp-class-240 pa t55386 l55387">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l22309 ls1133">Norway</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55116">Oslo</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55379">NOK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55388 ls847">12,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55389 l3">DFDS</span><a><span class="pp-class-236 pa t55389 l55177"/><span class="pp-class-236 pa t55389 l12035">Logistics </span><span class="pp-class-236 pa t55389 l55137 ls3422">Services </span><span class="pp-class-236 pa t55389 l55390 ls1031">Sp. </span><span class="pp-class-236 pa t55255 l3">z </span><span class="pp-class-236 pa t55255 l55391 ls532">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55116 ls538">Koninko</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55255 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l3">DFDS </span><span class="pp-class-236 pa t55393 l12035 ls131">Polska </span><span class="pp-class-236 pa t55393 l55394 ls1031">Sp. </span><span class="pp-class-236 pa t55393 l55395">z </span><span class="pp-class-236 pa t55393 l55396 ls532">o.o.</span><span class="pp-class-240 pa t55397 l55398">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55116 ls197">Poznan</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55393 l55399 ls11050">10,005,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l3">DFDS </span><span class="pp-class-236 pa t55400 l12035 ls1790">Investments </span><span class="pp-class-236 pa t55400 l55401 ls1031">Sp. </span><span class="pp-class-236 pa t55400 l55402">z </span><span class="pp-class-236 pa t55400 l55403 ls532">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55404 ls1017">80.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55116">Szubin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55400 l52980 ls3200">5,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l3 ls17548 wtro3142 wtr3143 tro3144 tr3145">DFDS </span><span class="pp-class-236 pa t55405 l55406 ls15952 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t55405 l55407 ls3452 wtro3142 wtr3143 tro3144 tr3145">Polska </span><span class="pp-class-236 pa t55405 l55408 ls3170 wtro3142 wtr3143 tro3144 tr3145">Sp. </span><span class="pp-class-236 pa t55405 l55409 ls556 wtro3142 wtr3143 tro3144 tr3145">z </span><span class="pp-class-236 pa t55405 l55410 ls3160 wtro3142 wtr3143 tro3144 tr3145">o.o.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55404 ls1017">80.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l22309 ls135">Poland</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55116">Szubin</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55392">PLN</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55405 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l3 ls3267 wtro3142 wtr3143 tro3144 tr3145">Ekol </span><span class="pp-class-236 pa t55411 l55412 ls2972 wtro3142 wtr3143 tro3144 tr3145">International </span><span class="pp-class-236 pa t55411 l55413 ls6092 wtro3142 wtr3143 tro3144 tr3145">Logistics </span><span class="pp-class-236 pa t55411 l55414 ls706 wtro3142 wtr3143 tro3144 tr3145">SRL</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l22309">Romania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55116 ls203">Bucharest</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55415 ls1790">RON</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55411 l55416 ls847">65,060</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55417 l3 ls17551 wtro3142 wtr526 tro3144 tr528">Romania </span><span class="pp-class-236 pa t55417 l55418 ls13324 wtro3142 wtr526 tro3144 tr528">Transport </span><span class="pp-class-236 pa t55417 l55419 ls1017 wtro3142 wtr526 tro3144 tr528">Group </span><span class="pp-class-236 pa t55420 l3 ls3292 wtro3142 wtr526 tro3144 tr528">S.R.L</span></a><span class="pp-class-236 pa t55420 l55421 ls26 wtro3142 wtr526 tro3144 tr528">.</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l22309">Romania</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55116">Tibod</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55415 ls1790">RON</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55420 l55422 ls995">1,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l3">DFDS </span><span class="pp-class-236 pa t55423 l12035">Logistics </span><span class="pp-class-236 pa t55423 l55137">Iberia </span><span class="pp-class-236 pa t55423 l55424 ls1914">S.L.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55116 ls203">Barcelona</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55423 l55425 ls544">1,603,100</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l3">DFDS </span><span class="pp-class-236 pa t55426 l12035">Iberia </span><span class="pp-class-236 pa t55426 l55427 ls73">S.L.U.</span><span class="pp-class-251 pa t55426 l55428">²</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55116 ls17626">Tarifa</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55426 l55429 ls37533">8,700,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55430 l3">DFDS </span><span class="pp-class-236 pa t55430 l12035">Logistics</span><a><span class="pp-class-236 pa t55430 l55431"/><span class="pp-class-236 pa t55430 l55137">Spain </span><span class="pp-class-236 pa t55430 l55432 ls1914">S.L.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55116 ls5202">Tarragona</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55430 l55433 ls2855">60,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55434 l28172 ls4284">Seaways </span><span class="pp-class-236 pa t55434 l28693 ls1751">Hispania </span><span class="pp-class-236 pa t55434 l55435 ls184">S.L.</span></a><span class="pp-class-251 pa t55434 l21952">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l22309">Spain</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55116 ls1747">Valencia</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55434 l55166 ls2081">3,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l3">DFDS </span><span class="pp-class-236 pa t55436 l12035">AB</span></a><span class="pp-class-251 pa t55436 l55437">²</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55436 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55439 l28172 ls995">Logistics </span><span class="pp-class-236 pa t55439 l51104 ls4793">Contracts </span><span class="pp-class-236 pa t55439 l55440 ls184">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55439 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l3">DFDS </span><span class="pp-class-236 pa t55441 l12035">Logistics </span><span class="pp-class-236 pa t55441 l55137 ls6870">Partners </span><span class="pp-class-236 pa t55441 l9382">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55442 ls3200">85.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55441 l55380 ls8367">1,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l3 ls297">DFDS </span><span class="pp-class-236 pa t55443 l55444 ls113">Logistics </span><span class="pp-class-236 pa t55443 l55445 ls1098">Services </span><span class="pp-class-236 pa t55443 l5727 ls781">AB</span><span class="pp-class-240 pa t55446 l48601"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55443 l55142 ls2969">1,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l3">DFDS </span><span class="pp-class-236 pa t55447 l12035 ls1790">Professionals </span><span class="pp-class-236 pa t55447 l55448">AB</span><span class="pp-class-240 pa t55449 l55450">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55451 ls44689">87.50</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55447 l55193 ls847">25,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55452 l3 ls5629">DFDS </span><span class="pp-class-236 pa t55452 l55453 ls5648">Denizcilik </span><span class="pp-class-236 pa t55452 l55454 ls1790">ve </span><span class="pp-class-236 pa t55455 l3 ls101">Tasimacilik </span><span class="pp-class-236 pa t55455 l4421 ls9253">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55456 ls2808">98.80</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55455 l55457 ls11050">369,967,159</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55458 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55458 l28172 ls15022">Turkey </span><span class="pp-class-236 pa t55458 l55459 ls541">Denizcilik </span><span class="pp-class-236 pa t55458 l45584 ls747">ve </span><span class="pp-class-236 pa t55460 l3 ls1054">Tasi </span><span class="pp-class-236 pa t55460 l55461 ls40492">Yati </span><span class="pp-class-236 pa t55460 l8451 ls71">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55460 l55462 ls3305">565,640,176</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55463 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55463 l28172 ls7433">Taşımacılık </span><span class="pp-class-236 pa t55463 l55464 ls536">Hizmetleri </span><span class="pp-class-236 pa t55465 l3 ls2245">Ltd.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55465 l55466 ls15138">42,872,747</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55467 l28172 ls1751">Lojistik </span><span class="pp-class-236 pa t55467 l55468 ls71">A.Ş.</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l22309 ls5202">Türkiye</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55116 ls91">Istanbul</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55130">EUR</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55467 l55469 ls6721">150,210,796</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l3 ls2036">LLC </span><span class="pp-class-236 pa t55470 l47991">DFDS</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l22309 ls197">Ukraine</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55116 ls1133">Kiev</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55134 ls587">UAH</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55470 l55471 ls2363">357,644</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l3 ls1098">Bondelivery </span><span class="pp-class-236 pa t55325 l50730">NI </span><span class="pp-class-236 pa t55325 l55472 ls10">Ltd.</span><span class="pp-class-240 pa t55473 l48629">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55325 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55116 ls143">Ballymena</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55325 l55475 ls544">260,110</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l3 ls3124 wtro3142 wtr3143 tro3144 tr3145">McBurney </span><span class="pp-class-236 pa t55330 l55476 ls33959 wtro3142 wtr3143 tro3144 tr3145">Transport </span><span class="pp-class-236 pa t55330 l55477 ls40267 wtro3142 wtr3143 tro3144 tr3145">Group </span><span class="pp-class-236 pa t55330 l55478 ls24054 wtro3142 wtr3143 tro3144 tr3145">Ltd.</span><span class="pp-class-240 pa t55479 l55480 wtro26332 wtr3143 tro26333 tr3145">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55330 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55116 ls143">Ballymena</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55330 l55481 ls12110">947,934</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l3">DFDS </span><span class="pp-class-236 pa t55482 l12035">Logistics </span><span class="pp-class-236 pa t55482 l55137 ls10">Ltd.</span><span class="pp-class-240 pa t55483 l55484">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55482 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55482 l55485 ls847">15,150,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l3 ls2222">DFDS </span><span class="pp-class-236 pa t55486 l28172 ls995">Logistics </span><span class="pp-class-236 pa t55486 l51104 ls572">Services </span><span class="pp-class-236 pa t55486 l55487 ls12546">Ltd.</span><span class="pp-class-240 pa t55488 l53350">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55486 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55486 l55249 ls1547">100</span></a></p></td></tr></table></div></div><div class="pp-class-10" id="pp-id-5459" xmlns="http://www.w3.org/1999/xhtml"><div class="w37074 h55489 pa t2 l3 wtro4 xx295 tro6 xx296"><table><tr><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l37899 ls814 wtro3142 wtr55490 tro3144 tr55491">Company</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t283 l55232 ls162 wtro3142 wtr55490 tro3144 tr55491">Ownership</span></a></p><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55233 ls108 wtro3142 wtr55490 tro3144 tr55491">share </span><span class="pp-class-237 pa t1332 l55234 wtro3142 wtr55490 tro3144 tr55491">2025</span><span class="pp-class-251 pa t1332 l55235 wtro3142 wtr55490 tro3144 tr55491">¹</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55236 ls3544 wtro3142 wtr55490 tro3144 tr55491">Country</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55237 wtro3142 wtr55490 tro3144 tr55491">City</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55238 ls1757 wtro3142 wtr55490 tro3144 tr55491">Currency</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t1332 l55239 ls108 wtro3142 wtr55490 tro3144 tr55491">Share </span><span class="pp-class-237 pa t1332 l55240 wtro3142 wtr55490 tro3144 tr55491">capital</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l3 ls129">DFDS </span><span class="pp-class-236 pa t55241 l49461 ls603">Seaways </span><span class="pp-class-236 pa t55241 l55445 ls807">Holding </span><span class="pp-class-236 pa t55241 l55492 ls2207">Ltd.</span><span class="pp-class-240 pa t55493 l31835">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55241 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55241 l55494 ls847">250,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l3">DFDS </span><span class="pp-class-236 pa t55381 l12035 ls696">Seaways </span><span class="pp-class-236 pa t55381 l41900 ls1031">Plc.</span><span class="pp-class-240 pa t55382 l55495">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><span class="pp-class-236 pa t55381 l22309 ls651">UK</span></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55116">Immingham</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55474">GBP</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55381 l55496 ls847">45,250,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55384 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55497 l3 ls227">Associates </span><span class="pp-class-237 pa t55497 l55498">and </span><span class="pp-class-237 pa t55497 l33782 ls1098">joint </span><span class="pp-class-237 pa t55499 l3 ls1133">ventures:</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55120"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55116"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55499 l55121"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l3 ls181">Euro </span><span class="pp-class-236 pa t55500 l29796">Asia </span><span class="pp-class-236 pa t55500 l55501">cold </span><span class="pp-class-236 pa t55500 l55502">Chain </span><span class="pp-class-236 pa t55500 l21931">Logistic</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55503 ls995">52.04</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l22309">China</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55116">Shanghai</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55134">CNY</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55500 l55504 ls667">22,100,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l3">DeaL </span><span class="pp-class-236 pa t55505 l55506 ls197">Energy </span><span class="pp-class-236 pa t55505 l55507 ls587">A/S</span><span class="pp-class-240 pa t55508 l40681 wtro26332 wtr3143 tro26333 tr3145">2</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55509 ls1017">50.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l22309">Denmark</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55116">Hellerup</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55123">DKK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55505 l55150 ls847">500,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l3">Bohus </span><span class="pp-class-236 pa t55510 l7498 ls2889">Terminal </span><span class="pp-class-236 pa t55510 l55511">Holding </span><span class="pp-class-236 pa t55510 l55512">AB</span><span class="pp-class-240 pa t55513 l55514 wtro26332 wtr3143 tro26333 tr3145">4</span><span class="pp-class-240 pa t55513 l55515"/></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55516 ls3200">65.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55510 l55204 ls2855">50,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l3 ls41127 wtro3142 wtr23376 tro3144 tr23377">Gothenburg </span><span class="pp-class-236 pa t55517 l55518 ls10394 wtro3142 wtr23376 tro3144 tr23377">RO/RO </span><span class="pp-class-236 pa t55517 l19754 ls44689 wtro3142 wtr23376 tro3144 tr23377">Terminal </span><span class="pp-class-236 pa t55517 l55519 ls2270 wtro3142 wtr23376 tro3144 tr23377">AB</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55516 ls3200">65.00</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l22309 ls73">Sweden</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55116 ls1547">Gothenburg</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55438">SEK</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-236 pa t55517 l55520 ls6721">5,000,000</span></a></p></td></tr><tr><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"><p class="pp-class-229 pp-area-text" xmlns="http://www.w3.org/1999/xhtml"><a><span class="pp-class-237 pa t55521 l3">25 </span><span class="pp-class-237 pa t55521 l55522 ls101">Dormant </span><span class="pp-class-237 pa t55521 l51816 ls101">entities</span></a></p></td><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/><td xmlns="http://www.w3.org/1999/xhtml"/></tr></table></div></div> Denmark Denmark Marmorvej 18, DK 2100 Copenhagen Ø